Yes, correct. As MichaelFelt and agent.kgb already explained, there is no legal limit on how many LPARs you create out of your licensed cores. There are some thechnical restrictions (like the 0.05...
IBM LI docs and SaaS terms - LI documents search results (http://www-03.ibm.com/software/sla/sladb.nsf/searchlis/?searchview&searchorder=4&searchmax=0&query=%28AIX%29)
As agent.kgb said - you have for cores licensed for AIX. And only PowerVM Express has any limit to the number of partitions you can create. The limitation is that when using a SPP (Shared Processor...
What I would say when asked this on site:
a) talk to your seller for the fine print. That is his job to keep you informed. If you are a reseller - talk...