Epstein Secrets

FTA_R 1_02 0 29745 EFTA02689996 Taxation 14.13 Emerging marketscountries' tax laws and practices are not always as clearly established as that of the European Union. Differing interpretations of tax regulations may exist both among and within government ministries and organizations at the federal, regional and

Investment Adviser(s) or their directors. managers. officers, employees or non-staff advisers and which (ii) grant their holder the right to receive the Carried Interest and the Preferred Return as described in the relevant Special Section; Portfolio Company means the target company the General Partner takes directl

ive Investment Fund Managers Directive. Neither the General Partner nor the Investment Manager is authorized or expected to become authorized under the European Union's Directive 2011/61/EU on Alternative Investment Fund Managers (the "AIFM Directive") as of the date of this Memorandum, and the substantive require

er Capital intend to commit a minimum of 1.0% of the Fund. .>Z The partners and professionals of Glendower Capital will be entitled to receive all the Carried Interest generated by the Fund. .>Z The Investment Committee of the Fund will consist solely of individuals from Glendower Capital. tZ Deutsche Bank will

European Union. Given these possibilities and others that are not anticipated, at this time, it is difficult to predict how the UK withdrawal from the European Union will be implemented and what the economic, tax, fiscal, legal, regulatory and other implications will be for the asset management industry, the bro

biased. Carried Interest The entitlement of certain partners and employees of the Manager and the U.S. Adviser to receive the economic benefit of the Carried Interest received by the Special Limited Partner may create an incentive for the Manager to make more speculative investments on behalf of the Fund than it

ive Investment Fund Managers Directive. Neither the General Partner nor the Investment Manager is authorized or expected to become authorized under the European Union's Directive 2011/61/EU on Alternative Investment Fund Managers (the "AIFM Directive") as of the date of this Memorandum, and the substantive require

er Capital intend to commit a minimum of 1.0% of the Fund. .>Z The partners and professionals of Glendower Capital will be entitled to receive all the Carried Interest generated by the Fund. .>Z The Investment Committee of the Fund will consist solely of individuals from Glendower Capital. tZ Deutsche Bank will

European Union. Given these possibilities and others that are not anticipated, at this time, it is difficult to predict how the UK withdrawal from the European Union will be implemented and what the economic, tax, fiscal, legal, regulatory and other implications will be for the asset management industry, the bro

biased. Carried Interest The entitlement of certain partners and employees of the Manager and the U.S. Adviser to receive the economic benefit of the Carried Interest received by the Special Limited Partner may create an incentive for the Manager to make more speculative investments on behalf of the Fund than it

ive Investment Fund Managers Directive. Neither the General Partner nor the Investment Manager is authorized or expected to become authorized under the European Union's Directive 2011/61/EU on Alternative Investment Fund Managers (the "AIFM Directive") as of the date of this Memorandum, and the substantive require

er Capital intend to commit a minimum of 1.0% of the Fund. .>Z The partners and professionals of Glendower Capital will be entitled to receive all the Carried Interest generated by the Fund. .>Z The Investment Committee of the Fund will consist solely of individuals from Glendower Capital. tZ Deutsche Bank will

European Union. Given these possibilities and others that are not anticipated, at this time, it is difficult to predict how the UK withdrawal from the European Union will be implemented and what the economic, tax, fiscal, legal, regulatory and other implications will be for the asset management industry, the bro

biased. Carried Interest The entitlement of certain partners and employees of the Manager and the U.S. Adviser to receive the economic benefit of the Carried Interest received by the Special Limited Partner may create an incentive for the Manager to make more speculative investments on behalf of the Fund than it

ive Investment Fund Managers Directive. Neither the General Partner nor the Investment Manager is authorized or expected to become authorized under the European Union's Directive 2011/61/EU on Alternative Investment Fund Managers (the "AIFM Directive") as of the date of this Memorandum, and the substantive require

er Capital intend to commit a minimum of 1.0% of the Fund. .>Z The partners and professionals of Glendower Capital will be entitled to receive all the Carried Interest generated by the Fund. .>Z The Investment Committee of the Fund will consist solely of individuals from Glendower Capital. \Z Deutsche Bank will

European Union. Given these possibilities and others that are not anticipated, at this time, it is difficult to predict how the UK withdrawal from the European Union will be implemented and what the economic, tax, fiscal, legal, regulatory and other implications will be for the asset management industry, the bro

biased. Carried Interest The entitlement of certain partners and employees of the Manager and the U.S. Adviser to receive the economic benefit of the Carried Interest received by the Special Limited Partner may create an incentive for the Manager to make more speculative investments on behalf of the Fund than it

ive Investment Fund Managers Directive. Neither the General Partner nor the Investment Manager is authorized or expected to become authorized under the European Union's Directive 2011/61/EU on Alternative Investment Fund Managers (the "AIFM Directive") as of the date of this Memorandum, and the substantive require

er Capital intend to commit a minimum of 1.0% of the Fund. .>Z The partners and professionals of Glendower Capital will be entitled to receive all the Carried Interest generated by the Fund. .>Z The Investment Committee of the Fund will consist solely of individuals from Glendower Capital. \Z Deutsche Bank will