Common use of Pricing of Securities Clause in Contracts

Pricing of Securities. For each valuation date, USBFS shall obtain prices from a pricing source approved by the Manager and apply those prices to the portfolio positions of the Fund, consistent with the provisions of the Governing Documents. For those securities where market quotations are not readily available, the Manager shall approve, in good faith, procedures for determining the fair value for such securities. If the Manager desires to provide a price that varies from the price provided by the pricing source, the Manager shall promptly notify and supply USBFS with the price of any such security on each valuation date. All pricing changes made by the Fund will be in writing and must specifically identify the securities to be changed by CUSIP, name of security, new price or rate to be applied, and, if applicable, the time period for which the new price(s) is/are effective. Notwithstanding anything to the contrary in Section 8 below, as more fully provided in this paragraph, USBFS shall reimburse the Fund and its Unitholders for losses due to NAV Differences (as defined below) arising out of, or relating to, USBFS’ refusal or failure to comply with the terms of this Agreement or from its bad faith, negligence or willful misconduct in the performance of its duties under this Agreement. Specifically, USBFS shall reimburse for any net losses during each NAV Error Period (as defined below) resulting from an NAV Difference that is at least $0.01 per Unit and that, as a percentage of Recalculated NAV (as defined below) of the Fund, is at least ½ of 1%; provided, however, that USBFS shall not be responsible for reimbursing any Unitholder experiencing a loss during any such NAV Error Period of less than $25. In providing reimbursement to the applicable Fund and any Unitholder, USBFS shall, at its option, either make direct payment limited to the amount of the NAV Differences for the Fund and any Unitholder, or will reprocess the Unitholder transactions affected by the NAV Differences. NAV Differences and any liability of USBFS therefrom are to be calculated each time the net asset value per Unit is calculated. For purposes of calculating USBFS’ liability hereunder, gains shall offset losses within each NAV Error Period and future losses; however, net gains shall not be carried back to offset losses in a prior NAV Error Period. For purposes of this paragraph:

Pricing of Securities. For each valuation date, USBFS shall obtain prices from a pricing source approved by the Manager Adviser and apply those prices to the portfolio positions of the FundFunds, consistent with the provisions of the Governing Documents. For those securities where market quotations are not readily available, the Manager Adviser shall approve, in good faith, procedures for determining the fair value for such securities. If the Manager Adviser desires to provide a price that varies from the price provided by the pricing source, the Manager Adviser shall promptly notify and supply USBFS with the price of any such security on each valuation date. All pricing changes made by the Fund Funds will be in writing and must specifically identify the securities to be changed by CUSIP, name of security, new price or rate to be applied, and, if applicable, the time period for which the new price(s) is/are effective. Notwithstanding anything to the contrary in Section 8 below, as more fully provided in this paragraph, USBFS shall reimburse the Fund Funds and its Unitholders for losses due to NAV Differences (as defined below) arising out of, or relating to, USBFS’ refusal or failure to comply with the terms of this Agreement or from its bad faith, negligence or willful misconduct in the performance of its duties under this Agreement. Specifically, USBFS shall reimburse for any net losses during each NAV Error Period (as defined below) resulting from an NAV Difference that is at least $0.01 per Unit and that, as a percentage of Recalculated NAV (as defined below) of the FundFunds, is at least ½ of 1%; provided, however, that USBFS shall not be responsible for reimbursing any Unitholder experiencing a loss during any such NAV Error Period of less than $25. In providing reimbursement to the applicable Fund and any Unitholder, USBFS shall, at its option, either make direct payment limited to the amount of the NAV Differences for the Fund Funds and any Unitholder, or will reprocess the Unitholder transactions affected by the NAV Differences. NAV Differences and any liability of USBFS therefrom are to be calculated each time the net asset value per Unit is calculated. For purposes of calculating USBFS’ liability hereunder, gains shall offset losses within each NAV Error Period and future losses; however, net gains shall not be carried back to offset losses in a prior NAV Error Period. For purposes of this paragraph:

Pricing of Securities. For each valuation date, USBFS shall obtain prices from a pricing source recommended by USBFS and approved by the Manager and apply those prices to the portfolio positions of the FundFunds, consistent with the provisions of the Governing Documents. For those securities where market quotations are not readily available, the Manager shall approve, in good faith, procedures for determining the fair value for such securities. If the Manager desires to provide a price that varies from the price provided by the pricing source, the Manager shall promptly notify and supply USBFS with the price of any such security on each valuation date. All pricing changes made by the Fund Funds will be in writing and must specifically identify the securities to be changed by CUSIP, name of security, new price or rate to be applied, and, if applicable, the time period for which the new price(s) is/are effective. Notwithstanding anything to the contrary in Section 8 below, as more fully provided in this paragraph, USBFS shall reimburse the Fund Funds and its Unitholders for losses due to NAV Differences (as defined below) arising out of, or relating to, USBFS’ refusal or failure to comply with the terms of this Agreement or from its bad faith, negligence or willful misconduct in the performance of its duties under this Agreement. Specifically, USBFS shall reimburse for any net losses during each NAV Error Period (as defined below) resulting from an NAV Difference that is at least $0.01 per Unit Share and that, as a percentage of Recalculated NAV (as defined below) of the FundFunds, is at least ½ of 1%; provided, however, that USBFS shall not be responsible for reimbursing any Unitholder experiencing a loss during any such NAV Error Period of less than $25. In providing reimbursement to the applicable Fund and any Unitholder, USBFS shall, at its option, either make direct payment limited to the amount of the NAV Differences for the Fund Funds and any Unitholder, or will reprocess the Unitholder transactions affected by the NAV Differences. NAV Differences and any liability of USBFS therefrom are to be calculated each time the net asset value per Unit Share is calculated. For purposes of calculating USBFS’ liability hereunder, gains shall offset losses within each NAV Error Period and future losses; however, net gains shall not be carried back to offset losses in a prior NAV Error Period. For purposes of this paragraph:

Pricing of Securities. For each valuation date, USBFS shall obtain prices from a pricing source approved by the Manager Adviser and apply those prices to the portfolio positions of the FundFunds, consistent with the provisions of the Governing Documents. For those securities where market quotations are not readily available, the Manager Adviser shall approve, in good faith, procedures for determining the fair value for such securities. If the Manager Adviser desires to provide a price that varies from the price provided by the pricing source, the Manager Adviser shall promptly notify and supply USBFS with the price of any such security on each valuation date. All pricing changes made by the Fund Funds will be in writing and must specifically identify the securities to be changed by CUSIP, name of security, new price or rate to be applied, and, if applicable, the time period for which the new price(s) is/are effective. Notwithstanding anything to the contrary in Section 8 below, as more fully provided in this paragraph, USBFS shall reimburse the Fund Funds and its Unitholders for losses due to NAV Differences (as defined below) arising out of, or relating to, USBFS’ refusal or failure to comply with the terms of this Agreement or from its bad faith, negligence or willful misconduct in the performance of its duties under this Agreement. Specifically, USBFS shall reimburse for any net losses during each NAV Error Period (as defined below) resulting from an NAV Difference that is at least $0.01 per Unit and that, as a percentage of Recalculated NAV (as defined below) of the FundFunds, is at least ½ 1/2 of 1%; provided, however, that USBFS shall not be responsible for reimbursing any Unitholder experiencing a loss during any such NAV Error Period of less than $25. In providing reimbursement to the applicable Fund and any Unitholder, USBFS shall, at its option, either make direct payment limited to the amount of the NAV Differences for the Fund Funds and any Unitholder, or will reprocess the Unitholder transactions affected by the NAV Differences. NAV Differences and any liability of USBFS therefrom are to be calculated each time the net asset value per Unit is calculated. For purposes of calculating USBFS’ liability hereunder, gains shall offset losses within each NAV Error Period and future losses; however, net gains shall not be carried back to offset losses in a prior NAV Error Period. For purposes of this paragraph:

Pricing of Securities. For the last business day of each valuation month date, USBFS shall obtain prices from a pricing source recommended by USBFS and approved by the Manager Fund and apply those prices to the portfolio positions of the Fund, consistent with the provisions of the Governing Documents. For those securities where market quotations are not readily available, the Manager Advisor shall approve, in good faith, procedures for determining the fair value for such securities. If the Manager Advisor desires to provide a price that varies from the price provided by the pricing source, the Manager Advisor shall promptly notify and supply USBFS with the price of any such security on each valuation date. All pricing changes made by the Fund Company will be in writing and must specifically identify the securities to be changed by CUSIP, name of security, new price or rate to be applied, and, if applicable, the time period for which the new price(s) is/are effective. Notwithstanding anything to the contrary in Section 8 9 below, as more fully provided in this paragraph, USBFS shall reimburse the Fund and its Unitholders Shareholders for losses due to NAV Differences (as defined below) arising out of, or relating to, USBFS’ refusal or failure to comply with the terms of this Agreement or from its bad faith, negligence or willful misconduct in the performance of its duties under this Agreement. Specifically, USBFS shall reimburse for any net losses during each NAV Error Period (as defined below) resulting from an NAV Difference that is at least $0.01 per Unit Fund Share and that, as a percentage of Recalculated NAV (as defined below) of the such Fund, is at least ½ of 1%; provided, however, that USBFS shall not be responsible for reimbursing any Unitholder Fund Shareholder experiencing a loss during any such NAV Error Period of less than $25. In providing reimbursement to the applicable Fund and any UnitholderFund Shareholder, USBFS shall, at its option, in good faith but in consultation with the Fund, either make direct payment limited to the amount of the NAV Differences for the applicable Fund and any UnitholderFund Shareholder, or will reprocess the Unitholder Shareholder transactions affected by the NAV Differences. NAV Differences and any liability of USBFS therefrom are to be calculated each time the Fund’s net asset value per Unit Share is calculated. For purposes of calculating USBFS’ liability hereunder, gains shall offset losses within each NAV Error Period and future losses; however, net gains shall not be carried back to offset losses in a prior NAV Error Period. For purposes of this paragraph:.

Pricing of Securities. For the last business day of each valuation month date, USBFS shall obtain prices from a pricing source recommended by USBFS and approved by the Manager Fund and apply those prices to the portfolio positions of the Fund, consistent with the provisions of the Governing Documents. For those securities where market quotations are not readily available, the Manager Advisor shall approve, in good faith, procedures for determining the fair value for such securities. If the Manager Advisor desires to provide a price that varies from the price provided by the pricing source, the Manager Advisor shall promptly notify and supply USBFS with the price of any such security on each valuation date. All pricing changes made by the Fund Company will be in writing and must specifically identify the securities to be changed by CUSIP, name of security, new price or rate to be applied, and, if applicable, the time period for which the new price(s) is/are effective. Notwithstanding anything to the contrary in Section 8 below, as more fully provided in this paragraph, USBFS shall reimburse the Fund and its Unitholders Shareholders for losses due to NAV Differences (as defined below) arising out of, or relating to, USBFS’ refusal or failure to comply with the terms of this Agreement or from its bad faith, negligence or willful misconduct in the performance of its duties under this Agreement. Specifically, USBFS shall reimburse for any net losses during each NAV Error Period (as defined below) resulting from an NAV Difference that is at least $0.01 per Unit Fund Share and that, as a percentage of Recalculated NAV (as defined below) of the such Fund, is at least ½ of 1%; provided, however, that USBFS shall not be responsible for reimbursing any Unitholder Fund Shareholder experiencing a loss during any such NAV Error Period of less than $25. In providing reimbursement to the applicable Fund and any UnitholderFund Shareholder, USBFS shall, at its option, in good faith but in consultation with the Fund, either make direct payment limited to the amount of the NAV Differences for the applicable Fund and any UnitholderFund Shareholder, or will reprocess the Unitholder Shareholder transactions affected by the NAV Differences. NAV Differences and any liability of USBFS therefrom are to be calculated each time the Fund’s net asset value per Unit Share is calculated. For purposes of calculating USBFS’ liability hereunder, gains shall offset losses within each NAV Error Period and future losses; however, net gains shall not be carried back to offset losses in a prior NAV Error Period. For purposes of this paragraph:.

Pricing of Securities. For the last business day of each valuation month date, USBFS shall obtain prices from a pricing source recommended by USBFS and approved by the Manager Fund and apply those prices to the portfolio positions of the Fund, consistent with the provisions of the Governing Documents. For those securities where market quotations are not readily available, the Manager Advisor shall approve, in good faith, procedures for determining the fair value for such securities. If the Manager Advisor desires to provide a price that varies from the price provided by the pricing source, the Manager Advisor shall promptly notify and supply USBFS with the price of any such security on each valuation date. All pricing changes made by the Fund Company will be in writing and must specifically identify the securities to be changed by CUSIP, name of security, new price or rate to be applied, and, if applicable, the time period for which the new price(s) is/are effective. Notwithstanding anything to the contrary in Section 8 below, as more fully provided in this paragraph, USBFS shall reimburse the Fund and its Unitholders Shareholders for losses due to NAV Differences (as defined below) arising out of, or relating to, USBFS’ ' refusal or failure to comply with the terms of this Agreement or from its bad faith, negligence or willful misconduct in the performance of its duties under this Agreement. Specifically, USBFS shall reimburse for any net losses during each NAV Error Period (as defined below) resulting from an NAV Difference that is at least $0.01 0.10 per Unit Fund Share and that, as a percentage of Recalculated NAV (as defined below) of the such Fund, is at least ½ 1/2 of 1%; provided, however, that USBFS shall not be responsible for reimbursing any Unitholder Fund Shareholder experiencing a loss during any such NAV Error Period of less than $25. In providing reimbursement to the applicable Fund and any UnitholderFund Shareholder, USBFS shall, at its option, in good faith but in consultation with the Trust, either make direct payment limited to the amount of the NAV Differences for the applicable Fund and any UnitholderFund Shareholder, or will reprocess the Unitholder Shareholder transactions affected by the NAV Differences. NAV Differences and any liability of USBFS therefrom are to be calculated each time the Fund's net asset value per Unit Share is calculated. For purposes of calculating USBFS’ ' liability hereunder, gains shall offset losses within each NAV Error Period and future losses; however, net gains shall not be carried back to offset losses in a prior NAV Error Period. For purposes of this paragraph:

Pricing of Securities. A. For each valuation date, USBFS shall obtain prices from a pricing source selected by FMFS but approved by the Manager a Fund's Board of Directors and apply those prices to the portfolio positions of the a Fund, consistent with the provisions of the Governing Documents. For those securities where market quotations are not readily available, the Manager Fund's Board of Directors shall approve, in good faith, procedures the method for determining the fair value for such securities. All such pricing and fair value determinations shall be made consistent with pricing procedures as adopted by the Board of Directors and as amended from time to time. B. If the Manager a Fund desires to provide a price that price, which varies from the price provided by the pricing source, the Manager Fund shall promptly notify and supply USBFS FMFS with the price valuation of any such security on each valuation date. All pricing changes made by the a Fund will be in writing and must specifically identify the securities to be changed by CUSIP, name of security, new price or rate to be applied, and, if applicable, the time period for which the new price(s) is/are effective. . C. Notwithstanding anything to the contrary in Section 8 7 below, as more fully provided in this paragraphparagraph C, USBFS FMFS shall reimburse the each Fund and its Unitholders shareholders for losses due to NAV Differences (as defined below) arising out of, of or relating to, USBFS’ to the FMFS's refusal or failure to comply with the terms of this Agreement or from its bad faith, negligence or willful misconduct in the performance of its duties under this Agreement. Specifically, USBFS FMFS shall reimburse each applicable Fund for any net losses to the Fund during each NAV Error Period (as defined below) resulting from an NAV Difference that is at least $0.01 .010 per Unit and Fund share but that, as a percentage of Recalculated NAV (as defined below) of the such Fund, is at least ½ less than 1/2 of 1%; provided, however, that USBFS shall not be responsible for reimbursing any Unitholder experiencing a loss during any such NAV Error Period of less than $25. In providing reimbursement to the applicable Fund and any UnitholderFund shareholder, USBFS FMFS shall, at its option, either make direct payment limited to the amount of the NAV Differences for the applicable Fund and any UnitholderFund shareholder, or will reprocess the Unitholder shareholder transactions affected by the NAV Differences. FMFS shall reimburse the Fund and each Fund shareholder for any net losses experienced by the Fund or any Fund shareholder, as applicable, during each NAV Error Period resulting from an NAV Difference that is at least $.010 per Fund share and that, as a percentage of Recalculated NAV of such Fund, is at least 1/2 of 1%; provided, however, that FMFS shall not be responsible for reimbursing any Fund shareholder experiencing a loss during any such NAV Error Period of less than $25. NAV Differences and any liability of USBFS FMFS therefrom are to be calculated each time the a Fund's net asset value per Unit share is calculated. For purposes of calculating USBFS’ FMFS's liability hereunder, gains shall offset losses within each NAV Error Period and future losses; however, net gains shall not be carried back to offset losses in a prior NAV Error Period. For purposes of this paragraphparagraph C:

Pricing of Securities. For each valuation date, USBFS shall shall, to the extent that any portfolio securities are priced by an pricing source, obtain prices from a pricing source recommended by USBFS and approved by the Manager or subadviser to the Master Fund (“Subadviser”) and apply those prices to the portfolio positions of the Master Fund, consistent with the provisions of the Governing Documents. For those securities where market quotations are not readily available, the Manager or Subadviser shall approve, in good faith, procedures for determining the fair value for such securities. If With respect to any portfolio securities priced by a pricing source, if the Manager or Subadviser desires to provide a price that varies from the price provided by the pricing source, the Manager or Subadviser shall promptly notify and supply USBFS with the price of any such security on each valuation date. All such pricing changes made by the Fund Funds will be in writing and must specifically identify the securities to be changed by CUSIP, name of security, new price or rate to be applied, and, if applicable, the time period for which the new price(s) is/are effective. Notwithstanding anything to the contrary in Section 8 below, as more fully provided in this paragraph, USBFS shall reimburse the Fund Funds and its Unitholders Shareholders for losses due to NAV Differences (as defined below) arising out of, or relating to, USBFS’ refusal or failure to comply with the terms of this Agreement or from its bad faith, negligence or willful misconduct or reckless disregard in the performance of its duties under this Agreement. Specifically, USBFS shall reimburse for any net losses during each NAV Error Period (as defined below) resulting from an NAV Difference that is at least $0.01 per Unit Share and that, as a percentage of Recalculated NAV (as defined below) of the FundFunds, is at least ½ of 1%; provided, however, that USBFS shall not be responsible for reimbursing any Unitholder Shareholder experiencing a loss during any such NAV Error Period of less than $25. In providing reimbursement to the applicable Fund and any UnitholderShareholder, USBFS shall, at its option, either make direct payment limited to the amount of the NAV Differences for the Fund Funds and any UnitholderShareholder, or will reprocess the Unitholder Shareholder transactions affected by the NAV Differences. NAV Differences and any liability of USBFS therefrom are to be calculated each time the net asset value per Unit Share is calculated. For purposes of calculating USBFS’ liability hereunder, gains shall offset losses within each NAV Error Period and future losses; however, net gains shall not be carried back to offset losses in a prior NAV Error Period. For purposes of this paragraph:

Pricing of Securities. A. For each valuation date, USBFS shall obtain prices from a pricing source selected by FMFS but approved by the Manager a Fund's Board of Directors and apply those prices to the portfolio positions of the a Fund, consistent with the provisions of the Governing Documents. For those securities where market quotations are not readily available, the Manager Fund's Board of Directors shall approve, in good faith, procedures the method for determining the fair value for such securities. All such pricing and fair value determinations shall be made consistent with pricing procedures as adopted by the Board of Directors and as amended from time to time. B. If the Manager a Fund desires to provide a price that price, which varies from the price provided by the pricing source, the Manager Fund shall promptly notify and supply USBFS FMFS with the price valuation of any such security on each valuation date. All pricing changes made by the a Fund will be in writing and must specifically identify the securities to be changed by CUSIP, name of security, new price or rate to be applied, and, if applicable, the time period for which the new price(s) is/are effective. . C. Notwithstanding anything to the contrary in Section 8 7 below, as more fully provided in this paragraphparagraph C, USBFS FMFS shall reimburse the each Fund and its Unitholders shareholders for losses due to NAV Differences (as defined below) arising out of, of or relating to, USBFS’ to the FMFS's refusal or failure to comply with the terms of this Agreement or from its bad faith, negligence or willful misconduct in the performance of its duties under this Agreement. Specifically, USBFS FMFS shall reimburse each applicable Fund for any net losses to the Fund during each NAV Error Period (as defined below) resulting from an NAV Difference that is at least $0.01 .010 per Unit and Fund share but that, as a percentage of Recalculated NAV (as defined below) of such Fund, is less than 1/2 of 1%. FMFS shall reimburse the Fund and each Fund shareholder for any net losses experienced by the Fund or any Fund shareholder, as applicable, during each NAV Error Period resulting from an NAV Difference that is at least $.010 per Fund share and that, as a percentage of Recalculated NAV of such Fund, is at least ½ 1/2 of 1%; provided, however, that USBFS FMFS shall not be responsible for reimbursing any Unitholder Fund shareholder experiencing a loss during any such NAV Error Period of less than $25. In providing reimbursement to the applicable Fund and any Unitholder, USBFS shall, at its option, either make direct payment limited to the amount of the NAV Differences for the Fund and any Unitholder, or will reprocess the Unitholder transactions affected by the NAV Differences. NAV Differences and any liability of USBFS FMFS therefrom are to be calculated each time the a Fund's net asset value per Unit share is calculated. For purposes of calculating USBFS’ FMFS's liability hereunder, gains shall offset losses within each NAV Error Period and future lossesPeriod; however, net gains shall not be carried back or forward to offset losses in a prior or future NAV Error PeriodPeriods. For purposes of this paragraphparagraph C: