Common use of Ownership of Zydeco Pipeline Company LLC Clause in Contracts

Ownership of Zydeco Pipeline Company LLC. At each applicable Delivery Date, after giving effect to the Transactions, the Operating Company will own a 43.0% membership interest in Zydeco; such membership interest will have been duly authorized and validly issued in accordance with the limited liability company agreement of Zydeco (the “Zydeco LLC Agreement”) and will be fully paid (to the extent required under the Zydeco LLC Agreement) and nonassessable (except as such nonassessability may be affected by Sections 18-607 and 18-804 of the Delaware LLC Act); and such membership interest will be owned free and clear of all Liens.

Ownership of Zydeco Pipeline Company LLC. At each applicable Delivery Date, after giving effect to the TransactionsAcquisition, the Operating Company will own a 43.092.5% membership interest in Zydeco; such membership interest will have been duly authorized and validly issued in accordance with the limited liability company agreement of Zydeco (the “Zydeco LLC Agreement”) and will be fully paid (to the extent required under the Zydeco LLC Agreement) and nonassessable (except as such nonassessability may be affected by Sections 18-607 and 18-804 of the Delaware LLC Act); and such membership interest will be owned free and clear of all Liens.

Ownership of Zydeco Pipeline Company LLC. At each applicable Delivery On the Closing Date, after giving effect to the TransactionsDrop-down, the Operating Company will own a 43.062.5% membership interest in Zydeco; such membership interest will have been duly authorized and validly issued in accordance with the limited liability company agreement of Zydeco (the “Zydeco LLC Agreement”) and will be fully paid (to the extent required under the Zydeco LLC Agreement) and nonassessable (except as such nonassessability may be affected by Sections 18-607 and 18-804 of the Delaware LLC Act); and such membership interest will be owned free and clear of all Liens.