BOOKS AND RECORDS, TAX ELECTIONS AND REPORTS. 11 Section 3.1 Books and Accounts 11 Section 3.2 Records Available 11 Section 3.3 Financial Statements 11 Section 3.4 Tax Information 12 Section 3.5 Reliance on Accountants 12 Section 3.6 Tax Matters Partner; Certain Expenses 12 Section 3.7 Fiscal Year 13 Section 3.8 Partnership Classification 13 Section 3.9 Safe Harbor Election 13 Section 3.10 Tax Acknowledgments 13 Section 3.11 Partner Representations 13 ARTICLE IV PARTNERS; PARTNERSHIP INTERESTS 14 Section 4.1 Partners 14 Section 4.2 Partnership Interests 14 Section 4.3 Requirements for Admission as Limited Partner 15 Section 4.4 Partner Withdrawal Rights 15 ARTICLE V CAPITAL ACCOUNTS AND ALLOCATIONS 15 Section 5.1 Capital Accounts 15 Section 5.2 Allocation of Net Profits and Net Losses 16 Section 5.3 Allocations in Respect of Section 704(c) Property 18 Section 5.4 Minimum Gain Chargebacks and Non-Recourse Deductions 18 Section 5.5 Qualified Income Offset 19 Section 5.6 Reserved 19 Section 5.7 Loss Limitation. 19 Section 5.8 Code Section 704(b) Compliance 19 Section 5.9 Corresponding Allocations of Taxable Income and Loss 19 Section 5.10 Allocation Conventions 20 ARTICLE VI DISTRIBUTIONS 20 Section 6.1 Distributions 20 Page
BOOKS AND RECORDS, TAX ELECTIONS AND REPORTS. 16 3.1 Books and Accounts 16 3.2 Records Available 16 3.3 Annual Financial Statements and Valuation 17 3.4 Quarterly Financial Statements 17 3.5 Additional Reporting 17 3.6 Reliance on Accountants 17 3.7 Tax Matters Partner 18 3.8 Filing of Returns 19 3.9 Fiscal Year 19 3.1 Investment Partnership Classification 19 3.11 Safe Harbor Election and Forfeiture Allocations 19 3.12 Certain Tax Issues 20 ARTICLE IV ADMISSION OF PARTNERS 22 4.1 Partner Interests 22 4.2 Authority of General Partner to Admit New Limited Partners 22 4.3 Requirements for Admission as Limited Partner 22 4.4 Admission of Limited Partners 23 4.5 Feeder Funds 23 4.6 Special Limited Partner Interests 23 ARTICLE V CAPITAL CONTRIBUTIONS 24 i 1051492.09-NYCSR02A - MSW 5.1 Capital Calls 24 5.2 Procedure for Capital Calls 24 5.3 Interest 25 ARTICLE VI DEFAULTING PARTNERS 25 6.1 Pledge of Investment Partnership Interests 25 6.2 Notice of Default and Interest 25 6.3 Feeder Fund Default 27 6.4 Additional Damages 27 6.5 Acknowledgment 27 ARTICLE VII CAPITAL ACCOUNTS AND ALLOCATIONS 28 7.1 Capital Accounts 28 7.2 Allocation of Net Income and Net Loss 29 7.3 Loss Limitation 30 7.4 Minimum Gain Chargebacks and Non-Recourse Deductions 30 7.5 Qualified Income Offset 30 7.6 Code Section 704(b) Compliance 30 7.7 Elections 31 7.8 Excess Non-Recourse Liabilities 31 ARTICLE VIII DISTRIBUTIONS 31 8.1 Distribution Priorities 31 8.2 Tax Distribution 32 8.3 Distributions in-Kind 33 8.4 Investments Held Through Blocker Corporations 33 8.5 Timing; Direction of Distribution Proceeds 34 8.6 No Deficit Restoration by Partners 34 8.7 Right of Set-Off 34 8.8 Withholding 34 ARTICLE IX MANAGEMENT 35 9.1 General Authority 35 9.2 Managers; Investment Partnership Management Fees; Acquisition Fees 35 9.3 Authority for Specific Actions 37 9.4 Investment Restrictions 40 9.5 Reliance by Third Parties; Authorized Signatories 40 9.6 Expense Reimbursement 40 9.7 Other Permitted Business 42 9.8 General Partner Guarantees 42 9.9 Key Person Event 43 9.10 ERISA Matters 44 9.11 Excess Conditions 45 1051492.09-NYCSR02A - MSW
