Representations Regarding Preferred Units Sample Clauses

Representations Regarding Preferred Units. All required action necessary for the authorization and creation, issuance and delivery of the Preferred Units on or before Closing has been or will be taken on the part of the Company, its officers, board of managers and members. The Preferred Units, when issued in compliance with the provisions of this Agreement and the Operating Agreement will be validly issued, fully paid and nonassessable and, assuming the accuracy of the Purchaser’s representations in Section 4 of this Agreement, issued in compliance with all applicable federal and state securities laws. Except as provided in the Operating Agreement, none of the Preferred Units issued pursuant to this Agreement, is subject to any preemptive rights, rights of first refusal, or other rights to purchase such Units (whether in favor of the Company or any other person), pursuant to any agreement or commitment of the Company.