Termination of Status of a Director. The status of a Director shall terminate if the Director (i) shall die; (ii) shall be adjudicated incompetent; (iii) shall voluntarily withdraw as a Director; (iv) shall be removed; (v) shall be certified by a physician to be mentally or physically unable to perform his or her duties hereunder; (vi) shall be declared bankrupt by a court with appropriate jurisdiction, file a petition commencing a voluntary case under any bankruptcy law or make an assignment for the benefit of creditors; (vii) shall have a receiver appointed to administer the property or affairs of such Director; or (viii) shall otherwise cease to be a Director of the Fund under the laws of the State of Illinois.
Appears in 4 contracts
Samples: Limited Liability Company Operating Agreement (Asa Debt Arbitrage Fund LLC), Limited Liability Company Operating Agreement (Asa Managed Futures Fund LLC), Limited Liability Company Operating Agreement (Asa Market Neutral Equity Fund LLC)
Termination of Status of a Director. The status of a Director shall terminate if the Director (i) shall die; (ii) shall be adjudicated incompetent; (iii) shall voluntarily withdraw as a DirectorDirector (upon not less than 90 days' prior written notice to the other Directors); (iv) shall be removed; (v) shall be certified by a physician to be mentally or physically unable to perform his or her duties hereunder; (vi) shall be declared bankrupt by a court with appropriate jurisdiction, file a petition commencing a voluntary case under any bankruptcy law or make an assignment for the benefit of creditors; (vii) shall have a receiver appointed to administer the property or affairs of such Director; or (viii) shall otherwise cease to be a Director of the Fund Company under the laws of the State of IllinoisDelaware Act.
Appears in 3 contracts
Samples: Limited Liability Company Agreement (Phoenix LJH Advisors Fund LLC), Acp Strategic Opportunities Fund Ii LLC, Acp Continuum Return Fund Ii LLC
Termination of Status of a Director. The status of a Director shall terminate if the Director (i) shall die; (ii) shall be adjudicated incompetent; (iii) shall voluntarily withdraw as a DirectorDirector (upon prior written notice to the other Directors); (iv) shall be removed; (v) shall be certified by a physician to be mentally or physically unable to perform his or her duties hereunder; (vi) shall be declared bankrupt by a court with appropriate jurisdiction, file a petition commencing a voluntary case under any bankruptcy law or make an assignment for the benefit of creditors; (vii) shall have a receiver appointed to administer the property or affairs of such Director; or (viii) shall otherwise cease to be a Director of the Fund under the laws of the State of IllinoisDelaware Act.
Appears in 2 contracts
Samples: Limited Liability Company Agreement (Grosvenor Registered Multi-Strategy Fund (Ti 1), LLC), Limited Liability Company Agreement (Grosvenor Registered Multi-Strategy Fund (W), LLC)
Termination of Status of a Director. The status of a Director shall terminate if the Director (i) shall die; (ii) shall be adjudicated incompetent; (iii) shall voluntarily withdraw as a DirectorDirector (upon prior written notice to the other Directors); (iv) shall be removed; (v) shall be certified by a physician to be mentally or physically unable to perform his or her duties hereunder; (vi) shall be declared bankrupt by a court with appropriate jurisdiction, file a petition commencing a voluntary case under any bankruptcy law or make an assignment for the benefit of creditors; (vii) shall have a receiver appointed to administer the property or affairs of such Director; or (viii) shall otherwise cease to be a Director of the Fund Company under the laws of the State of IllinoisDelaware Act.
Appears in 2 contracts
Samples: Limited Liability Company Agreement (Grosvenor Registered Multi-Strategy Fund (Te), LLC), Limited Liability Company Agreement (Grosvenor Registered Multi-Strategy Fund (Ti 2), LLC)
Termination of Status of a Director. The status of a Director shall terminate if the Director (i) shall die; (ii) shall be adjudicated incompetent; (iii) shall voluntarily withdraw as a Director; (iv) shall be removedremoved pursuant to Section 4.3; (v) shall be certified by a physician to be mentally or physically unable to perform his or her duties hereunder; (vi) shall be declared bankrupt by a court with appropriate jurisdiction, file a petition commencing a voluntary case under any bankruptcy law or make an assignment for the benefit of creditors; (vii) shall have a receiver appointed to administer the property or affairs of such Director; or (viii) shall otherwise cease to be a Director of the Fund Company under the laws of the State of IllinoisDelaware Act.
Appears in 1 contract
Samples: Limited Liability Company Agreement (Multi-Strategy Hedge Opportunities LLC)
Termination of Status of a Director. The status of a Director shall terminate if the Director (i) shall die; (ii) shall be adjudicated incompetent; (iii) shall voluntarily withdraw as a DirectorDirector (upon not less than 90 days' prior written notice to the other Directors); (iv) shall be removed; (v) shall be certified by a physician to be mentally or physically unable to perform his or her duties hereunder; (vi) shall be declared bankrupt by a court with appropriate jurisdiction, file a petition commencing a voluntary case under any bankruptcy law or make an assignment for the benefit of creditors; (vii) shall have a receiver appointed to administer the property or affairs of such Director; or (viii) shall otherwise cease to be a Director of the Fund under the laws of the State of IllinoisDelaware Act.
Appears in 1 contract
Samples: Limited Partnership Agreement (Persimmon Growth Partners Fund Lp)
Termination of Status of a Director. The status of a Director shall terminate if the Director (i) shall die; (ii) shall be adjudicated incompetent; (iii) shall voluntarily withdraw as a DirectorDirector (upon not less than 90 days’ prior written notice to the other Directors); (iv) shall be removed; (v) shall be certified by a physician to be mentally or physically unable to perform his or her duties hereunder; (vi) shall be declared bankrupt by a court with appropriate jurisdiction, file a petition commencing a voluntary case under any bankruptcy law or make an assignment for the benefit of creditors; (vii) shall have a receiver appointed to administer the property or affairs of such Director; or (viii) shall otherwise cease to be a Director of the Fund Company under the laws of the State of Illinois.Delaware Act. Section 4.3
Appears in 1 contract
Samples: PARADIGM Multi Strategy Fund, LLC
