GLDUS113 Cllfl Meg Proprietary and Confidential effective as of the Initial Closing Date, and, unless waived by the Investment Manager, shall include interest accrued at a rate per annum equal to the higher of (A) LIBOR plus 2% and (B) 8% on unpaid Management Fee amounts due for the period between the Initial Drawdown Date and the date of such increase or admission, which interest component shall be in addition to, and not a part of, a Limited Partner's Subscription or reduce the unpaid portion of a Limited Partner's Subscription. The Management Fee payable for any period of less than a full fiscal quarter shall be proportionately adjusted based upon the ratio the number of days in such period bears to ninety (90). Notwithstanding the foregoing, the Investment Manager in its sole discretion may elect to waive or otherwise reduce the Management Fee attributable to any Limited Partner at any time (including in connection with the transfer of a Limited Partner's interest in the Partnership), and no such waiver or reduction shall be applicable to any other Partner absent the approval of the Investment Manager. The applicable Management Fee fora limited partner in any Feeder Fund shall be calculated based on the limited partner's subscription to such Feeder Fund. 5.2.2.2 Timing of Payments. Payments of Management Fees shall be calculated and made quarterly in advance on the first Business Day of each fiscal quarter of the Partnership. The first payment shall be due upon the Initial Drawdown Date or such later date as determined by the General Partner. If the Initial Drawdown Date is not the first day of a fiscal quarter of the Partnership however, the Partnership's first payment shall include the pro rata amount due until the beginning of the first succeeding fiscal quarter of the Partnership. ARTICLE 6- CAPITAL OF THE PARTNERSHIP 6.1 OBLIGATION TO CONTRIBUTE. 6.1.1 In General. Each Partner shall make capital contributions to the Partnership, in