Common use of Series of Units Clause in Contracts

Series of Units. The Fund is permitted to issue an unlimited number of series of Units (each, a “Series”) having such terms and conditions as the Manager may determine. Three Series of Units of the Fund are offered under the Offering Memorandum and this Subscription Agreement: Series A Units, Series I Units and Series F Units. Series I Units may only be purchased by certain Subscribers, in the discretion of the Manager, who have entered into a Series I agreement with the Manager. Series F Units may only be purchased by Subscribers who are enrolled in a sponsored fee-for-service or wrap program with their Dealer. The Subscriber acknowledges that if the Subscriber fails to indicate below the Series of Units such Subscriber is subscribing for, the Subscriber shall be deemed to subscribe for Series A Units of the Fund, the number of which shall equal the amount set forth below at the Series Net Asset Value of Series A Units on the applicable Valuation Day, in the discretion of the Manager.