TRANSACTION MODIFICATIONS Clause Samples

TRANSACTION MODIFICATIONS. Effective upon the Closing, BLA shall cause the operating agreement of each Fund to be amended with the prior consent of at least a majority-in-interest of the members of the Fund, substantially in the form of Exhibit E (as applicable), to (a) provide a majority of investors in each such Fund the authority to elect a majority of independent directors for the Fund and permit a majority of its investors to remove BLA (or its replacement as successor manager) as manager, and (b) provide the authority to appoint WT as subadviser to such Fund.

TRANSACTION MODIFICATIONS. Subject to the satisfaction of the conditions precedent specified in Section 5 below and Section 11.5 of the Credit Agreement, but effective as of the date hereof, the Credit Agreement shall be modified as follows:

TRANSACTION MODIFICATIONS. The operating agreement of each Fund shall have been amended, with the prior consent of at least a majority-in-interest of the members of the Fund, substantially in the form of Exhibit E (as applicable), to (a) provide a majority of investors in each such Fund the authority to elect a majority of independent directors for the Fund and permit a majority of its investors to remove BLA (or its replacement as successor manager) as manager, and (b) provide the authority to appoint WT as subadviser. BLA’s status as a manager of each Fund shall have been transferred to Wilmington Trust Investment Management, LLC. At Closing, BLA shall provide WT a certificate with respect to the foregoing.