Impermissible Event definition

Impermissible Event means any event which would: (a) cause the Company not to qualify for an exemption from regulation under the Commodity Exchange Act (if the Company is then relying on such exemption); or (b) cause a violation under any Law or any contractual provision to which the Company or any of its property is subject.
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Impermissible Event means an event that would cause the Platform or any Series: (i) to be treated as an association taxable as a corporation for income tax purposes; (ii) to be considered to hold “plan assets” within the meaning of ERISA; (iii) to engage in a “prohibited transaction” as defined in Section 406 of ERISA or Section 4975 of the Code; or (iv) to violate any Law or contractual provision. “Indemnified Party.” See Section 2.6(a).
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Impermissible Event means any event which would cause: (A) the Fund not to qualify for an exemption from regulation under the Commodity Exchange Act (if the Fund is then relying on such exemption); (B) a violation under any Law or any contractual provision to which the Fund or any of its property is subject; or (C) a Limited Partner to breach any of such Limited Partner’s representations, warranties or covenants set forth in this Agreement or in such Limited Partner’s Subscription and Capital Commitment Agreement.
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Examples of Impermissible Event in a sentence

  • Notwithstanding any provision herein to the contrary, and subject to applicable Law, the Board may (i) suspend the right of redemption or (ii) postpone the payment of redemption proceeds for up to seven days if the Board determines that: (A) making such payment would result in an Impermissible Event, or (B) liquidating investment assets in order to make such payment would adversely affect the continuing Members.

  • Without limiting the generality of the foregoing, a Member's Units may be redeemed involuntarily and without notice to the extent necessary for the Company to comply with the provisions of applicable Law or if the Board or the Adviser determines that not redeeming a Member's Units would result in an Impermissible Event.

  • Without limiting the generality of the foregoing, a Member’s Units may be redeemed involuntarily and without notice to the extent necessary for the Company to comply with the provisions of applicable Law or if the Board or the Adviser determines that not redeeming a Member's Units would result in an Impermissible Event.