Common use of Capital Commitment; Drawdowns; Defaulting Shareholders Clause in Contracts

Capital Commitment; Drawdowns; Defaulting Shareholders. (a) The initial closing (the “Initial Closing”) will occur as soon as reasonably practicable. Subsequent closings (each, a “Closing”) may occur at the beginning of any calendar quarter (or such other times as may be determined by the Adviser in its discretion). Prior to the Initial Closing, unless otherwise determined by the Trustees, prospective Shareholders will make a commitment to purchase Shares (“Capital Commitment”) pursuant to a subscription agreement entered into with the Trust, pursuant to which Shareholders agree to contribute capital to the Trust in exchange for Shares. The subscription agreements provide that investors are required to fund capital contributions to purchase Shares (each a “Drawdown Purchase”), each time the Trust delivers a drawdown notice, which the Trust will deliver at least 10 business days prior to the date on which contributions will be due. Drawdown Purchases will generally be made pro rata, in accordance with unfunded Capital Commitments of all investors, unless otherwise determined by the Adviser (including as the Adviser determines necessary or desirable in order to comply with any applicable legal, regulatory, tax or similar regimes).

Capital Commitment; Drawdowns; Defaulting Shareholders. (a) The initial closing (the “Initial Closing”) will occur as soon as reasonably practicable. Subsequent closings (each, a “Closing”) may occur at the beginning of any calendar quarter (or such other times as may be determined by the Adviser in its discretion). Prior to the Initial Closing, unless otherwise determined by the Trustees, prospective Shareholders will make a commitment to purchase Shares (“Capital Commitment”) pursuant to a subscription agreement entered into with the Trust, pursuant to which Shareholders agree to contribute capital to the Trust in exchange for Shares. The With respect to any subscription agreements provide agreement that investors are required requires an investor to fund capital contributions to purchase Shares over a period of time (each a “Drawdown Purchase”), each time such capital contributions will be due upon no fewer than 5 business days after the date on which the Trust delivers a drawdown notice, which although the Trust will deliver at least 10 business days prior to the date on which contributions will be dueAdviser may, in its sole discretion, shorten such time period. Drawdown Purchases will generally be made pro rata, in accordance with unfunded Capital Commitments of all investors, unless otherwise determined by the Adviser (including as the Adviser determines necessary or desirable in order to comply with any applicable legal, regulatory, tax or similar regimes). Otherwise, capital contributions will be due on the date of such subscription agreement.

Capital Commitment; Drawdowns; Defaulting Shareholders. (a) The initial closing (the “Initial Closing”) will occur as soon as reasonably practicable. Subsequent closings (each, a “Closing”) may occur at the beginning of any calendar quarter (or such other times as may be determined by the Adviser in its discretion). Prior to the Initial Closing, unless otherwise determined by the Trustees, prospective Shareholders will make a commitment to purchase Shares (“Capital Commitment”) pursuant to a subscription agreement entered into with the Trust, pursuant to which Shareholders agree to contribute capital to the Trust in exchange for Shares. The With respect to any subscription agreements provide agreement that investors are required requires an investor to fund capital contributions to purchase Shares over a period of time (each a “Drawdown Purchase”), each time the Trust delivers a drawdown notice, which the Trust such capital contributions will deliver be due at least 10 business days prior to the date on which contributions will be duethe Trust delivers a drawdown notice. Drawdown Purchases will generally be made pro rata, in accordance with unfunded Capital Commitments of all investors, unless otherwise determined by the Adviser (including as the Adviser determines necessary or desirable in order to comply with any applicable legal, regulatory, tax or similar regimes). Otherwise, capital contributions will be due on the date of such subscription agreement.