Trust Fund Evaluation Clause Samples
The Trust Fund Evaluation clause establishes the procedures and criteria for assessing the performance and status of a trust fund. Typically, this involves periodic reviews of the fund’s financial health, compliance with investment guidelines, and achievement of specified objectives. For example, the clause may require annual audits or reports to beneficiaries detailing fund performance and management actions. Its core practical function is to ensure transparency and accountability in the administration of the trust, thereby protecting the interests of beneficiaries and stakeholders.
Trust Fund Evaluation. As of the Evaluation Time next following any tender by a Unitholder for redemption and on any other business day desired by it or as may be required hereunder, the Trustee shall as to each Trust Fund: Add
(1) cash on hand in the Trust Fund (other than cash held especially for the purchase of Contract Securities) and moneys in the process of being collected from declared dividends,
(2) the aggregate value of each issue of the Securities in the Trust Fund (including Contract Securities) as determined by the Evaluator pursuant to Section 4.01, and
(3) all other assets of the Trust;
(1) amounts representing any applicable taxes, governmental charges or other charges pursuant to Section 3.03 payable out of the Trust Fund and for which no deductions shall have previously been made for the purpose of addition to the Reserve Account,
(2) amounts representing estimated accrued fees and expenses of the Trust Fund including but not limited to unpaid fees and expenses of the Trustee (including legal and auditing expenses), the Evaluator, the Depositor and counsel, and
(3) amounts representing unpaid accrued organization costs, and
(4) cash allocated for distribution to Unitholders of the Trust Fund of record as of the business day prior to the evaluation then being made. The resulting figure is herein called a "Trust Fund Evaluation." Prior to the payment to the Depositor of its reimbursable organization costs to be made at the earlier of six months after the Initial Date of Deposit or the conclusion of the primary offering period in accordance with Section 10.02, for purposes of determining the Trust Fund Evaluation under this Section 5.01, the Trustee shall rely upon the amounts representing unpaid accrued organization costs in the estimated amount per Unit set forth in the Prospectus until such time as the Depositor notifies the Trustee in writing of a revised estimated amount per Unit representing unpaid accrued organization costs. Upon receipt of such notice, the Trustee shall use this revised estimated amount per Unit representing unpaid accrued organization costs in determining the Trust Fund Evaluation but such revision of the estimated expenses shall not affect calculations made prior thereto and no adjustment shall be made in respect thereof.
Trust Fund Evaluation. As of the Evaluation Time next following any tender by a Unitholder for redemption and on any other business day desired by it or as may be required hereunder, the Trustee shall as to each Trust Fund: Add
(1) cash on hand in the Trust Fund (other than cash held especially for the purchase of Contract Securities) and moneys in the process of being collected from declared dividends,
(2) the aggregate value of each issue of the Securities in the Trust Fund (including Contract Securities) as determined by the Evaluator pursuant to Section 4.01, and
(3) all other assets of the Trust;
(1) amounts representing any applicable taxes, governmental charges or other charges pursuant to Section 3.03 payable out of the Trust Fund and for which no deductions shall have previously been made for the purpose of addition to the Reserve Account,
(2) amounts representing estimated accrued fees and expenses of the Trust Fund including but not limited to unpaid fees and expenses of the Trustee (including legal and auditing expenses), the Evaluator, the Depositor and counsel, and
(3) amounts representing unpaid accrued organization costs, and
(4) cash allocated for distribution to Unitholders of the Trust Fund of record as of the business day prior to the evaluation then being made.
Trust Fund Evaluation. 7 Trustee ...............................................................
Trust Fund Evaluation. As of the Evaluation Time next following any tender by a Unitholder for redemption and on any other business day desired by it or as may be required hereunder, the Trustee shall as to each Trust Fund: Add
(1) cash on hand in the Trust Fund (other than cash held especially for the purchase of Contract Securities) and moneys in the process of being collected from declared dividends,
(2) the aggregate value of each issue of the Securities in the Trust Fund (including Contract Securities) as determined by the Evaluator pursuant to Section 4.01, and
(3) all other assets of the Trust;
(1) amounts representing any applicable taxes, governmental charges or other charges pursuant to Section 3.03 payable out of the Trust Fund and for which no deductions shall have previously been made for the purpose of addition to the Reserve Account,
(2) amounts representing estimated accrued fees and expenses of the Trust Fund including but not limited to unpaid fees and expenses of the Trustee (including legal and auditing expenses), the Evaluator, the Depositor and counsel, and
(3) amounts representing unpaid accrued organizational and offering costs, and
(4) cash allocated for distribution to Unitholders of the Trust Fund of record as of the business day prior to the evaluation then being made. The resulting figure is herein called a "Trust Fund Evaluation."
Trust Fund Evaluation. 27 Section 5.01. Trust Fund Evaluation ................................... 27 Section 5.02. Redemption of Units ..................................... 28 ARTICLE VI ISSUANCE, TRANSFER, INTERCHANGE ......................... 31 Section 6.01. Issuance of Certificates ................................ 31 Section 6.02. Transfer of Units ....................................... 31 Section 6.03. Replacement of Certificates ............................. 32 Section 6.04. Form of Certificate ..................................... 32 ARTICLE VII DEPOSITOR ............................................... 32
Trust Fund Evaluation. 7 Trust Indenture and Agreement or Trust Agreement............................7 Trustee.....................................................................
Trust Fund Evaluation. As of the Evaluation Time (1) on --------------------- each Business Day and (2) upon termination of the Trust, the Trustee shall, in determining the net asset value of the Trust:
(a) subtract all Liabilities (including accrued expenses and dividends payable) from the total value of the Trust's investments and other assets and (b) divide the resulting figure by the total number of outstanding DIAMONDS. The resulting figure is herein called a "Trust Fund Evaluation." The amount of cash held by the Trust (including dividends receivable on stocks trading ex-dividend) is computed as of such Evaluation Time (a) on each day on which DIAMONDS in Creation Unit size aggregations are tendered for redemption and (b) on any other day desired by the Trustee.
Trust Fund Evaluation. As of the Evaluation Time next following any tender by a Unitholder for redemption and on any other business day desired by it or as may be required hereunder, the Trustee shall as to each Trust Fund: Add
(1) cash on hand in the Trust Fund, other than cash held especially for the purchase of Contract Obligations,
(2) the aggregate value of each issue of the Bonds in the Trust Fund (including Contract Obligations) on the bid side of the market as determined by the Evaluator pursuant to Section 4.01, and
(3) accrued but unpaid interest on the Bonds in the Trust Fund at the close of business on the date of such computation;
(1) amounts representing any applicable taxes, governmental charges or other charges pursuant to Section 3.03 payable out of the Trust Fund and for which no deductions shall have previously been made for the purpose of addition to the Reserve Account,
(2) amounts representing estimated accrued fees and expenses of the Trust Fund including but not limited to unpaid fees and expenses of the Trustee (including legal and auditing expenses), the Evaluator, the Depositor, the Insurer and bond counsel, and
(3) cash allocated for distribution to Unitholders of the Trust Fund of record as of the business day prior to the evaluation then being made. The resulting figure is herein called a "TRUST FUND EVALUATION."
Trust Fund Evaluation. 8 Trustee. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Trust Fund Evaluation. As of the Evaluation Time next following any tender by a Unitholder for redemption and on any other business day desired by it or as may be required hereunder, the Trustee shall as to each Trust Fund: Add
(1) cash on hand in the Trust Fund (other than cash held especially for the purchase of Contract Securities) and moneys in the process of being collected from declared dividends,
(2) the aggregate value of each issue of the Securities in the Trust Fund (including Contract Securities) as determined by the Evaluator pursuant to Section 4.01, and
(3) all other assets of the Trust Fund;