Common use of Applicable Law Withdrawal Clause in Contracts

Applicable Law Withdrawal. If, as a result of Applicable Law, the ownership of an Interest by a Member becomes illegal or is likely to become illegal or the Applicable Law more likely than not requires divestiture of such Member’s Interest or indirect investment through the Fund in an Investment, the Manager and the Member shall use their respective best efforts to avoid a violation of any such Applicable Law by a Member. These steps may include, depending on the provisions of such Applicable Law, (i) arranging for the sale of the Member’s Interest to a third party upon terms reasonably satisfactory to the Member in a transaction that complies with Section 10.1, (ii) making any appropriate applications to the relevant Governmental Authority, or (iii) permitting the Member to withdraw from the Fund for a “payment” to such Member equal to the amount of Distributable Cash to which the Member would be entitled, assuming that the Fund is dissolved, wound-up and terminated on the date of withdrawal. The aforesaid “payment” shall be made in cash unless the Manager determines that the payment in cash would be economically detrimental to the Fund, in which case such payment may be made in kind, subject to the Applicable Law. The timing of any such withdrawal must be mutually agreeable to the Member and the Manager taking proper account of the effective date of the Applicable Law that is the basis for the withdrawal or other remedy provided herein and the need of the Manager for a reasonable period of time to find a solution to the illegality or requirement for divestiture.

Applicable Law Withdrawal. If, as a result of Applicable Law, the ownership of an Interest by a Member becomes illegal or is likely to become illegal or the Applicable Law more likely than not requires divestiture of such Member’s 's Interest or indirect investment through the Fund Company in an Investment, the Manager and the Member shall use their respective best efforts to avoid a violation of any such Applicable Law by a Member. These steps may include, depending on the provisions of such Applicable Law, (i) arranging for the sale of the Member’s 's Interest to a third party upon terms reasonably satisfactory to the Member in a transaction that complies with Section 10.1, (ii) making any appropriate applications to the relevant Governmental Authority, or (iii) permitting redeeming the Member Member’s Interest pursuant to withdraw from the Fund for a “payment” to such Member equal to the amount of Distributable Cash to which the Member would be entitled, assuming that the Fund is dissolved, wound-up and terminated on the date of withdrawalSection 6.5. The aforesaid “payment” shall be made in cash unless the Manager determines that the payment in cash would be economically detrimental to the FundCompany, in which case such payment may be made in kind, subject to the Applicable Law. The timing of any such withdrawal must be mutually agreeable to the Member and the Manager taking proper account of the effective date of the Applicable Law that is the basis for the withdrawal or other remedy provided herein and the need of the Manager for a reasonable period of time to find a solution to the illegality or requirement for divestiture.

Applicable Law Withdrawal. If, as a result of Applicable Law, the ownership of an Interest by a Member becomes illegal or is likely to become illegal or the Applicable Law more likely than not requires divestiture of such Member’s Interest or indirect investment through the Fund Company in an Investment, the Manager and the Member shall use their respective best efforts to avoid a violation of any such Applicable Law by a Member. These steps may include, depending on the provisions of such Applicable Law, (i) arranging for the sale of the Member’s Interest to a third party upon terms reasonably satisfactory to the Member in a transaction that complies with Section 10.1, (ii) making any appropriate applications to the relevant Governmental Authority, or (iii) permitting redeeming the Member Member’s Interest pursuant to withdraw from the Fund for a “payment” to such Member equal to the amount of Distributable Cash to which the Member would be entitled, assuming that the Fund is dissolved, wound-up and terminated on the date of withdrawalSection 6.5. The aforesaid “payment” shall be made in cash unless the Manager determines that the payment in cash would be economically detrimental to the FundCompany, in which case such payment may be made in kind, subject to the Applicable Law. The timing of any such withdrawal must be mutually agreeable to the Member and the Manager taking proper account of the effective date of the Applicable Law that is the basis for the withdrawal or other remedy provided herein and the need of the Manager for a reasonable period of time to find a solution to the illegality or requirement for divestiture.