Common use of Conveyances by TRMC to the General Partner Clause in Contracts

Conveyances by TRMC to the General Partner. (a) Effective as of the Effective Time, TRMC hereby assigns, transfers, contributes, grants, bargains, conveys, sets over and delivers to the General Partner, its successors and its assigns, for its and their own use forever, the entire right, title, interest, responsibilities, coverages and liabilities of TRMC in and to the Assets, including any responsibilities, coverages and liabilities under any permit or license \35629849.15 included in the Assets, free and clear of all liens and encumbrances of any kind or nature, other than as set forth on Exhibit C to this Agreement (the “Permitted Liens”). The contribution described in this Section 2.1(a) shall be referred to in this Agreement as the “TRMC Contribution.” TRMC hereby makes the TRMC Contribution and the TRMC Secondary Contribution, as defined below, in exchange for a 51% membership interest in the General Partner, and the General Partner hereby accepts the Assets as a contribution to the capital of the General Partner.

Appears in 2 contracts

Samples: Contribution, Conveyance and Assumption Agreement (Tesoro Corp /New/), Contribution, Conveyance and Assumption Agreement (Tesoro Logistics Lp)

AutoNDA by SimpleDocs

Conveyances by TRMC to the General Partner. (a) Effective as of the Effective TimeExecution Date, TRMC hereby assigns, transfers, contributes, grants, bargains, conveys, sets over and delivers to the General Partner, its successors and its assigns, for its and their own use forever, the entire right, title, interest, responsibilities, coverages and liabilities of TRMC in and to the Assets, including any responsibilities, coverages and liabilities under any permit or license \35629849.15 included in the Assets, free and clear of all liens and encumbrances of any kind or nature, other than as set forth on Exhibit C B to this Agreement (the “Permitted Liens”). The contribution described in this Section 2.1(a) shall be referred to in this Agreement as the “TRMC Contribution.” TRMC hereby makes the TRMC Contribution and the TRMC Secondary Contribution, as defined below, in exchange for a 51an additional 7% membership interest in the General Partner, and the General Partner hereby accepts the Assets TRMC Contribution as a contribution to the capital of the General Partner.

Appears in 2 contracts

Samples: Contribution, Conveyance and Assumption Agreement (Tesoro Corp /New/), Contribution, Conveyance and Assumption Agreement (Tesoro Logistics Lp)

AutoNDA by SimpleDocs

Conveyances by TRMC to the General Partner. (a) Effective as of the Effective TimeFirst Closing Date, TRMC hereby assigns, transfers, contributes, grants, bargains, conveys, sets over and delivers to the General Partner, its successors and its assigns, for its and their own use forever, the entire right, title, interest, responsibilities, coverages and liabilities of TRMC in and to the AssetsXxxxxxxx Assets and Anacortes Assets as set forth in this Agreement, including any responsibilities, coverages and liabilities under any permit or license \35629849.15 included in the Assets, free and clear of all liens and encumbrances of any kind or nature, other than as set forth on Exhibit C to this Agreement (the “Permitted Liens”)such assets. The contribution described in this Section 2.1(a) shall be referred to in this Agreement as the “TRMC Contribution.” TRMC hereby makes the TRMC Contribution and the TRMC Secondary Contribution, as defined below, in exchange for a 51% the issuance as of the First Closing Date of an additional membership interest in the General PartnerPartner equal to the percentage increase in the capital of the General Partner based on the value of the TRMC Contribution, and the General Partner hereby accepts the Assets TRMC Contribution, as a contribution to the capital of the General Partner.

Appears in 2 contracts

Samples: Contribution Agreement (Tesoro Logistics Lp), Contribution Agreement (Tesoro Corp /New/)

Time is Money Join Law Insider Premium to draft better contracts faster.