whichever occurs earlier，译为“以较早发生者为准”，而不是生硬地译为“无论哪一个先发生”，相当于the earlier of的含义

1

Subject to clauses XX and XX, the amount of the Management Fee for each half-year period shall be, in respect of each Limited Partner, an amount equal to:

1. from the First Closing Date to the end of the Investment Period, 2% of such Limited Partner’s Commitment; and

2. from the first day after the Investment Period until (i) the expiry of the term of the Partnership or (ii) winding up of the Partnership, whichever occurs earlier, 2% of such Limited Partner’s Management Fee Basis as of the Management Fee Calculation Date immediately before the period to which such Management Fee is attributable.

在遵守第XX条和第XX条规定的前提下，就各有限合伙人而言，每半年的管理费金额应当等于：

1. 在从首个交割日期到投资期结束的期间，该有限合伙人承诺额的2%；以及

2. 在从投资期间之后的第一天起到下列日期（以时间在先者为准）止的期间： (i) 合伙企业的存续期限届满之日；或者 (ii) 合伙企业清算之日，截止到应收管理费期间之前的管理费计算日期的该有限合伙人管理费基数的2%。

2

Consultant will deliver to Client all Confidential Information and all copies thereof when Client requests the same or immediately upon termination of this Agreement, whichever occurs earlier, except for one copy thereof that Consultant may retain for its records.

客户要求时，或本协议终止时（以两种情况中先发生的为准），顾问将向客户提交所有机密信息及所有副本，但顾问可以存档的一份副本除外。