Associated Entities

Associated Entities. Means (1) members in [TIP], (2) employees of CIBC or Caravelle or any of their Affiliates, (3) any Affiliate or associate of any such members or employees, (4) any investor in the [TIP] program that has co-investment rights or (5) any combination of the persons named in the immediately preceding clauses (1), (2), (3), or (4).