ds that is presented to or originated by the Manager and its Affiliates shall be offered solely to the Fund, except for any Bonds currently held by the ESM Fund and any follow-on investment related to such holdings (i.e., any additional investment by the ESM Fund in the same class and series of the Bonds cur

d, except for any Bonds currently held by the related to such holdings (i.e., any additional investment by series of the Bonds currently held by the ESM Fund). 19 ESM Fund and the ESM Fund contained herein, investment opportunity its Affiliates shall be any follow-on investment in the same class an