Preferred Units. Without the consent of any Common Unitholder, the Board may cause the Company to issue one class of Preferred Units, which Preferred Units would have rights senior to those of the Common Units, and such other characteristics as the Board may determine, but, for so long as the Company operates as a BDC, in a manner that complies with the legal requirements applicable to a BDC. Prior to the issuance of a series of Preferred Units, the Board shall set the terms, preferences, conversion or other rights, voting powers, restrictions, limitations as to distributions, qualifications and terms or conditions of redemption.
Appears in 10 contracts
Sources: Limited Liability Company Agreement (Goldman Sachs Private Middle Market Credit II LLC), Limited Liability Company Agreement (Goldman Sachs Private Middle Market Credit LLC), Limited Liability Company Agreement (LGAM Private Credit LLC)
Preferred Units. Without the consent of any Member, including any Common Unitholder, the Board may cause the Company to issue one class of Preferred Units, which Preferred Units would have rights senior to those of the Common Units, and such other characteristics as the Board may determine, but, for so long as the Company operates as a BDC, in a manner that complies with the legal requirements applicable to a BDC. Prior to the issuance of a series of Preferred Units, the Board shall set the terms, preferences, conversion or other rights, voting powers, restrictions, limitations as to distributions, qualifications and terms or conditions of redemption.
Appears in 3 contracts
Sources: Limited Liability Company Agreement (CCS IX Portfolio Holdings, LLC), Limited Liability Company Agreement (CCS IX Portfolio Holdings, LLC), Limited Liability Company Agreement (North Haven Private Income Fund a LLC)
Preferred Units. Without the consent of any Common Unitholder, the Board may cause the Company Fund to issue one class of Preferred Units, which Preferred Units would have rights senior to those of the Common Units, and such other characteristics as the Board may determine, but, for so long as the Company Fund operates as a BDC, in a manner that complies with the legal requirements applicable to a BDC. Prior to the issuance of a series of Preferred Units, the Board shall set the terms, preferences, conversion or other rights, voting powers, restrictions, limitations as to distributions, qualifications and terms or conditions of redemption.
Appears in 3 contracts
Sources: Limited Liability Company Agreement (Fidelity Private Credit Co LLC), Limited Liability Company Agreement (Fidelity Private Credit Co LLC), Limited Liability Company Agreement (Fidelity Private Credit Central Fund LLC)