Common use of Contribution of Contributed Interests Clause in Contracts

Contribution of Contributed Interests. (a) At the Closing, upon the terms and subject to the conditions set forth in this Agreement, SE Transmission shall contribute to Spectra MLP, and Spectra MLP shall accept from SE Transmission, the SET Contributed Interests, free and clear of any Liens other than transfer restrictions imposed thereon by securities Laws. (b) At the Closing, upon the terms and subject to the conditions set forth in this Agreement, MLP GP shall contribute to Spectra MLP, and Spectra MLP shall accept from MLP GP, the MLP GP Contributed Interests, free and clear of any Liens other than transfer restrictions imposed thereon by securities Laws.