Common use of Reserves; Certain Limitations; Distributions in Kind Clause in Contracts

Reserves; Certain Limitations; Distributions in Kind. Notwithstanding the foregoing provisions: (a) The Fund shall withhold from any distribution any amount called for purposes of making an Investment (until the Board of Managers shall have determined not to make such Investment), as well as any reasonable reserve required by the Board of Managers for working capital of the Fund or for Fund Expenses. Any part or all of such reserved amount (“Reserved Amount”) that is released from reserve (other than to make payments on account of a purpose for which the reserve was established) shall be distributed to the Members in accordance with Section 3.1(b), Section 5.1(c) and Section 5.2. (b) In no event shall the Fund make a distribution to the extent that it would (i) render the Fund insolvent, or (ii) violate the Act. (c) The Fund shall make in-kind distributions only with the approval of the Board of Managers. Unless the Board of Managers agrees otherwise, distributions of securities and of other non-cash assets of the Fund shall only be made pro rata to all Members (in proportion to their respective shares of the total distribution) with respect to each security or other such asset distributed.

Reserves; Certain Limitations; Distributions in Kind. Notwithstanding the foregoing provisions: (a) The Fund shall withhold from any distribution any amount called for purposes of making an Investment (until the Board of Managers shall have determined not to make such Investment), as well as any reasonable reserve required by the Board of Managers for working capital of the Fund or for Fund Expenses. Any part or all of such reserved amount (“Reserved Amount”) that is released from reserve (other than to make payments on account of a purpose for which the reserve was established) shall be distributed to the Members in accordance with Section ‎Section 3.1(b), Section ‎Section 5.1(c) and Section ‎Section 5.2. (b) In no event shall the Fund make a distribution to the extent that it would (i) render the Fund insolvent, or (ii) violate the Act. (c) The Fund shall make in-kind distributions only with the approval of the Board of Managers. Unless the Board of Managers agrees otherwise, distributions of securities and of other non-cash assets of the Fund shall only be made pro rata to all Members (in proportion to their respective shares of the total distribution) with respect to each security or other such asset distributed.