Capital Commitments definition
Examples of Capital Commitments in a sentence
Capital Commitments will generally be drawn (such amounts, the “Drawn Amounts”) from the Members by the Company as needed, upon not less than ten (10) Business Days’ prior written notice, in such amounts as will be required by the Company in its sole discretion (each, a “Drawdown”).
Absent an earlier Liquidity Event (as defined herein), the Company intends to solicit subscriptions for additional Capital Commitments for a period of five years from October 31, 2023 (the date that the Company first issued a Drawdown Notice, the “Initial Investment Period”), after which the Company expects to conduct a Liquidity Event, as defined below.
In connection with each Drawdown, the Members will receive a pro-rata number of Shares in accordance with the remaining Capital Commitments of all Members in accordance with Section 23(b) of the Investment Company Act.
The Company will bear all Organizational and Offering Expenses; provided, however, that the Company shall not bear initial Organizational and Offering Expenses associated with the private offering of its Shares in an amount greater than 1.50% of aggregate Capital Commitments to the Company over the initial four-year period following the Initial Closing Date (the “Cap”).
Members will be required to fund drawdowns to purchase additional Shares of the Company up to the amount of their respective Capital Commitments each time the Company delivers a drawdown notice, which will be at least ten (10) Business Days prior to funding (“Drawdown Notice”).