Common use of Knowledgeable Employee Clause in Contracts

Knowledgeable Employee. Such Limited Partner is a “Knowledgeable Employee,” as such term is defined in Rule 3c-5 under the Investment Company Act, unless such Limited Partner has notified the Partnership in writing prior to such Limited Partner’s admission to the Partnership as a limited partner that such Limited Partner is not a Knowledgeable Employee. The term “Knowledgeable Employee” shall include (a) any executive officer (which includes the president, any vice president in charge of a principal business unit, division or function (such as administration or finance), any other officer who performs a policy-making function, or any other person who performs similar policy-making functions, for the Partnership), director, trustee, general partner, managing member, advisory board member, or person serving in a similar capacity, of BC or the Partnership or (b) any employee of BC or the Partnership (other than an employee performing solely clerical, secretarial or administrative functions with regard to such company or its investments) who, in connection with such employee’s regular functions or duties, participates in the investment activities of the Partnership, other companies that would be investment companies but for the exclusion provided by section 3(c)(1) or section 3(c)(7) of the Investment Company Act, provided that such employee has been performing such functions and duties for or on behalf of the Partnership, or substantially similar functions or duties for or on behalf of another company, for at least 12 months.