Termination of Status of a Director. The status of a Director shall terminate if the Director, pursuant to Delaware law, is removed, resigns or is subject to various disabling events such as death, incapacity or bankruptcy. A Director may resign, subject to giving 90 days’ prior written notice to the other Directors if such resignation is likely to affect adversely the tax status of the Company.
Appears in 25 contracts
Samples: Limited Liability Company Agreement (PNC Long-Short TEDI Fund LLC), Limited Liability Company Agreement (PNC Alternative Strategies Fund LLC), Limited Liability Company Agreement (PNC Long-Short Fund LLC)
Termination of Status of a Director. The status of a Director shall terminate if the Director, pursuant to Delaware law, is removed, resigns or is subject to various disabling events such as death, incapacity or bankruptcy. A Director may resign, subject to giving 90 days’ ' prior written notice to the other Directors if such resignation is likely to affect adversely the tax status of the Company.
Appears in 6 contracts
Samples: Limited Liability Company Agreement (Mercantile Alternative Strategies Fund LLC), Limited Liability Company Agreement (Mercantile Alternative Strategies Fund LLC), Limited Liability Company Agreement (Mercantile Small Cap Manager Fund LLC)
Termination of Status of a Director. The status of a Director shall terminate if the Director, pursuant to Delaware law, is removed, resigns or is subject to various disabling events such as death, incapacity or bankruptcy. A Director may resign, subject to giving 90 days’ prior written notice to the other Directors if such resignation is likely to affect adversely the tax status of the CompanyMaster Fund.
Appears in 6 contracts
Samples: Limited Liability Company Agreement (PNC Alternative Strategies Master Fund LLC), Limited Liability Company Agreement (Mercantile Long-Short Manager Master Fund LLC), Limited Liability Company Agreement (PNC Long-Short Master Fund LLC)
Termination of Status of a Director. The status of a Director shall terminate if the Director, pursuant to Delaware law, is removed, resigns or is subject to various disabling events such as death, incapacity or bankruptcy. A Director may resign, subject to giving 90 days’ prior written notice to the other Directors if such resignation is likely to affect adversely the tax status of the CompanyMaster Portfolio.
Appears in 2 contracts
Samples: Limited Liability Company Agreement (Growth Capital Master Portfolio, LLC), Limited Liability Company Agreement (Growth Capital Master Portfolio, LLC)
Termination of Status of a Director. The status of a Director shall terminate if the Director, pursuant to Delaware law, is removed, resigns or is subject to various disabling events such as death, incapacity or bankruptcy. A Director may resign, subject to giving 90 days’ days prior written notice to the other Directors if such resignation is likely to affect adversely the tax status of the CompanyPortfolio.
Appears in 2 contracts
Samples: Limited Liability Company Agreement (Growth Capital TEI Portfolio, LLC), Limited Liability Company Agreement (Growth Capital Portfolio, LLC)
Termination of Status of a Director. The status of a Director shall terminate if the Director, pursuant to Delaware law, is removed, resigns or is subject to various disabling events such as death, incapacity or bankruptcy. A Director may resign, subject to giving 90 days’ prior written notice to the other Directors if such resignation is likely to affect adversely the tax status of the Company.or
Appears in 1 contract
Samples: Limited Liability Company Agreement (Mercantile Absolute Return Fund LLC)
