Ownership of NGL Supply Wholesale, LLC Sample Clauses
The "Ownership of NGL Supply Wholesale, LLC" clause defines who holds legal and beneficial ownership interests in NGL Supply Wholesale, LLC. Typically, this clause will specify the parties or entities that are recognized as owners, the percentage of ownership each holds, and may outline any restrictions or conditions on transferring those interests. By clearly establishing ownership, the clause ensures transparency and prevents disputes over control, profit distribution, or decision-making authority within the company.
Ownership of NGL Supply Wholesale, LLC. At the Closing Date and each Option Closing Date, if any, after giving effect to the Pre-Closing Transactions, NGL Supply, LLC will own, directly or indirectly, all of the issued and outstanding membership interests in NGL Supply Wholesale, LLC, a Delaware limited liability company (“NGL Wholesale”); such membership interests will be duly authorized and validly issued in accordance with the Organizational Document of NGL Wholesale, as in effect at such time, fully paid and non-assessable (except as such non-assessability may be limited by Sections 18-607 and 18-804 of the Delaware LLC Act); and NGL Supply, LLC will own all such membership interests free and clear of all Liens, other than Liens arising under the Existing Credit Agreement.