Contribution Units. Each of the Sub-Funds will be notionally divided into units of equal value (each a “Contribution Unit”). The Trustee acknowledges and agrees, without prejudice to the generality of Clause 2.3, that the unitisation of a Sub-Fund is notional only for the limited purpose of determining benefits due under the Policy and any references in the Policy to a “Contribution Unit” and/or the “allocation” and/or “cancellation” thereof, or the “investment” in Contribution Units shall be construed accordingly. The time for allocation or cancellation of a Contribution Unit is the time specified in the entry made in relation to the allocation or cancellation on the records of MPF. MPF must allocate or cancel Contribution Units in accordance with Clauses 8, 9 or 10 and shall not allocate or cancel Contribution Units otherwise under the Policy.
Contribution Units. Each of the Sub-Funds will be notionally divided into units of equal value (each a “Contribution Unit”). The Insurer acknowledges and agrees, without prejudice to the generality of Clause 2.2, that the unitisation of a Sub-Fund is notional only for the limited purpose of determining benefits due under the Reinsurance Agreement and any references in the Reinsurance Agreement to a “Contribution Unit” and/or the “allocation” and/or “cancellation” thereof, or the “investment” in Contribution Units shall be construed accordingly. The time for allocation or cancellation of a Contribution Unit is the time specified in the entry made in relation to the allocation or cancellation on the records of MPF. MPF must allocate or cancel Contribution Units in accordance with Clauses 8or 9 and shall not allocate or cancel Contribution Units otherwise under the Reinsurance Agreement.
Contribution Units. Purchaser shall issue and deliver to Seller, and Seller shall receive and acquire 100 units (“Units”) of membership interests in Purchaser (the “Contribution Units”), which Contribution Units shall represent ten percent (10%) of all issued and outstanding membership interests in Purchaser on the Closing Date. The Cash Purchase Price and the Contribution Units are collectively referred to herein as the “Purchase Price.”
Contribution Units. The Contribution Units have been validly authorized and, when issued to Seller at the Closing as contemplated by this Agreement, will be validly issued and fully paid and constitute 10% of the then issued and outstanding Units.
Contribution Units. In the event Seller and Seller Principals are unable or unwilling to pay for all Damages in full within 30 days after Purchaser’s right to indemnification of such Damages hereunder accrues and Seller and Seller Principals have notice thereof, Purchaser shall have the right to foreclose upon, and exercise the right to repurchase, redeem and acquire, any and all Contribution Units of Seller and Seller Principals for no additional consideration other than satisfaction of the unpaid Damages, regardless of the amount of unpaid Damages.
