BENCHMARK RETURN. The Benchmark Return is a non-cumulative return, determined from the first date of the fiscal year except if a Member’s initial capital contribution is made after the beginning of the fiscal year the Benchmark Return shall instead be determined from such initial contribution date. The Benchmark Return as of any accounting date shall equal the average of the rates for the generic three-month LIBOR as of the last day of each of the four immediately preceding calendar dates, as published by Bloomberg, L.P.
Appears in 8 contracts
Samples: Limited Liability Company Agreement (PNC Absolute Return TEDI Fund LLC), Limited Liability Company Agreement (PNC Absolute Return Fund LLC), Limited Liability Company Agreement (PNC Absolute Return TEDI Fund LLC)
BENCHMARK RETURN. The Benchmark Return is a non-cumulative return, determined from the first date of the fiscal year except if a Member’s 's initial capital contribution is made after the beginning of the fiscal year the Benchmark Return shall instead be determined from such initial contribution date. The Benchmark Return as of any accounting date shall equal the average of the rates for the generic three-month LIBOR as of the last day of each of the four immediately preceding calendar datesquarters, as published by Bloomberg, L.P.
Appears in 2 contracts
Samples: Limited Liability Company Agreement (Mercantile Absolute Return Fund LLC), Limited Liability Company Agreement (Mercantile Absolute Return Fund LLC)
