“Material Breach” is not specifically defined in the Decile Base material provided, so the safest answer is:
- It generally means a **serious breach of the LPA**, not a minor admin error.
- Related “for cause” concepts commonly include:
- fraud
- willful misconduct
- gross negligence
- material breach of the LPA
- certain regulatory disqualifications
Once in **Limited Operations Mode**:
- it is triggered by LPs holding **more than 66 ⅔%** of commitments giving written notice
- the parties must **negotiate in good faith**
- the period lasts **90 days**
- it can be extended in additional **90 day** periods by further notice from the requisite majority
I can’t confidently confirm more specific GP powers from the provided material.
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/163990-what-counts-as-a-material-breach-that-could-trigger-limited-operations-mode
- https://decilehub.com/base/1-general_questions/163683-when-can-the-gp-be-removed
- It generally means a **serious breach of the LPA**, not a minor admin error.
- Related “for cause” concepts commonly include:
- fraud
- willful misconduct
- gross negligence
- material breach of the LPA
- certain regulatory disqualifications
Once in **Limited Operations Mode**:
- it is triggered by LPs holding **more than 66 ⅔%** of commitments giving written notice
- the parties must **negotiate in good faith**
- the period lasts **90 days**
- it can be extended in additional **90 day** periods by further notice from the requisite majority
I can’t confidently confirm more specific GP powers from the provided material.
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/163990-what-counts-as-a-material-breach-that-could-trigger-limited-operations-mode
- https://decilehub.com/base/1-general_questions/163683-when-can-the-gp-be-removed