MLP Unit definition
Examples of MLP Unit in a sentence
A Phantom MLP Unit is a right to receive, upon vesting as provided below, a subordinated unit of Plains All American Pipeline, L.P. (the "MLP") (or, to the extent such subordinated units have been converted into common units, in common units of the MLP ("Units")).
A tandem DER is a right to receive an amount in cash equal to the distributions made by the MLP with respect to a Unit during the period beginning on June 30, 2001 and ending on the later of the date the tandem Phantom MLP Unit becomes vested or paid, as provided below.
Based on, among other things, the receipt of the MLP Fairness Opinion, the Conflicts Committee has approved this Agreement and the transactions contemplated hereby, and the other matters to be approved at the MLP Unit Holders' Meeting, and has agreed to recommend all such matters to the unit holders of the MLP in the Proxy Statement and has not taken or resolved to take any action adverse to such approval and/or recommendation.
In accordance with Section 13.3(d) of the limited partnership agreement of the MLP, the General Partner shall obtain an Opinion of Counsel, as defined in the limited partnership agreement of the MLP, to the effect that the amendments to the limited partnership agreement of the MLP proposed to be approved at the MLP Unit Holders' Meeting will not affect the limited liability of any limited partner of the MLP under applicable law.
Section 5.1(b)(ii) of the Company Disclosure Letter contains a correct and complete list as of the close of business on April 26, 2018 of each outstanding phantom unit or other award (including outstanding distribution equivalent rights) under the MLP Unit Plans, including the type of award, number of units, and, where applicable, vesting schedule.
All restrictions on each MLP Common Unit that is a restricted unit issued pursuant to the MLP Unit Plan (an “MLP Restricted Common Unit”) outstanding immediately prior to the Effective Time shall, immediately prior to the Effective Time, lapse.
Each such MLP Common Unit that shall be issued in settlement of such MLP Phantom Unit (other than any MLP Common Units withheld in connection with the payment of Taxes, if any, due with respect to such MLP Phantom Units, as permitted by and in accordance with the terms and conditions of the MLP Unit Plan) shall be considered outstanding as of the Effective Time for all purposes of this Agreement, including with respect to the right to receive the Merger Consideration in accordance with this Article III.
Each of the parties agrees that the information provided by it for inclusion in the Proxy Statement and each amendment or supplement thereto, at the time of mailing thereof to the MLP's unit holders, at the time of the MLP Unit Holders' Meeting and at the time it is filed, will not include any untrue statement of material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading.
Approval of the foregoing matters shall require the favorable vote of (x) holders of a majority of the outstanding Common Units entitled to vote at the MLP Unit Holders' Meeting and (y) holders of a majority of the outstanding Subordinated Units entitled to vote at the MLP Unit Holders' Meeting.
The Board of Managers of the General Partner has received the opinion of McDonald Investments, Inc., the financial advisor to the Conflicts Committee, to the effect that the transactions contemplated by this Agreement and the Constituent Documents, including, but not limited to, those matters to be approved at the MLP Unit Holders' Meeting, are fair from a financial point of view to the limited partners of the MLP (the "MLP Fairness Opinion").