Examples of Class 3 GP Units in a sentence
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 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.
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.
Establishment of Initial Exchange Limits Upon BPI increasing the Fund’s Franchise Sales Participation to 6.0%, 6.5%, and 7.0%, respectively, of Franchise Sales (less BPI’s retained interest in the Fund) through exercising the option to initially exchange Class 3 GP Units, Class 4 GP Units or Class 5 GP Units, BPI will be compensated for so doing by the Class 3 GP Units, Class 4 GP Units and Class 5 GP Units, respectively, becoming exchangeable for Units.
For the avoidance of doubt, BPI may not exercise exchange rights (a) in respect of Class 4 GP Units unless it has previously or concurrently exercised exchange rights in respect of Class 3 GP Units or (b) in respect of Class 5 GP Units unless it has previously or concurrently exercised exchange rights in respect of Class 3 GP Units and Class 4 GP Units.
BPI has the option to initially exchange Class 3 GP Units, Class 4 GP Units and Class 5 GP Units at any time within 90 days after the end of the period shown on the applicable Exchange Statements, provided that the Class 3 Exchange Condition, Class 4 Exchange Condition and Class 5 Exchange Condition, respectively, has been met.
The number of Units into which the Class 3 GP Units, Class 4 GP Units and Class 5 GP Units will be initially exchangeable is the Class 3 Initial Exchange Limit, Class 4 Initial Exchange Limit and Class 5 Initial Exchange Limit, respectively.
Following the initial exchange of Class 3 GP Units, Class 4 GP Units and Class 5 GP Units, BPI will not have to demonstrate that the applicable Exchange Condition has been met for any subsequent period in order to exercise exchange rights in respect of such class of units in the future.
Upon any exchange of Class 2 GP Units, Class 3 GP Units, Class 4 GP Units or Class 5 GP Units, BP Canada LP will issue a number of Class 2 LP Units, Class 3 LP Units, Class 4 LP Units or Class 5 LP Units, respectively, equal to the number of Units issued to BPI upon such exchange in order to ensure that the portion of the Class 2 Distribution, Class 3 Distribution, Class 4 Distribution and Class 5 Distribution, respectively, payable to BPI is effectively equal to BPI’s retained interest in the Fund.
Following payment of the Class 2 Distribution, the Class 3 LP Units (if any) and Class 3 GP Units are entitled to receive a distribution of available cash (the “Class 3 Distribution”) equal to the greater of nil and 2.0% of Franchise Sales for such month less the sum of the Class 1 Distribution and Class 2 Distribution for such month.