User talk:Amwelladmin: Difference between revisions

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This representation letter is provided in connection with the request to transfer funds from SUBFUND Holdings LP (the “Parent”) to each of SUBFUND Holdings I Limited (“Sub 1”) and SUBFUND Holdings II Limited (“Sub 2,” together with Sub 1, the “Subs,” and the Subs together with the Parent the “Funds”).
<ol>
The Parent is the 100% legal and beneficial owner of the share capital of each of Sub 1 and Sub 2. Each of the Funds has entered into a prime brokerage arrangement with PB (PB) under which PB maintains bank accounts for the relevant Fund (each, that Fund’s “Account”).
  <li>list item A1
The Parent has entered into distinct lending facilities (the “Facilities”) with each of Sub 1 and Sub 2 under which the Parent will lend each Sub such amounts as Sub needs to carry out in its investment strategy, as determined by the Manager (as defined below). The Subs may repay such borrowed amounts from time to time, either at the request of the Parent or at its own motion, as determined by the Manager.
    <ol>
Each of the Funds have appointed MANAGER (the “Manager”) as its manager with full discretion to make investment decisions relating to each such entity’s investment strategy, including making advances and repayments under the Facilities. Each of the Funds wishes to authorize the Manager to issue irrevocable instructions to PB to transfer amounts between the relevant Fund’s Accounts to reflect advances and repayments under the relevant Facilities.
      <li>list item B1</li>
In consideration for PB agreeing to make those transfers in accordance with the instructions of the Manager, each Fund instructs PB to effect such transfers to or from its Account as instructed by the Manager, and agrees to hold PB harmless from any claims it may sustain as a result of doing so. As at the date of each instruction, the Manager (as a principal in its own right and as agent for each affected Fund) represents and warrants that:
      <li>list item B2</li>
- The Manager is duly authorized to make such instruction on behalf of each relevant Fund;
    </ol>continuing list item A1
 
  </li>
- The instruction represents an arm’s length transaction, at market, for valuable consideration and has been duly approved by the relevant Funds; and
  <li>list item A2</li>
 
</ol>
- The relevant Sub has no creditors or shareholders other than (i) the Parent and (ii) PB

Latest revision as of 16:50, 6 January 2024

  1. list item A1
    1. list item B1
    2. list item B2
    continuing list item A1
  2. list item A2
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