QUALIFIED CLIENT DEFINITION
Qualified Client Representation. The Investor is a “qualified client” (within the meaning of Rule 205-3 under the Advisers Act), if any of the following are true with respect to the Investor:
- The Investor is a natural person, trust or a company that has made a Capital Commitment of at least $1,000,000.
- The Investor is a natural person (together with assets held jointly with a spouse), trust or a company that has a net worth of more than $2,100,000.
The Investor is a Qualified Purchaser (within the meaning of Section 2(a)(51) under the Companies Act) (see EXHIBIT E-3).
Notwithstanding the foregoing, if the Investor is a company that (i) would be an “investment company” under the Companies Act but for the exception provided from that definition by section 3(c)(1) of the Companies Act, (ii) is an investment company registered under the Companies Act, or (iii) is a “business development company,” as defined in section 202(a)(22) of the Advisers Act (each, an “Excluded Company”), all of the Investor's equity owners must be “qualified clients” (as described above) and if any of the Investor's equity owners is an Excluded Company, such equity owners must also “qualified clients” (as described above) in order for the Investor to be deemed a “qualified client.”