P R I VAT E E Q U I T Y INVES T MENT FUND A S A D E BT I N S T RU MENT
TRANSACTION STRUCTURE
Reserve, Expense Reserve, Committed Investment Reserve or Subsequent Investment Reserve described in the following paragraphs. In addition, Manager must transfer from General Account to Funded Capital Account the amounts that correspond according to a Funding Request, in order to pay Private Equity Investment Fund as a Debt Instrument Expenses that are not Investment Expenses. At the Investment Term end, Investable Amount balance that has not been subject of a Funding Request and transferred to Funded Capital Account; and/or allocated to Reserve for Independent Advisory Expenses, the Reserve for Expenses, the Reserve for Committed Investments in Convertible Participative Private Equity Investment Agreement as Debt Instrument terms. Independent Advisor Expense Reserve shall be a sub-account maintained in General Account and shall be constituted, maintained and applied as described in section “III. Transaction Structure - 1. General Description - 1.5 Fund Structure and its Investments - 1.5.1 Issuance Resources Application” of this Prospectus. For doubt avoidance, amounts use (or a portion thereof) held in Independent Advisor Expenses Reserve will not be considered as a Funding Request, nor will they be taken into account as Distributions for calculations purposes described in section “III. Transaction Structure - 1. General Description - 1.5 Fund Structure and its Investments - 1.5.4 Divestments and Returns Distribution based on Net Rate” of this Prospectus Prior to Investment Term end, ENERMAS LATINOAMÉRICA as Manager shall constitute Expense Reserve, which shall be constituted, maintained and applied as described in section “III. Transaction Structure - 1. General Description - 1.5 Fund Structure and its Investments - 1.5.2 Reserves Establishment” of this Prospectus. Amounts held segregated in Expense Reserve may be subject to a Funding Request and transferred to Funded Capital Account to pay Private Equity Investment Fund as a Debt Instrument Expenses. Also, at Investment Term end, ENERMAS LATINOAMÉRICA as Manager may constitute Committed Investments Reserve and Subsequent Investments Reserve as Fund General Account sub-accounts. Such Reserves shall be established, maintained and applied as described in section “III. Transaction Structure - 4. Business Plan and Investments and Divestments Schedule - 4.3 Investments and Divestments Schedule “ of this Prospectus.
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Amounts held in Fund’s General Account (including Independent Advisor Expense Reserve, Expense Reserve, Committed Investment Reserve and Subsequent Investment Reserve) shall be distributed to Shareholders when Private Equity Investment Fund is liquidated or upon the Final Maturity Date occurrence; with the understanding that ENERMAS LATINOAMÉRICA as Manager may use such amounts for Fund Expenses payment and any other Expenses
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Amounts that remain segregated in Committed Investments Reserve may be subject to a Funding Request and transferred to Funded Capital account to complete Committed Investments during the 2 months following Initial Investment Term end.
