Examples of AAP Units in a sentence
Each of the Existing Owners and the Sellers, on behalf of themselves, GP LLC and AAP, in their capacity as members of GP LLC and in their capacity as holders of AAP Units, and in GP LLC’s capacity as the general partner of AAP, hereby ratifies, authorizes, approves, confirms and consents to, in all respects, the terms and provisions of, and the transactions contemplated by, this Contribution Agreement.
As of the date hereof, the issued and outstanding limited partner interests of Plains AAP consist of 241,245,553 AAP Units (as defined below) and 3,121,180 Class B Units (as defined the Organizational Documents of Plains AAP).
As of the Execution Time, the issued and outstanding limited partner interests of Plains AAP consist of 242,285,529 AAP Units (as defined below) and 3,414,812 Class B Units (as defined the Organizational Documents of Plains AAP).
All outstanding AAP Units and Class B Units and the limited partner interests represented thereby have been duly authorized and validly issued in accordance with the Organizational Documents of Plains AAP and are fully paid (to the extent required under the Organizational Documents of Plains AAP) and nonassessable (except as such nonassessability may be affected by Sections 17-607 and 17-804 of the Delaware LP Act).
Each of the Partnership, Plains AAP and PAA has all requisite power and authority to issue, sell and deliver the Shares, the AAP Units and the PAA Units, as applicable, in accordance with and upon the terms and conditions set forth in this Agreement, the Omnibus Agreement, their respective Organizational Documents, the Registration Statement and the Prospectus, as applicable.
The Partnership will apply the Net Proceeds from the sale of the Shares to purchase from Plains AAP a number of AAP Units equal to the number of Shares sold, and Plains AAP will use the net proceeds of such sale to purchase from PAA a number of PAA Units equal to the number of AAP Units sold, as set forth in the Prospectus Supplement.
All action required to be taken by Plains AAP, PAA or their respective partners for the authorization, issuance, sale and delivery of AAP Units and PAA Common Units, as contemplated herein, will have been duly and validly taken.
All outstanding AAP Units and Class B Units and the limited partner interests represented thereby have been duly authorized and validly issued in accordance with the Organizational Documents of Plains AAP and are fully paid (to the extent required under the Organizational Documents of Plains AAP) and nonassessable (except as such nonassessability may be affected by Sections 17-303, 17-607 and 17-804 of the Delaware LP Act).
Upon the consummation of the Transaction set forth in Section 2.3, GP LLC will own beneficially and of record the Contributed AAP Units, free and clear of all Encumbrances (other than Encumbrances provided for under the AAP Partnership Agreement).
All action required to be taken by Plains AAP, PAA or their respective partners for the authorization, issuance, sale and delivery of AAP Units and PAA Units, as contemplated herein, will have been duly and validly taken.