Common use of Validity of Aggregate Units Clause in Contracts

Validity of Aggregate Units. The common units comprising the Unit Consideration and the limited partner interests represented thereby have been duly and validly authorized by the Partnership’s organizational documents and, when issued and delivered in accordance with the terms of this Agreement, will be validly issued, fully paid (to the extent required under the Partnership’s organizational documents) and nonassessable (except as such nonassessability may be affected by Section 17 607 of the Delaware Revised Uniform Limited Partnership Act).

Appears in 2 contracts

Samples: LLC Interest Purchase Agreement (Holly Energy Partners Lp), LLC Interest Purchase Agreement (HollyFrontier Corp)

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Validity of Aggregate Units. The common units Common Units comprising the Unit Consideration and the limited partner interests represented thereby have been duly and validly authorized by the Partnership’s organizational documents and, when issued and delivered in accordance with the terms of this Agreement, will be validly issued, fully paid (to the extent required under the Partnership’s organizational documents) and nonassessable (except as such nonassessability may be affected by Section 17 607 of the Delaware Revised Uniform Limited Partnership Act).

Appears in 2 contracts

Samples: LLC Interest Purchase Agreement (HollyFrontier Corp), LLC Interest Purchase Agreement (Holly Energy Partners Lp)

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Validity of Aggregate Units. The common units comprising the Unit Consideration Aggregate Units and the limited partner interests represented thereby have been duly and validly authorized by the Partnership’s organizational documents and, when issued and delivered in accordance with the terms of this Agreement, will be validly issued, fully paid (to the extent required under the Partnership’s organizational documents) and nonassessable (except as such nonassessability may be affected by Section 17 17-607 of the Delaware Revised Uniform Limited Partnership Act).

Appears in 1 contract

Samples: Purchase and Sale Agreement (Holly Energy Partners Lp)

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