Bankruptcy, Dissolution or Withdrawal of a Member. The bankruptcy, dissolution or resignation of a Member shall not in and of itself dissolve or terminate the Fund. Upon the death, incompetence, bankruptcy, insolvency, liquidation or dissolution of a Member, the rights and obligations of such Member under this Agreement, to the maximum extent permitted by law, shall inure to the benefit of, and shall be binding upon, such Member’s successor(s), estate or legal representative. No Member shall resign from the Fund prior to the dissolution of the Fund except pursuant to Section 10.3.
Appears in 9 contracts
Samples: Limited Liability Company Agreement (New Mountain Guardian IV BDC, L.L.C.), Limited Liability Company Agreement (New Mountain Guardian IV Income Fund, L.L.C.), Limited Liability Company Agreement (New Mountain Guardian III BDC, L.L.C.)
Bankruptcy, Dissolution or Withdrawal of a Member. The bankruptcy, dissolution or resignation of a Member shall not in and of itself dissolve or terminate the Fund. Upon the death, incompetence, bankruptcy, insolvency, liquidation or dissolution of a Member, the rights and obligations of such Member under this Agreement, to the maximum extent permitted by law, shall inure to the benefit of, and shall be binding upon, such Member’s successor(s), estate or legal representative. No Member shall resign from the Fund prior to the dissolution of the Fund except pursuant to Section 10.3.. 3.8
Appears in 1 contract
Samples: Limited Liability Company Agreement (New Mountain Guardian IV Income Fund, L.L.C.)
