ISSUANCE OF UNITS OF LIMITED LIABILITY COMPANY INTERESTS. The issuance by the Master Fund of units of limited liability company interests ("Units") in exchange for the Investment by the Feeder Fund of its Assets has been duly authorized by all necessary action on the part of the Board of Managers of the Master Fund. When issued in accordance with the terms of this Agreement, Units will be validly issued, fully paid and non-assessable.
Appears in 9 contracts
Samples: Master/Feeder Agreement (Arden Sage Triton Fund LLC), Master/Feeder Agreement (Arden Sage Multi-Strategy TEI Institutional Fund, L.L.C.), Master/Feeder Agreement (Robeco-Sage Multi-Strategy TEI Fund, L.L.C.)
