Class 3 GP Units definition

Class 3 GP Units means the Class 3 general partnership units of BP Canada LP held by BPI or any Related Party.
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Class 3 GP Units means the Class 3 general partnership units of BP Canada LP.
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Examples of Class 3 GP Units in a sentence

  • 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.

  • 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 distributions paid on the Class 1 LP Units and the Class 2 LP Units for such month.

  • The BP Canada Exchange Agreement will contemplate 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.

  • 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.

  • Governance Agreement The Governance Agreement will be amended and restated to provide that the Class 2 GP Units, Class 3 GP Units, Class 4 GP Units and Class 5 GP Units be subject to the same provisions as the Class B Units in the Governance Agreement.

  • BPI will also have the option to decrease the minimum Committed Retained Interest to an amount not less than 10% provided that, if BPI has previously exercised its rights to cause an exchange of any of the Class 3 GP Units, Class 4 GP Units or Class 5 GP Units, the highest of the Class 3 Exchange Condition, Class 4 Exchange Condition and Class 5 Exchange Condition which has been exercised would remain satisfied at the proposed reduced Committed Retained Interest.

  • 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 theClass 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.

  • Cash Option In connection with any proposed exercise of exchange rights in respect of Class 2 GP Units, Class 3 GP Units, Class 4 GP Units or Class 5 GP Units, the Fund has the right to make an offer to pay cash to BPIin exchange for a portion of such units in lieu of issuing Units to BPI in exchange for such units.

  • Cash Option In connection with any proposed exercise of exchange rights in respect of Class 2 GP Units, Class 3 GP Units, Class 4 GP Units or Class 5 GP Units, the Fund has the right to make an offer to pay cash to BPI in exchange for a portion of such units in lieu of issuing Units to BPI in exchange for such units.

Related to Class 3 GP Units

  • Class B LP Units means, collectively, the Class B limited partnership units of the Partnership, and “Class B LP Unit” means any one of them.

  • Class A LP Units means the Class A limited partnership units of the Partnership.

  • 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.

  • Class B Interests As set forth in the Trust Agreement.

  • Class A Common Units means a Common Unit which is designated as a “Class A Common Unit” and which has the rights, preferences and other privileges designated in Annex A hereto and elsewhere in this Agreement in respect of holders of Common Units.

  • Class B Common Units has the meaning set forth in Section 1(a) hereof.

  • Subordinated Units has the meaning assigned to such term in the Partnership Agreement.

  • Class I Shares means Class I Shares in the Company as set forth in the relevant

  • Common Units is defined in the Partnership Agreement.

  • Preferred Units means a Partnership Interest, including the Series A Preferred Units, designated as a “Preferred Unit,” which entitles the holder thereof to a preference with respect to distributions, or as to the distribution of assets upon any Liquidation Event, over Common Units.

  • Class C Shares means shares of the Class C Common Stock.

  • Partnership Units or “Units” has the meaning provided in the Partnership Agreement.

  • OP Units means units of limited partnership interest in the Operating Partnership.

  • Class C Member means a Member holding the Class C Ordinary Share.

  • Class C Percentage Interest As of any date of determination, with respect to the Class C Certificates, a percentage interest equal to a fraction, the numerator of which is the Class Principal Balance of the Class C Certificates on such date, and the denominator of which is the Class Principal Balance of the Class C Regular Interest on such date.

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

  • Class B Interest Each of the Class B-1 and Class B-2 Interests.

  • Class A Interests means the Units purchased by the Class A Members. The Class A Interests shall comprise sixty-five percent (65%) of the total Interests sold. Class A Percentage Interest shall be determined by calculating the ratio between each Class A Member’s Capital Account in relation to the total capitalization of the Company provided by the Class A Members.

  • Class B Membership Interest means a Class B Membership Interest in Holdings.

  • Class A Common Unit means a Common Unit having the rights and obligations specified with respect to Class A Common Units in this Agreement.

  • Class B Common Unit means one of that certain class of Common Units with those special rights and obligations specified in this Agreement as being appurtenant to a “Class B Common Unit”.

  • Class C Units The term "Class C Units" shall have the meaning set forth in the preface.

  • Class A Membership Interest means a Class A Membership Interest in Holdings.

  • LP Units means the non-voting limited partnership units in the capital of BEP, other than the Preferred Units, including any LP Units issued pursuant to the Redemption-Exchange Mechanism.

  • LTIP Units means LTIP Units, as such term is defined in the Partnership Agreement.