Examples of Existing Owners in a sentence
Each of the Existing Owners hereby grants, contributes, bargains, assigns, transfers, sets over and delivers to PAGP GP, its successors and assigns, for its and their own use forever, the membership interests in GP LLC of such Existing Owner set forth for such Party in the column “Pre-Closing Percentage Ownership of GP LLC” on Exhibit A in exchange for the receipt of the membership interests in PAGP GP set forth for such Party in the column titled “GP Units Received” on Exhibit A.
After giving effect to the transactions contemplated by Sections 2.1, 2.2, 2.3 and 2.5, the Existing Owners will collectively own a 78.9% membership interest in PAGP GP and a 78.9% limited partnership interest in AAP, as reflected on an individual basis on Exhibit A and PAGP will own a 21.1% membership interest in PAGP GP and a 21.1% limited partnership interest in AAP.
Existing Owners will always be given preference for slip transfers.
The residual transaction expenses to be borne by AAP shall be deducted from the distribution payable to the Existing Owners by AAP with respect to the third quarter of 2013.
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.