Suspension of Determination of Net Asset Value Sample Clauses
The Suspension of Determination of Net Asset Value clause allows a fund or investment entity to temporarily halt the calculation and publication of its net asset value (NAV) under certain circumstances. This suspension may occur during periods of market disruption, when asset prices cannot be reliably determined, or if there are operational issues affecting the fund's ability to value its holdings. By enabling such a suspension, the clause protects both the fund and its investors from inaccurate valuations and ensures fairness in transactions during extraordinary events.
Suspension of Determination of Net Asset Value. The Board of Trustees may declare a suspension of the determination of net asset value of a series or class (a) for any period during which trading on the New York Stock Exchange is restricted, as determined by the SEC, or that Exchange is closed (other than customary weekend and holiday closings), (b) for any period during which an emergency exists as a result of which disposal of the investments held by that series or determination of net asset value of that series is not reasonably practicable, or (c) for such period as the SEC by order may permit. Such suspension shall take effect at such time as the Board of Trustees shall specify and thereafter there shall be no determination of net asset value until the Board of Trustees shall declare the suspension terminated, except that the suspension shall terminate in any event on the first day on which (1) the condition giving rise to the suspension shall have ceased to exist and (2) no other condition exists under which suspension is authorized under this Section 3.03. Each declaration by the Board of Trustees pursuant to this Section 3.03 shall be consistent with such official rules and regulations, if any, relating to the subject matter thereof as shall have been promulgated by the SEC. To the extent not inconsistent with such official rules and regulations, the determination of the Board of Trustees shall be conclusive.
Suspension of Determination of Net Asset Value. For each Sub-Fund, the Management Company may suspend the determination of the Net Asset Value, the Net Asset Value per Class and/or the Net Asset Value per Unit if the Management Company deems that such suspension is in the best interest of the Unitholders, the UCITS and/or a Sub-Fund, including the following circumstances:
1. in case any principal stock exchange, commodities exchange, futures exchange or over-the-counter market where a material part of the assets of the Sub-Fund is listed, quoted, traded or dealt in is closed (other than customary weekend and holiday closing) or trading is substantially restricted or suspended; or
2. in case no reasonable valuations in respect of a material part of the Sub-Fund's assets or liabilities are available in a timely manner;
3. when circumstances exist as a result of which it is not reasonably practicable to determine the Net Asset Value, the Net Asset Value per Class or the Net Asset Value per Unit on an accurate and timely basis; or
4. as a result of exchange restrictions or other restrictions affecting the transfer of funds or transactions on behalf of the Sub-Fund are rendered impracticable or purchases and sales of the Sub-Fund's investments cannot be effected at normal rates of exchange; or
5. a decision is made to liquidate and wind down the Sub-Fund. The Unitholders shall be notified of any suspension of valuation and termination thereof. The Unitholders should note that although the values of a Sub-Fund's assets and liabilities are not determined during a suspension, the intrinsic value of the Units remains at risk of fluctuations as usual. For additional restrictions on redemption, please see the section "Liquidation".
Suspension of Determination of Net Asset Value. Units may not be redeemed during a period of suspension of determination of Net Asset Value, Net Asset Value per Class and/or Net Asset Value per Unit. No redemption requests shall be accepted during such period of suspension.