Common use of Purchased Units; Capitalization Clause in Contracts

Purchased Units; Capitalization. (a) On the Closing Date, the Purchased Units shall have those rights, preferences, privileges and restrictions governing the Class B Units as set forth in the Partnership Agreement. (b) The General Partner is the sole general partner of Buckeye, with a non-economic general partner interest in Buckeye; such general partner interest is the only general partner interest of the Partnership that is issued and outstanding; and such general partner interest has been duly authorized and validly issued and is owned by the General Partner free and clear of any Liens. (c) The limited partners of Buckeye hold LP Units in Buckeye, represented as of the date hereof by approximately 71.5 million LP Units; such LP Units are the only limited partner interests of Buckeye that are issued and outstanding; all of such LP Units have been duly authorized and validly issued pursuant to the Partnership Agreement and are fully paid and nonassessable (except to the extent such nonassessability may be affected by Sections 17-303, 17-607 and 17-804 of the Delaware LP Act).

Purchased Units; Capitalization. (a) On the Closing Date, the Purchased Units shall have those rights, preferences, privileges and restrictions governing the Class B LP Units as set forth in the Partnership Agreement. (b) The General Partner is the sole general partner of Buckeye, with a non-economic general partner interest in Buckeye; such general partner interest is the only general partner interest of the Partnership that is issued and outstanding; and such general partner interest has been duly authorized and validly issued and is owned by the General Partner free and clear of any Liens. (c) The limited partners of Buckeye hold LP Units in Buckeye, represented as of the date hereof by approximately 71.5 million LP Units; such LP Units are the only limited partner interests of Buckeye that are issued and outstanding; all of such LP Units have been duly authorized and validly issued pursuant to the Partnership Agreement and are fully paid and nonassessable (except to the extent such nonassessability may be affected by Sections 17-303, 17-607 and 17-804 of the Delaware LP Act).