e Intermediate Fund has, in turn, guaranteed the Levered Fund's obligations to the Lender and pledged all of its assets, including its interests in the Master Fund (limited to the amount of the Levered Fund's interests in the Intermediate Fund), to the Lender. THE GENERAL PARTNER: Hudson Bay Capital Associates

e Intermediate Fund has, in turn, guaranteed the Levered Fund's obligations to the Lender and pledged all of its assets, including its interests in the Master Fund (limited to the amount of the Levered Fund's interests in the Intermediate Fund) to the Lender. As part of this structure, the Levered Feeder Fund (a