Material Fortress Fund definition

Material Fortress Fund means any Fortress Fund in which the sum of the Management Fees and the Promote Fees payable to a Loan Party or one of its Subsidiaries (other than, with respect to Hedge Funds and Private Equity Funds, Promote Fees allocable to individuals), whether paid or accrued, during the most recently ended twelve month period, or reasonably expected to be payable during the next succeeding twelve month period, exceeds $25,000,000, in the aggregate; provided, however, that no Managed Account shall be considered a Material Fortress Fund.
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Examples of Material Fortress Fund in a sentence

  • Any event occurs which causes a Material Fortress Fund to (i) terminate, dissolve, liquidate or wind up (or to begin the process of same) other than in connection with a Permitted Fund Termination or (ii) not be managed and advised by a Borrower of a Subsidiary or a Borrower other than as a result of (A) a scheduled orderly unwinding of a Private Equity Fund or (B) a Permitted Management Function Transfer.

  • Any event occurs which causes a Material Fortress Fund to terminate, dissolve, liquidate or wind up (or to begin the process of same).

  • Any event occurs which causes a Material Fortress Fund to (i) terminate, dissolve, liquidate or wind up (or to begin the process of same) other than in connection with a Permitted Fund Termination or (ii) not be managed and advised by a Loan Party or a Subsidiary other than as a result of (A) a scheduled orderly unwinding of a Private Equity Fund or (B) a Permitted Management Function Transfer.

  • Any event occurs which causes an Identified Material Fortress Fund (other than Drawbridge Global Macro Fund Ltd.

  • Any event occurs which causes a Material Fortress Fund (other than Drawbridge Global Macro Fund Ltd.