Common use of Offering of Units Clause in Contracts

Offering of Units. (i) The Partnership is authorized to admit to the Partnership on the Initial Closing Date, on each Interim Closing Date, and the Offering Termination Date, additional Unitholders whose Subscription Agreements for Units are accepted by the General Partner if, after the admission of the additional Unitholders, the total number of Units of any class sold does not exceed the maximum number of Units of each class set forth in Section 5.5(i) . (ii) No action or consent by the Unitholders shall be required for the admission of additional Unitholders pursuant to this Section 5.2. (iii) All subscribers’ funds shall be held in an interest bearing account or accounts by an independent escrow agent and shall not be released to the Partnership until the receipt and acceptance of the minimum amount of subscription proceeds set forth in Section 5.5(ii) . Thereafter, subscriptions may be paid directly to a Partnership account.