Common use of Several Unit Treatment Clause in Contracts

Several Unit Treatment. Prior to an Exchange Listing, if an Access Fund LP does not satisfy its obligations under a capital call by the Access Fund, giving rise to a portion of a capital call made by the Fund upon the Access Fund being under-funded, then, if the Fund determines to enforce any default remedies against the Access Fund, the Fund agrees that it shall enforce such remedies only on a proportionate and several basis (i.e., the Access Fund’s Units shall be treated as if they were held by more than one member of the Fund and remedies shall be applied solely with respect to a portion of the Access Fund’s Units that corresponds to the amount of the capital contribution shortfall that corresponds to the interest of the particular defaulting Access Fund LP). For illustrative purposes only, if the Access Fund contributes only 95% of a required Capital Contribution to the Fund due to the default of an Access Fund LP holding a 5% interest in the Access Fund, then only 5% of the Access Fund’s Units shall be subject to the Fund’s available default remedies and 95% of the Access Fund’s Units shall be treated as separate Units that shall maintain their full rights and entitlements under this Agreement. With respect to each capital call made by the Fund for which there is a shortfall in the Capital Contribution of the Access Fund due to a Access Fund LP not satisfying in full its obligations under a capital call by the Access Fund, a portion of the Access Fund’s Units corresponding to the interests in the Access Fund of Access Fund LPs defaulting on their capital contribution to the Access Fund shall be moved to a separate account for each defaulting Access Fund LP and the sole remedy of the Fund against the Access Fund with respect to the shortfall attributable to a defaulting Access Fund LP shall be with regard to such newly created accounts.

Several Unit Treatment. Prior to an Exchange Listing, if If an Access Fund LP does not satisfy its obligations under a capital call by the Access Fund, giving rise to a portion of a capital call made by the Fund upon the Access Fund being under-funded, then, if the Fund determines to enforce any default remedies against the Access Fund, the Fund agrees that it shall enforce such remedies only on a proportionate and several basis (i.e., the Access Fund’s Units shall be treated as if they were held by more than one member of the Fund and remedies shall be applied solely with respect to a portion of the Access Fund’s Units that corresponds to the amount of the capital contribution shortfall that corresponds to the interest of the particular defaulting Access Fund LP). For illustrative purposes only, if the Access Fund contributes only 95% of a required Capital Contribution capital contribution to the Fund due to the default of an Access Fund LP holding a 5% interest in the Access Fund, then only 5% of the Access Fund’s Units shall be subject to the Fund’s available default remedies and 95% of the Access Fund’s Units shall be treated as separate Units that shall maintain their full rights and entitlements under this Agreement. With respect to each capital call made by the Fund for which there is a shortfall in the Capital Contribution capital contribution of the Access Fund due to a Access Fund LP not satisfying in full its obligations under a capital call by the Access Fund, a portion of the Access Fund’s Units corresponding to the interests in the Access Fund of Access Fund LPs defaulting on their capital contribution to the Access Fund shall be moved to a separate account for each defaulting Access Fund LP and the sole remedy of the Fund against the Access Fund with respect to the shortfall attributable to a defaulting Access Fund LP shall be with regard to such newly created accounts.