Common use of Nature of Units Clause in Contracts

Nature of Units. Units shall not be evidenced by certificates and, except as otherwise provided in this Agreement, each issued and outstanding Unit is identical to each other Unit with respect to all matters including, without limitation, the following: (a) the right to receive distributions from the Partnership in accordance with the Partnership Interest represented by each Unit; and (b) the right to the allocation of Net Profit or Net Loss in accordance with the Partnership Interest represented by each Unit determined in accordance with generally accepted accounting principles.

Nature of Units. Units shall not be evidenced by certificates and, except as otherwise provided in this Agreement, each The issued and outstanding Unit is identical units are equal to each other Unit with respect to all matters including, without limitation, the following: (a) the right to receive distributions from the Partnership in accordance with the Partnership Interest represented by proportionate share for each Unit; andunit; (b) the right to participate in profits and the allocation of Net Profit or Net Loss losses in accordance with the Partnership Interest represented proportionate share for each unit; (c) no unit has a preference or right over another unit; and (d) the right to exercise one vote per unit at meetings of the Partners in respect to the matters to be decided by each Unit determined in accordance with generally accepted accounting principlesthe Limited Partners.