Suitability Standards Sample Clauses
Suitability Standards. Upon the Commencement of the Initial Public Offering and until Listing, the following provisions shall apply:
(a) Subject to suitability standards established by individual states or any higher standards established by the Board of Directors to become a Member of the Company, if the prospective Member is an individual (including an individual beneficiary of a purchasing Individual Retirement Account as defined in the Code), or if the prospective Member is a fiduciary (such as a trustee of a trust or corporate pension or profit sharing plan, or other tax-exempt organization, or a custodian under a Uniform Gifts to Minors Act), such individual or fiduciary, as the case may be, shall represent to the Company, among other requirements as the Company may require from time to time:
(i) that such individual (or, in the case of a fiduciary, that the fiduciary account or the donor who directly or indirectly supplies the funds to purchase the Shares) has a minimum annual gross income of $70,000 and a Net Worth (excluding home, furnishings and automobiles) of not less than $70,000; or
(ii) that such individual (or, in the case of a fiduciary, that the fiduciary account or the donor who directly or indirectly supplies the funds to purchase the Shares) has a Net Worth (excluding home, furnishings and automobiles) of not less than $250,000.
(b) The Sponsor and each Person selling Shares on behalf of the Sponsor or the Company shall make every reasonable effort to determine that the purchase of Shares is a suitable and appropriate investment for each Member. In making this determination, the Sponsor or each Person selling Shares on behalf of the Sponsor or the Company shall ascertain that the prospective Member:
(i) meets the minimum income and Net Worth standards established for the Company;
(ii) can reasonably benefit from the Company based on the prospective Member’s overall investment objectives and portfolio structure;
(iii) is able to bear the economic risk of the investment based on the prospective Member’s overall financial situation; and
(iv) has apparent understanding of: (1) the fundamental risks of the investment; (2) the risk that the Member may lose the entire investment; (3) the lack of liquidity of the Shares; (4) the restrictions on transferability of the Shares; (5) the background and qualifications of the Sponsor or the Advisor; and (6) the tax consequences of the investment. The Sponsor or each Person selling Shares on behalf of the Sponsor or the Com...
Suitability Standards. You cannot invest in Homeland Energy unless you meet one of the following suitability tests (a or b) set forth below. Please review the suitability tests and check the box next to the following suitability test that you meet. For husbands and wives purchasing jointly, the tests below will be applied on a joint basis.
a. o I (We) have annual income from whatever source of at least $45,000 and a net worth of at least $45,000, exclusive of home, furnishings and automobiles; or
b. o I (We) have a net worth of at least $100,000, exclusive of home, furnishings and automobiles;
c. o I (We) have a net worth of $150,000, exclusive of home, home furnishings, and automobiles;
d. o I (We) reside in Iowa and I (we) have a net worth of $60,000 (exclusive of home, auto and furnishings) and annual income of $60,000 or, in the alternative, a net worth of $150,000 (exclusive of home, auto and furnishings); or
e. o I (We) reside in Kansas and I (we) have a net worth of $60,000 (exclusive of home, auto and furnishings) and annual income of $60,000 or, in the alternative, a net worth of $225,000 (exclusive of home, auto and furnishings).
Suitability Standards. (a) Each Seller is acquiring the Homestore Shares for investment purposes only and solely for his own accounts and not with a view to, or for resale in connection with, the distribution or disposition thereof, except for such distributions or dispositions which are effected in compliance with the Securities Act;
(b) Each Seller understand that the Homestore Shares have not been registered under the Securities Act or under any state securities or "blue sky" laws;
(c) Each Seller will not directly or indirectly offer, sell, transfer, assign, pledge, hypothecate or otherwise dispose of, or solicit any offers to purchase or otherwise acquire or take a pledge of, any of the Homestore Shares, except in accordance with the Securities Act and all applicable state securities or "blue sky" laws;
(d) The financial situation of each Seller is such that he can afford to bear the economic risk of holding the Homestore Shares for an indefinite period of time and suffer complete loss of his investment in the Homestore Shares;
(e) Each Seller has such knowledge and experience in financial and business matters that he is capable of evaluating the merits and risks relating to his investment in the Homestore Shares;
(f) Each Seller acknowledge that the Homestore Shares must be held indefinitely and each Seller must continue to bear the economic risk of his investments in the Homestore Shares until the Homestore Shares are subsequently registered under the Securities Act or an exemption from such registration is available;
(g) Each Seller understands that the Homestore Shares represent a speculative investment which involves a high degree of risk of loss of his investment therein;
(h) In making his decision to receive the Homestore Shares under this Agreement, each Seller has relied upon independent investigations made by his and, to the extent believed by him to be appropriate, his representatives, including his own professional, tax and other advisors;
(i) In making his decision to receive the Homestore Shares under this Agreement, each Seller has not received or relied upon any information relating the Homestore from Buyer and each Seller has relied solely upon the public filings of Homestore to evaluate the risks associated with ownership of the Homestore Shares; and
(j) All information that each Seller has provided to Buyer concerning himself and his financial position is true, complete and correct as of the date of this Agreement.
Suitability Standards. Solicitation and other activities by the Sales Agents shall be undertaken only in accordance with this Agreement, the Act, the Securities Exchange Act of 1934, as amended (the "Exchange Act"), the applicable rules and regulations of the SEC, the Blue Sky Survey and the Rules of Fair Practice of the National Association of Securities Dealers, Inc. (the "NASD"), including, but not in any way limited to, Sections 8, 24, 25 and 36 of Article III of the Rules of Fair Practice. Each Sales Agent will procure information and documentation from each subscriber solicited by their registered representatives to demonstrate a reasonable basis to believe that the sale of Units solicited by it were to a subscriber who, on the basis of information obtained from the subscriber concerning his investment objectives, other investments, financial situation and requirements, and any other information known by the Sales Agent, after due inquiry, is or will be: (i) in a financial position appropriate to realize to a significant extent the benefits of the investment described in the Prospectus; and, (ii) the subscriber has a fair market net worth sufficient to sustain the risks inherent in the program, including loss of investment and lack of liquidity which shall be either:
(a) a minimum annual gross income of $45,000 and a net worth (exclusive of home, home furnishings and automobiles) of $45,000; or (b) a net worth (determined with the foregoing exclusions) of $150,000; or (c) such other higher gross income and/or net worth requirements of the state where such investor resides; and, (iii) the Units are otherwise a suitable investment for the subscriber. Each Sales Agent shall maintain records disclosing the basis upon which they determined the suitability of any persons who purchased Units for a period of six years.
Suitability Standards. You cannot invest in Agassiz Energy unless you meet one, or more, of the following suitability tests (a or b) set forth below. Please review the suitability tests and check the box(es) next to the following suitability test that you meet. For husbands and wives purchasing jointly, the tests below will be applied on a joint basis:
a. o I (We) have annual income from whatever source of at least $45,000 and a net worth of at least $45,000, exclusive of home, furnishings and automobiles; or
b. o I (We) have a net worth of at least $150,000, exclusive of home, furnishings and automobiles.
c. o I am a North Dakota resident and my total investment does not exceed 10% of my net worth, exclusive of my home furnishings and automobiles.
Suitability Standards. You cannot invest in UWGP unless you meet one, or more, of the suitability tests set forth below. Please review the suitability tests and check the box(es) next to the following suitability test that you meet. For husbands and wives purchasing jointly, the tests above will be applied on a joint basis. / / I (We) have annual income from whatever source of at least $30,000 and a net worth of at least $30,000, exclusive of home, furnishings and automobiles; or / / I (We) have a net worth of at least $75,000, exclusive of home, furnishings and automobiles.
Suitability Standards. You cannot invest in Advanced BioEnergy unless you meet one, or more, of the following suitability tests (a or b) set forth below. Please review the suitability tests and check the box(es) next to the following suitability test that you meet. For husbands and wives purchasing jointly, the tests below will be applied on a joint basis. a. o (We) have annual income from whatever source of at least $45,000 and a net worth of at least $45,000, exclusive of home, furnishings and automobiles; or b. o I (We) have a net worth of at least $100,000, exclusive of home, furnishings and automobiles.
Suitability Standards. Except for transfers or assignments (in trust or otherwise), whether on death or inter vivos, to or for the benefit of: (i) the transferor's spouse, parents, children, other descendants, spouses of children, heirs, or legatees or (ii) a charitable, religious, scientific, literary, or educational organization, no sale, exchange, transfer, or assignment by a Limited Partner of all or any part of such Limited Partner's Partnership Interest may be made to any Person unless such Person (i) meets the suitability requirements to become an additional Limited Partner in accordance with the terms of the offering of the Units contained in the Prospectus or (ii) is a Partner, and no Limited Partner's Partnership Interest or any fraction thereof may be sold, assigned, or transferred without the consent of the Managing General Partners.
Suitability Standards. You cannot invest in Victory unless you meet one, or more, of the following suitability tests (a or b) set forth below. Please review the suitability tests and check the box(es) next to the following suitability test that you meet. For husbands and wives purchasing jointly, the tests below will be applied on a joint basis.
a. o I (We) have annual income from whatever source of at least $65,000 and a net worth of at least $65,000, exclusive of home, furnishings and automobiles; or
c. o I (We) have a net worth of at least $150,000, exclusive of home, furnishings and automobiles.
Suitability Standards. You cannot invest in FUEL unless you meet one of the following suitability tests (a or b) set forth below. Please review the suitability tests and check the box next to the following suitability test that you meet. For husbands and wives purchasing jointly, the tests below will be applied on a joint basis.
a. o I (We) have annual income from whatever source of at least $45,000 and a net worth of at least $45,000, exclusive of home, furnishings and automobiles; or
b. o I (We) have a net worth of at least $100,000, exclusive of home, furnishings and automobiles.