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: Master/Feeder Agreement (Excelsior Private Markets Fund III (TE), LLC), Master/Feeder Agreement (Excelsior Private Markets Fund II (TE), LLC), Master/Feeder Agreement (Grosvenor Registered Multi-Strategy Fund (Te), LLC)
