Authorization of Units. The Units to be issued and sold by the Partnership have been duly and validly authorized and, when issued and delivered against payment therefor as provided herein, will be duly and validly issued and fully paid and non-assessable, except as such nonassessability may be affected by Section 17-607 of the Delaware Act and will not be subject to any preemptive or similar right or voting or transfer restriction.
Appears in 3 contracts
Samples: Underwriting Agreement (Teppco Partners Lp), Underwriting Agreement (Teppco Partners Lp), Underwriting Agreement (Teppco Partners Lp)
Authorization of Units. The Units to be issued and sold by the Partnership have been duly and validly authorized and, when issued and delivered against payment therefor as provided herein, will be duly and validly issued and fully paid and non-assessable, except as such nonassessability may be affected by Section 17-607 of the Delaware LP Act and will not be subject to any preemptive or similar right or voting or transfer restriction.
Appears in 2 contracts
Samples: Underwriting Agreement (Teppco Partners Lp), Underwriting Agreement (Teppco Partners Lp)
Authorization of Units. The Units to be issued and sold by the Partnership have been duly and validly authorized and, when issued and delivered against payment therefor as provided herein, will be duly and validly issued and fully paid and non-assessable, except as such nonassessability non-assessability may be affected by Section 17-607 of the Delaware LP Act and will not be subject to any preemptive or similar right or voting or transfer restriction.
Appears in 1 contract
