“Material Breach” is not specifically defined in the Decile Base material provided, so I can’t confidently give an exhaustive list.
What is supported:
- Limited Operations Mode can be triggered when LPs holding more than 66 ⅔% of commitments give written notice detailing a Material Breach.
- In related Decile Base guidance, “for cause” GP issues commonly include:
- fraud
- willful misconduct
- gross negligence
- material breach of the LPA
- certain regulatory disqualifications
So, a Material Breach would generally mean a significant violation of the LPA, not minor admin mistakes.
References:
- https://decilehub.com/base/1-general_questions/19720-what-is-the-process-for-triggering-limited-operations-mode
- https://decilehub.com/base/1-general_questions/163683-when-can-the-gp-be-removed
What is supported:
- Limited Operations Mode can be triggered when LPs holding more than 66 ⅔% of commitments give written notice detailing a Material Breach.
- In related Decile Base guidance, “for cause” GP issues commonly include:
- fraud
- willful misconduct
- gross negligence
- material breach of the LPA
- certain regulatory disqualifications
So, a Material Breach would generally mean a significant violation of the LPA, not minor admin mistakes.
References:
- https://decilehub.com/base/1-general_questions/19720-what-is-the-process-for-triggering-limited-operations-mode
- https://decilehub.com/base/1-general_questions/163683-when-can-the-gp-be-removed