Common use of Classes and Series of Units Clause in Contracts

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.