Common use of Conversion to a Trust Clause in Contracts

Conversion to a Trust. If, on the date of the ten-year anniversary of the Effective Date, a Liquidity Event has not occurred, the Manager may appoint a third-party liquidator or custodian at the expense of the Fund or distribute the assets of the Fund to a liquidating trust or Entity for the benefit of the Members (a "Liquidating Vehicle"). Interests in any Liquidating Vehicle will generally be subject to terms comparable to Interests (including, for the avoidance of doubt, Distribution Expenses); provided that, in addition to other expenses contemplated in this Agreement, interests in a Liquidating Vehicle may be subject to actual expenses incurred in connection with the ongoing operations of the liquidating vehicle. The manager or the liquidating trustee, in its sole discretion, may establish reserves for contingencies under this Section 10.9, including with respect to interests in any liquidating vehicle. LIMITATION OF LIABILITY; STANDARD OF CARE; INDEMNIFICATION

Conversion to a Trust. IfIn the event that, on the date of the ten-year anniversary of the Effective Dateanniversary, a Liquidity Event has not occurred, the Manager may appoint a third-third party liquidator or custodian at the expense of the Fund or Company and/or distribute the assets of the Fund Company to a liquidating trust or Entity for the benefit of the Members (a "“Liquidating Vehicle"”). Interests in any Liquidating Vehicle will shall generally be subject to terms comparable to Interests (including, for the avoidance of doubt, Distribution Expenses); provided that, in addition to other expenses contemplated in this Agreementhereunder, interests in a Liquidating Vehicle may be subject to actual expenses incurred in connection with the ongoing operations of the liquidating vehicle. The manager or the liquidating trustee, in its sole discretion, may establish reserves for contingencies under this Section paragraph 10.9, including with respect to interests in any liquidating vehicle. LIMITATION OF LIABILITY; STANDARD OF CARE; INDEMNIFICATION.

Conversion to a Trust. If, on the date of the ten-year anniversary of the Effective Date, a Liquidity Event has not occurred, the Manager may appoint a third-party liquidator or custodian at the expense of the Fund or distribute the assets of the Fund to a liquidating trust or Entity for the benefit of the Members (a "“Liquidating Vehicle"”). Interests in any Liquidating Vehicle will generally be subject to terms comparable to Interests (including, for the avoidance of doubt, Distribution Expenses); provided that, in addition to other expenses contemplated in this Agreement, interests in a Liquidating Vehicle may be subject to actual expenses incurred in connection with the ongoing operations of the liquidating vehicle. The manager or the liquidating trustee, in its sole discretion, may establish reserves for contingencies under this Section 10.9, including with respect to interests in any liquidating vehicle. LIMITATION OF LIABILITY; STANDARD OF CARE; INDEMNIFICATIONARTICLE XI

Conversion to a Trust. IfIn the event that, on the date of the ten-year anniversary of the Effective DateTen Year Anniversary, a Liquidity Event has not occurred, the Manager may appoint a third-third party liquidator or custodian at the expense of the Fund or Company and/or distribute the assets of the Fund Company to a liquidating trust or Entity for the benefit of the Members (a "“Liquidating Vehicle"”). Interests in any Liquidating Vehicle will shall generally be subject to terms comparable to Interests (including, for the avoidance of doubt, Distribution Expenses); provided that, in addition to other expenses contemplated in this Agreementhereunder, interests in a Liquidating Vehicle may be subject to actual expenses incurred in connection with the ongoing operations of the liquidating vehicle. The manager or the liquidating trustee, in its sole discretion, may establish reserves for contingencies under this Section paragraph 10.9, including with respect to interests in any liquidating vehicle. LIMITATION OF LIABILITY; STANDARD OF CARE; INDEMNIFICATION.