Performance Participation Interest definition
Examples of Performance Participation Interest in a sentence
The Special Limited Partner will not be obligated to return any portion of the Performance Participation Interest paid due to the subsequent performance of the Partnership.
In the event the Advisory Agreement is terminated (including by means of non-renewal), the Special Limited Partner will be allocated any accrued Performance Participation Interest with respect to all Partnership Units as of the date of such termination.
Distributions on the Performance Participation Interest may be payable in cash or Class I Units at the election of the Special Limited Partner.
If the Special Limited Partner elects to receive such distributions in Class I Units, the Special Limited Partner will receive the number of Class I Units that results from dividing the Performance Participation Interest by the Net Asset Value per Class I Unit at the time of such distribution.
For the avoidance of doubt, in case of a default under the Finance Contract or the Guarantee Agreement, this Agreement shall remain unaffected and such default per se shall not trigger or accelerate the payment of the Performance Participation Interest but shall only constitute a Prepayment Event.
No Limited Partner, other than the Special Limited Partner and the Adviser (or with respect to Partnership Units received in consideration for management fees or the Performance Participation Interest, including the Transferred Performance Participation Interest Units, the assignees of the Adviser or the Special Limited Partner (including BUSI II-C L.P.)), may deliver more than two Notices of Redemption during each calendar year.
The Performance Fee is payable within 30 days of the Special Limited Partner’s receipt of the Performance Participation Interest for any period.
Notwithstanding the foregoing, the Special Limited Partner and the Adviser (or in the case of units received in consideration for management fees or the Performance Participation Interest, the assignees of the Special Limited Partner and the Adviser) shall have the right to require the Partnership to redeem all or a portion of their Partnership Units pursuant to this Section 8.5 at any time irrespective of the period the Partnership Units have been held by the Special Limited Partner or the Adviser.
A Limited Partner, other than Brookfield or the Adviser (or with respect to Partnership Units received in consideration for management fees or the Performance Participation Interest, including the Transferred Performance Participation Interest Units, the current holders of such Partnership Units), may not exercise the Redemption Right for less than 1,000 Partnership Units or, if such Limited Partner holds less than 1,000 Partnership Units, all of the Partnership Units held by such Partner.
Distribution Fees, upfront selling commissions, upfront dealer manager fees, Advisory Fees and the Performance Participation Interest shall be Class-specific expenses allocable to and borne by Classes of Partnership Units other than Class E Units.