Common use of Required Findings Clause in Contracts

Required Findings. The parties each acknowledge and agree that: (a) Under Rule 12d1-4(b)(2)(i)(B), prior to the initial acquisition of an Acquired Fund in excess of the limits in Section 12(d)(1)(A)(i), the Acquired Fund’s adviser has found that any concerns regarding undue influence arising from an Acquiring Fund’s investment in the Acquired Fund are reasonably addressed, considering, at a minimum, the scale of contemplated investments by the Acquiring Fund and any maximum investment limits, the anticipated timing of redemption requests by the Acquiring Fund, whether and under what circumstances the Acquiring Fund will provide advance notification of investments and redemptions, and the circumstances under which the Acquired Fund may elect to satisfy redemption requests in kind rather than in cash and the terms of any such redemptions in kind (the “Acquired Fund Findings”); and (b) Under Rule 12d1-4(b)(2)(i)(A), prior to the initial acquisition of an Acquired Fund in excess of the limits in Section 12(d)(1)(A)(i), the Acquiring Fund’s adviser has evaluated the complexity of the structure and fees and expenses arising from the investment in the Acquired Fund and found that the Acquiring Fund’s fees and expenses do not duplicate the fees and expenses of the Acquired Fund (the “Acquiring Fund Findings”).