Removal Event Defined Sample Clauses

Removal Event Defined. A “Removal Event” shall exist in the event the General Partner or the Management Company has engaged in any action determined by a court of competent jurisdiction to constitute fraud, gross negligence or willful misconduct which has caused, or could reasonably be expected to result in, material loss or damage to the Fund; provided, however such action shall not constitute a Removal Event, if (a) the individual responsible for the conduct constituting the Removal Event ceases to be actively involved in the affairs of the General Partner and the Management Company with respect to the Fund, or (b) within thirty (30) days after receipt of the Removal Election Notice, the General Partner and the Management Company terminate any and all employment or other service relationship between the Fund and such individual.
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