Fund Vehicle

Fund Vehicle. Means a partnership, limited liability company or other entity or investment vehicle having all of the following characteristics: (a) such entity is formed after the Initial Closing; (b) such entity is formed to invest in multiple real estate or real estate-related investments primarily in the United States; (c) such entity has more than one limited partner, member or other investor (other than the general partner, manager or other controlling person of such entity and its Affiliates); (d) the... limited partners, members or other investors in such entity generally are not entitled to participate in the investment decisions with respect to the investments to be acquired by such entity or the investments to be disposed of by such entity; and (e) no single limited partner, member or investor in such entity has the right to terminate or remove the general partner, manager or other controlling person of such entity or cause the termination or liquidation of one or more of the investments of such entity; provided, that any entity with respect to which all of its investments have been identified by the general partner, manager or other controlling person of such entity as of the date such entity first accepts subscriptions from investors shall not be a "Fund Vehicle" for purposes hereof. View More