Substitution of Shares. The Feeder Fund shall refrain from substituting Shares of the Offshore Fund held by the Feeder Fund unless the SEC has approved such substitution in accordance with Section 26 of the 1940 Act.
Appears in 5 contracts
Samples: Agreement (Excelsior Private Markets Fund III (TE), LLC), Agreement (Excelsior Private Markets Fund II (TE), LLC), Agreement (Grosvenor Registered Multi-Strategy Fund (Te), LLC)
