Class 2 GP Units definition

Class 2 GP Units means the Class 2 general partnership units of BP Canada LP held by BPI or any Related Party.
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Class 2 GP Units means the Class 2 general partnership units of BP Canada LP.
Sample 1

Examples of Class 2 GP Units in a sentence

  • The Class 2 LP Units have similar cash distribution entitlements to the Class 2 GP Units, which are exchangeable into Units.

  • The Class 2 LP Units have similar cash distribution entitlements and provisions to the Class 2 GP Units, which are exchangeable into Fund Units.

  • Consequently, the aggregate amount of Units that may be issued in exchange for Class 2 GP Units, Class 3 GP Units, Class 4 GP Units and Class 5 GP Units, as the case may be, may not exceed the Class 2 Exchange Limit, the Class 3 Exchange Limit, the Class 4 Exchange Limit or the Class 5 Exchange Limit, respectively.

  • The Class 2 LP Units have similar cash distribution entitlements and provisions to the Class 2 GP Units held by BPI, which are exchangeable for Fund Units.

  • Following payment of the Class 1 Distribution, the Class 2 LP Units and Class 2 GP Units are entitled to receive a distribution of available cash (the “Class 2 Distribution”) equal to the greater of nil and 1.5% of Franchise Sales for such month less the Class 1 Distribution for such month.

  • The BP Canada Exchange Agreement contemplates that, upon any exchange of Class 2 GP Units, Class 3 GP Units, Class 4 GP Units, Class 5 GP Units or Class B Units, BPI will cause its Class B Relative Percentage Interest, Class 2 Relative Percentage Interest, Class 3 Relative Percentage Interest, Class 4 Relative Percentage Interest and Class 5 Relative Percentage Interest (to the extent the applicable BP Canada GP Units have previously been exchanged), respectively, to remain within 0.1% of each other.

  • Specifically, the Class 1 LP Units entitle Holdings LP to receive a priority distribution equal to the amount of interest that Holdings LP pays on amounts drawn on Facility D (as defined below) plus 0.05% of that amount, with the balance of 1.5% of Franchise Sales being distributed pro rata to Holdings LP and BPI on the Class 2 LP Units and Class 2 GP Units, respectively.

  • The Class 2 LP Units have similar cash distribution entitlements and provisions to the Class 2 GP Units held by BPI, which are exchangeable for an equivalent number of Fund Units.

  • The “Class 2 Relative Percentage Interest”, “Class 3 Relative Percentage Interest”, “Class 4 Relative Percentage Interest” or “Class 5 Relative Percentage Interest”, at any time, is the percentage of the Class 2 Distribution, Class 3 Distribution, Class 4 Distribution and Class 5 Distribution, as the case may be, payable by BP Canada LP to BPI on the Class 2 GP Units, Class 3 GP Units, Class 4 GP Units and Class 5 GP Units, as the case may be, held by BPI at such time.

  • Exchanges after Establishment of Initial Exchange Limits The Class 2 GP Units entitle the holder to exchange a Class 2 GP Unit for that number of Units equal to the Class 2 Exchange Multiplier.

Related to Class 2 GP Units

  • Class B Units means the Class B Units of the Company.

  • Class A Units means the Units of partnership interest in the Partnership designated as the “Class A Units” herein and having the rights pertaining thereto as are set forth in this Agreement.

  • Preferred Units means the Series A Preferred Units and the Series B Preferred Units.

  • Class D Units has the meaning ascribed to such term in the LLC Agreement.

  • Class C Units means the Class C Units of the Company.