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 9 contracts
Samples: 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 Common UnitholderUnitholder and notwithstanding anything herein to the contrary, the Board may cause the Company to issue one class or more series 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 BDCclosed-end management investment company, in a manner that complies with the legal requirements applicable to a BDCclosed-end management investment company. 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 9 contracts
Samples: Limited Liability Company Agreement (Goldman Sachs Private Markets Fund 2018 (A) LLC), Limited Liability Company Agreement (Goldman Sachs Private Markets Fund 2018 (B) LLC), Limited Liability Company Agreement (Goldman Sachs Private Markets Fund 2018 LLC)
Preferred Units. Without the consent of any Common UnitholderMember, the Board may cause the Company to issue one class of Preferred Units, which Preferred Units would may 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 requirements for the Company to comply with legal requirements applicable to a BDC, subject to any changes in applicable law that may alter the Company’s ability to incur indebtedness after the date of this Agreement. 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 redemptionredemption for such series.
Appears in 6 contracts
Samples: Limited Liability Company Agreement (TCW Star Direct Lending LLC), Limited Liability Company Agreement (TCW Direct Lending VIII LLC), Limited Liability Company Agreement (TCW Direct Lending VIII LLC)
Preferred Units. Without the consent of any Common UnitholderMember, the Board may cause the Company to issue one class of Preferred Units, which Preferred Units would may 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 requirements for the Company to comply with 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 redemptionredemption for such series.
Appears in 3 contracts
Samples: Limited Liability Company Agreement, Limited Liability Company Agreement (TCW Direct Lending LLC), Limited Liability Company Agreement (TCW Direct Lending LLC)
