Common use of Book Capital Accounts Clause in Contracts

Book Capital Accounts. (a) A Book Capital Account shall be maintained for each Holder of each Portfolio. With respect to each Portfolio, each Holder's Book Capital Account (i) shall be credited with the amount(s) of consideration paid by the Holder to purchase or increase its Interest in that Portfolio and with the Holder's share of that Portfolio's Net Profits, (ii) shall be charged with the Holder's share of that Portfolio's Net Losses, distributions to the Holder, and withholding taxes (if any), and (iii) shall otherwise appropriately reflect transactions of that Portfolio and its Holders. No interest shall be paid on any amount of consideration paid to the Trust to purchase or increase Interests. (b) The Book Capital Account balances of Holders of each Portfolio shall be determined periodically at such time or times as the Trustees may determine. The power and duty to make calculations necessary to determine such balances may be delegated by the Trustees to an investment adviser, custodian, or such other person as the Trustees may determine. (c) Notwithstanding anything herein to the contrary, the Book Capital Accounts and any related accounts (including without limitation tax capital accounts and revaluation accounts) of the Holders and of any Portfolio shall at all times during the full term of that Portfolio be determined and maintained in accordance with the requirements of Treasury Regulation ss. 1.704-1(b)(2)(iv). The Trustees are authorized to prescribe, in their sole discretion, such policies for the establishment and maintenance of such accounts ("Policies") as they, in consultation with the Trust's professional advisers, consider to be in accordance with such requirements.

Book Capital Accounts. (a) A Book Capital Account shall be maintained for each Holder of each Portfolio. With respect to each Portfolio, each Holder's Book Capital Account (i) shall be credited with the amount(s) of consideration paid by the Holder to purchase or increase its Interest in that Portfolio and with the Holder's share of that Portfolio's Net Profits, (ii) shall be charged with the Holder's share of that Portfolio's Net Losses, distributions to the Holder, and withholding taxes (if any), and (iii) shall otherwise appropriately reflect transactions of that Portfolio and its Holders. No interest shall be paid on any amount of consideration paid to the Trust to purchase or increase Interests. (b) The Book Capital Account balances of Holders of each Portfolio shall be determined periodically at such time or times as the Trustees may determine. The power and duty to make calculations necessary to determine such balances may be delegated by the Trustees to an investment adviser, custodian, or such other person as the Trustees may determine. (c) Notwithstanding anything herein to the contrary, the Book Capital Accounts and any related accounts (including without limitation tax capital accounts and revaluation accounts) of the Holders and of any Portfolio shall at all times during the full term of that Portfolio be determined and maintained in accordance with the requirements of Treasury Regulation ss. Section 1.704-1(b)(2)(iv). The Trustees are authorized to prescribe, in their sole discretion, such policies for the establishment and maintenance of such accounts ("Policies") as they, in consultation with the Trust's professional advisers, consider to be in accordance with such requirements.