EFTA Document EFTA01364609

GLDUS238 SOUTHERN FINANCIAL LLC Proprietary and Confidential GLENDOWER ACCESS SECONDARY OPPORTUNITIES IV (US), L.P. TABLE OF CONTENTS ARTICLE 1- DEFINITIONS .»»»..»»»..»».... 1 Definitions 1 ARTICLE 2 - ORGANIZATION; POWERS 2.1 Continuation of Limited Partnership. 1 2.2 Maine; Offices 2 2.3 Purpose; Powers. 2 ARTICLE 3 - PARTNERS 2 3.1 Moines. Addresses and Subscriptions. 3.2 Status of Limited Partners. 2 3.2.1 Limited Liability 2 3.2.2 Effect of Death. Dissolution or Bankruptcy. 3 3.2.3 No Control of Partnership. 3 3.3 Additional Limited Partners. 3 3.3.1 Additional Subscriptions Before Final Closing Date. 3 3.3.2 Accession to Agreement. 4 3.3.3 Anti-Money Laundering Provisions. 5 3.4 Management and Control of Partnership 6 3.4.1 Management by General Partner 6 3.4.2 Powers of General Partner 6 3.4.3 Outside Business. 7 3.5 Alternative Investment Vehicles. 8 3.6 Parallel Access Funds or Feeder Funds. 10 ARTICLE 4- INVESTMENTS AND ACTIVITIES 10 4.1 Investment Guidelines 10 4.2 Bonoxings 10 4.3 ERISA Compliance. 10 ARTICLE 5 - FEES AND EXPENSES 11 5.1 Organizational Expenses. 11 5.2 Partnership Expenses and Management Fee 11 5.2.1 Pay ment of Expenses 11 5.2.2 Management Fee. 13 ARTICLE 6 - CAPITAL OF THE PARTNERSHIP 14 6.1 Obligation to Contribute 14 6.1.1 In General 14 6.1.2 Initial Capital Contributions 14 6.1.3 Additional Contributions; Deficiency Drawdowns. 15 6.1.4 Procedure for Notice of Capital Calls; Rescission or Postponement 15 6.1.5 Offsets Against Distributions; No Interest or Withdrawals 15 6.1.6 General Partners Authority to Reduce Subscriptions 15 6.1.7 Subscription of the General Partner 15 6.2 Return of Certain Amounts Subject to Subsequent Drawdown. 15 6.2.1 Unused Contributions 15 6.2.2 Return of Contributions upon Admission of Additional Partner 16 6.2.3 Effect of Return of Contributions 16 6.3 Failure to Make Required Payment 16 6.3.1 Interest 16 (ilendcmcr Aocoss Secondary l>pportunnues IV (U.S.). I..P. .1Incrukd and Rcnaled Limited Nom: Main Agroornesn CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0055157 CONFIDENTIAL SONY GM_00201341 PROT0