Common use of Public Plan Members Clause in Contracts

Public Plan Members. For purposes of 14.2, each Member (a) that is either a “governmental plan” within the meaning of Section 3(32) of ERISA or an entity that is deemed under applicable law to hold the plan assets of such a plan and (b) that has notified the Company of such status in writing (a “Public Plan Member”) shall be treated as an ERISA Member, provided that (a) Public Plan Members shall not be considered ERISA Members for purposes of determining whether “benefit plan investors” hold less than twenty-five percent (25%) of each class of equity interests in the Company (determined in accordance with the Plan Assets Regulation) and (b) in determining whether there is a violation of ERISA with respect to such Public Plan Member or whether the Company is holding “plan assets” of such Public Plan Member, there shall be substituted for ERISA any state, local or non-U.S. laws that are similar in purpose and intent to ERISA and that are applicable to such Public Plan Member (or equity holder thereof).

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)

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Public Plan Members. For purposes of 14.2, each Member that is (a) that is either a “governmental plan” within the meaning of Section 3(32) of ERISA or an entity that is deemed under applicable law to hold the plan assets of such a plan and (b) that has notified the Company of such status in writing (a “Public Plan Member”) shall be treated as an ERISA Member, provided that (a) Public Plan Members shall not be considered ERISA Members for purposes of determining whether “benefit plan investors” hold less than twenty-twenty five percent (25%) of each class of equity interests in the Company (determined in accordance with the Plan Assets Regulation) and (b) in determining whether there is a violation of ERISA with respect to such Public Plan Member or whether the Company is holding “plan assets” of such Public Plan Member, there shall be substituted for ERISA any state, local or non-U.S. laws that are similar in purpose and intent to ERISA and that are applicable to such Public Plan Member (or equity holder thereof).. Confidential

Appears in 2 contracts

Samples: Limited Liability Company Agreement, Limited Liability Company Agreement (TCW Direct Lending LLC)

Public Plan Members. For purposes of 14.2, each Each Member that is (a) that is either a “governmental plan” within the meaning of Section 3(32) of ERISA or an entity that is deemed under applicable law to hold the plan assets of such a plan and (b) that has notified the Company of such status in writing (a “Public Plan Member”) shall be treated as an ERISA Member, provided that (a) Public Plan Members shall not be considered ERISA Members for purposes of determining whether “benefit plan investors” hold less than twenty-twenty five percent (25%) of each class of equity interests in the Company (determined in accordance with the Plan Assets Regulation) and (b) in determining whether there is a violation of ERISA with respect to such Public Plan Member or whether the Company is holding “plan assets” of such Public Plan Member, there shall be substituted for ERISA any state, local or non-U.S. foreign laws that are similar in purpose and intent to ERISA and that are applicable to such Public Plan Member (or equity holder thereof).

Appears in 1 contract

Samples: Limited Liability Company Agreement (Kayne Anderson BDC, LLC)

Public Plan Members. For purposes of 14.2, each Member that is (a) that is either a “governmental plan” within the meaning of Section 3(32) of ERISA or an entity that is deemed under applicable law to hold the plan assets of such a plan and (b) that has notified the Company of such status in writing (a “Public Plan Member”) shall be treated as an ERISA Member, provided that (a) Public Plan Members shall not be considered ERISA Members for purposes of determining whether “benefit plan investors” hold less than twenty-twenty five percent (25%) of each class of equity interests in the Company (determined in accordance with the Plan Assets Regulation) and (b) in determining whether there is a violation of ERISA with respect to such Public Plan Member or whether the Company is holding “plan assets” of such Public Plan Member, there shall be substituted for ERISA any state, local or non-U.S. foreign laws that are similar in purpose and intent to ERISA and that are applicable to such Public Plan Member (or equity holder thereof).

Appears in 1 contract

Samples: Limited Liability Company Agreement (TCW Direct Lending LLC)

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Public Plan Members. For purposes of 14.215.2, each Member that is (a) that is either a “governmental plan” within the meaning of Section 3(32) of ERISA or an entity that is deemed under applicable law to hold the plan assets of such a plan and (b) that has notified the Company of such status in writing (a “Public Plan Member”) shall be treated as an ERISA Member, provided that (a) Public Plan Members shall not be considered ERISA Members for purposes of determining whether “benefit plan investors” hold less than twenty-twenty five percent (25%) of each class of equity interests in the Company (determined in accordance with the Plan Assets Regulation) and (b) in determining whether there is a violation of ERISA with respect to such Public Plan Member or whether the Company is holding “plan assets” of such Public Plan Member, there shall be substituted for ERISA any state, local or non-U.S. foreign laws that are similar in purpose and intent to ERISA and that are applicable to such Public Plan Member (or equity holder thereof).

Appears in 1 contract

Samples: Limited Liability Company Agreement (TCW Direct Lending LLC)

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