Classes and Series of Units Clause Samples
The "Classes and Series of Units" clause defines how different categories or groups of ownership interests, such as units or shares, are established and managed within an entity. It typically outlines the rights, preferences, and restrictions associated with each class or series, such as voting power, dividend entitlements, or priority in liquidation. This clause ensures that the distinctions between various types of units are clearly set out, providing clarity for both the entity and its investors regarding their respective rights and obligations.
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Classes and Series of Units. (a) Units may be divided into different classes of Units, and each class may be further divided into different series of Units (each such series being referred to in this Agreement as a "series," provided always that in the case of a class which has not been divided into two or more series, the expression "series" shall, where the context so requires, mean, for the purposes of this Agreement, the Units of such class), in the discretion of the Managing Member. In this Agreement, except when referred to under their separate classes or series or where the context otherwise requires, the term "Units" shall mean all classes and all series of each class of Units.
Classes and Series of Units. Units may be divided into different classes of Units, and each class may be further divided into different series of Units (each such series being referred to in this Agreement as a "series," provided always that in the case of a class which has not been divided into two or more series, the expression "series" shall, where the context so requires, mean, for the purposes of this Agreement, the Units of such class), in the discretion of the Managing Member. In this Agreement, except when referred to under their separate classes or series or where the context otherwise requires, the term "Units" shall mean all classes and all series of each class of Units. An initial series of Units (the "Initial Series") was issued on the initial closing date. The initial purchase price per Unit for the Initial Series of Units shall be $100. The Managing Member may, at any time and from time to time, in its sole discretion, elect to raise additional capital for the Company from Members and from new subscribers on such terms and conditions as may be determined by the Managing Member in its sole discretion. Generally, a new series of Units will be issued on each date an existing Member makes an additional Capital Contribution in accordance with Section 4.02 and on each date a new Member is admitted to the Company in accordance with Section 3.03, except that the Managing Member may issue additional Units of an existing series, or Units of a new series at an initial purchase price other than $100, provided that any such issuance does not have a material adverse effect on the NAV or Prior High NAV (as defined in Section 4.05(b)(i)) of the Units of any Member. Each Unit will carry equal rights and privileges with each other Unit of the same series. Units of a class issued at the beginning of any fiscal year will be offered at the then current NAV per Unit of the Initial Series of such class if such Initial Series is at or above its Prior High NAV per Unit. If the Initial Series of such class is not at or above its Prior High NAV per Unit, Units will be issued in the next offered series of such class that is at or above its Prior High NAV. If no series of Units of such class is at or above its Prior High NAV at such time, such additional Units will be issued as a separate series of such class at a price per Unit determined by the Managing Member, in its sole discretion. Fractions of Units may be issued to one ten-thousandth of a Unit.
Classes and Series of Units. The beneficial interest in the Fund shall be divided into 50,000 Units. The General Partner may, from time to time, authorize the designation of the Units into one or more Classes as provided in Section 2.1.2 below, and within each Class may designate Units into any number of Series. All Units issued hereunder shall be fully paid and nonassessable. The General Partner in its discretion may, from time to time, without vote of the Limited Partners, issue Units, in addition to the then issued and outstanding Units, to such party or parties at the then current net asset value of such Units in connection with the business of the Fund. In connection with any issuance of Units, the General Partner may issue fractional Units. The General Partner may from time to time divide or combine the Units into a greater or lesser number without thereby changing the proportionate beneficial interests in a particular Class or Series. Contributions to a Class or Series of the Fund may be accepted for, and Units of such Series shall be redeemed as, whole Units or integral multiples thereof.
Classes and Series of Units. (a) The Manager has as of the date hereof established five (5) Classes of Units, being the Class 0 Units (Core Macro Portfolio), the Class 2 Units (Core Macro Portfolio), the Class 3-A Units (Core Macro Portfolio), the Class 3-B Units (Core Macro Portfolio) and the Management Units (Core Macro Portfolio).
(b) The Manager may establish additional Classes or Series of Units, each of which may be subject to such fees, expenses or other terms as shall be determined by the Manager.
(c) A Member may be a Member of one or more Classes or Series. Separate Capital Accounts shall be maintained for each Member with respect to each Class and Series of Units, and all of the provisions of this Agreement shall apply to each Class and Series as if such Class and Series of Units were a separate legal entity. Any item of income or expense relating to a specific Class or Series shall be allocated solely to the Capital Accounts of the Members participating in such Class or Series, and any item of income or expense of the Company not relating to a specific Class or Series shall be allocated among the Classes and Series in proportion to their respective Net Asset Values or in such other manner as the Manager shall determine to be equitable.
Classes and Series of Units. (a) The Manager has as of the date hereof established three (3) Classes of Units, being the Class 0 Units (Core Macro Portfolio), the Class 2 Units (Core Macro Portfolio) and the Management Units (Core Macro Portfolio). Each of the Class 0 Units, Class 2 Units and the Management Unites were established and previously designated as Units in the Blended Strategies Portfolio. However, effective as of May 2, 2022, the Blended Strategies Portfolio is hereby redesignated as the Core Macro Portfolio, and such Class 0 Units, Class 2 Units and Management Units are accordingly redesignated as listed herein.
(b) The Manager may establish additional Classes or Series of Units, each of which may be subject to such fees, expenses or other terms as shall be determined by the Manager.
(c) A Member may be a Member of one or more Classes or Series. Separate Capital Accounts shall be maintained for each Member with respect to each Class and Series of Units, and all of the provisions of this Agreement shall apply to each Class and Series as if such Class and Series of Units were a separate legal entity. Any item of income or expense relating to a specific Class or Series shall be allocated solely to the Capital Accounts of the Members participating in such Class or Series, and any item of income or expense of the Company not relating to a specific Class or Series shall be allocated among the Classes and Series in proportion to their respective Net Asset Values or in such other manner as the Manager shall determine to be equitable.
Classes and Series of Units. The General Partner is hereby authorized to cause the Partnership to issue Units designated as Class B-1 Units, Class B-2 Units, Class D Units, Class I Units, Class S Units and any other additional classes or series of Units with such terms, rights and obligations as determined in the sole discretion of the General Partner.
Classes and Series of Units. As of the date of this Agreement, the Company has authorized the following Units: Class A Units, Class B-1 Units and Class B-2 Units. The Company shall be authorized to issue and sell Units (including additional classes of Units) in accordance with the terms and conditions of this Agreement. Schedule A sets forth the number of Units held by each Member as of the date of this Agreement. Schedule A incorporates and supersedes any and all interests of the Original Members pursuant to the A&R LLC Agreement.