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The Common Units shall be entitled to share in distributions and allocations as provided in Sections 5.4, 6.4 and 7.3, and as otherwise provided in this Agreement. The total number of authorized Common Units that the Company is entitled to issue is 120,000,000.", "snippet_links": [{"key": "consist-of", "type": "clause", "offset": [23, 33]}, {"key": "fractional-units", "type": "clause", "offset": [47, 63]}, {"key": "the-company-shall", "type": "clause", "offset": [88, 105]}, {"key": "distributions-and-allocations", "type": "clause", "offset": [165, 194]}, {"key": "in-this-agreement", "type": "definition", "offset": [263, 280]}, {"key": "total-number-of", "type": "definition", "offset": [286, 301]}, {"key": "to-issue", "type": "clause", "offset": [355, 363]}], "size": 9, "samples": [{"hash": "9nDT2zJpUEm", "uri": "/contracts/9nDT2zJpUEm#common-units", "label": "Limited Liability Company Operating Agreement (Marquee Holdings Inc.)", "score": 21.0, "published": true}, {"hash": "7SpFMnclWQu", "uri": "/contracts/7SpFMnclWQu#common-units", "label": "Limited Liability Company Operating Agreement (Amc Entertainment Inc)", "score": 21.0, "published": true}, {"hash": "dufjzEiZD5H", "uri": "/contracts/dufjzEiZD5H#common-units", "label": "Limited Liability Company Operating Agreement (National CineMedia, Inc.)", "score": 19.0, "published": true}], "hash": "b8fcc372005317b96ff8645dbe3a222c", "id": 4}, {"snippet": "All of the issued and outstanding Buyer Common Units have been and, upon issuance pursuant to this Agreement, the Consideration Units will be, (a) duly authorized, validly issued, and fully paid and non-assessable (except as such non-assessability may be affected by Sections 17-303, 17-607 or 17-804 of the Delaware Revised Uniform Limited Partnership Act, as amended from time to time) and (b) issued in compliance with all applicable state and federal securities Laws.", "snippet_links": [{"key": "issued-and-outstanding", "type": "clause", "offset": [11, 33]}, {"key": "buyer-common-units", "type": "definition", "offset": [34, 52]}, {"key": "pursuant-to-this-agreement", "type": "clause", "offset": [82, 108]}, {"key": "consideration-units", "type": "definition", "offset": [114, 133]}, {"key": "duly-authorized", "type": "clause", "offset": [147, 162]}, {"key": "validly-issued", "type": "clause", "offset": [164, 178]}, {"key": "fully-paid", "type": "clause", "offset": [184, 194]}, {"key": "affected-by", "type": "definition", "offset": [255, 266]}, {"key": "sections-17", "type": "clause", "offset": [267, 278]}, {"key": "limited-partnership-act", "type": "definition", "offset": [333, 356]}, {"key": "as-amended", "type": "definition", "offset": [358, 368]}, {"key": "from-time-to-time", "type": "clause", "offset": [369, 386]}, {"key": "in-compliance-with", "type": "definition", "offset": [403, 421]}, {"key": "federal-securities-laws", "type": "definition", "offset": [447, 470]}], "size": 8, "samples": [{"hash": "cja9sJe1imZ", "uri": "/contracts/cja9sJe1imZ#common-units", "label": "Contribution and Sale Agreement (NGL Energy Partners LP)", "score": 23.0205345154, "published": true}, {"hash": "8wkyXSJOAw1", "uri": "/contracts/8wkyXSJOAw1#common-units", "label": "Contribution and Sale Agreement (NGL Energy Partners LP)", "score": 23.0205345154, "published": true}, {"hash": "7wZzpwPgUjc", "uri": "/contracts/7wZzpwPgUjc#common-units", "label": "Contribution and Sale Agreement (NGL Energy Partners LP)", "score": 23.0205345154, "published": true}], "hash": "56695eeb67bc330f74c92a13724acf44", "id": 6}, {"snippet": "The Common Units shall have such rights to allocations and distributions as may be authorized and set forth under this Agreement. The relative rights, powers, preferences, duties, liabilities and obligations of holders of the Common Units shall be as set forth herein. Each holder of Common Units shall be entitled to vote, in person or by proxy, on a pro rata basis in accordance with the relative ownership of Common Units for each Member as of the applicable date and time on all matters upon which Members have the right to vote as set forth in this Agreement and provided under the Act.", "snippet_links": [{"key": "such-rights", "type": "definition", "offset": [28, 39]}, {"key": "allocations-and-distributions", "type": "clause", "offset": [43, 72]}, {"key": "relative-rights", "type": "clause", "offset": [134, 149]}, {"key": "holders-of", "type": "clause", "offset": [211, 221]}, {"key": "entitled-to-vote", "type": "clause", "offset": [306, 322]}, {"key": "in-person", "type": "clause", "offset": [324, 333]}, {"key": "pro-rata-basis", "type": "definition", "offset": [352, 366]}, {"key": "in-accordance-with", "type": "definition", "offset": [367, 385]}, {"key": "ownership-of-common-units", "type": "clause", "offset": [399, 424]}, {"key": "each-member", "type": "definition", "offset": [429, 440]}, {"key": "date-and-time", "type": "clause", "offset": [462, 475]}, {"key": "the-right-to-vote", "type": "clause", "offset": [515, 532]}, {"key": "in-this-agreement", "type": "definition", "offset": [546, 563]}, {"key": "under-the-act", "type": "clause", "offset": [577, 590]}], "size": 7, "samples": [{"hash": "efEY7bOaLm2", "uri": "/contracts/efEY7bOaLm2#common-units", "label": "Limited Liability Company Agreement (American Healthcare REIT, Inc.)", "score": 33.2272415161, "published": true}, {"hash": "g5PT8rzkxpa", "uri": "/contracts/g5PT8rzkxpa#common-units", "label": "Limited Liability Company Agreement (Griffin-American Healthcare REIT III, Inc.)", "score": 26.9164962769, "published": true}], "hash": "b3006b2d4cb4b233b57c80158b9fe2ad", "id": 8}, {"snippet": "Each Common Unit shall be entitled to one (1) vote on matters with respect to which the Members holding Common Units are entitled to vote. 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{"parents": [["units", "Units"], ["classes-of-units", "Classes of Units"], ["definitions", "Definitions"], ["sale-and-purchase", "Sale and Purchase"], ["interests-generally", "Interests Generally"]], "title": "Common Units", "children": [["general", "General"], ["price", "Price"], ["rights", "Rights"], ["voting", "Voting"], ["issuances", "Issuances"]], "size": 274, "id": "common-units", "related": [["partnership-units", "Partnership Units", "Partnership Units"], ["class-b-units", "Class B Units", "Class B Units"], ["class-a-units", "Class A Units", "Class A Units"], ["preferred-units", "Preferred Units", "Preferred Units"], ["units", "Units", "Units"]], "related_snippets": [], "updated": "2026-06-15T06:28:47+00:00", "also_ask": ["What are the strategic advantages or disadvantages of defining 'Common Units' broadly versus narrowly?", "Which essential rights and obligations must be expressly included when drafting a 'Common Units' clause?", "What are the most common legal pitfalls or ambiguities that could undermine the enforceability of a 'Common Units' provision?", "How do 'Common Units' clauses typically differ across jurisdictions or entity types (e.g., LLCs vs. partnerships)?", "What standards do courts use to interpret and enforce 'Common Units' clauses in ownership disputes?"], "drafting_tip": "Specify the measurement units used, standardize terminology, and reference authoritative sources to ensure consistency, prevent misinterpretation, and facilitate enforceability.", "explanation": "The Common Units clause defines a standardized unit of measurement or value that is used throughout the agreement to ensure consistency and clarity. In practice, this clause specifies what constitutes a \"unit\" for the purposes of calculations, payments, or allocations\u2014such as shares, tokens, or other quantifiable interests. By establishing a common reference point, the clause prevents misunderstandings and disputes over how quantities are measured or valued, thereby promoting uniformity and reducing ambiguity in the contract's execution."}, "json": true, "cursor": ""}}