Common use of Borrower Structure; Underlying Funds Clause in Contracts

Borrower Structure; Underlying Funds. (a) Exhibit B sets forth a complete and accurate list of (i) all Permitted Investments and (ii) all interests in each Underlying Fund held by Borrower or any other Loan Party. There is no provision in the Declaration of Trust, any other Governing Document of Borrower, the Investment Management Agreement, any Investment Sub-Advisory Agreement, the Administration Agreement, the Custody Agreement, any Subsidiary Governing Agreement, any Underlying Fund Document, the Fund Policies or any other contractual obligations between or among, as the case may be, Borrower, the other Loan Parties (or any one or more of them) and any Investor that is materially adverse to the interests of Lender in each such Person’s capacity as such. (b) To Borrower’s and the other Loan Parties’ knowledge, there are no material defaults under any Subsidiary Governing Agreement. (c) Neither Borrower, nor any other Loan Party is in default under any Underlying Fund Document or any other material governing document with respect to any Permitted Investment. Neither the Borrower nor any other Loan Party is aware of any circumstance, event or no condition which, with or without the giving of notice or the lapse of time, could reasonably be expected to result in a default by the Borrower or any other Loan Party thereunder.

Borrower Structure; Underlying Funds. (a) Exhibit B sets forth a complete and accurate list of (i) all Permitted Investments and (ii) all interests in each Underlying Fund held by Borrower or any other Loan Party. There is no provision in the Declaration of Trust, any other Governing Document of Borrower, the Investment Management Agreement, any Investment Sub-Advisory Agreement, the Administration Agreement, the Distribution Agreement, the Custody Agreement, any Subsidiary Governing Agreement, any Underlying Fund Document, the Fund Policies or any other contractual obligations between or among, as the case may be, Borrower, the other Loan Parties (or any one or more of them) and any Investor that is materially adverse to the interests of Lender in each such Person’s capacity as such. (b) To Borrower’s and the other Loan Parties’ knowledge, there are no material defaults under any Subsidiary Governing Agreement. (c) Neither Borrower, Borrower nor any other Loan Party is in default under any Underlying Fund Document or any other material governing document with respect to any Permitted Investment. Neither the Borrower nor any other Loan Party is aware of any circumstance, event or no condition which, with or without the giving of notice or the lapse of time, could reasonably be expected to result in a default by the Borrower or any other Loan Party thereunder.

Borrower Structure; Underlying Funds. (a) Exhibit B sets forth a complete and accurate list of (i) all Permitted Investments and (ii) all interests in each Underlying Fund held by Borrower or any other Loan Party. There is no provision in the Declaration of Trust, any other Governing Document of Borrower, the Investment Management Agreement, any Investment Sub-Advisory Agreement, the Administration Agreement, the Distribution Agreement, the Custody Agreement, any Subsidiary Governing Agreement, any Underlying Fund Document, the Fund Policies or any other contractual obligations between or among, as the case may be, Borrower, the other Loan Parties (or any one or more of them) and any Investor that is materially adverse to the interests of Lender in each such Person’s capacity as such. (b) To Borrower’s and the other Loan Parties’ knowledge, there are no material defaults under any Subsidiary Governing Agreement. (c) Neither Borrower, Borrower nor any other Loan Party is in default under any Underlying Fund Document or any other material governing document with respect to any Permitted Investment. Neither the Borrower nor any other Loan Party is aware of any circumstance, event or no condition which, with or without the giving of notice or the lapse of time, could reasonably be expected to result in a default by the Borrower or any other Loan Party thereunder.