Common use of Ownership of the Incentive Distribution Rights Clause in Contracts

Ownership of the Incentive Distribution Rights. On the Closing Date and each settlement date, after giving effect to the Transactions, the General Partner will own 100% of the Incentive Distribution Rights; such Incentive Distribution Rights and the limited partner interests represented thereby will be duly authorized and validly issued in accordance with the Partnership Agreement, and will be fully paid (to the extent required under the Partnership Agreement) and nonassessable (except as such nonassessability may be affected by Sections 17-303, 17-607 and 17-804 of the Delaware Revised Uniform Limited Partnership Act (the “Delaware LP Act”)); and the General Partner will own the Incentive Distribution Rights, in each case free and clear of all Liens.

Ownership of the Incentive Distribution Rights. On At the Closing Date and each settlement dateAdditional Closing Date, if applicable, after giving effect to the Transactions, the General Partner will own 100% all of the Incentive Distribution Rights; such the Incentive Distribution Rights and the limited partner interests represented thereby will be have been duly authorized and validly issued in accordance with the Partnership Agreement, Agreement and will be fully paid (to the extent required under the Partnership Agreement) and nonassessable (except as such nonassessability may be affected by matters described in Sections 17-303, 17-607 607, and 17-804 of the Delaware Revised Uniform Limited Partnership Act (the “Delaware LP Act”)); and the General Partner will own the such Incentive Distribution Rights, in each case Rights free and clear of all Liens.

Ownership of the Incentive Distribution Rights. On At the Closing Date and each settlement dateapplicable Delivery Date, after giving effect to the Transactions, the General Partner will own 100% all of the Incentive Distribution Rights; such the Incentive Distribution Rights and the limited partner interests represented thereby will be have been duly authorized and validly issued in accordance with the Partnership Agreement, Agreement and will be fully paid (to the extent required under the Partnership Agreement) and nonassessable (except as such nonassessability may be affected by matters described in Sections 17-303, 17-607 607, and 17-804 of the Delaware Revised Uniform Limited Partnership Act (the “Delaware LP Act”)); and the General Partner will own the Incentive Distribution Rights, in each case such interests free and clear of all Liens.

Ownership of the Incentive Distribution Rights. On At the Closing Date and each settlement dateAdditional Closing Date, after giving effect to the Transactions, the General Partner will own 100% all of the Incentive Distribution RightsRights (as defined in the Partnership Agreement); such the Incentive Distribution Rights and the limited partner interests represented thereby will be have been duly authorized and validly issued in accordance with the Partnership Agreement, Agreement and will be fully paid (to the extent required under the Partnership Agreement) and nonassessable (except as such nonassessability may be affected by matters described in Sections 17-303, 17-607 607, and 17-804 of the Delaware Revised Uniform Limited Partnership Act (the “Delaware LP Act”)); and the General Partner will own the such Incentive Distribution Rights, in each case Rights free and clear of all Liens.

Ownership of the Incentive Distribution Rights. On the Closing Date and At each settlement dateapplicable Delivery Date, after giving effect to the Transactions, the General Partner will own 100% all of the Incentive Distribution Rights; such the Incentive Distribution Rights and the limited partner interests represented thereby will be have been duly authorized and validly issued in accordance with the Partnership Agreement, Agreement and will be fully paid (to the extent required under the Partnership Agreement) and nonassessable (except as such nonassessability may be affected by matters described in Sections 17-303, 17-607 and 17-804 of the Delaware Revised Uniform Limited Partnership Act (the “Delaware LP Act”)); and the General Partner will own the such Incentive Distribution Rights, in each case Rights free and clear of all Liens, except for any restrictions on transferability contained in the Partnership Agreement or as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus.

Ownership of the Incentive Distribution Rights. On the Closing Date and At each settlement dateapplicable Delivery Date, after giving effect to the Closing Transactions, the General Partner will own 100% all of the Incentive Distribution Rights; such the Incentive Distribution Rights and the limited partner interests represented thereby will be have been duly authorized and validly issued in accordance with the Partnership Agreement, Agreement and will be fully paid (to the extent required under the Partnership Agreement) and nonassessable (except as such nonassessability may be affected by Sections 17-303, 17-607 and 17-804 of the Delaware Revised Uniform Limited Partnership Act (the “Delaware LP Act”)); and the General Partner will own the such Incentive Distribution Rights, in each case Rights free and clear of all Liens, except for Liens arising under or in connection with the SemGroup Credit Agreement or as described in the Registration Statement and the most recent Preliminary Prospectus.