Common use of Ownership of the Operating Company Clause in Contracts

Ownership of the Operating Company. The Partnership owns of record 100% of the membership interests in the Operating Company. Such membership interests have been duly authorized and validly issued in accordance with the limited liability company agreement of the Operating Company and are fully paid (to the extent required under the limited liability company agreement of the Operating Company) and nonassessable (except as such nonassessability may be affected by Sections 20, 31, 40 and 49 of the MI LLCA and except as may otherwise be provided in the limited liability company agreement of the Operating Company). To such counsel’s knowledge, the Partnership beneficially owns such membership interests free and clear of all pledges, liens, encumbrances, security interests or other claims, except for Claim Exceptions.

Ownership of the Operating Company. The Partnership owns of record 100% of the membership interests in the Operating Company. Such membership interests have been duly authorized and validly issued in accordance with the limited liability company agreement of the Operating Company and are fully paid (to the extent required under the limited liability company agreement of the Operating Company) and nonassessable (except as such nonassessability may be affected by Sections 20, 31, 40 and 49 of the MI LLCA and except as may otherwise be provided in subject to the provisions of the limited liability company agreement of the Operating Company). To such counsel’s knowledge, the Partnership beneficially owns such membership interests free and clear of all pledges, liens, encumbrances, security interests or other claims, except for Claim Exceptions.

Ownership of the Operating Company. The Partnership owns of record 100% of the membership interests in the Operating Company. Such membership interests have been duly authorized and validly issued in accordance with the limited liability company agreement of the Operating Company and are fully paid (to the extent required under the limited liability company agreement of the Operating Company) and nonassessable (except as such nonassessability may be affected by Sections 20, 31, 40 and 49 Section 31 of the MI LLCA and except as may otherwise be provided in subject to the provisions of the limited liability company agreement of the Operating Company). To such counsel’s knowledge, the Partnership beneficially owns such membership interests free and clear of all pledges, liens, encumbrances, security interests or other claims, except for Claim Exceptions.