Examples of NWVP GP in a sentence
Neither NWVP GP nor the REIT GP will be required to devote its efforts or that of any of its officers or employees exclusively to or for the benefit of the Partnership and each may engage in activities in respect of the Other Partnerships and neither the Partnership nor any Partner will have any right, by virtue of this Agreement or the partnership relation created hereby, in relation to the Other Partnerships or to any income, proceeds or profits derived therefrom.
Upon receipt by NWVP GP of the Fixed Term Notice, NWVP GP’s role as a General Partner shall be subject to a term of five (5) years (the “Initial Term”) commencing as of the date of the Fixed Term Notice and ending on the fifth anniversary of the Fixed Term Notice and will be renewable for further five year terms (herein called the “Renewal Terms”), subject to the removal provisions set forth in this Section 6.20.
NWVP GP may resign as a General Partner at any time upon 180 days’ prior written notice to the REIT GP.
If such independent Trustees determine that NWVP GP has not been meeting its obligations as set out in this Agreement, they may resolve or otherwise determine that the continued engagement of NWVP GP as a General Partner is not in the best interests of Unitholders and that the removal of NWVP GP at the end of the then current Renewal Term should be submitted to a vote of Unitholders at a meeting duly called and held.
NWVP GP shall keep, or cause to be kept on behalf of the Partnership, during the term of the Partnership and for a period of seven years, or such longer period as may be required under applicable law, thereafter, at the principal office of the Partnership, books of proper and complete accounts, records and registers of the operations and affairs of the Partnership, including the record of the names and addresses of all of the Partners.
If any Class D Units are to be issued and delivered to NWVP GP on any Adjustment Date in connection with the entitlement of NWVP GP under Section 5.10, the REIT GP will execute and deliver, or cause to be executed and delivered to NWVP GP, with effect on such Adjustment Date Unit Certificates representing the number of Class D Units to be issued and delivered by the Partnership to NWVP GP.
At least 16 months prior to the end of the first Renewal Term and each subsequent Renewal Term thereafter, the REIT GP shall cause the Trustees of the REIT who are “independent” of NWVP GP (using the definition of “independent” under Canadian securities laws applicable to boards of directors) to review the performance of the GP of its duties under this Agreement.
During the time that the securities of the REIT are listed on the TSX Venture Exchange (“TSXV”): (i) the number of Class D Units issuable to NWVP GP pursuant to Section 5.10, together with the number of Trust Units or other securities of the REIT or its subsidiaries (other than deferred units) that may be convertible into Trust Units issuable to NWI Asset Management Inc.
Neither NWVP GP nor the REIT GP will be required to offer or make available to the Partnership any property or asset or business or investment opportunity which it may determine to acquire, carry on or engage in for the Other Partnerships.
Subject only to the removal provisions set forth in this Section 6.20, NWVP GP shall automatically continue as a General Partner at the expiration of the Initial Term and each subsequent Renewal Term.