Purchased Equity definition
Examples of Purchased Equity in a sentence
As of immediately prior to the Closing, the Purchased Equity has been duly authorized and validly issued and is fully paid and non-assessable.
WHP acknowledges and agrees (a) that WHP (i) is an “accredited investor” as such term is defined in Rule 501(a) of Regulation D promulgated under Section 4(a)(2) of the Securities Act, (ii) has total assets in excess of $10 million and (iii) was not formed for the purposes of acquiring the Purchased Equity and (b) to fully cooperate with Sellers and the Company in its efforts to ensure that the Purchased Equity may be transferred pursuant to such exemptions.
As of the Closing, the Purchased Equity constitutes 50% of the issued and outstanding Units and the Sellers will collectively own the remaining 50% of the issued and outstanding Units, and as of immediately prior to the Closing, Sellers will collectively hold 100% of the issued and outstanding Units.
Other than the Purchased Equity and the limited liability company interests held by Seller 1 and Seller 2, as of the Closing, there are no other issued and outstanding Units.
WHP understands that no public market now exists for the Purchased Equity and that neither Sellers, nor any of their Representatives, have made any assurances that a public market will ever exist for the Purchased Equity.