Common use of Admission of Investors Clause in Contracts

Admission of Investors. (a) The Fund shall have the unrestricted right at all times prior to the Termination Date to admit to the Fund such Investors as it may deem advisable. One Investor Share will be issued for each accepted subscription for $150,000 of Capital Contributions (before discounts or incentives) and fractional Shares may be issued in the Manager's sole discretion for proportional amounts of Capital Contributions. After the Termination Date, the sale of Shares or different classes of Shares shall be governed by Section 9.6. (b) The aggregate subscriptions received for Capital Contributions of the Investors and accepted by the Fund will not exceed 350 Investor Shares ($52,500,000 nominal), immediately following the admission of such Investors. However, at any time prior to the Termination Date, the Fund in its sole discretion may increase the number of Investor Shares to 670 Investor Shares or more. (c) (i) If, by the close of business on March 31, 2005, Investor Shares representing Investor Capital Contributions in the aggregate amount of at least $1,500,000 have not been sold, the Fund shall be immediately dissolved at the expense of the Manager and all subscription funds shall be forthwith returned to the respective subscribers together with any interest earned thereon. (ii) If the Fund withdraws the Offering after the Fund has received Investor Shares representing Investor Capital Contributions in the aggregate amount of at least $1,500,000, but before the Termination Date, the Fund shall be immediately dissolved at the expense of the Manager and all subscription funds, net of third party fees, shall be returned to the respective subscribers together with any interest earned thereon. For purposes of this Section 1.6(c)(ii), third party fees do not include any fees paid to the Manager or its affiliates. (d) Each Investor shall execute a Subscription Agreement and will make a Capital Contribution to the Fund equal to $150,000 per Investor Share. The Fund may accept or reject any subscription in whole or in part in its sole discretion. Each Investor who executes an accepted Subscription Agreement shall be admitted to the Fund as a Shareholder. All funds received from such subscriptions until used by the Fund will be deposited in the Fund's name in an account at a commercial bank. (e) The Capital Contribution for Investor Shares must be paid to the Fund at the time of subscription.

Admission of Investors. (a) The Fund shall have the unrestricted right at all times prior to the Termination Date to admit to the Fund such Investors as it may deem advisable. One Investor Share will be issued for each accepted subscription for $150,000 of Capital Contributions (before discounts or incentives) and fractional Shares may be issued in the Manager's sole discretion for proportional amounts of Capital Contributions. After the Termination Date, the sale of Shares or different classes of Shares shall be governed by Section 9.6. (b) The aggregate subscriptions received for Capital Contributions of the Investors and accepted by the Fund will not exceed 350 500 Investor Shares ($52,500,000 75,000,000 nominal), immediately following the admission of such Investors. However, at any time prior to the Termination Date, the Fund Manager in its sole discretion may increase the number of Investor Shares to 670 834 Investor Shares or more. (c) (i) If, by the close of business on March 31, 2005, Investor Shares representing Investor Capital Contributions in the aggregate amount of at least $1,500,000 have not been sold, the Fund shall be immediately dissolved at the expense of the Manager and all subscription funds shall be forthwith returned to the respective subscribers together with any interest earned thereon. (ii) If the Fund withdraws the Offering after the Fund has received Investor Shares representing Investor Capital Contributions in the aggregate amount of at least $1,500,000, but before the Termination Date, the Fund shall be immediately dissolved at the expense of the Manager and all subscription funds, net of third party fees, shall be returned to the respective subscribers together with any interest earned thereon. For purposes of this Section 1.6(c)(ii), third party fees do not include any fees paid to the Manager or its affiliates. (d) Each Investor shall execute a Subscription Agreement and will make a Capital Contribution to the Fund equal to $150,000 per Investor Share. The Fund may accept or reject any subscription in whole or in part in its sole discretion. Each Investor who executes an accepted Subscription Agreement shall be admitted to the Fund as a Shareholder. All funds Funds received from such subscriptions until used by the Fund will be deposited in the Fund's name in an account at a commercial bank. (e) The Capital Contribution for Investor Shares must be paid to the Fund at the time of subscription.

Admission of Investors. (a) The Fund shall have the unrestricted right at all times prior to the Termination Date to admit to the Fund such Investors as it may deem advisable. One Investor Share will be issued for each accepted subscription for $150,000 of Capital Contributions (before discounts or incentives) and fractional Shares may be issued in the Manager's sole discretion for proportional amounts of Capital Contributions. After the Termination Date, the sale of Shares or different classes of Shares shall be governed by Section 9.6. (b) The aggregate subscriptions received for Capital Contributions of the Investors and accepted by the Fund will not exceed 350 267 Investor Shares ($52,500,000 40,050,000 nominal), immediately following the admission of such Investors. However, at any time prior to the Termination Date, the Fund in its sole discretion may increase the number of Investor Shares to 670 400 Investor Shares or more. (c) (i) If, by the close of business on March December 31, 20052004, Investor Shares representing Investor Capital Contributions in the aggregate amount of at least $1,500,000 have not been sold, the Fund shall be immediately dissolved at the expense of the Manager and all subscription funds shall be forthwith returned to the respective subscribers together with any interest earned thereon. (ii) If the Fund withdraws the Offering after the Fund has received Investor Shares representing Investor Capital Contributions in the aggregate amount of at least $1,500,000, but before the Termination Date, the Fund shall be immediately dissolved at the expense of the Manager and all subscription funds, net of third party fees, shall be returned to the respective subscribers together with any interest earned thereon. For purposes of this Section 1.6(c)(ii), third party fees do not include any fees paid to the Manager or its affiliates. (d) Each Investor shall execute a Subscription Agreement and will make a Capital Contribution to the Fund equal to $150,000 per Investor Share. The Fund may accept or reject any subscription in whole or in part in its sole discretion. Each Investor who executes an accepted Subscription Agreement shall be admitted to the Fund as a Shareholder. All funds received from such subscriptions until used by the Fund will be deposited in the Fund's name in an account at a commercial bank. (e) The Capital Contribution for Investor Shares must be paid to the Fund at the time of subscription.

Admission of Investors. (a) The Fund shall have the unrestricted right at all times prior to the Termination Date to admit to the Fund such Investors as it may deem advisable. One Investor Share will be issued for each accepted subscription for $150,000 of Capital Contributions (before discounts or incentives) and fractional Shares may be issued in the Manager's sole discretion for proportional amounts of Capital Contributions. After the Termination Date, Section 9.6 shall govern the sale of Shares or different classes of Shares shall be governed by Section 9.6Shares. (b) The aggregate subscriptions received for Capital Contributions of the Investors and accepted by the Fund will not exceed 350 1,000 Investor Shares ($52,500,000 nominal150,000,000), immediately following the admission of such Investors. However, at any time prior to the Termination Date, the Fund Manager in its sole discretion may increase the number of Investor Shares to 670 1,335 Investor Shares or more. (c) (i) If, by the close of business on March July 31, 20052006, Investor Shares representing Investor Capital Contributions in the aggregate amount of at least $1,500,000 have not been sold, the Fund shall be immediately dissolved at the expense of the Manager and all subscription funds shall be forthwith returned to the respective subscribers together with any interest earned thereon. (ii) If the Fund withdraws the Offering after the Fund has received Investor Shares representing Investor Capital Contributions in the aggregate amount of at least $1,500,000, but before the Termination Date, the Fund shall be immediately dissolved at the expense of the Manager and all subscription funds, net of third party fees, shall be returned to the respective subscribers together with any interest earned thereon. For purposes of this Section 1.6(c)(ii1.6(c) (ii), third party fees do not include any fees paid to the Manager or its affiliates. (iii) All funds received from such subscriptions until used by the Fund will be deposited in the Fund's name in an escrow account at a commercial bank. (d) Each Investor shall execute a Subscription Agreement and will make a Capital Contribution to the Fund equal to $150,000 per Investor Share. The Fund may accept or reject any subscription in whole or in part in its sole discretion. Each Investor who executes an accepted Subscription Agreement shall be admitted to the Fund as a Shareholder. All funds received from such subscriptions until used by the Fund will be deposited in the Fund's name in an account at a commercial bank. (e) The Capital Contribution for Investor Shares must be paid to the Fund at the time of subscription.

Admission of Investors. (a) The Fund shall have the unrestricted right at all times prior to the Termination Date to admit to the Fund such Investors as it may deem advisable. One Investor Share will be issued for each accepted subscription for $150,000 of Capital Contributions (before discounts or incentives) and fractional Shares may be issued in the Manager's sole discretion for proportional amounts of Capital Contributions. After the Termination Date, Section 9.6 shall govern the sale of Shares or different classes of Shares shall be governed by Section 9.6Shares. (b) The aggregate subscriptions received for Capital Contributions of the Investors and accepted by the Fund will not exceed 350 800 Investor Shares ($52,500,000 nominal120,000,000), immediately following the admission of such Investors. However, at any time prior to the Termination Date, the Fund Manager in its sole discretion may increase the number of Investor Shares to 670 1335 Investor Shares or more. (c) (i) If, by the close of business on March 31, 20052006, Investor Shares representing Investor Capital Contributions in the aggregate amount of at least $1,500,000 have not been sold, the Fund shall be immediately dissolved at the expense of the Manager and all subscription funds shall be forthwith returned to the respective subscribers together with any interest earned thereon. (ii) If the Fund withdraws the Offering after the Fund has received Investor Shares representing Investor Capital Contributions in the aggregate amount of at least $1,500,000, but before the Termination Date, the Fund shall be immediately dissolved at the expense of the Manager and all subscription funds, net of third party fees, shall be returned to the respective subscribers together with any interest earned thereon. For purposes of this Section 1.6(c)(ii1.6 (c)(ii), third party fees do not include any fees paid to the Manager or its affiliates. (iii) All funds received from such subscriptions until used by the Fund will be deposited in the Fund's name in an escrow account at a commercial bank. (d) Each Investor shall execute a Subscription Agreement and will make a Capital Contribution to the Fund equal to $150,000 per Investor Share. The Fund may accept or reject any subscription in whole or in part in its sole discretion. Each Investor who executes an accepted Subscription Agreement shall be admitted to the Fund as a Shareholder. All funds received from such subscriptions until used by the Fund will be deposited in the Fund's name in an account at a commercial bank. (e) The Capital Contribution for Investor Shares must be paid to the Fund at the time of subscription.