Common use of Purposes and Scope of Business Clause in Contracts

Purposes and Scope of Business. The Fund is organized to invest in a wide range of investments, including without limitation Securities (as hereinafter defined) and other related kinds of investments, and to engage in all activities that the General Partner may deem necessary or advisable in connection therewith, whether directly or through one or more investment entities, including, without limitation: (a) to purchase or otherwise acquire, hold, trade, sell, assign, negotiate, exchange or otherwise transfer or dispose of, on margin or otherwise, all types of U.S. and foreign securities and other financial instruments, including, without limitation, listed and unlisted capital stock, bonds and all other forms of debt securities, mutual funds, exchange traded funds, money market funds, U.S. and foreign currencies and cash, in each case issued by any person, corporation, partnership, limited liability company, bank or similar financial institution, trust, business trust, association, or other company or similar entity of any kind, as well as futures and forward contracts (and options thereon) relating to all financial instruments, including but not limited to stock market or other securities market indices, or currencies — and rights or options relating to any of the foregoing, including put and call options (including but not limited to index options) or any combination thereof written by the Fund, by the General Partner on behalf of the Fund or by others, together with any synthetic or derivative security or instrument whose value is based upon the value of any of the foregoing securities or other financial instruments, except to the extent, if any, that any of the foregoing is specifically excluded from the definition of "Security" in the next subparagraph (each such item a "Security"), and to perform any and all acts for the preservation and enhancement in value of any and all Securities and to engage in such other lawful Securities transactions as the General Partner may from time to time determine; (b) to conduct its operations such that each item listed at the end of this subparagraph shall be excluded from the definition of "Security" in the preceding subparagraph and/or each restriction described at the end of this subparagraph shall be applicable to the Fund's Securities: NONE; (c) to acquire a long position or a short position with respect to any Security and to make purchases or sales increasing, decreasing or liquidating such position or changing from a long position to a short position or vice versa, without any limitation as to the frequency of such transactions; (d) to engage personnel, whether part-time or full-time, attorneys, independent accountants, consultants, advisers or such other persons as the General Partner may deem necessary or advisable; (e) to maintain one or more offices for the conduct of Fund affairs and in connection therewith to rent or acquire office space; (f) to enter into custodial arrangements regarding Securities owned beneficially by the Fund with banks and brokers wherever located; (g) to form any type of investment vehicle to carry out any of the foregoing, including, but not limited to, partnerships (general and limited), joint ventures, limited liability companies, corporations and any other type of entity, within or outside the United States; (h) without limiting the foregoing, to exercise all rights, powers, privileges and other incidents of ownership or possession with respect to Securities and other Fund Assets, and to do such other acts as the General Partner may deem necessary or advisable in its administration of the Fund.