s all of its investable assets in Hudson Bay Master Fund Ltd. (the "Master Fund"), a Cayman Islands exempted company incorporated in June 2005, and HB Fund LLC (the "HB Fund" and, together with the Master Fund, the "Underlying Funds"), a Delaware limited liability company. Hudson Bay International Fun

mation of such loans. Failure to comply with these laws could result in monetary penalties and in the borrowers rescinding loans against either the HB Fund, as the issuing entity, or subsequent holders of the loans. In addition, the loans may need to be altered in order to comply with any such federal,