Nature of Units Clause Samples

Nature of Units. The Units represent book-keeping entries only, and constitute the Company’s unfunded and unsecured promise to issue shares of Common Stock to you on a future date. As a holder of Units, you have no rights other than the rights of a general creditor of the Company.

Nature of Units. Except as otherwise specifically provided in this Agreement, each Unit represents an interest of equal rank with any other Unit in respect of any matter, including the right to receive the Distributable income of the Partnership. No Unit shall have any preference nor any priority of privilege or of right whatsoever on any other Unit.

Nature of Units. Units shall not be evidenced by certificates and, except as otherwise provided in this Agreement, each issued and outstanding Unit is identical to each other Unit with respect to all matters including, without limitation, the following: (a) the right to receive distributions from the Partnership in accordance with the Partnership Interest represented by each Unit; and (b) the right to the allocation of Net Profit or Net Loss in accordance with the Partnership Interest represented by each Unit determined in accordance with generally accepted accounting principles.

Nature of Units. (a) The beneficial interest in the Trust is divided into Units. (b) Subject to the rights, obligations or restrictions attaching to any particular Unit or Class, a Unit confers an interest in the Assets as a whole, subject to the liabilities of the Trust. (c) A Unit does not confer an interest in a particular Asset. (d) At any time, all the Units in a Class are of equal value. (e) All Units are Ordinary Units unless otherwise specified in their terms of issue.

Nature of Units. The Units shall for all purposes be personal property. Except as may otherwise be set forth herein, no Member has any interest in specific Company property, and each Member hereby waives any and all rights such Person may have to initiate or maintain any suit or action for partition of the Company’s assets.

Nature of Units. Except as otherwise herein expressly provided, each issued and outstanding Unit shall be equal to each other Unit with respect to all rights, benefits, obligations and limitations provided for in this Agreement and all other matters, including the right to receive Distributions from the Partnership during the continuation of the Partnership and upon its dissolution, and no Unit shall have any preference, priority or right in any circumstances over any other Unit. Subject to the voting restrictions contained in Section 15.7 hereof, each Limited Partner will be entitled to one vote for each Unit held by him or her in respect of all matters to be decided by the Limited Partners.

Nature of Units. The undersigned acknowledges and understands that participation in the Venture is not intended or considered by the Managing Venturer to be “securities” as that term is used in state and federal securities regulation; that participation in the Joint Venture is an active business venture requiring the exercise of experience and knowledge in business affairs while participating as a Venturer; that participation in the Joint Venture is not a passive investment or activity; that, notwithstanding the foregoing, the Managing Venturer may nevertheless seek to qualify the offer and sale of Units as transactions exempt from the registration requirements of federal and state securities laws and regulations, as if the Units were securities; and that the Managing Venturer will rely upon the representations of the undersigned, as herein contained and as may be contained in other documents provided to the undersigned, in the application or qualification of any such aforementioned exemption.

Nature of Units. 34 13.02 Certificates..................................................34 13.03 Contents of Certificate.......................................34 13.04

Nature of Units. (a) Except as otherwise provided in this Agreement, no Limited Partner will, in respect of any Unit held by such Limited Partner, have any preference, priority or right in any circumstance over any other Limited Partner in respect of any Unit held by the other Limited Partner. (b) No Unit shall have any preference, conversion, exchange, pre-emptive or redemption rights in any circumstances over any other Unit (except as may be specifically provided herein). (c) Each Limited Partner will be entitled to one vote for each Unit held by such Limited Partner in respect of all matters to be voted upon by the Limited Partners or any of them (except as may be specifically provided herein). (d) Units may be designated by the General Partner as being Units of a series. Units of each series may be issued at a Net Asset Value per Unit as the General Partner may in its discretion assign, and the Net Asset Value per Unit of any one series need not be equal to the Net Asset Value per Unit of any other series. The General Partner may at any time name or rename each such series without otherwise affecting the attributes of such series. (e) Each issued and outstanding Unit of each series shall be equal to each other Unit of the same series with respect to all matters, including the right to receive allocations and distributions from the Partnership and otherwise. (f) The General Partner may create and name (or rename) from time to time one or more classes of Units which may be subject to different management fees, administrative fees and other fees (if any) than those chargeable against Units of another class, and may have different redemption or other features than other classes of Units as the General Partner may determine, and may designate one or more series of Units within each such class. Set out in Schedule B hereto is a list of each class of Units designated by the General Partner from time to time together with a description of the unique features of each such class. (g) Upon the designation of a new series of Units by the General Partner, the Net Asset Value per Unit for such series shall initially be as designated by the General Partner pursuant to subsection 3.2(d) above and the Net Asset Value of such series shall initially be such Net Asset Value per Unit multiplied by the number of Units of such series issued and outstanding. After the initial issue of Units of a series, the Net Asset Value of such series on a Valuation Date shall be calculated by the General ...