Common use of Certificates Representing Units Clause in Contracts

Certificates Representing Units. (a) Each Member of the Company shall be entitled to have a certificate, in such form as may be approved by the Board of Directors, signed by the President or Vice President and Treasurer or Secretary of the Company, certifying the number of Units owned by such Member. If the Company shall be authorized to issue more than one class of Units or more than one series of any class, the face or back of the certificate shall indicate which class of Units or series of any such class are represented by such certificate. (b) The Board of Directors may direct that a new certificate be issued in place of any certificate theretofore issued by the Company and alleged to have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming the certificate to be lost, stolen or destroyed. When authorizing such issue of a new certificate, the Board of Directors may, in its discretion and as a condition precedent to the issuance thereof, require the owner of such certificate to enter into an agreement indemnifying the Company against any claim that may be made against the Company with respect to or relating to such certificate alleged to have been lost, stolen or destroyed or the issuance of such new certificate. (c) Upon surrender to the Company of a certificate for Units duly endorsed, or accompanied by transfer power separate from certificate evidencing an assignment in connection with a transfer or assignment of Units permitted under the terms of this Agreement, it shall be the duty of the Company, subject to any proper restrictions on transfer, to issue a new certificate to the transferee or assignee, cancel the old certificate and record the transaction on its books and records.

Certificates Representing Units. (a) Each Member of Units shall not be certificated unless otherwise determined by the Company Manager. If the Manager determines that one or more Units shall be entitled to have a certificatecertificated, in each such form as may certificate shall be approved by the Board of Directors, signed by or in the President or Vice President and Treasurer or Secretary name of the Company, certifying by the Chief Executive Officer or any other officer designated by the Manager, representing the number of Units owned held by such Memberholder. If the Company Such certificate shall be authorized to issue more than in such form (and shall contain such legends), consistent with the terms of this Agreement, as the Manager may reasonably determine. Any or all of such signatures on any certificate representing one class of Units or more than one series of any classUnits may be a facsimile, engraved or printed, to the face or back of the certificate shall indicate which class of Units or series of any such class are represented extent permitted by such certificateapplicable Law. (b) The Board of Directors may If Units are certificated, the Manager shall direct that a new certificate representing one or more Units be issued in place of any certificate theretofore issued by the Company and alleged to have been lost, stolen or destroyed, upon delivery to the making Manager of an affidavit of that fact by the person claiming the certificate to be lost, stolen owner or destroyed. When authorizing owners of such issue of a new certificate, the Board of Directors may, in its discretion and as a condition precedent to the issuance thereof, setting forth such allegation. The Manager may require the owner of such certificate lost, stolen or destroyed certificate, or such owner’s legal representative, to enter into an agreement indemnifying give the Company a bond sufficient to indemnify it against any claim that may be made against it on account of the Company with respect to alleged loss, theft or relating to destruction of any such certificate alleged to have been lost, stolen or destroyed or the issuance of any such new certificate. (c) Upon surrender to the Company or the transfer agent of the Company, if any, of a certificate for Units one or more Units, duly endorsed, endorsed or accompanied by transfer power separate from certificate evidencing an appropriate evidence of succession, assignment in connection with a transfer or assignment of Units permitted under the terms of this Agreement, it shall be the duty of the Company, subject authority to any proper restrictions on transfer, to in compliance with the provisions hereof, the Company shall issue a new certificate representing one or more Units to the transferee or assigneePerson entitled thereto, cancel the old certificate and record the transaction on upon its books and recordsbooks.