A corporation, partnership, association, join-stock company, trust or any organized group of persons, whether incorporated or not that (a) has a net worth in excess of $1,500,000, or (b) immediately after entering into this agreement will have at least $750,000 under the management of the investment manager, or (c) that is a "qualified purchaser" as defined in Section 2(a)(51) of the 1940 Act; provided, however, that if such company is (a) a registered investment company under the 1940 Act, (b) a business development company under the Advisers Act, or (c) a company excepted from the definition of "investment company" under Section 3(c)(1) of the 1940 Act ((a)-(c) shall each be defined as an "Excluded Company"), then each equity owner of such Excluded Company is a natural person or non-Excluded Company satisfying the Qualified Client criteria set forth herein.