GLDUS238 SOUTHERN FINANCIAL LLC Section 6: Summary of Terms and Conditions Glendower Capital Secondary Opportunities Fund IV. LP further details. Co-investment The Manager may offer co-investment opportunities to any Limited Partner in its sole discretion Alternative Vehicles Parallel Funds Feeder Funds Side Letters The Manager will have the right in connection with any investment to direct the Advances of some or all of the Limited Partners to be made through one or more alternative investment vehicles (each, an "Alternative Vehicle' if. in the judgment of the Manager, the use of such vehicle or vehicles represents an appropriate structure for the Fund and would facilitate participation in certain types of investments. Any Altemathre Vehicle generally will be governed by terms and conditions substantially similar to those of the Fund (except as may be advisable because of such legal, regulatory or tax constraints) and will be managed by the General Partner, the Manager or an affiliate thereof. The profits and losses of an Alternative Vehicle generally will be aggregated with those of the Fund for purposes of determining distributions by the Fund and such Alternative Vehicle, unless the General Partner or the Manager elects otherwise in its sole discretion based on a determination that such aggregation could increase the risk of any adverse tax or other consequences. The General Partner or the Manager may establish one or more parallel funds (each a 'Parallel Fund") to accommodate the investment requirements of certain investors. My Parallel Fund documentation will contain terms and conditions substantially similar to those of the Fund and will be managed by the General Partner, the Manager or an affiliate thereof. Any Parallel Fund will be responsible for its pro rata share of expenses. The General Partner or the Manager may establish one or more feeder funds which will invest in the Fund or a Parallel Fund (each, a "Feeder Fund") to ac