Common use of Membership Units Clause in Contracts

Membership Units. The interest of each Member in the capital and profits of the Fund will be in the form of Membership Units. Each Unit shall represent a contribution to the capital of the Fund in an amount equal to the price paid per Unit. The Fund will sell Membership Units at a “Unit Price” that may fluctuate from time to take after the investment period based on the total collective Stated Value of the Fund Assets. The initial Unit Price will be $1.00 with a minimum purchase of 100000. The fund will allow for fractional units. Investors who wish to purchase Units must complete and sign the Subscription Agreement, a signature page to the Operating Agreement, an Investor Suitability Questionnaire, and other such documentation as is deemed appropriate by the Manager. Upon receipt of capital contribution, the Fund will immediately deposit Investor funds into its holding account (the “Subscription Account”), the date of which shall be the “Deposit Date.” Investors may execute the Unit Subscription documents at any time throughout a calendar quarter. However, an investment in the Units only become effective as an equity investment upon the Fund’s transfer of an Investor’s funds into its operating account (the “Operating Account”) and as of the first day of the calendar quarter (the “Effective Date”) immediately following the Deposit Date. Investor funds held in the Subscription Account shall pay no interest to the Investor. Notwithstanding the foregoing, the Manager may, from time to time, defer the transfer of funds in the Fund’s Operating Account based upon the capital needs and preferences of the Fund. In the event the Manager elects to defer said transfer, the Manager will provide the Investor with no less than ten (10) days’ written notice of the date upon which the funds will be transferred. No Member will have the right to make any capital contribution not called by the Manager. The Fund may utilize a new Investor’s funds for its operations between the Deposit Date and the Effective Date by transferring all or a portion of such funds as determined by the Manager (the date of which shall be the “Transfer Date”) from the Subscription Account to the Operating Account. Any such amounts transferred shall be treated as a loan to the Fund for which the Investor shall receive interest at 7% (annualized) during the period between the Transfer Date and the Effective Date. The Fund will pay the accrued interest (running from the Transfer Date of any funds to the Effective Date) on any funds transferred from the Subscription Account to the Operating Account in the form of a check to the Investor to be prepared and mailed on or shortly after the Effective Date. An Investor’s obligation to purchase Units with their full deposited amount shall be irrevocable during the time between the Deposit Date and the first day of the subsequent calendar quarter. The manager, at its sole discretion; may choose to allow investors to purchase units after the end of the investment period. Any units purchased will be purchased at the prevailing unit price. As soon after the Effective Date as is practicable, the Fund shall issue Units to the Investor at the prevailing Unit Price for any and all amounts transferred into the Operating Account since the Deposit Date (i.e., funds that were treated as loaned to the Fund between the Transfer Date and the Effective Date).

Membership Units. The interest of each Member in the capital and profits of the Fund will be in the form of Membership Units. Each Unit shall represent a contribution to the capital of the Fund in an amount equal to the price paid per Unit. The Fund will sell Membership Units at a “Unit Price” that may fluctuate from time to take after the investment period based on the total collective Stated Value of the Fund Assets. The initial Unit Price will be $1.00 with a minimum purchase of 1000001,000. The fund will allow for fractional units. Investors who wish to purchase Units must complete and sign the Subscription Agreement, a signature page to the Operating Agreement, an Investor Suitability Questionnaire, and other such documentation as is deemed appropriate by the Manager. Upon receipt of capital contribution, the Fund will immediately deposit Investor funds into its holding account (the “Subscription Account”), the date of which shall be the “Deposit Date.” Investors may execute the Unit Subscription documents at any time throughout a calendar quarter. However, an investment in the Units only become effective as an equity investment upon the Fund’s transfer of an Investor’s funds into its operating account (the “Operating Account”) and as of the first day of the calendar quarter (the “Effective Date”) immediately following the Deposit Date. Investor funds held in the Subscription Account shall pay no interest to the Investor. Notwithstanding the foregoing, the Manager may, from time to time, defer the transfer of funds in the Fund’s Operating Account based upon the capital needs and preferences of the Fund. In the event the Manager elects to defer said transfer, the Manager will provide the Investor with no less than ten twenty (1020) days’ written notice of the date upon which the funds will be transferredtransferred (“Capital Call”). The Manager may amend, delay or rescind a capital call prior to its Due Date. Any such action will have no effect on a subsequent capital call. No Member will have the right to make any capital contribution not called by the Manager. The Fund may utilize a new Investor’s funds for its operations between the Deposit Date and the Effective Date by transferring all or a portion of such funds as determined by the Manager (the date of which shall be the “Transfer Date”) from the Subscription Account to the Operating Account. Any such amounts transferred shall be treated as a loan to the Fund for which the Investor shall receive interest at 7% (annualized) during the period between the Transfer Date and the Effective Date. The Fund will pay the accrued interest (running from the Transfer Date of any funds to the Effective Date) on any funds transferred from the Subscription Account to the Operating Account in the form of a check to the Investor to be prepared and mailed on or shortly after the Effective Date. An Investor’s obligation to purchase Units with their full deposited amount shall be irrevocable during the time between the Deposit Date and the first day of the subsequent calendar quarter. The manager, at its sole discretion; may choose to allow investors to purchase units after the end of the investment period. Any units purchased will be purchased at the prevailing unit price. As soon after the Effective Date as is practicable, the Fund shall issue Units to the Investor at the prevailing Unit Price for any and all amounts transferred into the Operating Account since the Deposit Date (i.e., funds that were treated as loaned to the Fund between the Transfer Date and the Effective Date).

Membership Units. The interest of each Member in the capital and profits of the Fund will be in the form of Membership Units. Each Unit shall represent a contribution to the capital of the Fund in an amount equal to the price paid per Unit. The Fund will sell Membership Units at a “Unit Price” that may fluctuate from time to take after the investment period based on the total collective Stated Value of the Fund Assets. The initial Unit Price will be $1.00 with a minimum purchase of 1000001,000. The fund will allow for fractional units. Investors who wish to purchase Units must complete and sign the Subscription Agreement, a signature page to the Operating Agreement, an Investor Suitability Questionnaire, and other such documentation as is deemed appropriate by the Manager. Upon receipt of capital contribution, the Fund will immediately deposit Investor funds into its holding account (the “Subscription Account”), the date of which shall be the “Deposit Date.” Investors may execute the Unit Subscription documents at any time throughout a calendar quarter. However, an investment in the Units only become effective as an equity investment upon the Fund’s transfer of an Investor’s funds into its operating account (the “Operating Account”) and as of the first day of the calendar quarter (the “Effective Date”) immediately following the Deposit Date. Investor funds held in the Subscription Account shall pay no interest to the Investor. Notwithstanding the foregoing, the Manager may, from time to time, defer the transfer of funds in the Fund’s Operating Account based upon the capital needs and preferences of the Fund. In the event the Manager elects to defer said transfer, the Manager will provide the Investor with no less than ten twenty (1020) days’ written notice of the date upon which the funds will be transferredtransferred (“Capital Call”). The Manager may amend, delay or rescind a capital call prior to its Due Date. Any such action will have no effect on a subsequent capital call. No Member will have the right to make any capital contribution not called by the Manager. Further, no Member shall be obligated to contribute, and Manager shall have no authority to call, any capital beyond such capital that has been committed. The Fund may utilize a new Investor’s funds for its operations between the Deposit Date and the Effective Date by transferring all or a portion of such funds as determined by the Manager (the date of which shall be the “Transfer Date”) from the Subscription Account to the Operating Account. Any such amounts transferred shall be treated as a loan to the Fund for which the Investor shall receive interest at 7% (annualized) during the period between the Transfer Date and the Effective Date. The Fund will pay the accrued interest (running from the Transfer Date of any funds to the Effective Date) on any funds transferred from the Subscription Account to the Operating Account in the form of a check to the Investor to be prepared and mailed on or shortly after the Effective Date. An Investor’s obligation to purchase Units with their full deposited amount shall be irrevocable during the time between the Deposit Date and the first day of the subsequent calendar quarter. The manager, at its sole discretion; may choose to allow investors to purchase units after the end of the investment period. Any units purchased will be purchased at the prevailing unit price. As soon after the Effective Date as is practicable, the Fund shall issue Units to the Investor at the prevailing Unit Price for any and all amounts transferred into the Operating Account since the Deposit Date (i.e., funds that were treated as loaned to the Fund between the Transfer Date and the Effective Date).

Membership Units. The interest of each Member in the capital and profits of the Fund will be in the form of Membership Units. Each Unit shall represent a contribution to the capital of the Fund in an amount equal to the price paid per Unit. The Fund will sell Membership Units at a “Unit Price” that may fluctuate from time to take after the investment period based on the total collective Stated Value of the Fund Assets. The initial Unit Price will be $1.00 $ with a minimum purchase of 100000150000. The fund will allow for fractional units. Investors who wish to purchase Units must complete and sign the Subscription Agreement, a signature page to the Operating Agreement, an Investor Suitability Questionnaire, and other such documentation as is deemed appropriate by the Manager. Upon receipt of capital contribution, the Fund will immediately deposit Investor funds into its holding account (the “Subscription Account”), the date of which shall be the “Deposit Date.” Investors may execute the Unit Subscription documents at any time throughout a calendar quarter. However, an investment in the Units only become effective as an equity investment upon the Fund’s transfer of an Investor’s funds into its operating account (the “Operating Account”) and as of the first day of the calendar quarter (the “Effective Date”) immediately following the Deposit Date. Investor funds held in the Subscription Account shall pay no interest to the Investor. Notwithstanding the foregoing, the Manager may, from time to time, defer the transfer of funds in the Fund’s Operating Account based upon the capital needs and preferences of the Fund. In the event the Manager elects to defer said transfer, the Manager will provide the Investor with no less than ten (10) days’ written notice of the date upon which the funds will be transferred. No Member will have the right to make any capital contribution not called by the Manager. The Fund may utilize a new Investor’s funds for its operations between the Deposit Date and the Effective Date by transferring all or a portion of such funds as determined by the Manager (the date of which shall be the “Transfer Date”) from the Subscription Account to the Operating Account. Any such amounts transferred shall be treated as a loan to the Fund for which the Investor shall receive interest at 7% (annualized) during the period between the Transfer Date and the Effective Date. The Fund will pay the accrued interest (running from the Transfer Date of any funds to the Effective Date) on any funds transferred from the Subscription Account to the Operating Account in the form of a check to the Investor to be prepared and mailed on or shortly after the Effective Date. An Investor’s obligation to purchase Units with their full deposited amount shall be irrevocable during the time between the Deposit Date and the first day of the subsequent calendar quarter. The manager, at its sole discretion; may choose to allow investors to purchase units after the end of the investment period. Any units purchased will be purchased at the prevailing unit price. As soon after the Effective Date as is practicable, the Fund shall issue Units to the Investor at the prevailing Unit Price for any and all amounts transferred into the Operating Account since the Deposit Date (i.e., funds that were treated as loaned to the Fund between the Transfer Date and the Effective Date).

Membership Units. The interest of each Member in the capital and profits of the Fund will be in the form of Membership Units. Each Unit shall represent a contribution to the capital of the Fund in an amount equal to the price paid per Unit. The Fund will sell Membership Units at a “Unit Price” that may fluctuate from time to take after the investment period based on the total collective Stated Value of the Fund Assets. The initial Unit Price will be $1.00 $ with a minimum purchase of 100000750000. The fund will allow for fractional units. Investors who wish to purchase Units must complete and sign the Subscription Agreement, a signature page to the Operating Agreement, an Investor Suitability Questionnaire, and other such documentation as is deemed appropriate by the Manager. Upon receipt of capital contribution, the Fund will immediately deposit Investor funds into its holding account (the “Subscription Account”), the date of which shall be the “Deposit Date.” Investors may execute the Unit Subscription documents at any time throughout a calendar quarter. However, an investment in the Units only become effective as an equity investment upon the Fund’s transfer of an Investor’s funds into its operating account (the “Operating Account”) and as of the first day of the calendar quarter (the “Effective Date”) immediately following the Deposit Date. Investor funds held in the Subscription Account shall pay no interest to the Investor. Notwithstanding the foregoing, the Manager may, from time to time, defer the transfer of funds in the Fund’s Operating Account based upon the capital needs and preferences of the Fund. In the event the Manager elects to defer said transfer, the Manager will provide the Investor with no less than ten (10) days’ written notice of the date upon which the funds will be transferred. No Member will have the right to make any capital contribution not called by the Manager. The Fund may utilize a new Investor’s funds for its operations between the Deposit Date and the Effective Date by transferring all or a portion of such funds as determined by the Manager (the date of which shall be the “Transfer Date”) from the Subscription Account to the Operating Account. Any such amounts transferred shall be treated as a loan to the Fund for which the Investor shall receive interest at 7% (annualized) during the period between the Transfer Date and the Effective Date. The Fund will pay the accrued interest (running from the Transfer Date of any funds to the Effective Date) on any funds transferred from the Subscription Account to the Operating Account in the form of a check to the Investor to be prepared and mailed on or shortly after the Effective Date. An Investor’s obligation to purchase Units with their full deposited amount shall be irrevocable during the time between the Deposit Date and the first day of the subsequent calendar quarter. The manager, at its sole discretion; may choose to allow investors to purchase units after the end of the investment period. Any units purchased will be purchased at the prevailing unit price. As soon after the Effective Date as is practicable, the Fund shall issue Units to the Investor at the prevailing Unit Price for any and all amounts transferred into the Operating Account since the Deposit Date (i.e., funds that were treated as loaned to the Fund between the Transfer Date and the Effective Date).

Membership Units. The interest of each Member in the capital and profits of the Fund will be in the form of Membership Units. Each Unit shall represent a contribution to the capital of the Fund in an amount equal to the price paid per Unit. The Fund will sell Membership Units at a “Unit Price” that may fluctuate from time to take after the investment period based on the total collective Stated Value of the Fund Assets. The initial Unit Price will be $1.00 with a minimum purchase of 1000001,000. The fund will allow for fractional units. Investors who wish to purchase Units must complete and sign the Subscription Agreement, a signature page to the Operating Agreement, an Investor Suitability Questionnaire, and other such documentation as is deemed appropriate by the Manager. Upon receipt of capital contribution, the Fund will immediately deposit Investor funds into its holding account (the “Subscription Account”), the date of which shall be the “Deposit Date.” Investors may execute the Unit Subscription documents at any time throughout a calendar quarter. However, an investment in the Units only become effective as an equity investment upon the Fund’s transfer of an Investor’s funds into its operating account (the “Operating Account”) and as of the first day of the calendar quarter (the “Effective Date”) immediately following the Deposit Date. Investor funds held in the Subscription Account shall pay no interest to the Investor. Notwithstanding the foregoing, the Manager may, from time to time, defer the transfer of funds in the Fund’s Operating Account based upon the capital needs and preferences of the Fund. In the event the Manager elects to defer said transfer, the Manager will provide the Investor with no less than ten (10) days’ written notice of the date upon which the funds will be transferred. No Member will have the right to make any capital contribution not called by the Manager. The Fund may utilize a new Investor’s funds for its operations between the Deposit Date and the Effective Date by transferring all or a portion of such funds as determined by the Manager (the date of which shall be the “Transfer Date”) from the Subscription Account to the Operating Account. Any such amounts transferred shall be treated as a loan to the Fund for which the Investor shall receive interest at 7% (annualized) during the period between the Transfer Date and the Effective Date. The Fund will pay the accrued interest (running from the Transfer Date of any funds to the Effective Date) on any funds transferred from the Subscription Account to the Operating Account in the form of a check to the Investor to be prepared and mailed on or shortly after the Effective Date. An Investor’s obligation to purchase Units with their full deposited amount shall be irrevocable during the time between the Deposit Date and the first day of the subsequent calendar quarter. The manager, at its sole discretion; may choose to allow investors to purchase units after the end of the investment period. Any units purchased will be purchased at the prevailing unit price. As soon after the Effective Date as is practicable, the Fund shall issue Units to the Investor at the prevailing Unit Price for any and all amounts transferred into the Operating Account since the Deposit Date (i.e., funds that were treated as loaned to the Fund between the Transfer Date and the Effective Date).