Termination of Status of the Manager. The status of the Manager as an investment manager of the Master Fund shall be terminated if the Investment Management Agreement between the Master Fund and the Manager terminates and the Master Fund does not enter into a new investment management agreement with the Manager, effective as of the date of such termination; or, at any time, (i) by the Master Fund on 60 days’ written notice to the Manager, without the payment of any penalty, by a vote of a majority of the entire Board or by vote of a majority of the outstanding voting securities of the Master Fund, or (ii) upon 90 days’ written notice by the Manager. The Investment Management Agreement will automatically and immediately terminate in the event of its assignment by the Manager, provided that an assignment to a successor to all or substantially all of the Manager’s business or to a wholly-owned subsidiary of such successor which does not result in a change of actual control of the Manager’s business shall not be deemed to be an assignment for the purposes of the Investment Management Agreement.
Appears in 4 contracts
Samples: Limited Liability Company Agreement (Mercantile Alternative Strategies Master Fund LLC), Limited Liability Company Agreement (PNC Absolute Return Master Fund LLC), Limited Liability Company Agreement (PNC Long-Short Master Fund LLC)
