Membership Qualifications. The term “Qualified Entity” means (i) the Manager, (ii) Congregations, (iii) other entities qualified as nonprofit organizations under Section 501(c)(3) of the Code or any successor provision thereto that are affiliated or associated with the Manager and/or one or more Congregations (“UU Affiliated or Associated Charitable Organizations”) and (iv) entities that provide or are intended in the future to provide financial support for one or more of the Manager, a Congregation or a UU Affiliated or Associated Charitable Organization, provided that each Qualified Entity must fall into one of the categories set forth in Section 3(c)(10)(B) of the Investment Company Act of 1940 or any successor provision thereto. The Manager must have been organized and be operated exclusively as a Qualified Entity. The Manager shall be a Member without augmentation or diminution of its rights, obligations and status as Manager or as a Member through ownership of Units or of the rights, obligations and status of the other Members. Each Member of the Fund shall, at the time of admission and at all times during its Membership, be a Qualified Entity and must at all times be able to demonstrate to the Manager’s satisfaction that it was and is a Qualified Entity. Other than in the case of the Manager (but solely in its capacity as Manager), the status of Member shall be conferred upon acquisition of ownership of Units and shall cease if no Units are owned. While a Member of the Fund, each Member shall comply with applicable laws permitting such Member to hold Membership Interests.
Appears in 7 contracts
Samples: Operating Agreement, Operating Agreement, Operating Agreement
