Common use of Unit Ownership Clause in Contracts

Unit Ownership. Seller owns of record and beneficially the number of Units set forth next to Seller's name on the Signature Page hereto, free and clear of any Encumbrance or restriction on transfer (other than any restriction under any securities Law). Seller is not a party to any option, warrant, purchase right, right of first refusal, call, put or other Contract (other than this Agreement) that could require Seller to sell, transfer or otherwise dispose of any Units. At the Closing, Seller will have duly transferred to the Buyer all of Seller's Units, free and clear of any Encumbrance, and such Units constitute 100% of the issued and outstanding units of the Company.