Common use of Contributions & Distributions Clause in Contracts

Contributions & Distributions. Subject to the terms and conditions contained in this Agreement, upon the consummation of the transactions contemplated by this Agreement (the “Closing”, and the date thereof, the “Closing Date”), the Parties shall take the actions listed below in the order listed. On the Closing Date, the Parties intend for NewCo to be owned 85% by LMP (or its assign) and 15% by Contributor or Principal and for NewCo to own all of the Assets free and clear of all of Contributor’s liens and encumbrances, and for NewCo to have none of Contributor’s liabilities, except for those liabilities expressly assumed by NewCo in writing.

Contributions & Distributions. Subject to the terms and conditions contained in this Agreement, upon the consummation of the transactions contemplated by this Agreement (the “Closing”, and the date thereof, the “Closing Date”), the Parties shall take the actions listed below in the order listed. On the Closing Date, the Parties intend for NewCo NewCos to be owned 85% by LMP (or its assign) and 15% by Contributor Contributors or Principal and for NewCo NewCos to own all of the Assets free and clear of all of Contributor’s Contributors’ liens and encumbrances, and for NewCo NewCos to have none of Contributor’s Contributors’ liabilities, except for those liabilities expressly assumed by NewCo NewCos in writing.