ChristopherLaneDavis

Davis ChristopherLaneDavis( ) 28 1999 2002 3 27 1988 1996 1996 1998 1999 2001

4 10 2003 ( ) 1000 100

1 ( ) 2 ( ) ( ) 3 ( ) JoshuLerner ChristopherLaneDavis SaundersMiler

(NVCA) 1 11 1970 1% 11% (JoshuLerner) 3 70% 100 500 1

1999 2000 6 27 1996 2

2005 2 8 3

20 70 80 90 50 70 80 90 ( ) 1946 50 1

1906 1985 700 80% 1980 1985 ChristopherLaneDavis ( ) 2

20 20 1980 1990 1995 1998 300 400 3

1999 ChristopherLaneDavis 2005 4

3 3 5 7 8 13 13 18 22 25 26 27 28 29 30 33 34 34 1

36 36 38 42 AAA 44 BBB 46 55 55 56 58 60 63 66 69 69 69 73 74 ( ) 76 78 79 2 STEAMBOAT 82 Ⅰ 82 Ⅱ 83 Ⅲ 86 Ⅳ 98 Ⅴ 101

Ⅵ 102 Ⅶ 107 Ⅷ 115 Ⅸ 117 Ⅹ 119 Ⅺ 122 Ⅻ 123 124 132 139 139 140 141 142 144 147 148 150 152 154 160 197 3

1980

(LimitedPartnership) ( ) (GeneralPartner) (Limited Partner) 11 11 3

stans tractor ( ) 11 12 1906 1985 (LLP) 1997 LLP 4

LLP LLP (LLLP) 1996 1978 5

6 1. ( ) 2.

( ) 1985 3 7 7

3 5 3 5 20 3 5 ( ) 80% 1% 99% 2% 20% 80% (SBA) SBA 1.1 SBA (SBIC) SBA 428 8

1.1 SBICS SME 1 1SBIC 2% 3% SBIC SBA SBIC SBIC SBA SBIC SBA SBIC SBIC SBA 10% 8 2 SBA 2000 SBA 2700 23 12 SBIC 35 15 1 SBA 9

50 2700 50 50 23 1 8 SBA 2001 6 1.1 SBA SBA (%) 8% 8% 8% 8% 92% 10 10% 90% 1.1 SBA 10

1991 1992 1 10 ( YOZMA ) 2000 6 1970 1980 ( ) 70% JAFCO 1982 1998 11 ( ) 1980 11

12

( ) 50 1969 80% 13

( ) 3000 70% 6% 10% 4% 20% 90% 2.1 14

2.1 2003 2.2 15

2.2 ( ) 2003 2.3 16

2.3 60 60 100 200 80% (1986 12 31 ) 1987 7 1 34% 3 5 ( ) 9 100% 3 25% ( 15%) 2003 17

( ) 1998 20 80 18

( ) 5% ( ) 19

20

(HP) 1939 1 1 1947 8 HP 21

1933 1934 1940 1988 50 ( ) 50 22

( ) 23

99%( 75% 85% ) 1% 24

3.1 3.1 ( ) 25

3.1 n ( ) 26

( 2 3 ) 3.1 1% 27

3% 10% 5% 10% 3.1 3.3 28

600 1000 5% 10% 5 10 3.2 29

3.2 30

3.3 n 3 7 3.3 31

3.4 N N N 3.4 32

1990 ( ) 3.3 n 33

3.1 34

3.3 ( ) 35

36 1% 99% ( ) 1. ( 3.1 ) ( )

5% 20% 2. 3. 5% 15% 4. 37

5. 38

39 1. 1% 10%

2. 90% 10% 80% 3. 1% 10% 40

( ) 3.4 4. 3.2 1% 5. 41

50 80% ( ) ( ) 42

43

AAA ( 1 2 ) 1 AAA BBB 44

AAA ( 3 ) 2 AAA AAA 45

46 BBB ( ) ( [2001]23 ) ( ) ( ) ( ) ( ) ( )

( ) ( ) ( ) 2 100 ( ) ( ) ( ) 2000 20 100 7 15 ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 47

48 ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 100 1000 ( ) ( ) ( ) ( ) ( ) 3 3 80%

( ) ( ) ( ) 10 45 ( ) ( ) ( ) ( ) 49

50 ( ) ( ) ( ) 1000 ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 2/3

51 ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 2002

1. (1) (2) 2. (1) ( ) (2) ( ) (3) (4) 55

56 1. (1) a. b. c. (2) a. i i b. c. (3) a. b. c. i i

57 i d. (4) a. b. c. 2. (1) a. / / b. i i c. i i (2) a. b.

3. (1) a. b. c. (2) 4. (1) (2) 1. (1) 58

a. b. ( ) ( ) (2) a.1995 20 80 80% b. (3) a. 1995 1960 b. ( ) 2. a. 59

60 b. c. 1. (1) a. b. c. d. e. (2) ( ) a. b.

61 2. (1) a. b. i i (underlying ) (2) a. p=n/(a+n) p n a b. a a (3) (a) ( ) a. b. ( )

3. (1) (2) a. b. c. (3) a. b. ( ) 62

63 1. (1) a. b. (2) ( ) (3) 2. (1) ( ) (2)

3. (1) (2) (3) 4. (1) a. Saun dersmilers b. (carryinterestorcarry) (2) a. b. ( 64

65 ) c. d. (3) a. b. c. 5. (1) a. b. i i i c. (2)

66 1. (1) a. b. i i i c. i i (2) a. b.

67 2. (1) a. b. (2) ( ) a. b. c. (3) a. ( ) b. c. (4) 3. (1) (2)

68 a. b. ( ) c. (3) a. b. c. ( ) d. ( ) (4) 2 8 a. b. (5) a. b.

(1) (2) (3) (4) 1. (1) a. ( ) b. (2) a. 69

b. i. 1) 2) 3) i. 1) 2) 3) 2. (1) 19 a. 19 1840 b. (2) 19 1840 a. b. 160 (3) 19 ( ) (4) a.1990 70

71 b. 3. (1) (2)50 ( ) a. b. c. i. i. i. iv. 4. (1) a. b. (2) ( ) a. b.

72 (3) 5. (1) (2) 19 (3) (4) a. b. c. ( ) i. i. i. iv. d. i. i. i. iv. (5)

(6) a. ( ) b. 1. (1) a. b. (2) a. ( 17 402(a)(8) (9)) b. ( ) ( 17 212) ( 17 108) c. ( 17 305) (3) a. b. 73

(4) 2. (1) (2) 1. (1) a. b. (2) a. b. (3) (4) a. 74

b. 2. (1) ( ) a. b. (2) a. b. (3) 3. (1) a. b. (2) (3) 75

1. (1) (2) (3) (4) (5) 2. (1) (2) (3) 3. (1) a. b. i. 76

77 i. i. ( ) iv. ( ) c. ( ) d. Dela8 201 (2) a. b. c. d. e. Dela8 101(11) (3) a. b. i. i. c. i. i. i. d.

78 i. i. (4) a. b. ( ) c. d. i. i. i. ( ) e. i. i. 1. (1) 1970

(2) (3) 2. (1) 1980 (2) (3) 1. a. b. 2. (1) 79

80 (2) a. b. (3) a. b. ( ) (4) a. b. 3. (1) a. b. (2) a. b. (3) a.

b. c. 81

STEAMBOAT Steamboat ( ) ( ) STEAMBOAT (6DelC 1701 ) ( ) ( ) Ⅰ A 82

Ⅱ 1. Steamboat 2. a. 19805 1013 b. 3. ( ) 83

4. ( ) 5. a. (InitialClosing) ( ) 1 ( ) ( ) ( ) b. ( ) ( ) c. 84

85 6. 7. (ParalelFund) ( ) ( ) ( ) (CompetingFund) 3 8. ( (PassThroughVehicle) )( (BlockCorporation) )( ) ( ) a. b.

5 a b ( a b ) Ⅶ Ⅹ ( ) VCOC Ⅲ 1. 2. a. 86

(i) (i) (i) (iv) ( (anyperson) ) (v) (vi) (i) (vi) (vi) (ix) (MarketableSecurities) (x) (xi) (xi) 87

(xi) (xiv) (xv) (xvi) (xvi) (ThirdPersons) b. ( ) (CapitalContribution) ( ) 3000 15% c. (thecode) 6231a ( ( Pass ThruPartner )) 30 88

3. a. ( ) ( ) 100000 ( ) b.(i) ( ) 10 (i) 15 (i) 3a 6 15b 2b 2h 1 89

6 3 4. ( Steamboat ) ( ) 66% 66.7% ( ) (i) (i) (i) 5. a. 90

( ) b. (i) 2.0% (i) 100% 2a(i) (i) 2.0% (i) ( ) 25% c. (AfiliatedFeeOfsets) (i) (Director s Compensation) ( ) ( (i)) ( ) 50% (i) ( ) ( (i)) ( ) 100%( ( Director scompensationofsets )) 91

(i) d. (AfiliatedPartners) 6. a. 6b (i) (i) 5 b. 5% 92

7. a. ( ) 3 ( ) b. (i) ( ) (i) ( ) (i) 5c 3 4 3 c. 93

8. a. 10b ( ) b. ( ) c. 12 31 9. ( ) 10. a. ( ( )) 94

(i) (i) Ⅷ (i) (x) (y) 10a 10a 10a 10a b. ( 8 Ⅷ ) (i) (i) 11. 12. 95

96 13. ( d ) 14. a. Ⅰ (i) ( VCOC ) 2510. 3 101d (i) b. (i) (i) 2510.3.101(d)(2)(i) 15.

97 a. 4 ( Bid Prices) ( ) b. 30 (whetherthepositionisaminorityposition) ( 20 ) 30 ( ) ( ) 16.

98 Ⅳ 1. 13 2 2. a. ( ) 15%( ) 25% b. ( ) 25%( ) c. d. e. 200 f. 1000 ( ) g. h.

i. (CommitmentPeriod) (i) (i) Ⅴ ( (DefaultingLimitedPartner)) 80% 60 ( KeyManVote ) (i) (i) (A) (B) j. ( ) 51% ( ) ( ) Ⅴ k. ( ) 15%( 25%)( ) 3. 7 4 a. 75% 99

b. ( ) a ( ) ( ) ( ) (i) (i) 4b (i) (iv) 4. a. b. 50 100

Ⅴ a. ( ) b. ( ) (i) (i) ( ) portfolioinvestments ( ) (i) ( ) (iv) (v) (vi) (vi) (vi) (Proceeding) ( ) (ix) (Proceeding) 101

(x) ( ) BrokenDealExpenses ( ) (xi) 3a Ⅵ 1. a. (Initialclosing) (AggregateCommitment) b. (i) (x) 5d ( ) (y) (i) 1b (i) 2% 1b (i) c. (ContributionsatSubsequentClosing) ( ) (i) (x) ( ) (y) 102

( ) (i) 1c (i) ( ) 2% ( 5b ) ( ) 2% d. (Pre existingpartners) (PriorClosing) 1c (i) (i) ( ) (CommitmentPeriod) 500000 e. Ⅵ (EachSuchaDrawing ) 11 00( ) ( ) (i) (thedrawdownamount) (i) (i) ( ) (iv) 103

(v) (PaymentDate) 10 ( ) f. 10% 2. (DrawdownsofRemaining CapitalCommitments) a. 1 (i) ( ) (i) (A) (B) ( 15%) ( ) (i) (A) (B) ( from whichacapitalcontributionisrequiredasofsuchdate) (iv) 104

5 (v) ( from whichacapitalcontributionisrequiredasofsuchdate) b. 2 3. (ExcuseandExclusion) a. ( ) ( ) b. ( ) ( ) c. (flow thoughentity) (RequestingTax Exempt) d. (flow thoughentity) (Requestingforeign) e. 105

(i) (i) ( drawdown amount 20%) (i) (iv) 2% 3 f. ( ) 4. a. Ⅵ 2 whendueisofessence (i)50% ( ) (i) (i) (iv) b. 106

107 (i) ( DrawdownAcount 20%) (i) ( ) (i) (iv) (v) ( ) 2% 4b c. (AdditionalDrawdownNotices) 4b (i) 1b 2a ( ) 4c 4b (i) d. 4 4a Ⅶ 1. a. Ⅶ

b. (i) (i) (i) ( ) (i) 2a 3 1 2 ( ) ( ) (iv) 1 2 c. (i) (i) 108

109 d. ( ) (Disposition) e. f. ( ) (asthecasemaybeotherwisedistribut abletosuchpartnerasprovidedherein) 2. a. 2k (i) 100% ( ) ( ) (i) 100%

( ) ( ) (i)80% 20% ( ) IRR( beforethereductionforcar riedinterestdistribution) 25% ( IRR) 20% 25% IRR 25% 40% b. (Writedowns) 2a ( ) ( ) c. (WithholdingofCertainAmounts) (i) (i) ( ) 2c (i) (i) (x) (y) ( ) 2c (i) 2c 110

d. 2c e. ( ) f. ( ) g. Sections1441 1442 1445 1446 IRS 1 2 ( ) h. 1b c ( ) i. 90 ( ) 111

( ) 2(i) 2a 2(i) 2a (i) j. ( ) k. 1 ( ) ( ) 2 3. a. ( ) 3 b. (i) (i) (i) (iv) c. 112

113 (i) 1 100% (AmountNecessarytoReverse) 3c (i) 280% 20% IRR 25%( beforethereductionforcarriedinterestdistribution) 2a (i) (i) ( 2b ) 1 80% 20% ( 3c (i) ) 3c (i) 2 100% (i) ( ) d. ( ) (i) (i) 1 5 (i) 60

4. Ⅶ Section704 Sec tion704 5. ( ) 6. (NoObligationtoRestore) 4b 7. Ⅶ Section704 114

115 ( ) 1b (i) 1c (i) 1d (i) 1b 1e Ⅷ 1. ( ) 2. a. 90 (i) (i) (i) (iv) 3b b. 45 (

) 2a (i) (i) 10b c. d. 90 ( ) ( K 1(Partner sshareofincomecreditsdeductionsetc) )or anysuccessorscheduleorformforsuchperson ( K 1 IRS UBTI ( )) e. f. (AfiliatedFeeOfsets) (Director scompensationofsets) ( 20 ) 30 ( ) 116

Ⅸ 1. a. ( ) (i) (i) b. ( ) c. 2. a. 117

( (i) (i) ) ( ) (i) (i) (i) (iv) b. 2a c. ( ) d. 3. 3 118

119 Ⅹ 1. 2 1 2. (i) (i) 1 (i) (iv) 1 (v) 2 (i) (vi) 2 (j) (vi) 51% 2 (vi) / 3.

2 j 4. a. 3 ( ) ( ) Ⅶ b. (i) ( ) ( 4b ) 100% ( ) (i) Ⅺ ( ) 1 4b 15 4b 4 16 120

121 (i) 4b (i) (iv) ( ) 4a (x) ( ) ( ) 4b (y) c. 4 (i) (i) 4c (i) d. 5. a. ( ) b.

(i) (ERISA) ERISA ERISA (i) 1940 (i) 5b 5c c. ( ) 5b Ⅺ 1. 80% ( ) 122

123 (i) (i) (i) 1 2(i) 2. Ⅹ Ⅻ 1. a. ( ) (i) (i) b. a (i) (i)

124 7c (i) 2. ( ) a. b. c. ( ) d. 1. (i) ( ) (i) ( ) (i) ( )

125 (iv) (v) (vi) BHC( ) 9 10 BHC (vi) Ⅶ (vi) 1(i) (vi) 2. 3. ( ) a. b. 2b (i) 3 (i) 5 (i) 48 (iv)

3 4. (i) (i) 5. 6. 7. a. 126

(i) (i) 1 (i) b. 7 (i) (i) 8. 9.BHC a. BHC 4.99% ( ) 4.99% ( ) ( BHC 2a ) ( ) BHC Y BHC 127

128 b. BHC 24.99% BHC BHC 24.99% BHC 24.99% c. BHC 24.99% BHC BHC 25% d. BHC ( ) BHC 10. a. ( c ) b. (FCC) ( ) 5% ( ) (i) (i) (i) (iv)

(v) (vi) c. b FCC (i) FCC (i) 11. 12. 13. ( ) a. b. 129

c. ( ) (i) (i) (i) (i) (x) (i) ( ) (y) (i) ( ) d. ( ) e. f. 2000 8 g. 14. 130

/ LLC 131

5c (i) 5c (i) 7a AlternativeVehicle 8 ApplicableCarryAmount 2a (i) ClawbackDeter minationdate 20% (the Applicable Amount ) ClawbackDeterminationDate IRR( beforethereductionfor CarriedInterestdistribution) 25% ( IRR ) 20% 25% IRR 25% 40% ( ( ) ) 10a BHC 1965 132

BHC a BHC ( ) BHC p BHC k h i BHC Broken DealExpenses 1(x) 3a 2 2a (i) 2a (i) (CashEquivalentSecurities) ( ) Cause (i) (i) (i) 30 ( ) (ClawbackAmount) 4b (i) (ClawbackDeterminationDate) 4b (i) 1986 5b 3 2 133

5c (i) 5c (i) 1b 1b Ⅵ ERISA 1974 ERISA ERISA 1 4975e 29C.F. R.2510.3 101 (i) 5 (i) (i) 15 5b ( ) 1b 5a 134

5a 10a 10b 5a (i) (i) (i) IRR( ) (a) (b) (i) ( )(i) (i) 1d e (i) IRS 2(i) 3b (i) 4b 4 5a 135

1933 2 (i) 144(Rule144) (i) 144 ( (i) ( 144 ) ) (i) (a) (b) ( FCC 73.3555 ) (c) FCC FCC 4b (iv) (i) (i) (i) ( ) (iv) 2 3d 3d 750000 1 136

7 LP 1a 2c 1f 1f 29 XXV 2510 25313 101 3 3 ( ) ( ) (i) (i) 137

138 ( ) (i) (i) 5 ( ) ( ) 5 1933 3a 5b 2 2c (i) (i) 18 (i) / (iv) 1 2c VCOC 14a 2b

1. (1) (2) (3) 2. (1) (2) (3) 3. (1) (2) 139

1. (1) (2) (3) 2. (1) (2) (3) a.ipo b. c. 3. (1) (2) 140

1. ( ) a. b. 2. (1) a. b. c. (2) a. b. c. (3) a. b. 141

142 3. (1) (2) ( ) 4. (1) a. sweatequity b. c. (2) 1. (1) (2) (3) ( ) (4) ( )

143 2. (1) (2) a. b. (3) a. b. Take me along 3. (1) a. b. i. i. i. ( ) (2) a. b.

144 (3) a. b. c. 4. a. b. 1. (1) (2) a. i. i. b. i. i. (3) a.

145 b. c. ( X / ) d. 2.Pre money Post money (1)Pre money (2)Post money 3. (1) (2) a. (i) 100 Pre money 100 1 (i) 1 1 100 200 Post money 200 1 (i) b. (i) 100 Pre money 100 1 (i) 0.5 1 100 200 Post money 150 0.67 (i)

4. (1) (2) (3) (Washout) 5. (1) (2) (3) Pre money ( ) ( Post money ) (4) 146

147 6. SweatEquity (1) a. SweatEquity b. (2) 15% 25% 1. (1) (2) ( ) (3) ( ) 2. (1)

148 (2) a. b. c. (i) (i) (i) (3) a. ( ) b. 3. 1. (1) (2) 3 7

149 (3) a. b. 2. (1) a. b. c. d. (2) a. b. c. d. (3) a. b. c. d. ( )

150 (i) (i) (4) a. b. (i) (i) c. ( ) (5) a. b. ( ) 1. (1) (2)

151 2. (1) a. (i) (i) b. (i) (i) ( ) (2) a. b. (3) a. b. c. 3. (1) (2) ( )

152 4. (1) (2) a. b. c. 1. (1) a. b. (2) a. b. (3)

153 2. (1) a. b. (2) (3) 3. (1) a. b. c. (2) a. b. (3)

1. (1) (2) a. ( ) i. i. i. ( ) b. i. i. ( ) i. iv. 154

( ) ( ) ( ) ( ) c. ( SPA ) 2. (1) (2) a. (i) ( ) (i) ( ) (i) ( ) b. (i) (i) Piggyback c. / d. (i) (i) put 155

3. ( ) 156 (1) (2) a. (i) (i) b. (i) (i) (i) c. (i) (i) ( ) (i) (iv) (v)

( ) FulRatchet ( ) ( ) (vi) ( ) ( ) ( ) 4. (1) ( ) (2) a. (i) (i) b. (i) (i) 157

(i) take me along (iv)drag along 5. 158 (1) a. b. (i) ( 15% 25%) (i) (i) (2) a. b. (i) (i)

(3) a. (i) ( (i) b. (i) ( ) (i) c. 159

160 1996 NEWCOInc.( ) 2.1 ( ) 33 1933 34 1934 (1) (2) (3) (4) (5)

( ) (a) (b) NewcoInc. NewcoInc. NewcoInc. A A NewcoInc. 0.01 ( ERISA) NewcoInc. ( ) (a) ( ) 12 (b) ( ) ( ) 161

12 (a) (b) A ( ) NewcoInc. 1996 ( ) 10% 10% (1) (2) ( 1987 3 13 ) 2510 29C.F.R. (3) (1) 33 ( 33 457 ) 10 ( 162

) (2) A 0.01 NewcoInc. A A ( ) 2.1 A 2.2 attheclosing A 2.3 163

( 33 ) 33 (Ⅰ) (Ⅱ) 199 A ( 33 144 Rule144 144A ) 33 8.4.2 144 144A ( ) 33 5 144 164

33 4.2 (privateofering) ( ) ( ) ( ) 3.1 (Delawarelaw) foreign ( ) 3.2 (Corporate) ( ) A (Documents) (Instruments) (Transaction) (CertificationofIncorporation) (Breach) (ConstituteaDefault) (Execute) (Deliver) ( ) 3.3 (FinancialCondition) ( ) 165

(GAAP) (fairly) 3.3.1 ( ) (Material) ( ) (MateriallossContingency)( StatementofFinancialAc countingstandardsno.5 ) GAAP (i) (Commitments) (i) theclosing (i) 3.3.2 ( ) IRS(theInternalRevenueService) (Deficiency)( [ ] ) [ ] (a) Delaware (b) Delaware (c) theclosing [ 19 ] GAAP IRC(theInternalRevenueCode) 166

of1986 341(f) 3.3.3 3.3.4 3.3.3 3.4 3.5 ( ) ( ) 3.5.1 ( ) ( ) ( ) (a) (b) (c) 167

3.5.2 ( ) ( ) (a) (b) (c) ( ) 3.6 3.6.1 (Ownand Hold) ( ) ( ) ( ) ( ) 168

( ) 3.6.2 ( ) (OwnorHold) 3.6.3 ( BlueSky Laws) (asthecasemay be) 169

3.6.4 (InvestmentCompany) (InvestmentAct) 3.7 (Outstanding) A (Outstanding) A (Outstanding) A (VotingRight) 33 (CertificateofDesignation) A A (VotingRight) (Special) (Relative) (Warrant) A ( ) A (Outstanding) 1933 (33 ) 3.8 ( A ) 33 5 (SEC) 170

33 A ( 33 A ) A A 33 theclosing bluesky A (theinvestors) 3.9 (OferingMemorandum) ( OferingMemorandum) ( ) (knowledge) ( ) 3.10 ( ) [ ] 171

3.10.1 3.11 83 (b) IRC 83 (b) 3.12 (i) (i) (i) (iv) 10% [ ] / 1996 ( ) ( ) [$ ]{ CDVC } (i) (i) 3.13 (i) (i) [$ ] (i) (iv) (EmployeesofOthers) (v) 172

(vi) (vi) (vi) [$ ] (ix) (x) (xi) 3.14 3.14.1 (a) (b) (c) 30 ( ) (d) ( theemployeeretirement IncomeSecurityActof1974 ERISA ) 3.14.1 ERISA ( theomnibusbudgetre conciliationof1987thetaxreform Actof1986RetirementEquityAct of1982thedeficitreductionactof1984 thetaxequityandfiscal ResponsibilityActof1982 ) ( ) (actions) (suit) (claims)( 173

) 3.14.2 IRC(theCode)401(a) 501(a) thecode 511 ( thecode 4975 ) PI(Party in Interest) ( theerisa 406 ) ERISA 3(2) ( ) ( ) ( ) ( ) (BenefitLiability) $ $ $ $ (a) 5500 (b) PBGC 1 (c) IRS(theInternalRevenueService) (a) (b) (c) ERISA Ⅳ 174

3.14.3 Ⅳ ( ERISA Ⅵ ) ( 414 ) (a) ( ERISA 4001(a)(2) ) (b) (c) (PBGC) (d) ERISA 4042 (e) ( ) (f) PBGC (g) ERISA4043 (h) thecode (excise) 3.14.4 ( ERISA 3(37) ) (a) (b) (c) (d) (e) PBGC (f) ( ) ERISA 4204 (WithdrawalLiability) 3.14.5 (Coverage) ( thecode 162(i) (k) ) thecode 162(k) 175

3.14.6 thecode 43 ERISA 4701 502(c) (k) 3.15 (i) (i) 3.16 (SmalBusinessConcern) (SmalBusinessConcern) 13 121.3 11 SBIC SBA 480 652D (AssuranceofCompliance) SBA 1031 3.17 ( ) ( ) Premises Premises ( Premises ) Premises Premises Premises 176

42U.S.A.E9601etseq. 4.1 a. 90 b. 45 [ ] c. 15 [ ] (CDVC) d. a ( ) 177

e. [ ] f. ( ) (1) (2) g. (1) (2) h. 90 CPA( ) CPA( ) 178

4.2 A 4.3 4.4 4.4 4.5 ( ) 4.5 (a) (b) ( )(c) 4.6 4.7 144 33 144 (a) 13 15 ( ) (b) 144 (c) 144 144 4.8 (a) (1) 179

(2) (3) (4) (b) 3.3.1 4.9 ( ) ( ) 4.10 10 4.11 ( ) A (1) (2) 4.12 180

4.13 a. b. 501c (3) 4.14 4.15 4.16 4.17 181

$ 4.18 ( ) ( ) 4.19 D 33 D 4.20 a. ( ) 4.20 b. ( ) (i) A (i) (i) 51% (iv) (v) c. 20 182

5 d. 20 ( 5 ) 120 ( c ) 120 4.21 ( ) / 4.22 4.23 a. A A b. A c. A ( ) d. e. ( ) 10% f. 183

g. (A ) (i) A (i) A (i) ( ) h. A i. j. ( ) C C k. ( ) ( ) l. 243 a (1)( ) (2) ( ) ( ) 4.24 184

4.25 5.1 ( ) 5.2 A A ( A ERISA 406 4975 ) A A 33 A A 5.3 185

33 D 5.4 A 5.5 ( ) 6.1 A 199 199 A 6.2 A A 6.3 186

6.3 3.13.23.3.33.5 3.6.3 a. b. c. A A ( A ) ( ) d. 33 A e. 33 f. g. 6.3.1 6.4 6 6.5 187

6.6 6.7 6.8 6.9 6.10 6.11 3 ( ) 6.12 6.13 6.14 A 6.15 a. 188

b. c. d. (1) (2) A (3) ( b ) (4) d e. 6.16 7.1 189

7.2 7.3 7.4 7.5 7.6 7.7 7.8 7.8 7.9 7.10 66.67% A 190

66.67% A 7.11 A A A 7.12 ( ) 3 7.13 7.14 7.15 7.16 15 a. b. 191

7.17 a. b. 7.11 8.1 a. b. 1996 8.2 4.1 8.1 192

193

197 ( ) ( )

( ) 17 101 18 101 (1) 17 201 (2) (1) 18 304 (2) 18 201 (3) (3) 17 402 (4) (4) (5) (5) (6) (6) (7) 17 301 ( ) (8) (9) ( ) 198

199 (10) (11) (7) a. (Ⅰ) ( ) (Ⅱ) ( ) a. (Ⅰ) ( ) (Ⅱ) ( ) b. a b. a (12) (8) (9) (10) (11) 18 301 ( ) (13) ( (12) ( ( )

( ) ) ) ( ) ) (14) (13) (15) 17 214 (16) (14) (6 Del.C.1953 170159 Del.Laws c.105 163 Del.Lawsc.420 165 Del.Lawsc.188 166Del.Lawsc.316 1 367 Del.Lawsc.348 1269 Del.Lawsc.258 171Del.Lawsc.78 171Del.Lawsc.340 12.) (68 Del.Lawsc.434 169 Del.Laws c.260 170Del.Lawsc.75 1 371 Del.Lawsc.77 1271 Del.Laws c.341 1.) 17 102 18 102 (1) L.P. (1) LP L.L.C. LLC (2) (2) (3) (3) 200

( ) (4) (4) ( ) (6 Del.C.1953 170559 Del.Laws c.105 163 Del.Lawsc.420 165 Del.Lawsc.188 166Del.Lawsc.316 469Del.Lawsc.258 270Del.Laws c.78 1.) ( ) (68 Del.Lawsc.434 169 Del.Laws c.260 270Del.Lawsc.75 4.) 17 103 18 103 (a) (a) (1) (2) (1) (2) (3) (4) (b) 120 120 (3) (4) (b) 120 120 201

( ) (c) 17 1107(a)(1) (6 Del.C.1953 170559 Del.Laws (c) 18 1105(a)(1) (68 Del.Lawsc.434 169 Del.Laws c.105 163 Del.Lawsc.420 165 c.260 370Del.Lawsc.186 1.) Del.Lawsc.188 169Del.Lawsc.258 370Del.Lawsc.186 1.) 17 104 18 104 (a) (a) (1) (1) (2) (2) (b) 17 1107(a) (b) 18 1105(a) (2) (2) 202

( ) 17 1107(a)(2) 18 1105(a)(2) 17 202 18 202 (c) (c) 17 1107(a)(2) 18 1105(a)(2) 17 18 202 202 203

( ) (d) (d) 17 1107(a)(2) 18 1105(a)(2) 120 120 ( ) ( ) ( ) ( ) 30 30 120 ( ) ( ) 18 105 17 105 (63Del.Lawsc.420 165 Del.Laws (68 Del.Lawsc.434 171 Del.Laws c.188 167Del.Lawsc.348 3 571 Del.Lawsc.78 23.) c.77 34.) 17 105 18 105 (a) (a) 204

( ) 6 6 (b) (b) (a) (a) (a) (a) ( ( ) ) 50 ( ) 205

( ) 50 ( ) 5 5 (63 Del.C.1953 172759 Del.Laws (68Del.Lawsc.434 1.) c.105 163 Del.Lawsc.420 165 Del.Lawsc.188 1.) 17 106 18 106 (a) 8 126 (a) 8 126 (b) (b) (6 Del.C.1953 170359 Del.Laws c.105 163 Del.Lawsc.420 165 Del.Lawsc.188 170Del.Lawsc.78 271Del.Lawsc.78 4.) (68Del.Lawsc.434 171Del.Lawsc. 77 5.) 17 107 18 107 206

( ) (6 Del.C.1953 171359 Del.Laws c.105 163 Del.Lawsc.420 165 Del.Lawsc.188 166Del.Lawsc.316 569Del.Lawsc.258 4.) (68 Del.Lawsc.434 169 Del.Laws c.260 4.) 17 108 18 108 (65Del.Lawsc.188 1.) (68Del.Lawsc.434 1.) 17 109 18 109 (a) (a) ( ) ( ) ( ) ( ) (b) (b) ( ( 207

( ) ) ) 50 50 7 7 (c) (c) (b) (b) (d) (d) (e) (e) (f) (f) 208

( ) (66 Del.Lawsc.316 667 Del.Laws (66 Del.Lawsc.316 667 Del.Laws c.348 671Del.Lawsc.78 5.) c.348 671Del.Lawsc.78 5.) 17 110 18 110 (a) (a) ( ( ) ) ( ) ( ) (b) (b) ( ( ) ) 209

( ) (c) (c) (69 Del.Lawsc.258 571 Del.Laws (69 Del.Lawsc.258 571 Del.Laws c.78 6.) c.78 6.) 17 111 18 111 (69Del.Lawsc.258 6.) (69Del.Lawsc.258 6.) 210

( ) 17 201 18 201 (a) (a) ( ) (1) (1) (2) 17 104 (2) 18 104 (3) (3) (4) (b) (b) ( ( ) ) (c) 31 (c) 31 (6 Del.C.1953 170259 Del.Laws (68Del.Lawsc.434 169Del.Laws c.105 159 Del.Lawsc.422 463 Del.Lawsc.420 165Del.Lawsc.188 167Del.Lawsc.348 7.) c.260 770Del.Lawsc.75 5.) 17 202 18 202 (a) (a) (1) (1) (2) (2) (b) ( ) (c) (b) (c) 211

( ) 90 (1) (2) ( ) (3) 17 104(b) (c) (d) (d) ( ) (e) (f) 17 203 (certificateof cancelation) (1) (2) (6 Del.C.1953 1724172559 Del. (68Del.Lawsc.434 1.) Lawsc.105 159Del.Lawsc.442 1 63Del.Lawsc.420 165 Del.Lawsc. 212

( ) 188 166Del.Lawsc.316 767Del. Lawsc.348 8.) 17 203 18 203 17 104(d) 17 1110 18 104(d) 18 1108 18 216 17 219 17 219 18 216 (1) (1) (2) (2) (3) (3) (4) (4) ( ) (5) (6) (6 Del.C.1953 1724172559 Del. Lawsc.105 159Del.Lawsc.442 1 63 Del.Lawsc.420 165 Del.Laws c.188 166 Del.Lawsc.316 870 Del.Lawsc.78 7 71 Del.Laws c.340 3.) ) (5) (6) (68 Del.Lawsc.434 170 Del.Laws c.75 671Del.Lawsc.77 871Del. Lawsc.341 2.) 17 204 18 204 (a) (a) (1) 213

( ) (2) (3) ( ) 50% (4) ( 17 211(a) ) (5) (b) (b) 214

( ) ( ) ( ) (c) (c) (6 Del.C.1953 170259 Del.Laws (68Del.Lawsc.434 1.) c.105 159 Del.Lawsc.442 463 Del.Lawsc.420 165Del.Lawsc.188 166Del.Lawsc.316 9 1267Del. Lawsc.348 969Del.Lawsc.258 7 870Del.Lawsc.78 4570Del.Laws c.362 271Del.Lawsc.78 8.) 17 205 18 205 (a) 17 204 (a) (b) (b) 215

( ) (63 Del.Lawsc.420 165 Del.Laws c.188 1.) (68Del.Lawsc.434 1.) 17 206 18 206 (a) (a) (1) (1) ( ( ) ) ( ) ( ) (actualfraud) (actualfraud) (2) (2) (3) (3) (b) ( (b) ( ) ) ( ( ) ) ( ( ) ( ) ) ( ) 216

( ) ( ( ) ( ) ) ( ) 18 17 104(d) 104(d) ( ) 17 215 ( ) 18 212 ( ) 17 217 ( ) 18 214 ( ) 17 1111 ( ) 18 1109 ( ) ( ) ( ) ( ) 17 216 (c) 17 1107 (a)(3) ( ) (c) ( ) ( ) (the futureefectivedateortime) ( ) ( ) ( ) ( ) 18 104(d) 217

( ) ( ) 18 212 ( ) 18 214 ( ) 18 1109 ( ) ( ) ( ) ( ) 18 213 (d) (d) 18 1105 17 1107(a)(4) (a)(3) 17 1107 (a)(5) ( ) (e) 18 1105(a)(4) 18 1105(a) (5) (6 Del.C.1953 170259 Del.Laws (68Del.Lawsc.434 169 Del.Laws c.105 159 Del.Lawsc.442 463 Del.Lawsc.420 165Del.Lawsc.188 166 Del.Lawsc.316 13 1669 Del.Lawsc.258 9 1270Del.Laws c.78 6 1470Del.Lawsc.186 1 c.260 8 1170 Del.Lawsc.75 7 1570Del.Lawsc.186 170Del. Lawsc.360 1 471 Del.Laws c.77 9 12.) 218

( ) 70Del.Lawsc.362 3 671Del.Laws c.78 9 12.) 17 207 (a) ( ) (1) (2) (b) ( (a) 90 (a) (6 Del.C.1953 170659 Del.Laws c.105 163 Del.Lawsc.420 165 Del.Lawsc.188 169Del.Lawsc.258 13 1570 Del.Lawsc.78 1570 Del.Lawsc.362 771 Del.Laws c.78 13.) 17 208 18 207 17 201(a)(1) (3) 17 202(f) 18 201(a)(1) (2) 219

( ) 17 218(b) 18 215 (b) (63 Del.Lawsc.420 165 Del.Laws (68 Del.Lawsc.434 170 Del.Laws c.188 166 Del.Lawsc.316 1770 Del.Lawsc.362 8.) c.360 5.) 17 209 17 206 (63 Del.Lawsc.420 165 Del.Laws c.188 1.) 17 210 18 208 (a) (a) ( ( ) ) (b) (b) ( ( ) 17 206 18 206 ( ( ) ) 220

( ) 17 206 18 206 (c) (c) ( ( ) ) ( ( ) ) ( ( ) ) (d) ) ( ) ( ( ) ) (e) (d) ( (e) (63 Del.Lawsc.420 165 Del.Laws c.188 166Del.Lawsc.316 18.) 17 211 18 209 (a) (a) ( ( ( ) ( ) ( )) ( ) ) 221

( ) (b) (b) ( ( ) ) (1) ( ) (2) ( ) 50% 50% ( ) ( ) ( ) ( ) (c) (c) ( ( ) ) 222

( ) (1) (1) (2) (2) (3) ( (4) ( ) (5) (6) (7) 38 12 38 (3) (4) ) (5) (6) (7) 12 ( ( ) 17 911(c) 18 911(c) 17 911 18 911 (c) (c) (d) 1988 9 1 223

224 (e) ( ) (d) (b) ( ( ) ( ) ) (b) ( ) (f) ( ) (e) ( ) (g) (b) (1) (2) ( (f) (b) (1) (2) ( ( )

( ) ) ) (h) (g) ( ( ) ) ( ( ) 18 ) 803 17 803 18 804 17 804 (i) ( ) ( ) (j) 225

( ) ( ) (1) (2) (3) ( ) (4) (5) ( ) (equitable powers) (6) (65 Del.Lawsc.188 166 Del.Laws (68 Del.Lawsc.434 169 Del.Laws c.316 1967Del.Lawsc.348 1011 69Del.Lawsc.258 16 1870 Del. Lawsc.78 161770Del.Lawsc.362 971Del.Lawsc.340 4 8.) c.260 121370 Del.Lawsc.75 161771Del.Lawsc.) 17 212 18 210 226

( ) (69Del.Lawsc.258 19.) (69Del.Lawsc.260 14.) 17 213 18 211 (a) (a) ( ( ) ) (b) (b) ( ) ) (69Del.Lawsc.258 2071 Del.Laws (69Del.Lawsc.260 1571Del.Laws c.78 14.) c.77 13.) 17 214 (a) (1) 1544 (renewalappli cation) 227

( ) (ⅰ) (ⅱ) ( ) 50% (2) L.L.L.P. LLLP L.P. LP (b) 1544 1550 (1) (2) (c) (69Del.Lawsc.258 2170 Del.Laws c.78 1871Del.Lawsc.78 15.) 17 215 18 212 (a) (a) ( ( )( ) ( )) ( ) ( 228

( ) ( ) ( ) ) (b) (g) (b) (g) 17 206 18 206 (1) 17 204 (1) 18 204 (2) 17 201 (2) 18 201 17 204 18 204 (c) (c) (1) (1) ( ) (2) (3) ( ) (2) (3) (b) (4) ) ( (5) (b) (4) ( (5) ( ) ( ) (d) (d) 17 18 201 201 (e) (e) 229

( ) (f) (f) (g) (g) ( ( ) ) ( ( ) ) (h) (h) ( ( ) ) (70Del.Lawsc.362 1071 Del.Laws (70 Del.Lawsc.360 671 Del.Laws c.78 16.) c.77 14.) 17 216 18 213 (a) (a) 230

231 (b) (a) (a) 17 204 ( ) ( ) 17 206 (b) (a) (a) 18 204 ( ) ( ) 18 206 (1) (1) (2) (2) (3) (3) (4) (b)(3) ( ) (4) (b)(3) ( ) (5) (5) (6) (ⅰ) (ⅱ) ( ) (6) (ⅰ) (ⅱ) ( ) ( )

( ) (7) (b)(6) (7) (b)(6) 17 911(c) 18 911(c) 17 911 18 911(c) (c) (8) (8) (c) (c) (d) (d) (e) ( ( ) (e) ) 232

( ) (70Del.Lawsc.362 1171 Del.Laws (70 Del.Lawsc.360 771 Del.Laws c.78 1771Del.Lawsc.340 9.) c.77 1571Del.Lawsc.341 8.) 17 217 18 214 (a) (a) ( ( ) ( ) ) (h) (b) 18 206 (1) 18 204 (2) 18 201 (b) 17 206 (1) 17 204 (2) 17 201 17 204 18 204 (c) (c) (1) ( (1) ( ) ) (2) (2) (3) (b) (3) (b) (4) (4) ( ) ( ) (d) (d) 17 201 18 201 (e) (e) 233

234 (f) ( ) (f) ( ) (g) (g) (h) (h) ( ) (i) (i) ( )

( ) (70Del.Lawsc.362 1271 Del.Laws (70 Del.Lawsc.360 871 Del.Laws c.78 18 20.) c.77 16 18.) 17 218 18 215 (a) (a) (b) (b) (c) ( (c) 18 303(a) (b) ) (d) 17 303(a) 17 303 (d) 235

( ) ( ) ( ) (e) (e) (f) 17 603 (f) 50% (1) 17 603 18 602 (2) 236

( ) (g) 17 602 (g) 18 606 (h) (k) (b) (1) 17 602 (2) (h) 17 606 (h) 18 607(a) (i) (k) (b) (b) (b) ( ) 18 607(c) 237

238 (i) 17 607(a) (b) (b) ( ) 17 607(c) (i) (j) 17 801 (b) (b) 17 801 (j) 18 801 (b) (b) 18 801 (1) (1) (2) (2) (3) (ⅰ) (ⅱ) (3) ( )

( ) (4) (4) (withdrawal) 90 (ⅰ) 90 (A) ( ) (B) 50% 50% (i) 239

( ) (5) 90 (6) (l) (5) (l) (k) 17 803(a) (k) 18 803(a) ( ( 50% ) 50% ) (b) (b) 17 18 803(b) 803(b) 18 804(b) 17 804(b) 18 17 804(a) (a) 240

( ) (l) (b) (l) (b) (m) (m) 18 902 ( ) ( ( ) 17 902 ) ) (70Del.Lawsc.362 1370Del.Laws c.186 171Del.Lawsc.78 21 31 71Del.Lawsc.340 1011.) (70Del.Lawsc.360 970 Del.Laws c.186 171Del.Lawsc.77 19 23 71Del.Lawsc.341 910.) 17 219 18 216 ( ( ) ) ( ) ( 241

( ) ) ( ( ) ) ( (1) (2) ) 50% 50% (70Del.Lawsc.362 14.) (70Del.Lawsc.360 10.) 242

( ) 17 301 18 301 (a) (a) (1) (1) (2) (2) (b) (b) (1) (1) (2) (2) 17 704(a) 18 704(a) (3) (3) 17 211(b) 18 211(b) (c) 17 215 (c) 18 212 ( 17 215 ) ( 18 212 ) 17 217 ( 17 18 214 ( 18 217 ) 214 ) (d) (d) 243

( ) (6 Del.C.1953 170859 Del.Laws (68Del.Lawsc.434 169Del.Laws c.105 163Del.Lawsc.420 165 Del.Lawsc.188 166 Del.Laws c.316 2067Del.Lawsc.348 12 69Del.Lawsc.258 22 2770 Del. Lawsc.78 1971 Del.Lawsc.78 3233.) c.260 16 2170 Del.Lawsc.75 1871Del.Lawsc.77 2425.) 17 302 18 302 (a) (a) (b) 17 303 (b) (c) (c) 244

( ) (d) 17 303 (d) (e) (f) ( ) (63Del.Lawsc.420 165Del.Laws (68Del.Lawsc.434 170Del.Lawsc. c.188 166Del.Lawsc.316 21 360 1171 Del.Lawsc.77 2671 245

( ) 2371 Del.Lawsc.78 3471 Del. Lawsc.340 1213.) Del.Lawsc.341 11.) 17 303 18 303 (a) (b) (a) (b) (a) ( ) ( ) (1) (2) ( ) ( ) (3) 246

( ) (4) (5) 17 803 (6) (7) (8) a. b. c. d. e. f. g. h. i. j. 1940 ( [15U.S. C. 80a 1 ] ) 1940 247

( ) k. l. m. n. (9) ( ) (10) (c) (b) (d) (a) (e) (f) (a) 248

( ) (6 Del.C.1953 170759 Del.Laws (68Del.Lawsc.434 169Del.Laws c.105 163Del.Lawsc.420 165 Del.Lawsc.188 166 Del.Laws c.316 24 3467 Del.Lawsc.348 13 1769 Del.Lawsc.258 28 3170Del.Lawsc.78 202170Del. Lawsc.186 1.) c.260 22.) 17 304 18 304 (a) (b) (1) (1) a. b. c. d. e. f. (2) (2) 120 120 90 249

( ) (b) (a) (a) (1) (2) (6 Del.C.1953 171159 Del.Laws (68Del.Lawsc.434 1.) c.105 163Del.Lawsc.420 165 Del.Lawsc.188 1.) 17 305 18 305 (a) (a) ( ( ) ) ( ) (1) (2) (3) (4) (5) (6) (b) (1) (2) (3) (4) (5) (6) (b) (a) (c) 250

( ) (c) (d) (d) (e) (e) (a)(3) 5 (a)(3) (a)(3) (a)(3) (1) (2) (6Del.C.1953 171059Del.Lawsc. 105 163 Del.Lawsc.420 165 Del.Lawsc.188 166 Del.Lawsc. 316 3570Del.Lawsc.362 15.) (f) (a)(3) 5 (a)(3) (a)(3) (a)(3) (1) (2) (68Del.Lawsc.434 170Del.Laws c360 12.) 251

( ) 17 306 18 306 (1) (2) (2) (67Del.Lawsc.348 18.) (68Del.Lawsc.434 1.) 252

( ) 17 401 18 401 (a) 18 101(10) 17 403(b) (b) (63Del.Lawsc.420 165Del.Laws c.188 166Del.Lawsc.316 3767 Del.Lawsc.348 1969 Del Laws c.258 3271Del.Lawsc.78 35.) (68Del.Lawsc.434 169Del.Lawsc. 260 23.) 17 402 (a) (1) 17 602 (2) 17 702 (3) (4) a. b. c. d. e. 253

( ) f. (5) 120 120 90 (6) a. b. (7) ( ) (8) (9) 90 (10) (11) (b) (a)(4) (5) 30 (6 Del.C.1953 172059 Del.Laws c.105 163Del.Lawsc.420 165 254

( ) Del.Lawsc.188 166 Del.Laws c.316 38 43 69 Del. Laws c.258 33.) 17 403 18 402 (a) 50% 18 602 (b) (c) 1 (d) (1) 255

( ) (2) (3) (4) (5) (6 Del.C.1953 170959 Del.Laws (68Del.Lawsc.434 169Del.Laws c.105 163 Del.Lawsc.420 165 Del.Lawsc.188 169Del.Lawsc.258 3471Del.Lawsc.78 36.) c.260 2470Del.Lawsc.75 1970 Del.Lawsc.186 171Del.Lawsc.341 12.) 17 404 18 403 (63Del.Lawsc.420 165Del.Laws (68Del.Lawsc.434 1.) c.188 1.) 17 405 18 404 (a) (a) 256

( ) (b) (b) (c) (c) (d) (68Del.Lawsc.434 171 Del.Laws (d) (63Del.Lawsc.420 165Del.Laws c.188 166Del.Lawsc.316 44 4571Del.Lawsc.78 3771DelLaws c.340 14.) c.77 2771Del.Lawsc.341 13.) 17 406 18 405 (1) (2) (1) 257

( ) (67Del.Lawsc.348 20.) (2) (68Del.Lawsc.434 1.) 18 406 (68Del.Lawsc.434 1.) 18 407 (69Del.Lawsc.260 2571Del.Laws c.77 28.) 258

( ) 17 501 18 501 (6 Del.C.1953 170459 Del.Laws (68Del.Lawsc.434 1.) c.105 163 Del.Lawsc.420 165 Del.Lawsc.188 1.) 17 502 18 502 (a)(1) (a) ( ) (agreedvalue)( (2) ( ) ) ( ) (b)(1) (b) (2) (c) (c) 259

( ) (6 Del.C.1953 171759 Del.Laws c.105 163 Del.Lawsc.420 165 Del.Lawsc.188 166Del.Lawsc.316 46 49.) (68Del.Lawsc.434 1.) 17 503 18 503 ( ) ( (6 Del.C.1953 172359 Del.Laws ) (68Del.Lawsc.434 1.) c.105 163 Del.Lawsc.420 165 Del.Lawsc.188 1.) 17 504 Alocationofdistribution 18 504 Alocationofdistribution ( )( ( ) ) ( (6 Del.C.1953 172359 Del.Laws c.105 163 Del.Lawsc.420 165 Del.Lawsc.188 1.) ) (68Del.Lawsc.434 1.) 17 505 18 505 260

( ) (69Del.Lawsc.258 35.) (69Del.Lawsc.260 26.) 261

( ) 17 601 18 601 (63 Del.Lawsc.420 165 Del.Laws c.188 166Del.Lawsc.316 50.) (68Del.Lawsc.434 1.) 17 602 18 602 (a) (b) (63 Del.Lawsc.420 165 Del.Laws (68Del.Lawsc.434 1.) c.188 166Del.Lawsc.316 5167 Del.Lawsc.348 21.) 17 603 18 603 262

( ) ( 1996 7 31 ) ( ( 1996 7 31 ) 1996 7 31 ) ( 1996 7 31 ) (6 Del.C.1953 171659 Del.Laws (68Del.Lawsc.434 169 Del.Laws c.105 163 Del.Lawsc.420 165 Del.Lawsc.188 166Del.Lawsc.316 5269Del.Lawsc.258 3670Del. Lawsc.362 16.) c.260 2770Del.Lawsc.360 13.) 17 604 18 604 (6 Del.C.1953 171659 Del.Laws c.105 163 Del.Lawsc.420 165 Del.Lawsc.188 171 Del.Laws c.340 15.) (68Del.Lawsc.434 171 Del.Laws c.341 14.) 17 605 18 605 (6 Del.C.1953 171659 Del.Laws (68 Del.Lawsc.434 169 Del.Laws 263

( ) c.105 163 Del.Lawsc.420 165 Del.Lawsc.188 169Del.Lawsc.258 3770Del.Lawsc.186 1.) c.260 2870Del.Lawsc.186 1.) 17 606 18 606 (a) 17 607 17 804 18 607 18 804 (b) (6 Del.C.1953 171659 Del.Laws (68Del.Lawsc.434 1.) c.105 163 Del.Lawsc.420 165 Del.Lawsc.188 166Del.Lawsc.316 5354.) 17 607 18 607 (a) (a) ( ) ) (a) (b) (a) (b) (a) (a) (a) (a) (a) (a) (c) (c) (c) (c) 264

( ) 3 3 3 (6 Del.C.1953 171659 Del.Laws (68Del.Lawsc.434 169 Del.Laws c.105 163 Del.Lawsc.420 165 Del.Lawsc.188 166Del.Lawsc.316 5569Del.Lawsc.258 38.) 17 608 1988 9 1 66 Del. Lawsc.316 56 c.260 29.) 265

( ) 17 701 18 701 (6 Del.C.1953 171859 Del.Laws (68Del.Lawsc.434 1.) c.105 163Del.Lawsc.420 165 Del.Lawsc.188 1.) 17 702 18 702 (a) (a) (1) (1) (2) (2) (3) (4) (b) (b) (1) (2) (3) 266

( ) (c) (c) (d) (6 Del.C.1953 171959 Del.Laws c.105 159Del.Lawsc.442 263 Del.Lawsc.420 165 Del.Laws c.188 166Del.Lawsc.316 5767 Del.Lawsc.348 2269 Del.Laws c.258 3940.) (d) (e) (68Del.Lawsc.434 169Del.Laws c.260 303170 Del.Lawsc.186 170Del.Lawsc.360 14.) 17 703 18 703 (6 Del.C.1953 172259 Del.Laws c.105 163Del.Lawsc.420 165 Del.Lawsc.188 1.) (68Del.Lawsc.434 1.) 17 704 18 704 (a) (a) (1) (1) 267

( ) (2) (2) (b) (b) 17 502 18 502 17 502 18 502 (c) (c) (63Del.Lawsc.420 165Del.Laws c.188 1 66 Del. Lawsc. 316 5859.) (68Del.Lawsc.434 1.) 17 705 18 705 (6Del.C.1953 172159Del.Lawsc. 105 163 Del.Lawsc.420 165 Del.Lawsc.188 170 Del.Lawsc. 186 171Del.Lawsc.78 38.) (68Del.Lawsc.434 170Del.Lawsc. 186 171Del.Lawsc.77 29.) 268

( ) 17 801 18 801 (a) (1) (1) (2) (2) (i) (i) (3) (withdrawal) (3) (i) 90 (A) ( ) (B) 50% 50% 269

( ) (i) (4) (4) 90 90 (5) 17 802 (5) 18 802 90 50% (63Del.Lawsc.420 165 Del.Laws (68Del.Lawsc.434 169 Del.Laws c.188 169Del.Lawsc.258 4171 Del.Lawsc.78 39 41.) c.260 3270Del.Lawsc.75 2070 Del.Lawsc.360 1571 Del.Laws c.77 30.) 17 802 18 802 270

( ) (63Del.Lawsc.420 165Del.Laws (68Del.Lawsc.434 170Del.Laws c.188 1.) c.75 21.) 17 803 18 803 (a) (a) 50% 50% (b) 17 203 (63Del.Lawsc.420 165Del.Laws c.188 166 Del.Lawsc.316 60 6170Del.Lawsc.186 171Del.Laws c.78 42.) (b) 18 203 (68Del.Lawsc.434 170Del.Laws c.186 171Del.Lawsc.77 31.) 17 804 18 804 (a) (a) (1) 17 601 (1) 18 601 271

( ) 17 604 18 604 ( ( ) ) (2) (2) 17 601 17 604 18 601 18 604 (3) (3) (b) (b) (1) (1) (2) (2) ( ) ) (3) (3) 10 10 ( ) (claimant) (c) ( ) (claimant) (a)(c) (a) 272

( ) (a) (a) (a) (a) (a) (a) (d) (d) (d) (d) ( ( ) ) 3 3 3 (e) 17 607 (e) 18 607 (63Del.Lawsc.420 165Del.Laws c.188 166Del.Lawsc.316 62 64 69 Del.Lawsc.258 4271 Del.Laws c.340 16.) (68Del.Lawsc.434 169Del.Laws c.260 3371Del.Lawsc.341 15.) 273

( ) 17 901 18 901 (a) (a) (1) (1) (2) (2) (b) 17 106 (b) 18 106 (63Del.Lawsc.420 165Del.Laws (68Del.Lawsc.434 1.) c.188 1.) 17 902 18 902 (a) (a) (1) ( ) a. b. (1) ( ) a. b. c. c. d. 17 904(b) d. 18 904(b) e. 17 910(b) e. 18 910(b) f. f. g. (2) 17 1107(a)(6) (2) 18 1105(a)(6) (b) (b) 274

( ) (63Del.Lawsc.420 165Del.Laws (68Del.Lawsc.434 1.) c.188 166Del.Lawsc.316 6569 Del.Lawsc.258 4344.) 17 903 18 903 (a) (a) (1) (1) (2) (2) (b) (b) (c) 31 (63Del.Lawsc.420 165Del.Laws (c) 31 (68Del.Lawsc.434 169Del.Laws c.188 169Del.Lawsc.258 4570 c.260 3470Del.Lawsc.186 1.) Del.Lawsc.186 1.) 17 904 18 904 (a) (a) L.P. LP L.L.C. LLC ( ( ) ) (b) (b) 275

( ) (1) (1) (2) (2) 18 1105(a) (7) ( ) 18 1105(a)(7) (c) 17 1107(a) (c) (7) ( ) 17 1107(a)(7) 276

( ) 17 202 18 905 ( ) ( ) (d) (d) 17 1107(a)(7) 18 1105(a)(7) ( ) ( ) ( ) ( ) 17 905 18 905 (e) (e) 17 1107(a)(7) 18 1105(a)(7) 120 120 ( ) ( ) ( ) ( ) 30 30 277

( ) ( ( ) ) (atorney) (at ( torney) ( ) ) 120 ( 120 ) ( ) 17 911 18 911 (63Del.Lawsc.420 165 Del.Laws (68Del.Lawsc.434 170 Del.Laws c.188 167 Del.Lawsc.348 23 2670Del.Lawsc.78 222370Del. Lawsc.186 171 Del.Lawsc.78 4344.) c.75 22 71 Del. Laws c.77 3233.) 17 905 18 905 17 1107(a)(6) 18 1105(a)(6) (63Del.Lawsc.420 165 Del.Laws (68Del.Lawsc.434 1.) c.188 1.) 17 906 18 906 278

( ) 17 1107(a)(6) 18 1105(a)(6) ( ) ( (63Del.Lawsc.420 165 Del.Laws c.188 1.) ) (68Del.Lawsc.434 1.) 17 907 18 907 (a) (a) (b) (b) (1) (2) (3) (c) (1) (2) (3) (c) (d) (d) 200 200 (63Del.Lawsc.420 165 Del.Laws (68Del.Lawsc.434 1.) c.188 170Del.Lawsc.78 24.)70 Del.Lawsc.78 31 6 17 1110 1995 12 31 1995 8 1 17 908 18 908 17 903 18 903 279

( ) (properparties) (properparties) (63 Del.Lawsc.420 165 Del.Laws (68Del.Lawsc.434 1.) c.188 170Del.Lawsc.186 1.) 17 909 18 909 17 204(c) 17 207 18 204(c) (63 Del.Lawsc.420 165 Del.Laws (68Del.Lawsc.434 1.) c.188 1.) 17 910 18 910 (a) (a) ( ( ) ) 6 6 280

( ) (b) (b) (a) (a) (a) (a) ( ) ( ) 50 50 ( ) ( ) 5 5 (63 Del.Lawsc.420 165 Del.Laws (68Del.Lawsc.434 1.) c.188 170Del.Lawsc.186 1.) 17 911 18 911 (a) 17 902 (a) 18 902 281

( ) (b) (b) (c) (a) (c) (a) 50 50 ( ) ) 5 5 (63 Del.Lawsc.420 165 Del.Laws (68Del.Lawsc.434 1.) c.188 170Del.Lawsc.186 1.) 282

( ) 17 1001 18 1001 (6 Del.C.1953 173259 Del.Laws (68Del.Lawsc.434 171 Del.Laws c.105 163Del.Lawsc.420 165 Del.Lawsc.188 171 Del.Laws c.340 17.) c.341 16.) 17 1002 18 1002 (1) (1) (2) (2) (6 Del.C.1953 173259 Del.Laws c.105 163Del.Lawsc.420 165 Del.Lawsc.188 171 Del.Laws c.340 18.) (68Del.Lawsc.434 171 Del.Laws c.341 17.) 17 1003 18 1003 (6 Del.C.1953 173259 Del.Laws c.105 163Del.Lawsc.420 165 Del.Lawsc.188 1.) (68Del.Lawsc.434 1.) 17 1004 18 1004 (6 Del.C.1953 173259 Del.Laws c.105 163Del.Lawsc.420 165 Del.Lawsc.188 169 Del.Laws c.258 46.) (68Del.Lawsc.434 1.) 283

( ) (Miscelaneous) (Miscelaneous) 17 1101 18 1101 (a) (b) (a) (b) (c) ( ) (1) (2) (d) (68Del.Lawsc.434 169 Del.Laws (c) (d) ( ) (1) (2) (6 Del.C.1953 172959 Del.Laws c.105 163Del.Lawsc.420 165 Del.Lawsc.188 167Del.Lawsc.348 2769Del.Lawsc.258 47.) c.260 35.) 17 1102 18 1102 (6 Del.C.1953 172859 Del.Laws c.105 163Del.Lawsc.420 165 Del.Lawsc.188 1.) (68Del.Lawsc.434 1.) 17 1103 18 1103 ( ( 284

( ) (Miscelaneous) (Miscelaneous) ) ) (severable) (63Del.Lawsc.420 165 Del.Laws (severable) (68Del.Lawsc.434 1.) c.188 1.) 17 1104 (a) 1983 1 1 (b) (e) (f) 17 ( ) 1973 7 1 1985 1 1 (c) (e) (f) 1973 7 1 17 ( ) 17 (d) (e) 9 (e) (f) 1973 7 1 (1) (2) 17 501 17 502 (3) 17 704 285

( ) (Miscelaneous) (Miscelaneous) (6 Del.C.1953 173159 Del.Laws c.105 163Del.Lawsc.420 165 Del.Lawsc.188 166 Del.Laws c.316 66.) 17 1105 18 1104 ( 15 ) (6 Del.C.1953 173059 Del.Laws (68Del.Lawsc.434 1.) c.105 163Del.Lawsc.420 165 Del.Lawsc.188 1.) 17 1106 17 1104 17 (63Del.Lawsc.420 165 Del.Laws c.188 1.) 17 1107 18 1105 (a) (a) (applicablefee) (applicablefee) (1) 17 103(b) (1) 18 103(b) 75 75 (2) 17 104(b) (2) 18 104(b) 50 17 104(c)50 18 104(c) 50 50 2 2 17 104(d) 18 104(d) 2.50 2.50 (3) 17 215 (3) 18 212 17 216 18 213 17 217 18 214 17 201 18 17 202 17 18 202 203 17 211 18 203 18 209 17 210 18 208 17 211(e) 18 209(d) 17 211(e) 17 18 209(d) 286

( ) (Miscelaneous) (Miscelaneous) 17 1109(h) 18 211 18 1109(i) 17 1111 200 18 1109 50 (4) (4) 20 20 (5) (5) 5 5 1 1 2 2 (publicrecords) (6) 17 902 (6) 18 902 17 905 18 17 906 200 18 906 50 (7) 17 904(c) (7) 18 904(c) 50 17 904(d) 50 18 904(d) 50 50 2 17 904(e) 18 904(e) 10 2.50 (8) 250 (8) 250 (9) 30 (10) (9) 30 (10) (4) 20 (4) 20 287

( ) (Miscelaneous) (Miscelaneous) 100 100 (11) / (11) / 25 25 (12) 25 (b) (a) (1) (a) (thedayoftherequest) 2 500 (2) (a) 200 (3) (a) 24 100 ( ) (c) (d) 500 1500 ( ) (e) 29 2315 (6 Del.C.1953 173359 Del.Laws c.105 163Del.Lawsc.420 165 Del.Lawsc.188 166 Del.Laws c.316 676867Del.Lawsc.92 1 (12) 25 (b) (a) (1) (a) (thedayoftherequest) 2 500 (2) (a) 200 (3) (a) 24 100 ( ) (c) (d) 500 1500 ( ) (e) 29 2315 (68Del.Lawsc.434 169 Del.Laws c.260 363770 Del.Lawsc.75 23 2770 Del.Lawsc.360 1671 Del.Lawsc.77 34.) 288

( ) (Miscelaneous) (Miscelaneous) 67Del.Lawsc.348 28 3169 Del. Lawsc.258 48 5270 Del.Laws c.78 25 2870 Del.Lawsc.362 1771Del.Lawsc.78 45.) 17 1108 18 1106 (65Del.Lawsc.188 1.) (68Del.Lawsc.434 1.) 17 1109 18 1107 (a) (a) (b) 100 (b) 6 1 (c) 6 1 (d) 0.55% 1.5% 289

( ) (Miscelaneous) (Miscelaneous) (c) 6 1 60 (d) 6 1 60 (d) 6 1 (e) 6 1 100 100 (e) (f) ( ) ) 17 105 18 105 17 910 18 (g) (h) (f) (g) 290

( ) (Miscelaneous) (Miscelaneous) (h) (i) ( ( ) ) 17 1107(a)(3) 18 1105(a)(3) (i) (j) (j) ( ) (k) ( ) 291

( ) (Miscelaneous) (Miscelaneous) (k) (l) (l) (m) (66Del.Lawsc.316 6967Del.Laws c.348 323368 Del.Lawsc.246 569 Del.Lawsc.258 535470 Del.Lawsc.186 1.) (m) (n) (68Del.Lawsc.434 169Del.Laws c.260 383970 Del.Lawsc.75 2871Del.Lawsc.341 18.) 17 1110 18 1108 (a) (a) 292

( ) (Miscelaneous) (Miscelaneous) 17 1109 18 1107 (b) ( ) 10 31 (a) ( ) 6 1 (70Del.Lawsc.78 29.) (b) ( ) 10 31 (a) ( ) 6 1 (70Del.Lawsc.75 29.) 17 1111 18 1109 (a) ( (a) ) 17 1107(a)(3) ) 18 1105(a)(3) 17 1109 18 1107 17 104(d) 17 1110(a) 18 104(d) 18 1108(a) (1) (1) (2) (3) (4) ( ) (2) (3) (4) ( ) (5) (5) (b) (b) 293

( ) (Miscelaneous) (Miscelaneous) 17 202 18 202 (c) (c) 17 104(d) 17 1110(a) 18 104(d) 18 1108(a) 17 18 104 104(d) 17 1110(a) (d) 18 1108(a) 17 104(d) 17 1110(a) 18 104(d) 18 1108(a) 17 104(d) 17 1110(a) 18 104(d) 18 1108(a) 18 104 17 104(d) 17 1110(a) (d) 18 1108(a) ( ) ( ) ( ( ) ) (70Del.Lawsc.78 30.) (70Del.Lawsc.75 30.) 294

(1) 1998 (2) 004 1998 (3) 2001 (4)John W.Wilson.THE NEW VENTURERS InsidetheHigh Stakes WorldofVentureCapital.ADDISON WESLEY PUB LISHINGCOMPANY1984 (5)MarkP.RiceandJanaB.MathewsGrowingNewVenturesCrea tingnewjobsprinciples& PracticesofSuccessfulBusinessIncuba tionanimprintofgreenwoodpublishinggroupinc1995 (6)ManuelCastelsandPeterHalTECHNOPOLESOFTHE WORLD TheMakingof21stCenturyIndustrialComplexesRoutledgeReprin ted1996 (7)G.StevenBurrilandCraigT.Norback.TheArthurYoungGuide ToRaisingVentureCapital.LIBERTY HOUSE1992 (8)A. David Silver. VENTURE CAPITAL. JOHN WILEY & SONS.1990 (9)W D 2001 (10)PaulA.GompersandJosh LernerThe moneyofinventionhow venturecapitalcreatesnew wealth HarvardBusinessSchoolPress/ BostonMassachusets2001 (11)JoshLernerVentureCapital& PrivateEquityJohn Wiley& Sons 295

Inc1999 (12) 2002 11 18 (13) 2001 (14) 1999 (15) 2003 (16) 2004 (17) 2003 (18) 1998 (19) 1997 (20) 1998 (21) 2002 2004 (22) 2002 (23) 2002 (24) 2002 (25) 2001 (26) 2003 296

10 2003 13 2001 2003 15.8 1.63 6.91 5 297

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