Valuation of Investments. The general rule for determining the value of investments in order to ascertain whether a person is a qualified purchaser is that the value of the aggregate amount of investments owned and invested on a discretionary basis by such person shall be their fair market value on the most recent practicable date or their cost. This general rule is subject to the following provisos: 1) In the case of Commodity Interests, the amount of investments shall be the value of the initial margin or option premium deposited in connection with such Commodity Interests; and 2) In each case, there shall be deducted from the amount of investments owned by such person the following amounts: (a) The amount of any outstanding indebtedness incurred to acquire or for the purpose of acquiring the investments owned by such person. (b) A Family Company, in addition to the amounts specified in clause (a) above, shall have deducted from the value of such Family Company’s investments any outstanding indebtedness incurred by an owner of the Family Company to acquire such investments.
Appears in 4 contracts
Samples: Confidential Subscription Agreement (North Haven Private Income Fund a LLC), Subscription Agreement (North Haven Private Income Fund LLC), Confidential Subscription Agreement (LGAM Private Credit LLC)
