Common use of Payment of Withdrawal Proceeds Clause in Contracts

Payment of Withdrawal Proceeds. (a) Withdrawals will be deemed effective as of the close of business on the applicable Withdrawal Date for a voluntary withdrawal, and as of the close of business on a date determined by the Managing Member for an involuntary withdrawal. Payment of withdrawal proceeds generally will be made as soon as practicable, but in any event not later than ten (10) business days after the Withdrawal Date; provided that the Managing Member may retain up to 10% of the estimated withdrawal proceeds and such proceeds shall be paid to the withdrawing Non-Managing Member, together with interest thereon (which will begin to accrue on the relevant Withdrawal Date) at a rate equal to the target overnight Federal Funds rate. The Company shall pay the balance as soon as practicable following the determination of the final month-end Net Asset Value as of the month in which the Withdrawal Date falls (b) The Managing Member, by written notice to a withdrawing Non-Managing Member, may suspend the payment of withdrawal proceeds to such Non-Managing Member if the Managing Member, in its sole and absolute discretion, deems it necessary to do so to comply with anti-money laundering laws and regulations applicable to the Company, the Managing Member, or any of the Company’s service providers.