Hedge Fund Subscription Procedure Page 3
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23holders of the managed accounts for which the Investor is subscribing), subject to
the following qualifications as to enforceability:
(i)
enforcement may be limited by bankruptcy, insolvency, liquidation,
reorganization, reconstruction and other similar laws of general
application affecting the enforcement of creditors’ rights; and
(ii)
an order of specific performance and an injunction are discretionary
remedies and, in particular, are not available when damages are considered
an adequate remedy;
(j)
if an individual, the Investor has attained the age of majority and is legally
competent to execute this Subscription Agreement and to take all actions required
pursuant hereto;
(k)
if a corporation, the Investor is a valid and subsisting corporation, has the
necessary corporate capacity and authority to execute and deliver this
Subscription Agreement and to observe and perform its covenants and obligations
hereunder and has taken all necessary corporate action in respect thereof;
(l)
if an investment fund, partnership, syndicate or other form of unincorporated
organization, the Investor has the necessary legal capacity and authority to
execute and deliver this Subscription Agreement and to observe and perform the
covenants and obligations hereunder and has obtained all necessary authority in
respect thereof;
(m)
the Investor will execute and deliver all documentation as may be required by
applicable Canadian securities legislation, policy or order or by any securities
commission or other regulatory authority with respect to the issue of the Units;
(n)
the Investor (and where the Investor is deemed principal, the beneficial holders of
the managed accounts for which the Investor is subscribing) shall not transfer the
Units except as described in the Offering Memorandum; and
(o)
this Subscription Agreement constitutes a legal, valid and binding agreement
enforceable against such principal, and the Investor acknowledges that AGF is
required by law to disclose, on a confidential basis, to certain regulatory
authorities, the identity of such beneficial purchaser of Units for whom the
Investor may be acting.
6.
Acknowledgements of the Investor:
The Investor acknowledges and agrees that:
(a)
the Investor has reviewed and fully understands the Offering Memorandum and
has had the opportunity to ask and have answered any question which the Investor
had with respect to the Fund, the Units and AGF;
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