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ONLY AND MAY NOT BE APPLICABLE DEPENDING UPON A HOLDER'S PARTICULAR SITUATION. PROSPECTIVE PURCHASERS OF
formation, information relating to the amount of interest paid and the amount of backup withholding, if any, with respect to payments on the Notes. Non-U.S. Holders The following summary is limited to the U.S. federal income tax consequences relevant to a beneficial owner of a Note (other than a partnership or
States federal income tax purposes.. or • a U.S. Holder whose " functional currency" is not the United St
on, the entire amount received will be treated as a distribution and will be taxable as described under the caption " aaxation of Dividends" above. Non-U.S. Holders The following discussion is a summary of certain United States federal tax consequences that will apply to you if you are a non-U.S. Holder of depo
le income" ("UBIT). If an Investor is a Non-U.S. Holder (as defined below) for U.S. tax purposes, that I
the Onshore Feeder Fund since adverse tax consequences could result for the Investor. Accordingly, the Onshore Feeder Fund is not being offered to Non-U.S. Holders. U.S. tax-exempt Investors that are not willing to receive material amounts of UBTI and Non-U.S. Holders should, if eligible, instead consider an
Interests. For purposes of this summary, a "U.S. Holder" is a beneficial owner of an interest in the Ons
e Feeder Fund by U.S. Holders (as defined herein) and of Interests in the Offshore Feeder Fund by U.S. Tax-Exempt Investors (as defined herein) and Non-U.S. Holders (as defined herein) who purchase their respective interests in the offering. This summary is based upon the Code, U.S. Department of the Treasury (
Interests. For purposes of this summary, a "U.S. Holder" is a beneficial owner of an interest in the Ons
e Feeder Fund by U.S. Holders (as defined herein) and of Interests in the Offshore Feeder Fund by U.S. Tax-Exempt Investors (as defined herein) and Non-U.S. Holders (as defined herein) who purchase their respective interests in the offering. This summary is based upon the Code, U.S. Department of the Treasury (
Entities connected to both Eric Holder and Non-U.S. Holders

United States
LOCATION
JPMorgan Chase
ORGANIZATION
the Internal Revenue Service
ORGANIZATIONthe Securities and Exchange Commission
ORGANIZATION
U.S. Treasury
ORGANIZATION
United Kingdom
LOCATIONU.S. Department
ORGANIZATIONthe New York Banking Law
ORGANIZATIONRegulation M
ORGANIZATIONThe Onshore Feeder Fund's
ORGANIZATIONOffshore Feeder Fund
ORGANIZATION