LIQUIDATING DISTRIBUTIONS; PRIORITY. Subject to Section 18-804 of the Delaware Act, the assets of the Fund shall be applied in the following order of priority: (i) First, to creditors in satisfaction of the debts and liabilities of the Fund, to the extent otherwise permitted by law, whether by payment thereof or the making of reasonable provision for payment thereof and to the expenses of liquidation, whether by payment thereof or the making of reasonable provision for payment thereof, and to the establishment of any reasonable reserves (which may be funded by a liquidating trust) to be established by the Board (or liquidating trustee or other representative) in amounts determined by it to be necessary for the payment of the Fund’s expenses, liabilities and other obligations (whether fixed or contingent); and (ii) Thereafter, among the Common Unitholders equally on a per Common Unit basis.
Appears in 11 contracts
Samples: Limited Liability Company Agreement (New Mountain Guardian III BDC, L.L.C.), Merger Agreement (New Mountain Guardian III BDC, L.L.C.), Limited Liability Company Agreement (New Mountain Guardian IV BDC, L.L.C.)
