Pricing Services, Valuation. Administrator may utilize one or more pricing services, as directed by the Trust or the Trust’s investment adviser in its capacity as valuation designee in accordance with Rule 2a-5 under the 1940 Act (the “valuation designee”). The Trust or the valuation designee shall identify in writing to Administrator the pricing service(s) to be utilized on behalf of the Trust. For those securities where prices are not provided by the pricing service(s), in accordance with the 1940 Act, the Trust or the valuation designee shall provide valuations or approve the method for determining the fair value of such securities and shall determine or obtain the valuation of the securities in accordance with such method and shall deliver to Administrator the resulting price(s). In the event the Trust or the valuation designee desires to provide a price that varies from the price provided by the applicable pricing service(s), the Trust or the valuation designee shall promptly notify and supply Administrator with the valuation of any such security on each valuation date. The Administrator is not the guarantor of the accuracy of the securities prices received from such pricing services and the Administrator is not liable to the Trust for errors (and shall be indemnified by any claims against Administrator for errors) in valuing the Trust’s assets or calculating the net asset value (the “NAV”) per share of the Trust when the calculations are based upon inaccurate prices provided by pricing services. Additional services listed in Appendix C apply to any data received from a pricing service(s) or similar service.
Pricing Services, Valuation. The Collateral Agent may use any recognized pricing service (including itself or any of its affiliates) in order to value the Collateral, Existing Collateral and Authorized Investments, and Lender shall hold Collateral Agent harmless from and against any loss or damage suffered or incurred as a result of errors or omissions of any such pricing agency. On a daily basis the Collateral Agent shall calculate the total investment return and provide the Lender and the Securities Lending Agent with the principal value of Collateral, Existing Collateral and Authorized Investments. On a weekly basis, the Collateral Agent shall provide the Lender and Securities Lending Agent with information concerning its valuation of Collateral, Existing Collateral, and Authorized Investment including any difference between amortized cost and market value and information concerning the total investment return of Existing Collateral and Authorized Investments as adjusted for waivers. Lender shall provide Collateral Agent such information regarding waivers as may be required to calculate the total investment return. Lender acknowledges that any valuations provided are indicative and are based upon recent market information, but certain instruments may trade infrequently. In addition, the valuations do not take into account the size of Lender’s position in the relevant Collateral and, as a result, the valuations provided may not reflect the value that would be realized upon the sale of a position. If Lender advises Collateral Agent that there is a material discrepancy between the price assigned by the Collateral Agent to the Collateral, Existing Collateral and Authorized Investments and the price assigned by the Lender, the parties shall negotiate in good faith on the price to apply.
