Common use of Nature of Units Clause in Contracts

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. The Units of each Unit Holder in the Company shall be personal property for all purposes purposes. All property owned by the Company or purchased with Company funds, whether real or personal, tangible or intangible, shall be personal property. Except deemed to be owned by the Company as may otherwise be set forth herein, no Member has any interest in specific Company propertyan entity, and each Member hereby waives no Unit Holder, individually, shall have any and all rights ownership of such Person may have to initiate or maintain any suit or action for partition of the Company’s assetsproperty.