Certain Redemption-Driven Events Clause Samples

Certain Redemption-Driven Events. In the event that on a business day that no As-Of Loss occurs the Net NAV Gain/Loss for that business day is a loss that exceeds the Loss Threshold (a “No Loss Day”), the rules and procedures set forth in Section 2.1 shall instead be applied using the As-Of Losses of the last business day preceding the No Loss Day on which As-Of Losses occurred but were not used to any extent to effect Reductions (such application of Section 2.1 being a “Look Back Event”) In the event that on a business day that As-Of Losses occur the Net NAV Gain/Loss for that business day is a loss that exceeds the Loss Threshold but the As-Of Losses are insufficient in the aggregate to reduce Net NAV Gain/Loss below the Loss Threshold (whether such circumstances occur due to the inclusion of such business day in a Look Back Event or independently of such circumstances), Reductions shall occur to the extent of the As-Of Losses that occurred that business day and in addition any As-Of Losses occurring prior to such business day that have not previously been used to effect a Reduction shall be used to effect a Reduction (in accordance with applicable provisions of Section 2.1) until the Net NAV Gain/Loss has been reduced to a loss below the Loss Threshold.