INVESTMENT MANAGER OVERHEAD definition

INVESTMENT MANAGER OVERHEAD means those customary and routine expenses incurred by the Investment Managers solely for their own accounts and that are not attributable in any way to performing their investment management activities for the Fund. Investment Manager Overhead does not include direct or indirect expenses incurred by the Investment Managers for their Fund management activities including but not limited to appropriate allocations of: (i) rent, depreciation, utilities, property taxes, and the cost of capital equipment unless acquired primarily for the benefit of the Fund; (ii) salaries and other compensation of officers, directors, and employees of or contractors to the Investment Managers or their Affiliates; and (iii) expenses of a general and administrative nature that are incurred by the Investment Managers on behalf of the Fund. (u) "INVESTOR" means any Person, including a Substituted Investor or an Investment Manager, who is an Investor shown on the books and records of the Fund at the time of reference thereto, in such Person's capacity as an Investor in the Fund.

INVESTMENT MANAGER OVERHEAD means those customary and routine expenses incurred by the Investment Manager solely for its own account and that are not attributable in any way to performing its investment management activities for the Fund. Investment Manager Overhead does not include direct or indirect expenses incurred by the Investment Manager associated with its Fund management activities including but not limited to appropriate allocations of: (i) rent or depreciation, utilities, property taxes, and the cost of capital equipment unless acquired primarily for the benefit of the Fund; (ii) salaries and other compensation of officers, directors, and employees of or contractors to the Investment Manager or its Affiliates; and (iii) expenses of a general and administrative nature that are incurred by the Investment Manager on behalf of the Fund.

INVESTMENT MANAGER OVERHEAD means those customary and routine expenses incurred by the Investment Managers (excluding all Organizational Expenses and Offering Expenses) that are of a general and administrative nature that are specifically incurred by the Investment Managers for their own accounts and are not attributable in any way to performing their investment management activities for the Fund. Investment Manager Overhead does not include direct or indirect expenses incurred by the Investment Managers or their Affiliates in performing or related to performing their investment management activities including but not limited to appropriate allocations of: (i) rent or depreciation, utilities, property taxes, and the cost of capital equipment unless acquired primarily for the benefit of the Fund; (ii) salaries and other compensation of partners, officers, directors, and employees of or contractors to the Investment Managers or their Affiliates; and (iii) expenses of a general and administrative nature that are incurred by the Investment Managers on behalf of the Fund.