VALUATION OF ASSETS. For all purposes of this Agreement, including, without limitation, the determination of the Net Asset Value per Unit of each Class, the assets of this FuturesAccess Fund shall be valued according to the following principles: (a) The Net Assets of this FuturesAccess Fund are its assets less its liabilities determined in accordance with generally accepted accounting principles and as described below. Accrued Performance Fees (as described in the Disclosure Document) shall reduce Net Asset Value, even though such Performance Fees may never, in fact, be paid. (b) For the avoidance of doubt, the Sponsor shall, in general, apply the following principles in valuing this FuturesAccess Fund’s assets: (i) commodity interests and currency interests which are traded on a United States exchange shall be valued at their settlement on the date as of which the values are being determined; (ii) commodity interests and currency interests not traded on a United States exchange shall be valued based upon policies established by the Sponsor, generally based on prices as reported by any reliable source selected by the Sponsor, consistently applied for each variety of interest; (iii) swap agreements shall be valued in the good faith discretion of the Sponsor based on quotations received from dealers deemed appropriate by the Sponsor; (iv) bank and other interest-bearing accounts, Treasury bills and other short-term, interest-bearing instruments shall be valued at cost plus accrued interest; (v) securities which are traded on a national securities exchange shall be valued at their closing price on the date as of which their value is being determined on the national securities exchange on which such securities are principally traded or on a consolidated tape which includes such exchange, whichever shall be selected by the Sponsor, or, if there is no closing price on such date on such exchange or consolidated tape, at the prior day’s closing price; (vi) securities not traded on a national securities exchange but traded over-the-counter shall be valued based on prices as reported by any reliable source selected by the Sponsor; (vii) money-market funds shall be valued at their net asset value on the date as of which their value is being determined; (viii) if on the date as of which any valuation is being made, the exchange or market herein designated for the valuation of any given assets is not open for business, the basis for valuing such assets shall be such value as the Sponsor may deem fair and reasonable; Aspect FuturesAccess LLC
Appears in 7 contracts
Samples: Limited Liability Company Operating Agreement (Aspect FuturesAccess LLC), Limited Liability Company Operating Agreement (Aspect FuturesAccess LLC), Limited Liability Company Operating Agreement (Aspect FuturesAccess LLC)
VALUATION OF ASSETS. For all purposes of this Agreement, including, without limitation, the determination of the Net Asset Value per Unit of each Class, the assets of this FuturesAccess Fund shall be valued according to the following principles:
(a) The Net Assets of this FuturesAccess Fund are its assets less its liabilities generally determined in accordance with generally accepted accounting principles and as described below, provided that the Sponsor may depart from generally accepted accounting principles in calculating Net Assets for all purposes other than for financial statement purposes, including without limitation for purposes of subscriptions and redemptions and calculation of the Management Fee, Sponsor’s Fee and Performance Fee, if the Sponsor determines in its good-faith discretion that this departure is advisable in order to better reflect the true value of any asset or amount of any liability, or to further the fair and equitable treatment of Investors. Accrued Performance Fees (as described in the Disclosure Document) shall reduce Net Asset Value, even though such Performance Fees may never, in fact, be paid.
(b) For the avoidance of doubt, the Sponsor shall, in general, apply the following principles in valuing this FuturesAccess Fund’s assets:
(i) commodity interests and currency interests which are traded on a United States exchange shall be valued at their settlement on the date as of which the values are being determined;
(ii) commodity interests and currency interests not traded on a United States exchange shall be valued based upon policies established by the Sponsor, generally based on prices as reported by any reliable source selected by the Sponsor, consistently applied for each variety of interest;
(iii) swap agreements shall be valued in the good faith discretion of the Sponsor based on quotations received from dealers deemed appropriate by the Sponsor;
(iv) bank and other interest-bearing accounts, Treasury bills and other short-term, interest-bearing instruments shall be valued at cost plus accrued interest;
(v) securities which are traded on a national securities exchange shall be valued at their closing price on the date as of which their value is being determined on the national securities exchange on which such securities are principally traded or on a consolidated tape which includes such exchange, whichever shall be selected by the Sponsor, or, if there is no closing price on such date on such exchange or consolidated tape, at the prior day’s closing price;
(vi) securities not traded on a national securities exchange but traded over-the-counter shall be valued based on prices as reported by any reliable source selected by the Sponsor;
(vii) money-market funds shall be valued at their net asset value on the date as of which their value is being determined;
(viii) if on the date as of which any valuation is being made, the exchange or market herein designated for the valuation of any given assets is not open for business, the basis for valuing such assets shall be such value as the Sponsor may deem fair and reasonable; Aspect FuturesAccess LLC
Appears in 6 contracts
Samples: Limited Liability Company Operating Agreement (ML Winton FuturesAccess LLC), Limited Liability Company Operating Agreement (ML Winton FuturesAccess LLC), Limited Liability Company Operating Agreement (ML Winton FuturesAccess LLC)
VALUATION OF ASSETS. For all purposes of this Agreement, including, without limitation, the determination of the Net Asset Value per Unit of each Class, the assets of this FuturesAccess Fund shall be valued according to the following principles:
(a) The Net Assets of this FuturesAccess Fund are its assets less its liabilities determined in accordance with generally accepted accounting principles and as described below. Accrued Performance Fees (as described in the Disclosure Document) shall reduce Net Asset Value, even though such Performance Fees may never, in fact, be paid.
(b) For the avoidance of doubt, the Sponsor shall, in general, apply the following principles in valuing this FuturesAccess Fund’s assets:
(i) commodity interests and currency interests which are traded on a United States exchange shall be valued at their settlement on the date as of which the values are being determined;
(ii) commodity interests and currency interests not traded on a United States exchange shall be valued based upon policies established by the Sponsor, generally based on prices as reported by any reliable source selected by the Sponsor, consistently applied for each variety of interest;
(iii) swap agreements shall be valued in the good faith discretion of the Sponsor based on quotations received from dealers deemed appropriate by the Sponsor;
(iv) bank and other interest-bearing accounts, Treasury bills and other short-term, interest-bearing instruments shall be valued at cost plus accrued interest;
(v) securities which are traded on a national securities exchange shall be valued at their closing price on the date as of which their value is being determined on the national securities exchange on which such securities are principally traded or on a consolidated tape which includes such exchange, whichever shall be selected by the Sponsor, or, if there is no closing price on such date on such exchange or consolidated tape, at the prior day’s closing price;
(vi) securities not traded on a national securities exchange but traded over-the-counter shall be valued based on prices as reported by any reliable source selected by the Sponsor;
(vii) money-market funds shall be valued at their net asset value on the date as of which their value is being determined;
(viii) if on the date as of which any valuation is being made, the exchange or market herein designated for the valuation of any given assets is not open for business, the basis for valuing such assets shall be such value as the Sponsor may deem fair and reasonable; Aspect FuturesAccess LLC;
Appears in 5 contracts
Samples: Limited Liability Company Operating Agreement (ML BlueTrend FuturesAccess LLC), Limited Liability Company Operating Agreement (ML BlueTrend FuturesAccess LLC), Limited Liability Company Operating Agreement (ML BlueTrend FuturesAccess LLC)
VALUATION OF ASSETS. For all purposes of this Agreement, including, without limitation, the determination of the Net Asset Value per Unit of each Class, the assets of this FuturesAccess Fund shall be valued according to the following principles:
(a) The Net Assets of this FuturesAccess Fund are its assets less its liabilities determined in accordance with generally accepted accounting principles and as described below. Accrued Performance Fees (as described in the Disclosure Document) shall reduce Net Asset Value, even though such Performance Fees may never, in fact, be paid.
(b) For the avoidance of doubt, the Sponsor shall, in general, apply the following principles in valuing this FuturesAccess Fund’s 's assets:
(i) commodity interests and currency interests which are traded on a United States exchange shall be valued at their settlement on the date as of which the values are being determined;
(ii) commodity interests and currency interests not traded on a United States exchange shall be valued based upon policies established by the Sponsor, generally based on prices as reported by any reliable source selected by the Sponsor, consistently applied for each variety of interest;
(iii) swap agreements shall be valued in the good faith discretion of the Sponsor based on quotations received from dealers deemed appropriate by the Sponsor;
(iv) bank and other interest-bearing accounts, Treasury bills and other short-term, interest-bearing instruments shall be valued at cost plus accrued interest;
(v) securities which are traded on a national securities exchange shall be valued at their closing price on the date as of which their value is being determined on the national securities exchange on which such securities are principally traded or on a consolidated tape which includes such exchange, whichever shall be selected by the Sponsor, or, if there is no closing price on such date on such exchange or consolidated tape, at the prior day’s 's closing price;
(vi) securities not traded on a national securities exchange but traded over-the-counter shall be valued based on prices as reported by any reliable source selected by the Sponsor;
(vii) money-market funds shall be valued at their net asset value on the date as of which their value is being determined;
(viii) if on the date as of which any valuation is being made, the exchange or market herein designated for the valuation of any given assets is not open for business, the basis for valuing such assets shall be such value as the Sponsor may deem fair and reasonable; Aspect FuturesAccess LLC;
Appears in 5 contracts
Samples: Limited Liability Company Operating Agreement (ML Transtrend DTP Enhanced FuturesAccess LLC), Limited Liability Company Operating Agreement (ML Transtrend DTP Enhanced FuturesAccess LLC), Limited Liability Company Operating Agreement (Aspect FuturesAccess LLC)
VALUATION OF ASSETS. For all purposes of this Agreement, including, without limitation, the determination of the Net Asset Value per Unit of each Class, the assets of this FuturesAccess Fund shall be valued according to the following principles:
(a) The Net Assets of this FuturesAccess Fund are its assets less its liabilities determined in accordance with generally accepted accounting principles and as described below. Accrued Performance Fees (as described in the Disclosure Document) shall reduce Net Asset Value, even though such Performance Fees may never, in fact, be paid.
(b) For the avoidance of doubt, the Sponsor shall, in general, apply the following principles in valuing this FuturesAccess Fund’s assets:
(i) commodity interests and currency interests which are traded on a United States exchange shall be valued at their settlement on the date as of which the values are being determined;
(ii) commodity interests and currency interests not traded on a United States exchange shall be valued based upon policies established by the Sponsor, generally based on prices as reported by any reliable source selected by the Sponsor, consistently applied for each variety of interest;
(iii) swap agreements shall be valued in the good faith discretion of the Sponsor based on quotations received from dealers deemed appropriate by the Sponsor;
(iv) bank and other interest-bearing accounts, Treasury bills and other short-term, interest-bearing instruments shall be valued at cost plus accrued interest;
(v) securities which are traded on a national securities exchange shall be valued at their closing price on the date as of which their value is being determined on the national securities exchange on which such securities are principally traded or on a consolidated tape which includes such exchange, whichever shall be selected by the Sponsor, or, if there is no closing price on such date on such exchange or consolidated tape, at the prior day’s closing price;
(vi) securities not traded on a national securities exchange but traded over-the-counter shall be valued based on prices as reported by any reliable source selected by the Sponsor;
(vii) money-market funds shall be valued at their net asset value on the date as of which their value is being determined;
(viii) if on the date as of which any valuation is being made, the exchange or market herein designated for the valuation of any given assets is not open for business, the basis for valuing such assets shall be such value as the Sponsor may deem fair and reasonable;
(ix) all other assets, including securities traded on foreign exchanges, and liabilities shall be valued in good faith by the Sponsor, including assets and liabilities for which there is no readily identifiable market value;
(x) the foregoing valuations may be modified by the Sponsor if and to the extent that it shall determine that modifications are advisable in order better to reflect the true value of any asset; Aspect and
(xi) the Sponsor may reduce the valuation of any asset (or of this FuturesAccess LLCFund) by reserves established, as contemplated by Section 2.04(g), to reflect losses, contingencies, liabilities, uncertain valuations or other factors, which the Sponsor determines reduce, or might reduce, the value of such asset (or of this FuturesAccess Fund as a whole in the case of reserves not specifically attributable to any particular asset). All determinations of value by the Sponsor shall be final and conclusive as to all Investors, in the absence of manifest error, and the Sponsor shall be absolutely protected in relying upon valuations furnished to the Sponsor by third parties, provided that such reliance is in good faith. The Sponsor may suspend the calculation of Net Asset Value during any period in which the Sponsor believes that it is reasonably impracticable to value a material portion of this FuturesAccess Fund’s assets.
Appears in 5 contracts
Samples: Limited Liability Company Operating Agreement (Man AHL FuturesAccess LLC), Limited Liability Company Operating Agreement (ML Winton FuturesAccess LLC), Limited Liability Company Operating Agreement (ML Transtrend DTP Enhanced FuturesAccess LLC)
VALUATION OF ASSETS. For all purposes The value of Fund assets shall be determined in accordance with FASB Accounting Standards Codification Topic (ASC) 820, "Fair Value Measurements and Disclosures" ("FASB ASC 820-10"), as in effect on the date of this Agreement. As used below, includinghowever, without limitation"FASB ASC 820-10" shall refer instead to any superseding, supplementing or amending Statement of Financial Accounting Standards intended by its adopters to apply to the determination valuation of assets in lieu of or in addition to the current version of FASB ASC 820-10 – provided that the General Partner has determined, in its good faith discretion, that it is in the best interests of the Net Asset Value per Unit of each ClassFund that such superseding, supplementing or amending Statement thereafter be followed in valuing Fund assets. To the assets of this FuturesAccess extent that U.S. generally accepted accounting principles, consistently applied ("GAAP") are consistent with FASB ASC 820-10, GAAP shall also be applied in valuing Fund assets, as shall be valued according the valuation standards summarized below to the following principles:extent those standards are not inconsistent with FASB ASC 820-10 or GAAP.
(a) The Net Assets of this FuturesAccess Fund Securities that are its assets less its liabilities determined in accordance with generally accepted accounting principles and as described below. Accrued Performance Fees listed on a securities exchange (as described including such Securities when traded in the Disclosure Documentafter hours market) shall reduce Net Asset Value, even though such Performance Fees may never, in fact, be paid.
(b) For the avoidance of doubt, the Sponsor shall, in general, apply the following principles in valuing this FuturesAccess Fund’s assets:
(i) commodity interests and currency interests which are traded on a United States exchange shall be valued at their settlement last sale prices on the date as of which the values are being determined;
(ii) commodity interests and currency interests not traded on a United States exchange shall be valued based upon policies established by the Sponsor, generally based on prices as reported by any reliable source selected by the Sponsor, consistently applied for each variety of interest;
(iii) swap agreements shall be valued in the good faith discretion of the Sponsor based on quotations received from dealers deemed appropriate by the Sponsor;
(iv) bank and other interest-bearing accounts, Treasury bills and other short-term, interest-bearing instruments shall be valued at cost plus accrued interest;
(v) securities which are traded on a national securities exchange shall be valued at their closing price determination on the date as of which their value is being determined on the national largest securities exchange on which such securities are principally shall have traded or on a such date or, if trading in such Securities on the largest securities exchange on which such Securities shall have traded on such date was reported on the consolidated tape, their last sales prices on the consolidated tape (or, in the event that the date of determination is not a date upon which includes a securities exchange was open for trading, on the last prior date on which such exchangesecurities exchange was so open not more than 10 days prior to the date of determination). If no such sales of such Securities occurred on either of the foregoing dates, whichever such Securities shall be selected by valued at the Sponsor"bid" price for long positions and "asked" price for short positions on the largest securities exchange on which such Securities are traded on the date of determination, or, if there is no closing price "bid" prices for long positions and "asked" prices for short positions in such Securities on the largest securities exchange on which such Securities shall have traded on such date were reported on such exchange or the consolidated tape, at the prior day’s closing price;
"bid" price for long positions and "asked" price for short positions on the consolidated tape (vi) securities or, if the date of determination is not traded on a national date upon which such securities exchange was open for trading, on the last prior date on which such a securities exchange was so open not more than 10 days prior to the date of determination). Securities that are not listed on an exchange but are traded over-the-counter shall be valued based on prices as reported by any reliable source selected at representative "bid" quotations if held long by the Sponsor;
Fund and representative "asked" quotations if held short by the Fund on the date of determination, unless such Securities shall be included in the NASDAQ Stock Market, in which case they shall be valued based upon their last sale prices on the date of determination (vii) money-market funds if such prices are available). Notwithstanding the preceding sentences in this paragraph, options, whether or not listed on a securities exchange, shall be valued at their net the mean between the last "bid" and "asked" prices for such options on such date, or at the last trade price, whichever is lower. Non-U.S. Securities shall be valued at the last sale price in the principal market where they are traded. Notwithstanding the preceding paragraph, futures contracts shall be valued at the most recent "settlement price" set by the exchange on which such contracts are traded. The value of any shares of stock held or sold short by the Fund in an investment company registered under the Investment Company Act of 1940 (the "Investment Company Act") shall be valued as such shares are valued by the investment company; provided however, that the General Partner may make such adjustments in such valuation as it from time to time may consider appropriate. Notwithstanding the foregoing, if any cash or other asset value of the Fund has been realized or contracted to be realized on the date of valuation, the assets of the Fund shall include, in place of such cash or other asset, the assets receivable by the Fund in respect thereof. Securities for which no such market prices are available shall be valued at such value as of which their value is being determined;the General Partner may reasonably determine in its sole discretion.
(viiib) if on All other assets and liabilities of the date Fund (except goodwill, which shall not be taken into account) shall be assigned such value as of which any valuation is being made, the exchange or market herein designated for General Partner may reasonably determine in its sole discretion.
(c) If the General Partner determines that the valuation of any given assets is Securities or other property pursuant to Section 3.6(a) does not open for businessfairly represent market value, the General Partner shall value such Securities or other property as it reasonably determines in its sole discretion and shall set forth the basis for valuing of such valuation in writing in the Fund's records.
(d) All values assigned to Securities and other assets and liabilities by the General Partner pursuant to this Section 3.6 shall be final and conclusive as to all of the Partners.
(e) Items shall be determined to be assets if they would be treated as an asset under U.S. generally accepted accounting principles ("GAAP"); provided that assets shall be valued in accordance with this Section 3.6. Notwithstanding the preceding portions of this section, the General Partner shall be entitled to rely in good faith on valuations provided to the Fund by prime brokers (if any), other brokers, banks and other custodians with respect to assets held by such value as parties on behalf of the Sponsor may deem fair and reasonable; Aspect FuturesAccess LLCFund.
Appears in 3 contracts
Samples: Limited Partnership Agreement, Limited Partnership Agreement, Limited Partnership Agreement
VALUATION OF ASSETS. For all purposes of this Agreement, including, without limitation, the determination of the Net Asset Value per Unit of each Class, the assets of this FuturesAccess Fund shall be valued according to the following principles:
(a) The Net Assets of this FuturesAccess Fund are its assets less its liabilities determined in accordance with generally accepted accounting principles and as described below. Accrued Performance Fees (as described in the Disclosure Document) shall reduce Net Asset Value, even though such Performance Fees may never, in fact, be paid.
(b) For the avoidance of doubt, the Sponsor shall, in general, apply the following principles in valuing this FuturesAccess Fund’s 's assets:
(i) commodity interests and currency interests which are traded on a United States exchange shall be valued at their settlement on the date as of which the values are being determined;
(ii) commodity interests and currency interests not traded on a United States exchange shall be valued based upon policies established by the Sponsor, generally based on prices as reported by any reliable source selected by the Sponsor, consistently applied for each variety of interest;
(iii) swap agreements shall be valued in the good faith discretion of the Sponsor based on quotations received from dealers deemed appropriate by the Sponsor;
(iv) bank and other interest-bearing accounts, Treasury bills and other short-term, interest-bearing instruments shall be valued at cost plus accrued interest;
(v) securities which are traded on a national securities exchange shall be valued at their closing price on the date as of which their value is being determined on the national securities exchange on which such securities are principally traded or on a consolidated tape which includes such exchange, whichever shall be selected by the Sponsor, or, if there is no closing price on such date on such exchange or consolidated tape, at the prior day’s 's closing price;
(vi) securities not traded on a national securities exchange but traded over-the-counter shall be valued based on prices as reported by any reliable source selected by the Sponsor;
(vii) money-market funds shall be valued at their net asset value on the date as of which their value is being determined;
(viii) if on the date as of which any valuation is being made, the exchange or market herein designated for the valuation of any given assets is not open for business, the basis for valuing such assets shall be such value as the Sponsor may deem fair and reasonable; Aspect FuturesAccess LLC
Appears in 3 contracts
Samples: Limited Liability Company Operating Agreement (ML Winton FuturesAccess LLC), Limited Liability Company Operating Agreement (ML Winton FuturesAccess LLC), Limited Liability Company Operating Agreement (ML Winton FuturesAccess LLC)
VALUATION OF ASSETS. For all purposes of this Agreement, including, without limitation, the determination of the Net Asset Value per Unit of each Class, the assets of this FuturesAccess Fund shall be valued according to the following principles:
(a) The Net Assets of this FuturesAccess Fund Securities that are its assets less its liabilities determined in accordance with generally accepted accounting principles and as described below. Accrued Performance Fees listed on a securities exchange (as described including such Securities when traded in the Disclosure Documentafter hours market) shall reduce Net Asset Value, even though such Performance Fees may never, in fact, be paid.
(b) For the avoidance of doubt, the Sponsor shall, in general, apply the following principles in valuing this FuturesAccess Fund’s assets:
(i) commodity interests and currency interests which are traded on a United States exchange shall be valued at their settlement last sales prices on the date as of which the values are being determined;
(ii) commodity interests and currency interests not traded on a United States exchange shall be valued based upon policies established by the Sponsor, generally based on prices as reported by any reliable source selected by the Sponsor, consistently applied for each variety of interest;
(iii) swap agreements shall be valued in the good faith discretion of the Sponsor based on quotations received from dealers deemed appropriate by the Sponsor;
(iv) bank and other interest-bearing accounts, Treasury bills and other short-term, interest-bearing instruments shall be valued at cost plus accrued interest;
(v) securities which are traded on a national securities exchange shall be valued at their closing price determination on the date as of which their value is being determined on the national largest securities exchange on which such securities are principally shall have traded on such date, or if trading in such Securities on a the largest securities exchange on which such Securities shall have traded on such date was reported on the consolidated tape, their last sales prices on the consolidated tape (or, in the event that the date of determination is not a date upon which includes a securities exchange was open for trading, on the last prior date on which such exchangesecurities exchange was so open not more than 10 days prior to the date of determination). If no such sales of such Securities occurred on either of the foregoing dates, whichever such Securities shall be selected by valued at the Sponsor"bid" price for long positions and "asked" price for short positions on the largest securities exchange on which such Securities are traded, on the date of determination, or, if there is no closing price "bid" prices for long positions and "asked" prices for short positions in such Securities on the largest securities exchange on which such Securities shall have traded on such date was reported on such exchange or the consolidated tape, at the prior day’s closing price;
"bid" price for long positions and "asked" price for short positions on the consolidated tape (vi) securities or, if the date of determination is not traded on a national date upon which such securities exchange was open for trading, on the last prior date on which such a securities exchange was so open not more than 10 days prior to the date of determination). Securities that are not listed on an exchange but are traded over-the-counter shall be valued based on prices as reported by any reliable source selected at representative "bid" quotations if held long by the Sponsor;
Partnership and representative "asked" quotations if held short by the Partnership, unless included in the NASDAQ National Market System, in which case they shall be valued based upon their last sales prices (vii) money-market funds if such prices are available). Options that are listed on a securities exchange shall be valued at their net asset value last sales prices on the date of determination on the largest securities exchange on which such options shall have traded on such date; provided, however, that if the last sales prices of such options do not fall between the last "bid" and "asked" prices for such options on such date, then the General Partner shall value such options at the mean between the last "bid" and "asked" prices for such options on such date. Non-U.S. Securities shall be valued at the closing "bid" price in the principal market where they are traded. If such closing prices for non-U.S. Securities are not available, such non-U.S. Securities shall be valued at the last traded "bid" price available prior to the date of determination. Securities that are commodities or commodity contracts shall be valued at their last prior sales prices on the principal board of trade or other contracts market in which dealings are made or by quotations from the contraparty bank in the case of a forward contract. The value of any shares of stock held or sold short by the Partnership in an investment company shall be valued in accordance with the manner in which such shares are valued by such investment company; provided, however, that the General Partner may make such adjustments in such valuation as it from time to time may consider appropriate. Notwithstanding the foregoing, if any cash or other asset of which their value is being determined;
(viii) if the Partnership has been realized or contracted to be realized on the date of valuation, the assets of the Partnership shall include, in place of such cash or other asset, the assets receivable by the Partnership in respect thereof. Securities for which no such market prices are available shall be valued by the General Partner in reliance upon one or more quotes received from a securities broker-dealer that has been granted the designation of primary dealer by the Federal Reserve Bank of New York, and if such quotes are unavailable, at such value as the General Partner may reasonably determine in its discretion. For all purposes, the value of all assets held by the Partnership will be determined based upon the value of such asset as of the relevant valuation date and no consideration will be given to future accruals on such assets beyond such valuation date.
(b) All other assets and liabilities of the Partnership (except goodwill, which any valuation is being made, shall not be taken into account) shall be assigned such value as the exchange or market herein designated for General Partner may reasonably determine in its discretion.
(c) If the General Partner determines that the valuation of any given assets is Securities or other property pursuant to Sec. 3.07(a) does not open for businessfairly represent market value, the General Partner shall value such Securities or other property as it reasonably determines in its discretion and shall set forth the basis for valuing of such valuation in writing in the Partnership's records.
(d) All values assigned to Securities and other assets and liabilities by the General Partner pursuant to this Sec. 3.07 shall be such value final and conclusive as to all of the Sponsor may deem fair and reasonable; Aspect FuturesAccess LLCPartners.
Appears in 2 contracts
Samples: Limited Partnership Agreement (Nymagic Inc), Limited Partnership Agreement (Nymagic Inc)
VALUATION OF ASSETS. For all purposes of this Agreement, including, without limitation, the determination of the Net Asset Value per Unit of each Class, the assets of this FuturesAccess Fund shall be valued according to the following principles:
(a) The Net Assets of this FuturesAccess Fund are its assets less its liabilities determined in accordance with generally accepted accounting principles and as described below. Accrued Performance Fees (as described in the Disclosure Document) shall reduce Net Asset Value, even though such Performance Fees may never, in fact, be paid.
(b) For the avoidance of doubt, the Sponsor shall, in general, apply the following principles in valuing this FuturesAccess Fund’s assets:
(i) commodity interests and currency interests which are traded on a United States exchange shall be valued at their settlement on the date as of which the values are being determined;
(ii) commodity interests and currency interests not traded on a United States exchange shall be valued based upon policies established by the Sponsor, generally based on prices as reported by any reliable source selected by the Sponsor, consistently applied for each variety of interest;
(iii) swap agreements shall be valued in the good faith discretion of the Sponsor based on quotations received from dealers deemed appropriate by the Sponsor;
(iv) bank and other interest-bearing accounts, Treasury bills and other short-term, interest-bearing instruments shall be valued at cost plus accrued interest;
(v) securities which are traded on a national securities exchange shall be valued at their closing price on the date as of which their value is being determined on the national securities exchange on which such securities are principally traded or on a consolidated tape which includes such exchange, whichever shall be selected by the Sponsor, or, if there is no closing price on such date on such exchange or consolidated tape, at the prior day’s closing price;
(vi) securities not traded on a national securities exchange but traded over-the-counter shall be valued based on prices as reported by any reliable source selected by the Sponsor;
(vii) money-market funds shall be valued at their net asset value on the date as of which their value is being determined;
(viii) if on the date as of which any valuation is being made, the exchange or market herein designated for the valuation of any given assets is not open for business, the basis for valuing such assets shall be such value as the Sponsor may deem fair and reasonable; Aspect FuturesAccess LLC
Appears in 2 contracts
Samples: Limited Liability Company Operating Agreement (ML Winton FuturesAccess LLC), Limited Liability Company Operating Agreement (ML Winton FuturesAccess LLC)
VALUATION OF ASSETS. For all purposes of this Agreement, including, without limitation, the determination of the Net Asset Value per Unit of each Class, the assets of this FuturesAccess the Fund shall be valued according to the following principles:
(a) The Net Assets of this FuturesAccess the Fund are its assets less its liabilities generally determined in accordance with generally accepted accounting principles and as described below; provided that the Manager may depart from generally accepted accounting principles in calculating Net Assets for all purposes other than for financial statement purposes, including without limitation for purposes of subscriptions and redemptions and calculation of the Management Fee, if the Manager determines in its good-faith discretion that this departure is advisable in order to better reflect the true value of any asset or amount of any liability, or to further the fair and equitable treatment of Members. Accrued Performance Fees (as described in the Disclosure Document) shall reduce Net Asset Value, even though such Performance Fees The Underlying Funds may never, in fact, be paidsimilarly calculate their net assets.
(b) For The Fund’s investments in the avoidance Underlying Funds shall be valued by such Underlying Funds.
(c) The Manager shall value any asset of doubt, the Sponsor shall, Fund not invested in general, apply an Underlying Fund by applying the following principles in valuing this FuturesAccess Fund’s assetsgeneral principles:
(i) commodity interests and currency interests which are traded on a United States exchange shall be valued at their settlement on the date as of which the values are being determined;
(ii) commodity interests and currency interests not traded on a United States exchange shall be valued based upon policies established by the SponsorManager, generally based on prices as reported by any reliable source selected by the SponsorManager, consistently applied for each variety of interest;
(iii) swap agreements shall be valued in the good faith discretion of the Sponsor Manager based on quotations received from dealers deemed appropriate by the SponsorManager;
(iv) bank and other interest-bearing accounts, Treasury bills and other short-term, interest-bearing instruments shall be valued at cost plus accrued interest;
(v) securities which are traded on a national securities exchange shall be valued at their closing price on the date as of which their value is being determined on the national securities exchange on which such securities are principally traded or on a consolidated tape which includes such exchange, whichever shall be selected by the SponsorManager, or, if there is no closing price on such date on such exchange or consolidated tape, at the prior day’s closing price;
(vi) securities not traded on a national securities exchange but traded over-the-counter shall be valued based on prices as reported by any reliable source selected by the SponsorManager;
(vii) money-market funds shall be valued at their net asset value on the date as of which their value is being determined;
(viii) if on the date as of which any valuation is being made, the exchange or market herein designated for the valuation of any given assets is not open for business, the basis for valuing such assets shall be such value as the Sponsor Manager may deem fair and reasonable;
(ix) all other assets, including securities traded on foreign exchanges, and liabilities shall be valued in good faith by the Manager, including assets and liabilities for which there is no readily identifiable market value;
(x) the foregoing valuations may be modified by the Manager if and to the extent that it shall determine that modifications are advisable in order better to reflect the true value of any asset; Aspect FuturesAccess LLCand
(xi) the Manager may reduce the valuation of any asset by reserves established, as contemplated by Section 2.04(g), to reflect losses, contingencies, liabilities, uncertain valuations or other factors, which the Manager determines reduce, or might reduce, the value of such asset (or of an Underlying Fund as a whole in the case of reserves not specifically attributable to any particular asset). All determinations of value by the Manager shall be final and conclusive as to all Members, in the absence of manifest error, and the Manager shall be absolutely protected in relying upon valuations furnished to the Manager by third parties; provided that such reliance is in good faith. The Manager may suspend the calculation of Net Asset Value during any period when any of the Underlying Funds in which the Fund invests has done so.
Appears in 2 contracts
Samples: Limited Liability Company Operating Agreement (Man FRM Managed Futures Strategies LLC), Limited Liability Company Operating Agreement (Man FRM Managed Futures Strategies LLC)
VALUATION OF ASSETS. For all purposes of this Agreement, including, without limitation, the determination of the Net Asset Value per Unit of each Class, the assets of this FuturesAccess Fund shall be valued according to the following principles:
(a) The Net Assets of this FuturesAccess Fund are its assets less its liabilities determined in accordance with generally accepted accounting principles and as described below. Accrued Performance Fees (as described in the Disclosure Document) shall reduce Net Asset Value, even though such Performance Fees may never, in fact, be paid.
(b) For the avoidance of doubt, the Sponsor shall, in general, apply the following principles in valuing this FuturesAccess Fund’s assets:
(i) commodity interests and currency interests which are traded on a United States exchange shall be valued at their settlement price on the date as of which the values are being determined;
(ii) commodity interests and currency interests not traded on a United States exchange shall be valued based upon policies established by the Sponsor, generally based on prices as reported by any reliable source selected by the Sponsor, consistently applied for each variety of interest;
(iii) swap agreements shall be valued in the good faith discretion of the Sponsor based on quotations received from dealers deemed appropriate by the Sponsor;
(iv) bank and other interest-bearing accounts, Treasury bills and other short-term, interest-bearing instruments shall be valued at cost plus accrued interest;
(v) securities which are traded on a national securities exchange shall be valued at their closing price on the date as of which their value is being determined on the national securities exchange on which such securities are principally traded or on a consolidated tape which includes such exchange, whichever shall be selected by the Sponsor, or, if there is no closing price on such date on such exchange or consolidated tape, at the prior day’s closing price;
(vi) securities not traded on a national securities exchange but traded over-the-counter shall be valued based on prices as reported by any reliable source selected by the Sponsor;
(vii) money-market funds shall be valued at their net asset value on the date as of which their value is being determined;
(viii) if on the date as of which any valuation is being made, the exchange or market herein designated for the valuation of any given assets is not open for business, the basis for valuing such assets shall be such value as the Sponsor may deem fair and reasonable;
(ix) all other assets, including securities traded on foreign exchanges, and liabilities shall be valued in good faith by the Sponsor, including assets and liabilities for which there is no readily identifiable market value;
(x) the foregoing valuations may be modified by the Sponsor if and to the extent that it shall determine that modifications are advisable in order better to reflect the true value of any asset; Aspect FuturesAccess LLCand
Appears in 2 contracts
Samples: Limited Liability Company Operating Agreement (Highbridge Commodities FuturesAccess LLC), Limited Liability Company Operating Agreement (Highbridge Commodities FuturesAccess LLC)
VALUATION OF ASSETS. For all purposes of this Agreement, including, without limitation, the determination of the Net Asset Value per Unit of each Class, the assets of this Systematic Momentum FuturesAccess Fund shall be valued according to the following principles:
(a) The Net Assets of this Systematic Momentum FuturesAccess Fund are its assets less its liabilities determined in accordance with generally accepted accounting principles and as described below. Accrued Performance Fees (as described in the Disclosure Document) shall reduce Net Asset Value, even though such Performance Fees may never, in fact, be paid.
(b) For Systematic Momentum FuturesAccess' investments in the avoidance FuturesAccess Funds shall be valued by such FuturesAccess Funds.
(c) The Sponsor shall value any asset of doubt, the Sponsor shall, Systematic Momentum FuturesAccess not invested in general, apply a FuturesAccess Fund by applying the following principles in valuing this FuturesAccess Fund’s assetsgeneral principles:
(i) commodity interests and currency interests which are traded on a United States exchange shall be valued at their settlement on the date as of which the values are being determined;
(ii) commodity interests and currency interests not traded on a United States exchange shall be valued based upon policies established by the Sponsor, generally based on prices as reported by any reliable source selected by the Sponsor, consistently applied for each variety of interest;
(iii) swap agreements shall be valued in the good faith discretion of the Sponsor based on quotations received from dealers deemed appropriate by the Sponsor;
(iv) bank and other interest-bearing accounts, Treasury bills and other short-term, interest-bearing instruments shall be valued at cost plus accrued interest;
(v) securities which are traded on a national securities exchange shall be valued at their closing price on the date as of which their value is being determined on the national securities exchange on which such securities are principally traded or on a consolidated tape which includes such exchange, whichever shall be selected by the Sponsor, or, if there is no closing price on such date on such exchange or consolidated tape, at the prior day’s closing price;
(vi) securities not traded on a national securities exchange but traded over-the-counter shall be valued based on prices as reported by any reliable source selected by the Sponsor;
(vii) money-market funds shall be valued at their net asset value on the date as of which their value is being determined;
(viii) if on the date as of which any valuation is being made, the exchange or market herein designated for the valuation of any given assets is not open for business, the basis for valuing such assets shall be such value as the Sponsor may deem fair and reasonable; Aspect FuturesAccess LLCsuch
Appears in 2 contracts
Samples: Limited Liability Company Operating Agreement (Systematic Momentum FuturesAccess LLC), Limited Liability Company Operating Agreement (Systematic Momentum FuturesAccess LLC)
VALUATION OF ASSETS. For all purposes of this Agreement, including, without limitation, the determination of the Net Asset Value per Unit of each Class, the assets of this FuturesAccess Fund shall be valued according to the following principles:: The Mxxxxxx Lxxxx FuturesAccessSM Funds
(a) The Net Assets of this FuturesAccess Fund are its assets less its liabilities determined in accordance with generally accepted accounting principles and as described below. Accrued Performance Fees (as described in the Confidential Program Disclosure Document) shall reduce Net Asset Value, even though such Performance Fees may never, in fact, be paid.
(b) For the avoidance of doubt, the Sponsor shall, in general, apply the following principles in valuing this FuturesAccess Fund’s assets:
(i) commodity interests and currency interests which are traded on a United States exchange shall be valued at their settlement on the date as of which the values are being determined;
(ii) commodity interests and currency interests not traded on a United States exchange shall be valued based upon policies established by the Sponsor, generally based on prices as reported by any reliable source selected by the Sponsor, consistently applied for each variety of interest;
(iii) swap agreements shall be valued in the good faith discretion of the Sponsor based on quotations received from dealers deemed appropriate by the Sponsor;
(iv) bank and other interest-bearing accounts, Treasury bills and other short-term, interest-bearing instruments shall be valued at cost plus accrued interest;
(v) securities which are traded on a national securities exchange shall be valued at their closing price on the date as of which their value is being determined on the national securities exchange on which such securities are principally traded or on a consolidated tape which includes such exchange, whichever shall be selected by the Sponsor, or, if there is no closing price on such date on such exchange or consolidated tape, at the prior day’s closing price;
(vi) securities not traded on a national securities exchange but traded over-the-counter shall be valued based on prices as reported by any reliable source selected by the Sponsor;
(vii) money-market funds shall be valued at their net asset value on the date as of which their value is being determined;
(viii) if on the date as of which any valuation is being made, the exchange or market herein designated for the valuation of any given assets is not open for business, the basis for valuing such assets shall be such value as the Sponsor may deem fair and reasonable;
(ix) all other assets, including securities traded on foreign exchanges, and liabilities shall be valued in good faith by the Sponsor, including assets and liabilities for which there is no readily identifiable market value;
(x) the foregoing valuations may be modified by the Sponsor if and to the extent that it shall determine that modifications are advisable in order better to reflect the true value of any asset; Aspect and
(xi) the Sponsor may reduce the valuation of any asset (or of the FuturesAccess LLCFund) by reserves established, as contemplated by Section 2.04(g), to reflect losses, contingencies, liabilities, uncertain valuations or other factors, which the Sponsor determines reduce, or might reduce, the value of such asset (or of this FuturesAccess Fund as a whole in the case of reserves not specifically attributable to any particular asset). All determinations of value by the Sponsor shall be final and conclusive as to all Investors, in the absence of manifest error, and the Sponsor shall be absolutely protected in relying upon valuations furnished to the Sponsor by third parties, provided that such reliance is in good faith. The Mxxxxxx Lxxxx FuturesAccessSM Funds The Sponsor may suspend the calculation of Net Asset Value during any period in which the Sponsor believes that it is reasonably impracticable to value a material portion of this FuturesAccess Fund’s assets.
Appears in 2 contracts
Samples: Operating Agreement (ML Transtrend DTP Enhanced FuturesAccess LLC), Operating Agreement (ML Chesapeake FuturesAccess LLC)
VALUATION OF ASSETS. For all purposes of this Agreement, including, without limitation, the determination of the Net Asset Value per Unit of each Class, the assets of this FuturesAccess Fund shall be valued according to the following principles:: The Xxxxxxx Xxxxx FuturesAccessSM Funds
(a) The Net Assets of this FuturesAccess Fund are its assets less its liabilities determined in accordance with generally accepted accounting principles and as described below. Accrued Performance Fees (as described in the Confidential Program Disclosure Document) shall reduce Net Asset Value, even though such Performance Fees may never, in fact, be paid.
(b) For the avoidance of doubt, the Sponsor shall, in general, apply the following principles in valuing this FuturesAccess Fund’s assets:
(i) commodity interests and currency interests which are traded on a United States exchange shall be valued at their settlement on the date as of which the values are being determined;
(ii) commodity interests and currency interests not traded on a United States exchange shall be valued based upon policies established by the Sponsor, generally based on prices as reported by any reliable source selected by the Sponsor, consistently applied for each variety of interest;
(iii) swap agreements shall be valued in the good faith discretion of the Sponsor based on quotations received from dealers deemed appropriate by the Sponsor;
(iv) bank and other interest-bearing accounts, Treasury bills and other short-term, interest-bearing instruments shall be valued at cost plus accrued interest;
(v) securities which are traded on a national securities exchange shall be valued at their closing price on the date as of which their value is being determined on the national securities exchange on which such securities are principally traded or on a consolidated tape which includes such exchange, whichever shall be selected by the Sponsor, or, if there is no closing price on such date on such exchange or consolidated tape, at the prior day’s closing price;
(vi) securities not traded on a national securities exchange but traded over-the-counter shall be valued based on prices as reported by any reliable source selected by the Sponsor;
(vii) money-market funds shall be valued at their net asset value on the date as of which their value is being determined;
(viii) if on the date as of which any valuation is being made, the exchange or market herein designated for the valuation of any given assets is not open for business, the basis for valuing such assets shall be such value as the Sponsor may deem fair and reasonable;
(ix) all other assets, including securities traded on foreign exchanges, and liabilities shall be valued in good faith by the Sponsor, including assets and liabilities for which there is no readily identifiable market value;
(x) the foregoing valuations may be modified by the Sponsor if and to the extent that it shall determine that modifications are advisable in order better to reflect the true value of any asset; Aspect and
(xi) the Sponsor may reduce the valuation of any asset (or of the FuturesAccess LLCFund) by reserves established, as contemplated by Section 2.04(g), to reflect losses, contingencies, liabilities, uncertain valuations or other factors, which the Sponsor determines reduce, or might reduce, the value of such asset (or of this FuturesAccess Fund as a whole in the case of reserves not specifically attributable to any particular asset). All determinations of value by the Sponsor shall be final and conclusive as to all Investors, in the absence of manifest error, and the Sponsor shall be absolutely protected in relying upon valuations furnished to the Sponsor by third parties, provided that such reliance is in good faith. The Xxxxxxx Xxxxx FuturesAccessSM Funds The Sponsor may suspend the calculation of Net Asset Value during any period in which the Sponsor believes that it is reasonably impracticable to value a material portion of this FuturesAccess Fund’s assets.
Appears in 1 contract
Samples: Operating Agreement (ML Man Bayswater FuturesAccess LLC)
VALUATION OF ASSETS. For all purposes of this Agreement, including, without limitation, the determination of the Net Asset Value per Unit of each Class, the assets of this FuturesAccess Fund shall be valued according to the following principles:
(a) The Net Assets of this FuturesAccess Fund are its assets less its liabilities determined in accordance with generally accepted accounting principles and as described below. Accrued Performance Fees (as described in the Disclosure Document) shall reduce Net Asset Value, even though such Performance Fees may never, in fact, be paid.
(b) For the avoidance of doubt, the Sponsor shall, in general, apply the following principles in valuing this This FuturesAccess Fund’s assetsinvestments in the Master Fund shall be valued by the Master Fund.
(c) The Sponsor shall value any asset of this FuturesAccess Fund other than its investment in the Master Fund by applying the following general principles:
(i) commodity interests and currency interests which are traded on a United States exchange shall be valued at their settlement on the date as of which the values are being determined;
(ii) commodity interests and currency interests not traded on a United States exchange shall be valued based upon policies established by the Sponsor, generally based on prices as reported by any reliable source selected by the Sponsor, consistently applied for each variety of interest;
(iii) swap agreements shall be valued in the good faith discretion of the Sponsor based on quotations received from dealers deemed appropriate by the Sponsor;
(iv) bank and other interest-bearing accounts, Treasury bills and other short-term, interest-bearing instruments shall be valued at cost plus accrued interest;
(v) securities which are traded on a national securities exchange shall be valued at their closing price on the date as of which their value is being determined on the national securities exchange on which such securities are principally traded or on a consolidated tape which includes such exchange, whichever shall be selected by the Sponsor, or, if there is no closing price on such date on such exchange or consolidated tape, at the prior day’s closing price;
(vi) securities not traded on a national securities exchange but traded over-the-counter shall be valued based on prices as reported by any reliable source selected by the Sponsor;
(vii) money-market funds shall be valued at their net asset value on the date as of which their value is being determined;
(viii) if on the date as of which any valuation is being made, the exchange or market herein designated for the valuation of any given assets is not open for business, the basis for valuing such assets shall be such value as the Sponsor may deem fair and reasonable;
(ix) all other assets, including securities traded on foreign exchanges, and liabilities shall be valued in good faith by the Sponsor, including assets and liabilities for which there is no readily identifiable market value;
(x) the foregoing valuations may be modified by the Sponsor if and to the extent that it shall determine that modifications are advisable in order better to reflect the true value of any asset; Aspect and
(xi) the Sponsor, as sponsor of this FuturesAccess LLCFund and the Master Fund, may reduce the valuation of any asset (or of this FuturesAccess Fund or the Master Fund) by reserves established, as contemplated by Section 2.04(g), to reflect losses, contingencies, liabilities, uncertain valuations or other factors, which the Sponsor determines reduce, or might reduce, the
Appears in 1 contract
Samples: Limited Liability Company Operating Agreement (Highbridge Commodities FuturesAccess LLC)
VALUATION OF ASSETS. For all purposes of this Agreement, including, without limitation, the determination of the Net Asset Value per Unit of each Class, the assets of this FuturesAccess Fund shall be valued according to the following principles:
(a) The Net Assets of this FuturesAccess Fund are its assets less its liabilities determined in accordance with generally accepted accounting principles and as described below. Accrued Performance Fees (as described in the Disclosure Document) shall reduce Net Asset Value, even though such Performance Fees may never, in fact, be paid.
(b) For the avoidance of doubt, the Sponsor shall, in general, apply the following principles in valuing this This FuturesAccess Fund’s assetsinvestments in the Master Fund shall be valued by the Master Fund.
(c) The Sponsor shall value any asset of this FuturesAccess Fund other than its investment in the Master Fund by applying the following general principles:
(i) commodity interests and currency interests which are traded on a United States exchange shall be valued at their settlement on the date as of which the values are being determined;
(ii) commodity interests and currency interests not traded on a United States exchange shall be valued based upon policies established by the Sponsor, generally based on prices as reported by any reliable source selected by the Sponsor, consistently applied for each variety of interest;
(iii) swap agreements shall be valued in the good faith discretion of the Sponsor based on quotations received from dealers deemed appropriate by the Sponsor;
(iv) bank and other interest-bearing accounts, Treasury bills and other short-term, interest-bearing instruments shall be valued at cost plus accrued interest;
(v) securities which are traded on a national securities exchange shall be valued at their closing price on the date as of which their value is being determined on the national securities exchange on which such securities are principally traded or on a consolidated tape which includes such exchange, whichever shall be selected by the Sponsor, or, if there is no closing price on such date on such exchange or consolidated tape, at the prior day’s closing price;
(vi) securities not traded on a national securities exchange but traded over-the-counter shall be valued based on prices as reported by any reliable source selected by the Sponsor;
(vii) money-market funds shall be valued at their net asset value on the date as of which their value is being determined;
(viii) if on the date as of which any valuation is being made, the exchange or market herein designated for the valuation of any given assets is not open for business, the basis for valuing such assets shall be such value as the Sponsor may deem fair and reasonable;
(ix) all other assets, including securities traded on foreign exchanges, and liabilities shall be valued in good faith by the Sponsor, including assets and liabilities for which there is no readily identifiable market value;
(x) the foregoing valuations may be modified by the Sponsor if and to the extent that it shall determine that modifications are advisable in order better to reflect the true value of any asset; Aspect and
(xi) the Sponsor, as sponsor of this FuturesAccess LLCFund and the Master Fund, may reduce the valuation of any asset (or of this FuturesAccess Fund or the Master Fund) by reserves established, as contemplated by Section 2.04(g), to reflect losses, contingencies, liabilities, uncertain valuations or other factors, which the Sponsor determines reduce, or might reduce, the value of such asset (or of this FuturesAccess Fund or the Master Fund as a whole in the case of reserves not specifically attributable to any particular asset). All determinations of value by the Sponsor shall be final and conclusive as to all Investors, in the absence of manifest error, and the Sponsor shall be absolutely protected in relying upon valuations furnished to the Sponsor by third parties, provided that such reliance is in good faith. The Sponsor may suspend the calculation of Net Asset Value during any period in which the Sponsor believes that it is reasonably impracticable to value a material portion of this FuturesAccess Fund’s assets or when the Master Fund has done so.
Appears in 1 contract
Samples: Operating Agreement (Highbridge Commodities FuturesAccess LLC)
VALUATION OF ASSETS. For all purposes of determining the unrealized Securities Gains and Securities Losses of the Partnership upon a Partner’s withdrawal pursuant to this Article 8 or for other purposes of this Agreement, includingexcept as otherwise determined by the General Partner in its discretion, without limitation, the determination of the Net Asset Value per Unit of each Class, the Securities and other assets of this FuturesAccess Fund shall generally be valued according to the following principlesas follows:
(a) The Net Assets of this FuturesAccess Fund 8.6.1. If the Securities are its assets less its liabilities determined in accordance with generally accepted accounting principles and as described below. Accrued Performance Fees (as described in the Disclosure Document) shall reduce Net Asset Value, even though such Performance Fees may never, in fact, be paid.
(b) For the avoidance of doubt, the Sponsor shall, in general, apply the following principles in valuing this FuturesAccess Fund’s assets:
(i) commodity interests and currency interests which are traded listed on a United States securities exchange or a securities market, including open short positions, such Securities shall be valued at their settlement the last sale price on the date as of securities exchange or securities market on which such securities primarily are traded. If the values Securities are being determined;
(ii) commodity interests and currency interests not traded listed on a United States an exchange shall be valued based upon policies established by the Sponsoror securities market, generally based on prices as reported by any reliable source selected by the Sponsoror there were no recent or relevant transactions for such Securities, consistently applied for each variety of interest;
(iii) swap agreements shall be valued in the good faith discretion of the Sponsor based on quotations received from dealers deemed appropriate by the Sponsor;
(iv) bank and other interest-bearing accounts, Treasury bills and other short-term, interest-bearing instruments such Securities shall be valued at cost plus accrued interest;the closing (i) “bid” price for open long positions, and (ii) “asked” price for open short positions. If recent market quotations are not readily available for the Securities, such Securities will be valued at fair value as determined in good faith by the General Partner, which determination shall be final.
8.6.2. Options, if any, generally will be valued at their last published sale price on the date of determination; provided that if there were no sales on that day, the options will be valued at the closing (vi) securities “bid” price for open long positions, and (ii) “asked” prices for open short positions, each as recorded by the primary exchange on which such options are traded or the composite tape system, as applicable, or, if no closing “bid” or “asked” prices are available, at such value as the General Partner may determine in good faith. In the event that the date of determination is not a date upon which the applicable exchange was open for trading, such options will be valued at the price determined on the last prior date on which the applicable exchange was so open. Any options for which recent market quotations are not readily available will be valued at fair value as determined in good faith by the General Partner, which determination shall be final. Premiums from the sale of options written by the Partnership will be included in the assets of the Partnership, and the market value of such options will be included as a national securities exchange liability of the Partnership.
8.6.3. Short-term money market instruments and bank deposits shall be valued at their closing price amortized cost or market depending on the date as type of which their investment.
8.6.4. The foregoing valuations and methods may be modified by the General Partner, in its sole discretion, if and to the extent the General Partner shall determine that such modifications are appropriate and reasonable to reflect the value is being determined on the national securities exchange on which of Securities or other assets, including to reflect liquidity conditions or other factors affecting such securities are principally traded value. Valuation of Securities or on a consolidated tape which includes such exchange, whichever other assets not specifically described above similarly shall be selected by as determined in the Sponsorsole discretion of the General Partner, or, if there is no closing price on such date on such exchange or consolidated tape, at the prior day’s closing price;
(vi) securities not traded on a national securities exchange but traded over-the-counter which determination shall be valued based on prices as reported by any reliable source selected by the Sponsor;
(vii) money-market funds shall be valued at their net asset value on the date as of which their value is being determined;
(viii) if on the date as of which any valuation is being made, the exchange or market herein designated for the valuation of any given assets is not open for business, the basis for valuing such assets shall be such value as the Sponsor may deem fair and reasonable; Aspect FuturesAccess LLCfinal.
Appears in 1 contract
Samples: Limited Partnership Agreement (Metropolitan Capital Advisors Inc)
VALUATION OF ASSETS. For all purposes of this Agreement, including, without limitation, the determination of the Net Asset Value per Unit of each Class, the assets of this FuturesAccess Fund shall be valued according to the following principles:
(a) The Net Assets Where appropriate, positions in the Partnership’s investment portfolio that are illiquid and/or do not actively trade and/or have a Readily Ascertainable Market Value (including, but not limited to, any Designated Investment(s) held by the Partnership), or whose listed prices are judged (in the sole discretion of this FuturesAccess Fund are the General Partner) as unreliable, will be, unless determined otherwise by the General Partner: (i) for purposes of the Partnership's annually audited financial statements (if any), fair valued (taking into account actual market prices (if any), prices for comparable investments (if any) and/or such other factors as the General Partner (or its assets less delegate) deems appropriate); and (ii) for Capital Account accounting purposes, either valued, in the sole discretion of the General Partner (or its liabilities determined delegate), at the lower of the Book Value or fair value (if any) assigned to such positions (with an option to value at fair value in accordance the sole discretion of the General Partner), which might not be consistent with U.S. generally accepted accounting principles or other industry accepted accounting standards. The Partnership may, but is not required to, designate any illiquid or other Security (including, but not limited to, any Other Fund and Manager) as described below. Accrued Performance Fees (as described in the Disclosure Document) shall reduce Net Asset Value, even though such Performance Fees may never, in fact, be paida Designated Investment.
(b) For Securities that are listed on a securities exchange (including such Securities when traded in the avoidance after-hours market) shall generally be valued at their last sales prices on the date of doubtdetermination on the largest securities exchange on which such Securities shall have traded on such date, or if trading in such Securities on the Sponsor shalllargest securities exchange on which such Securities shall have traded on such date was reported on the consolidated tape, their last sales prices on the consolidated tape (or, in generalthe event that the date of determination is not a date upon which a securities exchange was open for trading), apply on the following principles in valuing this FuturesAccess Fund’s assets:
(i) commodity interests and currency interests last prior date on which are traded such securities exchange was so open. If no such sales of such Securities occurred on a United States exchange either of the foregoing dates, such Securities shall be valued at their settlement the “bid” price for long positions and the closing price or final “asked” price for short positions on the largest securities exchange on which such Securities are traded on the date as of determination, or, if “bid” prices for long positions and the closing price or final “asked” prices for short positions in such Securities on the principal securities exchange on which the values are being determined;
(ii) commodity interests and currency interests not such Securities shall have traded on such date was reported on the consolidated tape, the “bid” price for long positions and the closing price or final “asked” price for short positions on the consolidated tape (or, if the date of determination is not a United States date upon which such securities exchange shall be valued based upon policies established by was open for trading, on the Sponsor, generally based last prior date on prices as reported by any reliable source selected by the Sponsor, consistently applied for each variety of interest;
(iii) swap agreements shall be valued in the good faith discretion of the Sponsor based on quotations received from dealers deemed appropriate by the Sponsor;
(iv) bank and other interest-bearing accounts, Treasury bills and other short-term, interest-bearing instruments shall be valued at cost plus accrued interest;
(v) which such a securities which exchange was so open). Options that are traded listed on a national securities exchange shall be valued at their closing price last sales prices on the date as of which their value is being determined determination on the national largest securities exchange on which such securities are principally options shall have traded on such date; provided, that, if the last sales prices of such options do not fall between the last “bid” and closing or final “asked” prices for such options on a consolidated tape which includes such exchangedate, whichever then the General Partner shall value such options at the mean between the last “bid” and closing or final “asked” prices for such options on such date. Notwithstanding any other statement herein, for Capital Account accounting purposes, the General Partner may value Investments at prices other than those discussed in this Section 3.8(b).
(c) All values assigned to Securities and other assets by the General Partner pursuant to this Section 3.8 shall be selected final and conclusive as to all of the Partners. Once a Limited Partner withdraws, notwithstanding any inaccurate valuations at the time of such withdrawal, such Limited Partner shall no longer have any claims with respect to its past Interest in the Partnership if it turns out such Interest in the Partnership was really worth more; however, notwithstanding any other statement herein, the Partnership may seek, and Limited Partners agree to allow the Partnership, to recover amounts distributed to Limited Partners to the extent required by law or if such amounts are later found to have been distributed in excess or subject to an existing or subsequent applicable liability or expense, including based on: (1) later, more accurate, valuations; (2) the Sponsordiscovery or recognition after any period of a liability or expense (including, orbut not limited to, indemnification rights of, or related to, the Partnership and/or General Partner) that relates to the period in which such distribution was based upon; (3) bankruptcy proceedings; or (4) one of the Other Funds and Managers (if any) requires the Partnership to return distributions the Partnership received from such Other Funds and Managers (including, but not limited to, as required by law or in connection with any indemnification obligation pursuant to the terms of such Other Funds and Managers).
(d) All of the valuation powers and practices provided to the General Partner in this Section 3.8 shall also be provided to, and followed by, the General Partner’s delegate, if there is no closing price on any, with respect to such date on such exchange or consolidated tape, at the prior daydelegate’s closing price;
(vi) securities not traded on a national securities exchange but traded over-the-counter shall be valued based on prices as reported by any reliable source selected by the Sponsor;
(vii) money-market funds shall be valued at their net asset value on the date as of which their value is being determined;
(viii) if on the date as of which any valuation is being made, the exchange or market herein designated for the valuation of any given assets is not open for business, the basis for valuing such assets shall be such value as the Sponsor may deem fair and reasonable; Aspect FuturesAccess LLCPartnership’s assets.
Appears in 1 contract
Samples: Limited Partnership Agreement
VALUATION OF ASSETS. For all purposes of this Agreement, including, without limitation, the determination of the Net Asset Value per Unit of each Class, the assets of this FuturesAccess Fund shall be valued according to the following principles:
(a) The Net Assets of this FuturesAccess Fund are its assets less its liabilities determined in accordance with generally accepted accounting principles and as described below. Accrued Performance Fees (as described in the Confidential Program Disclosure Document) shall reduce Net Asset Value, even though such Performance Fees may never, in fact, be paid.
(b) For the avoidance of doubt, the Sponsor shall, in general, apply the following principles in valuing this FuturesAccess Fund’s 's assets:
(i) commodity interests and currency interests which are traded on a United States exchange shall be valued at their settlement on the date as of which the values are being determined;; ML Chesapeake FuturesAccess LLC Limited Liability Company Operating Agreement Dated as of March 8, 2007
(ii) commodity interests and currency interests not traded on a ixxxxxxxx xxx xxxxxx xx x United States exchange shall be valued based upon policies established by the Sponsor, generally based on prices as reported by any reliable source selected by the Sponsor, consistently applied for each variety of interest;
(iii) swap agreements shall be valued in the good faith discretion of the Sponsor based on quotations received from dealers deemed appropriate by the Sponsor;
(iv) bank and other interest-bearing accounts, Treasury bills and other short-term, interest-bearing instruments shall be valued at cost plus accrued interest;
(v) securities which are traded on a national securities exchange shall be valued at their closing price on the date as of which their value is being determined on the national securities exchange on which such securities are principally traded or on a consolidated tape which includes such exchange, whichever shall be selected by the Sponsor, or, if there is no closing price on such date on such exchange or consolidated tape, at the prior day’s 's closing price;
(vi) securities not traded on a national securities exchange but traded over-the-counter shall be valued based on prices as reported by any reliable source selected by the Sponsor;
(vii) money-market funds shall be valued at their net asset value on the date as of which their value is being determined;
(viii) if on the date as of which any valuation is being made, the exchange or market herein designated for the valuation of any given assets is not open for business, the basis for valuing such assets shall be such value as the Sponsor may deem fair and reasonable;
(ix) all other assets, including securities traded on foreign exchanges, and liabilities shall be valued in good faith by the Sponsor, including assets and liabilities for which there is no readily identifiable market value;
(x) the foregoing valuations may be modified by the Sponsor if and to the extent that it shall determine that modifications are advisable in order better to reflect the true value of any asset; Aspect and
(xi) the Sponsor may reduce the valuation of any asset (or of the FuturesAccess LLCFund) by reserves established, as contemplated by Section 2.04(g), to reflect losses, contingencies, liabilities, uncertain valuations or other factors, which the Sponsor determines reduce, or might reduce, the value of such asset (or of this FuturesAccess Fund as a whole in the case of reserves not specifically attributable to any particular asset). All determinations of value by the Sponsor shall be final and conclusive as to all Investors, in the absence of manifest error, and the Sponsor shall be absolutely protected in relying upon valuations furnished to the Sponsor by third parties, provided that such reliance is in good faith. The Sponsor may suspend the calculation of Net Asset Value during any period in which the Sponsor believes that it is reasonably impracticable to value a material portion of this FuturesAccess Fund's assets.
Appears in 1 contract
Samples: Limited Liability Company Operating Agreement (ML Chesapeake FuturesAccess LLC)
VALUATION OF ASSETS. For all purposes of this Agreement, including, without limitation, the determination of the Net Asset Value per Unit of each Class, the assets of this FuturesAccess Fund shall be valued according to the following principles:
(a) The Net Assets of this FuturesAccess Fund Securities that are its assets less its liabilities determined in accordance with generally accepted accounting principles and as described below. Accrued Performance Fees listed on a securities exchange (as described including such Securities when traded in the Disclosure Documentafter hours market) shall reduce Net Asset Value, even though such Performance Fees may never, in fact, be paid.
(b) For the avoidance of doubt, the Sponsor shall, in general, apply the following principles in valuing this FuturesAccess Fund’s assets:
(i) commodity interests and currency interests which are traded on a United States exchange shall be valued at their settlement last sales prices on the date as of determination on the largest securities exchange (by trading volume in such Security) on which the values are being determined;
(ii) commodity interests and currency interests not such securities shall have traded on a United States exchange shall be valued based upon policies established by the Sponsorsuch date, generally based on prices as reported by any reliable source selected by the Sponsor, consistently applied for each variety of interest;
(iii) swap agreements shall be valued or if trading in the good faith discretion of the Sponsor based on quotations received from dealers deemed appropriate by the Sponsor;
(iv) bank and other interest-bearing accounts, Treasury bills and other short-term, interest-bearing instruments shall be valued at cost plus accrued interest;
(v) securities which are traded on a national securities exchange shall be valued at their closing price such Securities on the date as of which their value is being determined on the national largest securities exchange on which such securities are principally Securities shall have traded or on a such date was reported on the consolidated tape, their last sales prices on the consolidated tape (or, in the event that the date of determination is not a date upon which includes a securities exchange was open for trading, on the last prior date on which such exchangesecurities exchange was so open not more than 10 days prior to the date of determination). If no such sales of such Securities occurred on either of the foregoing dates, whichever such Securities shall be selected by valued at the Sponsor“bid” price for long positions and “asked” price for short positions on the largest securities exchange on which such Securities are traded, on the date of determination, or, if there is no closing price “bid” prices for long positions and “asked” prices for short positions in such Securities on the largest securities exchange on which such Securities shall have traded on such date was reported on such exchange or the consolidated tape, at the prior day’s closing price;
“bid” price for long positions and “asked” price for short positions on the consolidated tape (vi) securities or, if the date of determination is not traded on a national date upon which such securities exchange was open for trading, on the last prior date on which such a securities exchange was so open not more than 10 days prior to the date of determination). Securities that are not listed on an exchange but are traded over-the-counter shall be valued based on prices as reported by any reliable source selected at representative “bid” quotations if held long by the Sponsor;
Partnership and representative “asked” quotations if held short by the Partnership, unless included in the NASDAQ National Market System, in which case they shall be valued based upon their last sales prices (vii) money-market funds if such prices are available). Options that are listed on a securities exchange shall be valued at their net asset value last sales prices on the date of determination on the largest securities exchange on which such options shall have traded on such date; provided, however, that if the last sales prices of such options do not fall between the last “bid” and “asked” prices for such options on such date, then the General Partner shall value such options at the mean between the last “bid” and “asked” prices for such options on such date. Non-U.S. Securities shall be valued at the closing “bid” price in the principal market where they are traded. If such closing prices for non-U.S. Securities are not available, such non-U.S. Securities shall be valued at the last traded “bid” price available prior to the date of determination. Securities that are commodities or commodity contracts shall be valued at their last prior sales prices on the principal board of trade or other contracts market in which dealings are made or by quotations from the contraparty bank in the case of a forward contract. The value of any shares of stock held or sold short by the Partnership in an investment company shall be valued in accordance with the manner in which such shares are valued by such investment company; provided, however, that the General Partner may make such adjustments in such valuation as it from time to time may consider appropriate. Notwithstanding the foregoing, if any cash or other asset of which their value is being determined;
(viii) if the Partnership has been realized or contracted to be realized on the date of valuation, the assets of the Partnership shall include, in place of such cash or other asset, the assets receivable by the Partnership in respect thereof. Securities for which no such market prices are available shall be valued by the General Partner in reliance upon one or more quotes received from a securities broker-dealer that has been granted the designation of primary dealer by the Federal Reserve Bank of New York, and if such quotes are unavailable, at such value as the General Partner may reasonably determine in its discretion. For all purposes, the value of all assets held by the Partnership will be determined based upon the value of such asset as of the relevant valuation date and no consideration will be given to future accruals on such assets beyond such valuation date.
(b) All other assets and liabilities of the Partnership (except goodwill, which any valuation is being made, shall not be taken into account) shall be assigned such value as the exchange or market herein designated for General Partner may reasonably determine in its discretion.
(c) If the General Partner determines that the valuation of any given assets is Securities or other property determined pursuant to Sec. 3.08(a) does not open for businessfairly represent the market value of such Securities, the General Partner shall value such Securities or other property as it reasonably determines in its discretion and shall set forth the basis for valuing of such valuation in writing in the Partnership’s records. If the General Partner determines that any Security is so thinly traded that the Partnership would be unable to dispose of the Partnership’s position in such Security within a reasonable time frame at the market price, then the General Partner may apply a discount to the value of such Security in an amount that it, in its sole discretion, deems appropriate.
(d) All values assigned to Securities and other assets and liabilities by the General Partner pursuant to this Sec. 3.08 shall be such value final and conclusive as to all of the Sponsor may deem fair and reasonable; Aspect FuturesAccess LLCPartners.
Appears in 1 contract
VALUATION OF ASSETS. For all purposes of this Agreement, including, without limitation, the determination of the Net Asset Value per Unit of each Class, the assets of this Systematic Momentum FuturesAccess Fund shall be valued according to the following principles:
(a) The Net Assets of this Systematic Momentum FuturesAccess Fund are its assets less its liabilities determined in accordance with generally accepted accounting principles and as described below. Accrued Performance Fees (ML Systematic Momentum FuturesAccess LLC Limited Liability Company Operating Agreement Dated as described in the Disclosure Document) shall reduce Net Asset Valueof March 8, even though such Performance Fees may never, in fact, be paid.2007
(b) For Sysxxxxxxx Xxxxxxxx XxxxxxxXxxxss' investments in the avoidance FuturesAccess Funds shall be valued by such FuturesAccess Funds.
(c) The Sponsor shall value any asset of doubt, the Sponsor shall, Systematic Momentum FuturesAccess not invested in general, apply a FuturesAccess Fund by applying the following principles in valuing this FuturesAccess Fund’s assetsgeneral principles:
(i) commodity interests and currency interests which are traded on a United States exchange shall be valued at their settlement on the date as of which the values are being determined;
(ii) commodity interests and currency interests not traded on a United States exchange shall be valued based upon policies established by the Sponsor, generally based on prices as reported by any reliable source selected by the Sponsor, consistently applied for each variety of interest;
(iii) swap agreements shall be valued in the good faith discretion of the Sponsor based on quotations received from dealers deemed appropriate by the Sponsor;
(iv) bank and other interest-bearing accounts, Treasury bills and other short-term, interest-bearing instruments shall be valued at cost plus accrued interest;
(v) securities which are traded on a national securities exchange shall be valued at their closing price on the date as of which their value is being determined on the national securities exchange on which such securities are principally traded or on a consolidated tape which includes such exchange, whichever shall be selected by the Sponsor, or, if there is no closing price on such date on such exchange or consolidated tape, at the prior day’s 's closing price;
(vi) securities not traded on a national securities exchange but traded over-the-counter shall be valued based on prices as reported by any reliable source selected by the Sponsor;
(vii) money-market funds shall be valued at their net asset value on the date as of which their value is being determined;
(viii) if on the date as of which any valuation is being made, the exchange or market herein designated for the valuation of any given assets is not open for business, the basis for valuing such assets shall be such value as the Sponsor may deem fair and reasonable;
(ix) all other assets, including securities traded on foreign exchanges, and liabilities shall be valued in good faith by the Sponsor, including assets and liabilities for which there is no readily identifiable market value;
(x) the foregoing valuations may be modified by the Sponsor if and to the extent that it shall determine that modifications are advisable in order better to reflect the true value of any asset; Aspect and
(xi) the Sponsor, as sponsor of each FuturesAccess LLCFund, may reduce the valuation of any asset (or of a FuturesAccess Fund) by reserves established, as contemplated by Section 2.04(g), to reflect losses, contingencies, liabilities, uncertain valuations or other factors, which the Sponsor determines reduce, or might reduce, the value of such asset (or of a FuturesAccess Fund as a whole in the case of reserves not specifically attributable to any particular asset). All determinations of value by the Sponsor shall be final and conclusive as to all Investors, in the absence of manifest error, and the Sponsor shall be absolutely protected in relying upon valuations furnished to the Sponsor by third parties, provided that such reliance is in good faith. ML Systematic Momentum FuturesAccess LLC Limited Liability Company Operating Agreement Dated as of March 8, 2007 The Sponsor may suspend the calculation of Net Asset Value during any period when any of the FuturesAccess Funds in which Systematic Momentum FuturesAccess invests has done so.
Appears in 1 contract
Samples: Limited Liability Company Operating Agreement (ML Systematic Momentum FuturesAccess LLC)
VALUATION OF ASSETS. For all purposes of this Agreement, including, without limitation, the determination of the Net Asset Value per Unit of each Class, the assets of this FuturesAccess Fund shall be valued according to the following principles:
i _ (a) The Net Assets of this FuturesAccess Fund are its assets less its liabilities determined in accordance with generally accepted accounting principles ^ va*ue o f each Security (and as described below. Accrued Performance Fees (as described in the Disclosure Documentany related liability) shall reduce Net Asset Value, even though such Performance Fees may never, in fact, will be paid.
(b) For the avoidance of doubt, the Sponsor shall, in general, apply the following principles in valuing this FuturesAccess Fund’s assets:
(i) commodity interests and currency interests which are traded based on a United States exchange shall be valued at their settlement on decision oy tne Managing Member as tc the date as of broadest and most representative market for such security. Any security for which the values are being determined;
(ii) commodity interests and currency interests not traded primary market is on a United States exchange shall be valued based upon policies established by the Sponsor, generally based on prices as reported by any reliable source selected by the Sponsor, consistently applied for each variety of interest;
(iii) swap agreements shall be valued in the good faith discretion of the Sponsor based on quotations received from dealers deemed appropriate by the Sponsor;
(iv) bank and other interest-bearing accounts, Treasury bills and other short-term, interest-bearing instruments shall be valued at cost plus accrued interest;
(v) securities which are traded on a national securities exchange shall be valued tts at their closing price on the date as of which their value is being determined on the national securities exchange on which such securities are principally traded or on a consolidated tape which includes such exchange, whichever shall be selected by the Sponsor, or, if there is no closing last sale price on such exchange on the valuation, date or if no sale occurred on such exchange or consolidated tapethat day, at the prior day’s closing price;
(vi) most recent quoted "bid" price for long positions and "asked" price for short positions. Such securities not traded on a national as wed as otner securities exchange but traded for which the primary market is believed to be over-the-counter shall be valued based at the most recent quoted "bid” price for long positions and "asked” price for short positions provided by one or more principal market-makers unless., in the opinion o f the Managing Member, the value so obtained does not fairly indicate the market value of any security, m which case the Managing Member may rely on prices as reported by any reliable source selected by the Sponsor;
(vii) moneyvalue obtained from a reputable broker-dealer. Securities or other assets for which market funds shall quotations are not readily available will be valued at their net asset fair value as determined in good faith in accordance with the procedures adopted by or on behalf o f the date as of which their value is being determined;
(viii) if Managing Member. If on the date as of which any valuation is being made, the date a relevant exchange or market herein designated for the valuation of any given assets is not open for business, the basis Managing Member may determine the value of securities traded thereon as at the last preceding day on which such exchange or market ML open. Securities to be held by the Company could be traded with bid-ask soreads which may, in the opinion of the Managing Member, be significant. Quotations used to value a security from a particular dealer may differ from prices quoted by other dealers who trade in the same security, and such differences may be significant. Securities for valuing which no such assets market prices are available shall be valued at such value as the Sponsor Managing Member may deem fair and reasonablereasonably determine. t (k) ot^er assets o f the Company (except goodwill, which shall net oe taken into account; Aspect FuturesAccess LLCshall be assigned such value as the Managing Member may reasonably determine.
Appears in 1 contract
Samples: Limited Liability Company Agreement
VALUATION OF ASSETS. For all purposes of this Agreement, including, without limitation, the determination of the Net Asset Value per Unit of each Class, the assets of this Systematic Momentum FuturesAccess Fund shall be valued according to the following principles:
(a) The Net Assets of this Systematic Momentum FuturesAccess Fund are its assets less its liabilities determined in accordance with generally accepted accounting principles and as described below. Accrued Performance Fees ML Systematic Momentum FuturesAccess LLC
(as described x) Systematic Momentum FuturesAccess’ investments in the Disclosure Document) FuturesAccess Funds shall reduce Net Asset Value, even though be valued by such Performance Fees may never, in fact, be paidFuturesAccess Funds.
(bc) For the avoidance The Sponsor shall value any asset of doubt, the Sponsor shall, Systematic Momentum FuturesAccess not invested in general, apply a FuturesAccess Fund by applying the following principles in valuing this FuturesAccess Fund’s assetsgeneral principles:
(i) commodity interests and currency interests which are traded on a United States exchange shall be valued at their settlement on the date as of which the values are being determined;
(ii) commodity interests and currency interests not traded on a United States exchange shall be valued based upon policies established by the Sponsor, generally based on prices as reported by any reliable source selected by the Sponsor, consistently applied for each variety of interest;
(iii) swap agreements shall be valued in the good faith discretion of the Sponsor based on quotations received from dealers deemed appropriate by the Sponsor;
(iv) bank and other interest-bearing accounts, Treasury bills and other short-term, interest-bearing instruments shall be valued at cost plus accrued interest;
(v) securities which are traded on a national securities exchange shall be valued at their closing price on the date as of which their value is being determined on the national securities exchange on which such securities are principally traded or on a consolidated tape which includes such exchange, whichever shall be selected by the Sponsor, or, if there is no closing price on such date on such exchange or consolidated tape, at the prior day’s closing price;
(vi) securities not traded on a national securities exchange but traded over-the-counter shall be valued based on prices as reported by any reliable source selected by the Sponsor;
(vii) money-market funds shall be valued at their net asset value on the date as of which their value is being determined;
(viii) if on the date as of which any valuation is being made, the exchange or market herein designated for the valuation of any given assets is not open for business, the basis for valuing such assets shall be such value as the Sponsor may deem fair and reasonable;
(ix) all other assets, including securities traded on foreign exchanges, and liabilities shall be valued in good faith by the Sponsor, including assets and liabilities for which there is no readily identifiable market value;
(x) the foregoing valuations may be modified by the Sponsor if and to the extent that it shall determine that modifications are advisable in order better to reflect the true value of any asset; Aspect and
(xi) the Sponsor, as sponsor of each FuturesAccess LLCFund, may reduce the valuation of any asset (or of a FuturesAccess Fund) by reserves established, as contemplated by Section 2.04(g), to reflect losses, contingencies, liabilities, uncertain valuations or other factors, which the Sponsor determines reduce, or might reduce, the value of such asset (or of a FuturesAccess Fund as a whole in the case of reserves not specifically attributable to any particular asset). All determinations of value by the Sponsor shall be final and conclusive as to all Investors, in the absence of manifest error, and the Sponsor shall be absolutely protected in relying upon valuations furnished to the Sponsor by third parties, provided that such reliance is in good faith. ML Systematic Momentum FuturesAccess LLC The Sponsor may suspend the calculation of Net Asset Value during any period when any of the FuturesAccess Funds in which Systematic Momentum FuturesAccess invests has done so.
Appears in 1 contract
Samples: Operating Agreement (ML Systematic Momentum FuturesAccess LLC)
VALUATION OF ASSETS. For all purposes of this Agreement, including, without limitation, the determination of the Net Asset Value per Unit of each Class, the assets of this FuturesAccess Fund shall be valued according to the following principles:
(a) The Net Assets of this FuturesAccess Fund are its assets less its liabilities determined in accordance with generally accepted accounting principles and as described below. Accrued Performance Fees (as described in the Disclosure Document) shall reduce Net Asset Value, even though such Performance Fees may never, in fact, be paid.
(b) For the avoidance of doubt, the Sponsor shall, in general, apply the following principles in valuing this FuturesAccess Fund’s assets:
(i) commodity interests and currency interests which are traded on a United States exchange shall be valued at their settlement on the date as of which the values are being determined;
(ii) commodity interests and currency interests not traded on a United States exchange shall be valued based upon policies established by the Sponsor, generally based on prices as reported by any reliable source selected by the Sponsor, consistently applied for each variety of interest;
(iii) swap agreements shall be valued in the good faith discretion of the Sponsor based on quotations received from dealers deemed appropriate by the Sponsor;
(iv) bank and other interest-bearing accounts, Treasury bills and other short-term, interest-bearing instruments shall be valued at cost plus accrued interest;
(v) securities which are traded on a national securities exchange shall be valued at their closing price on the date as of which their value is being determined on the national securities exchange on which such securities are principally traded or on a consolidated tape which includes such exchange, whichever shall be selected by the Sponsor, or, if there is no closing price on such date on such exchange or consolidated tape, at the prior day’s closing price;
(vi) securities not traded on a national securities exchange but traded over-the-counter shall be valued based on prices as reported by any reliable source selected by the Sponsor;
(vii) money-market funds shall be valued at their net asset value on the date as of which their value is being determined;
(viii) if on the date as of which any valuation is being made, the exchange or market herein designated for the valuation of any given assets is not open for business, the basis for valuing such assets shall be such value as the Sponsor may deem fair and reasonable;
(ix) all other assets, including securities traded on foreign exchanges, and liabilities shall be valued in good faith by the Sponsor, including assets and liabilities for which there is no readily identifiable market value;
(x) the foregoing valuations may be modified by the Sponsor if and to the extent that it shall determine that modifications are advisable in order better to reflect the true value of any asset; Aspect and
(xi) the Sponsor may reduce the valuation of any asset (or of this FuturesAccess LLCFund) by reserves established, as contemplated by Section 2.04(g), to reflect losses, contingencies, liabilities,
Appears in 1 contract
Samples: Limited Liability Company Operating Agreement (ML BlueTrend FuturesAccess LLC)
VALUATION OF ASSETS. For all purposes The value of any assets of the Fund (other than cash) shall be determined, as of any applicable determination date set forth in this Agreement, including, without limitation, the determination of the Net Asset Value per Unit of each Class, the assets of this FuturesAccess Fund shall be valued according to in accordance with the following principlesstandards:
(a) The Net Assets Securities for which market quotations shall be available and which shall be freely tradeable shall be valued as follows:
(i) if the security shall be a “reported security” as that term is defined in Rule 11Aa3-1 under the Securities Exchange Act of this FuturesAccess Fund are its assets less its liabilities determined in accordance 1934, the last sale price with generally accepted accounting principles and as described below. Accrued Performance Fees (as described respect to such security reported in the Disclosure Documentconsolidated transaction reporting system (“consolidated system”) or the average of the highest current independent bid and lowest current independent offer for such security (reported pursuant to Rule 11Ac1-1 under the Securities Exchange Act of 1934) if there shall reduce Net Asset Valuebe no reported transactions in the consolidated system that day;
(ii) if the security shall not be a reported security, even though and the principal market for such Performance Fees may neversecurity shall be an exchange, then the last sale price on such exchange or the average of the highest current independent bid and lowest current independent offer on such exchange if there shall be no reported transactions on such exchange that day;
(iii) if the security shall not be a reported security and shall be quoted in factthe National Association of Securities Dealers, be paidInc. Automated Quotation (NASDAQ) System, then the average of the highest current independent bid and lowest current independent offer reported on Lxxxx 0 of the NASDAQ System; and
(iv) for all other securities, the average of the highest current independent bid and lowest current independent offer determined on the basis of reasonable inquiry.
(b) For Securities for which market quotations are not available and any other assets held by the avoidance of doubt, the Sponsor shall, in general, apply the following principles in valuing this FuturesAccess Fund’s assets:
(i) commodity interests and currency interests which are traded on a United States exchange shall Fund will be valued at their settlement on fair value as determined in good faith by the date as of which the values are being determined;General Partner.
(iic) commodity interests and currency interests not traded on a United States exchange shall be valued based The General Partner may, in its sole discretion, rely upon policies established by the Sponsor, generally based on prices as reported by any reliable source selected by the Sponsor, consistently applied for each variety opinion of interest;
an independent third party (iii) swap agreements shall be valued in the good faith discretion of the Sponsor based on quotations received from dealers deemed appropriate by the Sponsor;
(iv) bank and other interest-bearing accounts, Treasury bills and other short-term, interest-bearing instruments shall be valued at cost plus accrued interest;
(v) securities which are traded on a national securities exchange shall be valued at their closing price on the date as of which their value is being determined on the national securities exchange on which such securities are principally traded or on a consolidated tape which includes such exchange, whichever shall be selected by the Sponsor, or, if there is no closing price on such date on such exchange or consolidated tape, obtained at the prior dayFund’s closing price;
(viexpense) securities not traded on a national securities exchange but traded over-the-counter shall be valued based on prices as reported by any reliable source selected by the Sponsor;
(vii) money-market funds shall be valued at their net asset value on the date as of which their value is being determined;
(viii) if on the date as of which any valuation is being made, the exchange or market herein designated for to the valuation of any given assets is not open for businesssecurity or other asset. In addition, the basis for valuing General Partner may appoint an advisory committee consisting of two or more Limited Partners, which are not Affiliates of the General Partner, to determine the valuation of any security or other asset, and the General Partner in its sole discretion may rely upon such assets determination. In the event such an advisory committee is appointed, the Limited Partners serving thereon shall be considered Covered Persons for purposes of Sections 3.6 and 3.7 hereof with respect to their acts or omissions in such value as the Sponsor may deem fair and reasonable; Aspect FuturesAccess LLCcapacity.
Appears in 1 contract
Samples: Limited Partnership Agreement (Special Situations Fund Iii L P)
VALUATION OF ASSETS. For all purposes of this Agreement, including, without limitation, the determination of the Net Asset Value per Unit of each Class, the assets of this FuturesAccess Fund shall be valued according to the following principles:
(a) The Net Assets of this FuturesAccess Fund are its assets less its liabilities determined in accordance with generally accepted accounting principles and as described below. Accrued Performance Fees (as described in the Confidential Program Disclosure Document) shall reduce Net Asset Value, even though such Performance Fees may never, in fact, be paid.
(b) For the avoidance of doubt, the Sponsor shall, in general, apply the following principles in valuing this FuturesAccess Fund’s assets:
(i) commodity interests and currency interests which are traded on a United States exchange shall be valued at their settlement on the date as of which the values are being determined;
(ii) commodity interests and currency interests not traded on a United States exchange shall be valued based upon policies established by the Sponsor, generally based on prices as reported by any reliable source selected by the Sponsor, consistently applied for each variety of interest;
(iii) swap agreements shall be valued in the good faith discretion of the Sponsor based on quotations received from dealers deemed appropriate by the Sponsor;
(iv) bank and other interest-bearing accounts, Treasury bills and other short-term, interest-bearing instruments shall be valued at cost plus accrued interest;
(v) securities which are traded on a national securities exchange shall be valued at their closing price on the date as of which their value is being determined on the national securities exchange on which such securities are principally traded or on a consolidated tape which includes such exchange, whichever shall be selected by the Sponsor, or, if there is no closing price on such date on such exchange or consolidated tape, at the prior day’s closing price;
(vi) securities not traded on a national securities exchange but traded over-the-counter shall be valued based on prices as reported by any reliable source selected by the Sponsor;
(vii) money-market funds shall be valued at their net asset value on the date as of which their value is being determined;
(viii) if on the date as of which any valuation is being made, the exchange or market herein designated for the valuation of any given assets is not open for business, the basis for valuing such assets shall be such value as the Sponsor may deem fair and reasonable;
(ix) all other assets, including securities traded on foreign exchanges, and liabilities shall be valued in good faith by the Sponsor, including assets and liabilities for which there is no readily identifiable market value;
(x) the foregoing valuations may be modified by the Sponsor if and to the extent that it shall determine that modifications are advisable in order better to reflect the true value of any asset; Aspect and
(xi) the Sponsor may reduce the valuation of any asset (or of the FuturesAccess LLCFund) by reserves established, as contemplated by Section 2.04(g), to reflect losses, contingencies, liabilities, uncertain valuations or other factors, which the Sponsor determines reduce, or might reduce, the value of such asset (or of this FuturesAccess Fund as a whole in the case of reserves not specifically attributable to any particular asset). All determinations of value by the Sponsor shall be final and conclusive as to all Investors, in the absence of manifest error, and the Sponsor shall be absolutely protected in relying upon valuations furnished to the Sponsor by third parties, provided that such reliance is in good faith. The Sponsor may suspend the calculation of Net Asset Value during any period in which the Sponsor believes that it is reasonably impracticable to value a material portion of this FuturesAccess Fund’s assets.
Appears in 1 contract
Samples: Operating Agreement (ML BlueTrend FuturesAccess LLC)
VALUATION OF ASSETS. For all purposes of this Agreement, including, without limitation, the determination of the Net Asset Value per Unit of each Class, the assets of this FuturesAccess Fund shall be valued according to the following principles:
(a) The Net Assets of this FuturesAccess Fund are its assets less its liabilities determined in accordance with generally accepted accounting principles and as described below. Accrued Performance Fees (as described in the Disclosure Document) shall reduce Net Asset Value, even though such Performance Fees may never, in fact, be paid.
(b) For the avoidance of doubt, the Sponsor shall, in general, apply the following principles in valuing this FuturesAccess Fund’s 's assets:
(i) commodity interests and currency interests which are traded on a United States exchange shall be valued at their settlement on the date as of which the values are being determined;
(ii) commodity interests and currency interests not traded on a United States exchange shall be valued based upon policies established by the Sponsor, generally based on prices as reported by any reliable source selected by the Sponsor, consistently applied for each variety of interest;
(iii) swap agreements shall be valued in the good faith discretion of the Sponsor based on quotations received from dealers deemed appropriate by the Sponsor;
(iv) bank and other interest-bearing accounts, Treasury bills and other short-term, interest-bearing instruments shall be valued at cost plus accrued interest;
(v) securities which are traded on a national securities exchange shall be valued at their closing price on the date as of which their value is being determined on the national securities exchange on which such securities are principally traded or on a consolidated tape which includes such exchange, whichever shall be selected by the Sponsor, or, if there is no closing price on such date on such exchange or consolidated tape, at the prior day’s 's closing price;
(vi) securities not traded on a national securities exchange but traded over-the-counter shall be valued based on prices as reported by any reliable source selected by the Sponsor;
(vii) money-market funds shall be valued at their net asset value on the date as of which their value is being determined;
(viii) if on the date as of which any valuation is being made, the exchange or market herein designated for the valuation of any given assets is not open for business, the basis for valuing such assets shall be such value as the Sponsor may deem fair and reasonable;
(ix) all other assets, including securities traded on foreign exchanges, and liabilities shall be valued in good faith by the Sponsor, including assets and liabilities for which there is no readily identifiable market value;
(x) the foregoing valuations may be modified by the Sponsor if and to the extent that it shall determine that modifications are advisable in order better to reflect the true value of any asset; Aspect and
(xi) the Sponsor may reduce the valuation of any asset (or of this FuturesAccess LLCFund) by reserves established, as contemplated by Section 2.04(g), to reflect losses, contingencies, liabilities, uncertain valuations or other factors, which the Sponsor determines reduce, or might reduce, the value of such asset (or of this FuturesAccess Fund as a whole in the case of reserves not specifically attributable to any particular asset). All determinations of value by the Sponsor shall be final and conclusive as to all Investors, in the absence of manifest error, and the Sponsor shall be absolutely protected in relying upon valuations furnished to the Sponsor by third parties, provided that such reliance is in good faith. The Sponsor may suspend the calculation of Net Asset Value during any period in which the Sponsor believes that it is reasonably impracticable to value a material portion of this FuturesAccess Fund's assets.
Appears in 1 contract
Samples: Limited Liability Company Operating Agreement (ML Transtrend DTP Enhanced FuturesAccess LLC)
VALUATION OF ASSETS. For all purposes of this Agreement, including, without limitation, the determination of the Net Asset Value per Unit of each Class, the assets of this FuturesAccess Fund shall be valued according to the following principles:
(a) The Net Assets of this FuturesAccess Fund are its assets less its liabilities determined in accordance with generally accepted accounting principles and as described below. Accrued Performance Fees (as described in the Confidential Program Disclosure Document) shall reduce Net Asset Value, even though such Performance Fees may never, in fact, be paid.
(b) For the avoidance of doubt, the Sponsor Manager shall, in general, apply the following principles in valuing this FuturesAccess Fund’s 's assets:
(i) commodity interests and currency interests which are traded on a United States exchange shall be valued at their settlement on the date as of which the values are being determined;
(ii) commodity interests and currency interests not traded on a United States exchange shall be valued based upon policies established by the SponsorManager, generally based on prices as reported by any reliable source selected by the SponsorManager, consistently applied for each variety of interest;
(iii) swap agreements shall be valued in the good faith discretion of the Sponsor Manager based on quotations received from dealers deemed appropriate by the SponsorManager;
(iv) bank and other interest-bearing accounts, Treasury bills and other short-term, interest-bearing instruments shall be valued at cost plus accrued interest;
(v) securities which are traded on a national securities exchange shall be valued at their closing price on the date as of which their value is being determined on the national securities exchange on which such securities are principally traded or on a consolidated tape which includes such exchange, whichever shall be selected by the SponsorManager, or, if there is no closing price on such date on such exchange or consolidated tape, at the prior day’s 's closing price;
(vi) securities not traded on a national securities exchange but traded over-the-counter shall be valued based on prices as reported by any reliable source selected by the SponsorManager;
(vii) money-market funds shall be valued at their net asset value on the date as of which their value is being determined;
(viii) if on the date as of which any valuation is being made, the exchange or market herein designated for the valuation of any given assets is not open for business, the basis for valuing such assets shall be such value as the Sponsor Manager may deem fair and reasonable;
(ix) all other assets, including securities traded on foreign exchanges, and liabilities shall be valued in the good faith discretion of the Manager, including assets and liabilities for which there is no readily identifiable market value; Aspect ML Cornerstone FuturesAccess LLCLLC Limited Liability Company Operating Agreement
(x) the foregoing valuations may be modified by the Manager if and to the extent that it shall determine that modifications are advisable in order better to reflect the true value of any asset; and
(xi) the Manager may reduce the valuation of any asset by reserves established to reflect losses, as contemplated by Section 2.04(g) and for the avoidance of doubt, contingencies, liabilities, uncertain valuations or other factors, which the Manager determines, reduce, or might reduce, the value of such asset (or of this Fund as a whole in the case of reserves not specifically attributable to any particular asset). All determinations of value by the Manager shall be final and conclusive as to all Investors, in the absence of manifest error, and the Manager shall be absolutely protected in relying upon valuations furnished to the Manager by third parties, provided that such reliance is in good faith. The Manager may suspend the calculation of Net Asset Value during any period in which the Manager believes that it is reasonably impracticable to value a material portion of this Fund's assets.
Appears in 1 contract
Samples: Limited Liability Company Operating Agreement (ML Cornerstone FuturesAccess LLC)
VALUATION OF ASSETS. For all purposes of this Agreement, including, without limitation, the determination of the Net Asset Value per Unit of each Class, the assets of this FuturesAccess Fund shall be valued according to the following principles:
(a) The Net Assets of this FuturesAccess Fund are its assets less its liabilities determined in accordance with generally accepted accounting principles and as described below. Accrued Performance Fees (as described in the Confidential Program Disclosure Document) shall reduce Net Asset Value, even though such Performance Fees may never, in fact, be paid.
(b) For the avoidance of doubt, the Sponsor Manager shall, in general, apply the following principles in valuing this FuturesAccess Fund’s 's assets:
(i) commodity interests and currency interests which are traded on a United States exchange shall be valued at their settlement on the date as of which the values are being determined;
(ii) commodity interests and currency interests not traded on a United States exchange shall be valued based upon policies established by the SponsorManager, generally based on prices as reported by any reliable source selected by the SponsorManager, consistently applied for each variety of interest;
(iii) swap agreements shall be valued in the good faith discretion of the Sponsor Manager based on quotations received from dealers deemed appropriate by the SponsorManager;
(iv) bank and other interest-bearing accounts, Treasury bills and other short-term, interest-bearing instruments shall be valued at cost plus accrued interest;
(v) securities which are traded on a national securities exchange shall be valued at their closing price on the date as of which their value is being determined on the national securities exchange on which such securities are principally traded or on a consolidated tape which includes such exchange, whichever shall be selected by the SponsorManager, or, if there is no closing price on such date on such exchange or consolidated tape, at the prior day’s 's closing price;
(vi) securities not traded on a national securities exchange but traded over-the-counter shall be valued based on prices as reported by any reliable source selected by the SponsorManager;
(vii) money-market funds shall be valued at their net asset value on the date as of which their value is being determined;
(viii) if on the date as of which any valuation is being made, the exchange or market herein designated for the valuation of any given assets is not open for business, the basis for valuing such assets shall be such value as the Sponsor Manager may deem fair and reasonable;
(ix) all other assets, including securities traded on foreign exchanges, and liabilities shall be valued in the good faith discretion of the Manager, including assets and liabilities for which there is no readily identifiable market value; Aspect ML Appleton FuturesAccess LLCLLC Limited Liability Company Operating Xxxxxxxxx
(x) the foregoing valuations may be modified by the Manager if and to the extent that it shall determine that modifications are advisable in order better to reflect the true value of any asset; and
(xi) the Manager may reduce the valuation of any asset by reserves established to reflect losses, as contemplated by Section 2.04(g) and for the avoidance of doubt, contingencies, liabilities, uncertain valuations or other factors, which the Manager determines, reduce, or might reduce, the value of such asset (or of this Fund as a whole in the case of reserves not specifically attributable to any particular asset). All determinations of value by the Manager shall be final and conclusive as to all Investors, in the absence of manifest error, and the Manager shall be absolutely protected in relying upon valuations furnished to the Manager by third parties, provided that such reliance is in good faith. The Manager may suspend the calculation of Net Asset Value during any period in which the Manager believes that it is reasonably impracticable to value a material portion of this Fund's assets.
Appears in 1 contract
Samples: Limited Liability Company Operating Agreement (ML Appleton FuturesAccess LLC)
VALUATION OF ASSETS. For all purposes of this Agreement, including, without limitation, the determination of the Net Asset Value per Unit of each Class, the assets of this FuturesAccess Fund shall be valued according to the following principles:
(a) The Net Assets of this FuturesAccess Fund are its assets less its liabilities determined in accordance with generally accepted accounting principles and as described below. Accrued Performance Fees (as described in the Confidential Program Disclosure Document) shall reduce Net Asset Value, even though such Performance Fees may never, in fact, be paid.
(b) For the avoidance of doubt, the Sponsor Manager shall, in general, apply the following principles in valuing this FuturesAccess Fund’s 's assets:
(i) commodity interests and currency interests which are traded on a United States exchange shall be valued at their settlement on the date as of which the values are being determined;
(ii) commodity interests and currency interests not traded on a United States exchange shall be valued based upon policies established by the SponsorManager, generally based on prices as reported by any reliable source selected by the SponsorManager, consistently applied for each variety of interest;
(iii) swap agreements shall be valued in the good faith discretion of the Sponsor Manager based on quotations received from dealers deemed appropriate by the SponsorManager;
(iv) bank and other interest-bearing accounts, Treasury bills and other short-term, interest-bearing instruments shall be valued at cost plus accrued interest;
(v) securities which are traded on a national securities exchange shall be valued at their closing price on the date as of which their value is being determined on the national securities exchange on which such securities are principally traded or on a consolidated tape which includes such exchange, whichever shall be selected by the SponsorManager, or, if there is no closing price on such date on such exchange or consolidated tape, at the prior day’s 's closing price;
(vi) securities not traded on a national securities exchange but traded over-the-counter shall be valued based on prices as reported by any reliable source selected by the SponsorManager;
(vii) money-market funds shall be valued at their net asset value on the date as of which their value is being determined;
(viii) if on the date as of which any valuation is being made, the exchange or market herein designated for the valuation of any given assets is not open for business, the basis for valuing such assets shall be such value as the Sponsor Manager may deem fair and reasonable;
(ix) all other assets, including securities traded on foreign exchanges, and liabilities shall be valued in the good faith discretion of the Manager, including assets and liabilities for which there is no readily identifiable market value; Aspect XX Xxxxxx FuturesAccess LLCLLC Limited Liability Company Operating Agreement
(x) the foregoing valuations may be modified by the Manager if and to the extent that it shall determine that modifications are advisable in order better to reflect the true value of any asset; and
(xi) the Manager may reduce the valuation of any asset by reserves established to reflect losses, as contemplated by Section 2.04(g) and for the avoidance of doubt, contingencies, liabilities, uncertain valuations or other factors, which the Manager determines, reduce, or might reduce, the value of such asset (or of this Fund as a whole in the case of reserves not specifically attributable to any particular asset). All determinations of value by the Manager shall be final and conclusive as to all Investors, in the absence of manifest error, and the Manager shall be absolutely protected in relying upon valuations furnished to the Manager by third parties, provided that such reliance is in good faith. The Manager may suspend the calculation of Net Asset Value during any period in which the Manager believes that it is reasonably impracticable to value a material portion of this Fund's assets.
Appears in 1 contract
Samples: Limited Liability Company Operating Agreement (ML Winton FuturesAccess LLC)
VALUATION OF ASSETS. For all You acknowledge and agree: (1) that non-publicly traded Assets generally lack a liquid market and that the value of such Assets may be difficult to ascertain; and (2) that any estimated value reflected on your Account statement is for informational purposes only, may not be current, and may be significantly different than the actual market value or the liquidation value of this Agreementsuch Assets. If the Account referenced above is a Premiere Select XXX, includingyou further acknowledge and understand that Fidelity, without limitationas Custodian of your Premiere Select XXX, is required to provide a report of certain transactions, as well as the determination fair market value of the Net Asset Value per Unit of each Class, the assets of this FuturesAccess Fund shall be valued according to the following principles:
(a) The Net Assets of this FuturesAccess Fund are its assets less its liabilities determined your Account in accordance with generally accepted accounting principles IRS requirements. If your Account, at any time, contains Assets for which a price is not available in a form and as described below. Accrued Performance Fees (as described in the Disclosure Document) shall reduce Net Asset Valuemanner acceptable to Fidelity, even though such Performance Fees may neveryou understand that Fidelity, in factor your Investment Advisor, be paid.
(b) For the avoidance of doubt, the Sponsor shall, in general, apply the following principles in valuing this FuturesAccess Fund’s assets:
(i) commodity interests and currency interests which are traded on will request a United States exchange shall be valued at their settlement on the date as of which the values are being determined;
(ii) commodity interests and currency interests not traded on a United States exchange shall be valued based upon policies established by the Sponsor, generally based on prices as reported by any reliable source selected by the Sponsor, consistently applied for each variety of interest;
(iii) swap agreements shall be valued in the good faith discretion valuation of the Sponsor based on quotations received Asset from dealers deemed a third party pricing vendor including Xxxxxx X. Xxxxxxx and Co., SPARDATA Securities Pricing and Research, Inc. or such other third-party pricing vendor that Fidelity deems appropriate by the Sponsor;
(iv) bank and other interest-bearing accounts, Treasury bills and other short-term, interest-bearing instruments shall be valued at cost plus accrued interest;
(v) securities which are traded on a national securities exchange shall be valued at their closing price on the date as of which their value is being determined on the national securities exchange on which such securities are principally traded or on a consolidated tape which includes such exchange, whichever shall be selected by the Sponsor, or, if there is no closing price on such date on such exchange or consolidated tape, at the prior day’s closing price;
(vi) securities not traded on a national securities exchange but traded over-the-counter shall be valued based on prices as reported by any reliable source selected by the Sponsor;
(vii) money-market funds shall be valued at their net asset value on the date as of which their value is being determined;
(viii) if on the date as of which any valuation is being made, the exchange or market herein designated in its sole discretion. The fees for the valuation services of the third party pricing vendor will be collected from your Investment Advisor in such amount and matter as set forth herein in Section 5. The Valuation of Assets for statement purposes shall be as follows: - If Assets are publicly traded, Fidelity will use the market price as per its normal practices - If Premiere Select XXX Assets are not publicly traded, Fidelity will display an audited valuation from one of the following third-party pricing vendors - Xxxxxx X. Xxxxxxx and Co., SPARDATA Securities Pricing and Research , Inc., or from such other third-party vendors--as Fidelity may deem appropriate in its sole discretion on Form 5498. This value will not necessarily be displayed on Statements. - For Premiere Select IRAs, Fidelity will, through a third-party vendor, request an annual valuation of Assets from the general partner, LLC manager, or issuer, as Fidelity may deem appropriate. Such valuation will be used for tax reporting purposes. Fidelity will not review or evaluate values. - For XXX Accounts, values will not necessarily be displayed on statements. - Your Investment Advisor is required to provide Fidelity, by November 15, with valuation instructions from an approved third-party pricing vendor including Xxxxxx X. Xxxxxxx and Co., SPARDATA Securities Pricing and Research, Inc. Pricing and Research, Inc., in accordance with requirements from Fidelity as disclosed to your Investment Advisor. Fidelity will request an appraisal from a third-party pricing vendor. The fees for the valuation services of the third-party pricing vendor will be collected from your Investment Advisor in such amount and manner as set forth herein in Section 5. Fidelity also reserves the right to require an appraisal, in a form and substance satisfactory to Fidelity in its sole discretion, before complying with any direction to make a distribution of any given assets is not open for businessnon-publicly traded Asset from the XXX. - Fidelity shall have no responsibility for, nor does Fidelity guarantee, the basis for valuing accuracy of any such assets shall valuation of Assets, even if the Assets have been valued by a pricing service selected by Fidelity. You further understand, that if the Account indicated above is a Premiere Select XXX, you acknowledge that Fidelity may be required to value the Assets prior to a distribution from the Account, and that such value as valuation may delay any requested distributions from the Sponsor may deem fair Account indicated herein in Section 1 . - By signing below, you and reasonable; Aspect FuturesAccess LLCyour Investment Advisor agree to indemnify and hold Fidelity harmless from any losses, damage, or other consequences, including penalties, resulting in any way from the valuation of Assets in your Account, including following the Investment Advisor's valuation instructions
Appears in 1 contract
Samples: Alternative Investment Addendum and Custody Agreement (Advisors REIT I, Inc.)
VALUATION OF ASSETS. For all purposes of this Agreement, including, without limitation, the determination of the Net Asset Value per Unit of each Class, the assets of this FuturesAccess Fund shall be valued according to the following principles:
(a) The Net Assets value of this FuturesAccess the assets of the Acquired Fund are its shall be the value of such assets less its liabilities determined in accordance with generally accepted accounting principles and computed as described belowof the time at which the Acquired Fund’s net asset value is calculated at the Valuation Time. Accrued Performance Fees (as described The net asset value of the assets of the Acquired Fund to be transferred to the Surviving Fund shall be computed by the Acquired Fund. In determining the value of the securities transferred by the Acquired Fund to the Surviving Fund, computed using the valuation procedures set forth in the Disclosure Documentthen-current policies, prospectus and statement of additional information with respect to each Surviving Fund and the valuation procedures (including the procedures adopted under Rule 2a-7 under the 0000 Xxx) established as adopted by the Trust (the “Valuation Procedures”). For such purposes, price quotations and the security characteristics relating to establishing such quotations shall reduce Net Asset Valuebe determined by the Acquired Fund, even though provided that such Performance Fees may neverdetermination shall be subject to the approval of the Surviving Fund. The Acquired Fund and the Surviving Fund agree to use all commercially reasonable efforts to resolve, in factprior to the Valuation Time, be paidany material pricing differences.
(b) For Any provision in this Agreement to the avoidance of doubtcontrary notwithstanding for each Acquired Fund and Surviving Fund (except UBS Select Prime Investor Fund, UBS Select ESG Prime Investor Fund, UBS Select Prime Institutional Fund and UBS Select ESG Prime Institutional Fund), if the Sponsor shall, in general, apply the following principles in valuing this FuturesAccess Fund’s assets:
difference between (i) commodity interests the net asset value per share of either Fund computed using available market quotations (or an appropriate substitute that reflects current market conditions) and currency interests which are traded on a United States exchange shall be valued at their settlement on the date as of which the values are being determined;
(ii) commodity interests and currency interests not traded on the amortized cost price per share of that Fund, computed in a United States exchange manner consistent with Rule 2a-7 under the 1940 Act, equals or exceeds $0.0025 at the Valuation Time, then the Closing Date shall be valued based upon policies established by the Sponsor, generally based on prices as reported by any reliable source selected by the Sponsor, consistently applied for each variety of interest;
(iii) swap agreements shall be valued in the good faith discretion of the Sponsor based on quotations received from dealers deemed appropriate by the Sponsor;
(iv) bank and other interest-bearing accounts, Treasury bills and other short-term, interest-bearing instruments shall be valued at cost plus accrued interest;
(v) securities which are traded on a national securities exchange shall be valued at their closing price on the date as of which their value is being determined on the national securities exchange on which postponed until such securities are principally traded or on a consolidated tape which includes such exchange, whichever shall be selected by the Sponsor, or, if there is no closing price on such date on such exchange or consolidated tape, at the prior day’s closing price;
(vi) securities not traded on a national securities exchange but traded over-the-counter shall be valued based on prices as reported by any reliable source selected by the Sponsor;
(vii) money-market funds shall be valued at their net asset value on the date as of which their value is being determined;
(viii) if on the date as of which any valuation is being made, the exchange or market herein designated for the valuation of any given assets is not open for business, the basis for valuing such assets shall be such value time as the Sponsor may deem fair and reasonable; Aspect FuturesAccess LLCper share difference is less than $0.0025.
Appears in 1 contract
Samples: Agreement and Plan of Reorganization (UBS Series Funds)
VALUATION OF ASSETS. For all purposes of this Agreement, including, without limitation, the determination of the Net Asset Value per Unit of each Class, the assets of this FuturesAccess Fund shall be valued according to the following principles:
(a) The Net Assets of this FuturesAccess Fund are its assets less its liabilities determined in accordance with generally accepted accounting principles and as described below. Accrued Performance Fees (as described in the Disclosure Document) shall reduce Net Asset Value, even though such Performance Fees may never, in fact, be paid.
(b) For This FuturesAccess Fund's investments in the avoidance Master Fund shall be valued by the Master Fund.
(c) The Sponsor shall value any asset of doubt, this FuturesAccess Fund other than its investment in the Sponsor shall, in general, apply Master Fund by applying the following principles in valuing this FuturesAccess Fund’s assetsgeneral principles:
(i) commodity interests and currency interests which are traded on a United States exchange shall be valued at their settlement on the date as of which the values are being determined;
(ii) commodity interests and currency interests not traded on a United States exchange shall be valued based upon policies established by the Sponsor, generally based on prices as reported by any reliable source selected by the Sponsor, consistently applied for each variety of interest;
(iii) swap agreements shall be valued in the good faith discretion of the Sponsor based on quotations received from dealers deemed appropriate by the Sponsor;
(iv) bank and other interest-bearing accounts, Treasury bills and other short-term, interest-bearing instruments shall be valued at cost plus accrued interest;
(v) securities which are traded on a national securities exchange shall be valued at their closing price on the date as of which their value is being determined on the national securities exchange on which such securities are principally traded or on a consolidated tape which includes such exchange, whichever shall be selected by the Sponsor, or, if there is no closing price on such date on such exchange or consolidated tape, at the prior day’s 's closing price;
(vi) securities not traded on a national securities exchange but traded over-the-counter shall be valued based on prices as reported by any reliable source selected by the Sponsor;
(vii) money-market funds shall be valued at their net asset value on the date as of which their value is being determined;
(viii) if on the date as of which any valuation is being made, the exchange or market herein designated for the valuation of any given assets is not open for business, the basis for valuing such assets shall be such value as the Sponsor may deem fair and reasonable;
(ix) all other assets, including securities traded on foreign exchanges, and liabilities shall be valued in good faith by the Sponsor, including assets and liabilities for which there is no readily identifiable market value;
(x) the foregoing valuations may be modified by the Sponsor if and to the extent that it shall determine that modifications are advisable in order better to reflect the true value of any asset; Aspect and
(xi) the Sponsor, as sponsor of this FuturesAccess LLCFund and the Master Fund, may reduce the valuation of any asset (or of this FuturesAccess Fund or the Master Fund) by reserves established, as contemplated by Section 2.04(g), to reflect losses, contingencies, liabilities, uncertain valuations or other factors, which the Sponsor determines reduce, or might reduce, the
Appears in 1 contract
Samples: Limited Liability Company Operating Agreement (Highbridge Commodities FuturesAccess LLC)
VALUATION OF ASSETS. For all purposes of this Agreement, including, without limitation, the determination of the Net Asset Value per Unit of each Class, the assets of this FuturesAccess Fund shall be valued according to the following principles:
(a) The Net Assets of this FuturesAccess Fund Securities that are its assets less its liabilities determined in accordance with generally accepted accounting principles and as described below. Accrued Performance Fees (as described in the Disclosure Document) shall reduce Net Asset Value, even though such Performance Fees may never, in fact, be paid.
(b) For the avoidance of doubt, the Sponsor shall, in general, apply the following principles in valuing this FuturesAccess Fund’s assets:
(i) commodity interests and currency interests which are traded listed on a United States exchange shall be valued at their settlement on the date as of which the values are being determined;
(ii) commodity interests and currency interests not traded on a United States exchange shall be valued based upon policies established by the Sponsor, generally based on prices as reported by any reliable source selected by the Sponsor, consistently applied for each variety of interest;
(iii) swap agreements shall be valued in the good faith discretion of the Sponsor based on quotations received from dealers deemed appropriate by the Sponsor;
(iv) bank and other interest-bearing accounts, Treasury bills and other short-term, interest-bearing instruments shall be valued at cost plus accrued interest;
(v) securities which are traded on a national securities exchange shall be valued at their closing price last sales prices on the date as of which their value is being determined determination on the national primary securities exchange on which such securities are principally Securities shall have traded or on a consolidated tape which includes such exchange, whichever shall be selected by the Sponsor, or, if there is no closing price on such date on such exchange or consolidated tape(or, at in the prior day’s closing price;
(vi) securities event that the date of determination is not traded on a national date upon which a securities exchange was open for trading, on the last prior date on which such securities exchange was so open not more than 10 days prior to the date of determination). Securities that are not listed on an exchange but are traded over-the-counter shall be valued based at the mean between the last "bid" and "asked" price for such security on prices as reported by any reliable source selected by such date, unless included in the Sponsor;
(vii) money-market funds NASDAQ National Market System, in which case they shall be valued based upon their last sales prices (if such prices are available); PROVIDED THAT, if the last sales price of a Security does not fall between the last "bid" and "asked" price for such Security on such date, then the Managing General Partner shall value such Security at their net asset value the mean between the last "bid" and "asked" price for such Security on such date. Securities not denominated in U.S. dollars shall be translated into U.S. dollars at prevailing exchange rates as the date Managing General Partner may determine in good faith. Securities that are difficult to value, including illiquid Securities of the type referred to in clause (i) above, will be valued as of which their value is being determined;the Managing General Partner may determine in good faith.
(viiib) if on All other assets of the date Partnership (except goodwill, which shall not be taken into account) shall be assigned such value as of which any valuation is being made, the exchange or market herein designated for Managing General Partner may determine in good faith.
(c) If the Managing General Partner determines in its sole discretion that the valuation of any given assets is Securities pursuant to Section 3.07(a) (other than Securities valued pursuant to clause (ii) thereof) does not open for businessfairly represent market value, the Managing General Partner may value such Securities as it determines in good faith and shall set forth the basis for valuing of such valuation in writing in the Partnership's records.
(d) All values assigned to Securities and other assets by the Managing General Partner pursuant to this Section 3.07 shall be such value final and conclusive as to all of the Sponsor may deem fair and reasonable; Aspect FuturesAccess LLCPartners.
Appears in 1 contract
Samples: Limited Partnership Agreement (Trian Fund Management, L.P.)
VALUATION OF ASSETS. For all purposes of this Agreement, including, without limitation, the determination of the Net Asset Value per Unit of each Class, the assets of this Systematic Momentum FuturesAccess Fund shall be valued according to the following principles:
(a) The Net Assets of this Systematic Momentum FuturesAccess Fund are its assets less its liabilities determined in accordance with generally accepted accounting principles and as described below. Accrued Performance Fees (as described in the Disclosure Document) shall reduce Net Asset Value, even though such Performance Fees may never, in fact, be paid.
(b) For Systematic Momentum FuturesAccess’ investments in the avoidance FuturesAccess Funds shall be valued by such FuturesAccess Funds.
(c) The Sponsor shall value any asset of doubt, the Sponsor shall, Systematic Momentum FuturesAccess not invested in general, apply a FuturesAccess Fund by applying the following principles in valuing this FuturesAccess Fund’s assetsgeneral principles:
(i) commodity interests and currency interests which are traded on a United States exchange shall be valued at their settlement on the date as of which the values are being determined;
(ii) commodity interests and currency interests not traded on a United States exchange shall be valued based upon policies established by the Sponsor, generally based on prices as reported by any reliable source selected by the Sponsor, consistently applied for each variety of interest;
(iii) swap agreements shall be valued in the good faith discretion of the Sponsor based on quotations received from dealers deemed appropriate by the Sponsor;
(iv) bank and other interest-bearing accounts, Treasury bills and other short-term, interest-bearing instruments shall be valued at cost plus accrued interest;
(v) securities which are traded on a national securities exchange shall be valued at their closing price on the date as of which their value is being determined on the national securities exchange on which such securities are principally traded or on a consolidated tape which includes such exchange, whichever shall be selected by the Sponsor, or, if there is no closing price on such date on such exchange or consolidated tape, at the prior day’s closing price;
(vi) securities not traded on a national securities exchange but traded over-the-counter shall be valued based on prices as reported by any reliable source selected by the Sponsor;
(vii) money-market funds shall be valued at their net asset value on the date as of which their value is being determined;
(viii) if on the date as of which any valuation is being made, the exchange or market herein designated for the valuation of any given assets is not open for business, the basis for valuing such assets shall be such value as the Sponsor may deem fair and reasonable;
(ix) all other assets, including securities traded on foreign exchanges, and liabilities shall be valued in good faith by the Sponsor, including assets and liabilities for which there is no readily identifiable market value;
(x) the foregoing valuations may be modified by the Sponsor if and to the extent that it shall determine that modifications are advisable in order better to reflect the true value of any asset; Aspect and
(xi) the Sponsor, as sponsor of each FuturesAccess LLCFund, may reduce the valuation of any asset (or of a FuturesAccess Fund) by reserves established, as contemplated by Section 2.04(g), to reflect losses, contingencies, liabilities, uncertain valuations or other factors, which the Sponsor determines reduce, or might reduce, the value of such asset (or of a FuturesAccess Fund as a whole in the case of reserves not specifically attributable to any particular asset). All determinations of value by the Sponsor shall be final and conclusive as to all Investors, in the absence of manifest error, and the Sponsor shall be absolutely protected in relying upon valuations furnished to the Sponsor by third parties, provided that such reliance is in good faith. The Sponsor may suspend the calculation of Net Asset Value during any period when any of the FuturesAccess Funds in which Systematic Momentum FuturesAccess invests has done so.
Appears in 1 contract
Samples: Limited Liability Company Operating Agreement (ML Systematic Momentum FuturesAccess LLC)
VALUATION OF ASSETS. For all purposes of this Agreement, including, without limitation, the determination of the Net Asset Value per Unit of each Class, the assets of this FuturesAccess Fund shall be valued according to the following principles:
(a) The Net Assets of this FuturesAccess Fund are its assets less its liabilities determined in accordance with generally accepted accounting principles and as described below. Accrued Performance Fees (as applicable) (as described in the Confidential Program Disclosure Document) , as applicable), shall reduce Net Asset Value, even though such Performance Fees (as applicable) may never, in fact, be paid.
(b) For the avoidance of doubt, the Sponsor Manager shall, in general, apply the following principles in valuing this FuturesAccess Fund’s assets:
(i) commodity interests and currency interests which are traded on a United States exchange shall be valued at their settlement on the date as of which the values are being determined;
(ii) commodity interests and currency interests not traded on a United States exchange shall be valued based upon policies established by the SponsorManager, generally based on prices as reported by any reliable source selected by the SponsorManager, consistently applied for each variety of interest;
(iii) swap agreements shall be valued in the good faith discretion of the Sponsor Manager based on quotations received from dealers deemed appropriate by the SponsorManager;
(iv) bank and other interest-bearing accounts, Treasury bills and other short-term, interest-bearing instruments shall be valued at cost plus accrued interest;
(v) securities which are traded on a national securities exchange shall be valued at their closing price on the date as of which their value is being determined on the national securities exchange on which such securities are principally traded or on a consolidated tape which includes such exchange, whichever shall be selected by the SponsorManager, or, if there is no closing price on such date on such exchange or consolidated tape, at the prior day’s closing price;
(vi) securities not traded on a national securities exchange but traded over-the-counter shall be valued based on prices as reported by any reliable source selected by the SponsorManager;
(vii) money-market funds shall be valued at their net asset value on the date as of which their value is being determined;
(viii) if on the date as of which any valuation is being made, the exchange or market herein designated for the valuation of any given assets is not open for business, the basis for valuing such assets shall be such value as the Sponsor Manager may deem fair and reasonable;
(ix) all other assets, including securities traded on foreign exchanges, and liabilities shall be valued in good faith by the Manager, including assets and liabilities for which there is no readily identifiable market value;
(x) the foregoing valuations may be modified by the Manager if and to the extent that it shall determine that modifications are advisable in order better to reflect the true value of any asset; Aspect FuturesAccess LLCand
(xi) the Manager may reduce the valuation of any asset by reserves established to reflect losses, as contemplated by Section 2.04(g) and for the avoidance of doubt, contingencies, liabilities, uncertain valuations or other factors, which the Manager determines, reduce, or might reduce, the value of such asset (or of this Fund as a whole in the case of reserves not specifically attributable to any particular asset). All determinations of value by the Manager shall be final and conclusive as to all Investors, in the absence of manifest error, and the Manager shall be absolutely protected in relying upon valuations furnished to the Manager by third parties, provided that such reliance is in good faith. The Manager may suspend the calculation of Net Asset Value during any period in which the Manager believes that it is reasonably impracticable to value a material portion of this Fund’s assets.
Appears in 1 contract
Samples: Limited Liability Company Operating Agreement (ML APM Global Commodity FuturesAccess LLC)
VALUATION OF ASSETS. For all purposes of this Agreement, including, without limitation, the determination of the Net Asset Value per Unit of each Class, the assets of this FuturesAccess Fund shall be valued according to the following principles:
(a) The Net Assets of this FuturesAccess Fund are its assets less its liabilities determined in accordance with generally accepted accounting principles and as described below. Accrued Performance Fees (as described in the Confidential Program Disclosure Document) shall reduce Net Asset Value, even though such Performance Fees may never, in fact, be paid.
(b) For the avoidance of doubt, the Sponsor shall, in general, apply the following principles in valuing this FuturesAccess Fund’s 's assets:
(i) commodity interests and currency interests which are traded on a United States exchange shall be valued at their settlement on the date as of which the values are being determined;; ML APM Global Commodity FuturesAccess LLC Limited Liability Company Operating Agreement Dated as of August 1, 2006
(ii) commodity interests and currency interests not traded on a United States exchange shall be valued based upon policies established by the Sponsor, generally based on prices as reported by any reliable source selected by the Sponsor, consistently applied for each variety of interest;
(iii) swap agreements shall be valued in the good faith discretion of the Sponsor based on quotations received from dealers deemed appropriate by the Sponsor;
(iv) bank and other interest-bearing accounts, Treasury bills and other short-term, interest-bearing instruments shall be valued at cost plus accrued interest;
(v) securities which are traded on a national securities exchange shall be valued at their closing price on the date as of which their value is being determined on the national securities exchange on which such securities are principally traded or on a consolidated tape which includes such exchange, whichever shall be selected by the Sponsor, or, if there is no closing price on such date on such exchange or consolidated tape, at the prior day’s 's closing price;
(vi) securities not traded on a national securities exchange but traded over-the-counter shall be valued based on prices as reported by any reliable source selected by the Sponsor;
(vii) money-market funds shall be valued at their net asset value on the date as of which their value is being determined;
(viii) if on the date as of which any valuation is being made, the exchange or market herein designated for the valuation of any given assets is not open for business, the basis for valuing such assets shall be such value as the Sponsor may deem fair and reasonable;
(ix) all other assets, including securities traded on foreign exchanges, and liabilities shall be valued in good faith by the Sponsor, including assets and liabilities for which there is no readily identifiable market value;
(x) the foregoing valuations may be modified by the Sponsor if and to the extent that it shall determine that modifications are advisable in order better to reflect the true value of any asset; Aspect and
(xi) the Sponsor may reduce the valuation of any asset (or of the FuturesAccess LLCFund) by reserves established, as contemplated by Section 2.04(g), to reflect losses, contingencies, liabilities, uncertain valuations or other factors, which the Sponsor determines reduce, or might reduce, the value of such asset (or of this FuturesAccess Fund as a whole in the case of reserves not specifically attributable to any particular asset). All determinations of value by the Sponsor shall be final and conclusive as to all Investors, in the absence of manifest error, and the Sponsor shall be absolutely protected in relying upon valuations furnished to the Sponsor by third parties, provided that such reliance is in good faith. The Sponsor may suspend the calculation of Net Asset Value during any period in which the Sponsor believes that it is reasonably impracticable to value a material portion of this FuturesAccess Fund's assets.
Appears in 1 contract
Samples: Limited Liability Company Operating Agreement (ML APM Global Commodity FuturesAccess LLC)
VALUATION OF ASSETS. For all purposes of this Agreement, including, without limitation, the determination of the Net Asset Value per Unit of each Class, the assets of this FuturesAccess Fund shall be valued according to the following principles:
(a) The Net Assets of this FuturesAccess Fund are its assets less its liabilities determined in accordance with generally accepted accounting principles and as described below. Accrued Performance Fees (as described in the Confidential Program Disclosure Document) shall reduce Net Asset Value, even though such Performance Fees may never, in fact, be paid.
(b) For the avoidance of doubt, the Sponsor shall, in general, apply the following principles in valuing this FuturesAccess Fund’s 's assets:
(i) commodity interests and currency interests which are traded on a United States exchange shall be valued at their settlement on the date as of which the values are being determined;; ML Transtrend DTP Enhanced FuturesAccess LLC Limited Liability Company Operating Agreement Dated as of March 8, 2007
(ii) commodity interests and currency interests not traded on a xxxxxxxxx xxx xxxxxx xx x United States exchange shall be valued based upon policies established by the Sponsor, generally based on prices as reported by any reliable source selected by the Sponsor, consistently applied for each variety of interest;
(iii) swap agreements shall be valued in the good faith discretion of the Sponsor based on quotations received from dealers deemed appropriate by the Sponsor;
(iv) bank and other interest-bearing accounts, Treasury bills and other short-term, interest-bearing instruments shall be valued at cost plus accrued interest;
(v) securities which are traded on a national securities exchange shall be valued at their closing price on the date as of which their value is being determined on the national securities exchange on which such securities are principally traded or on a consolidated tape which includes such exchange, whichever shall be selected by the Sponsor, or, if there is no closing price on such date on such exchange or consolidated tape, at the prior day’s 's closing price;
(vi) securities not traded on a national securities exchange but traded over-the-counter shall be valued based on prices as reported by any reliable source selected by the Sponsor;
(vii) money-market funds shall be valued at their net asset value on the date as of which their value is being determined;
(viii) if on the date as of which any valuation is being made, the exchange or market herein designated for the valuation of any given assets is not open for business, the basis for valuing such assets shall be such value as the Sponsor may deem fair and reasonable;
(ix) all other assets, including securities traded on foreign exchanges, and liabilities shall be valued in good faith by the Sponsor, including assets and liabilities for which there is no readily identifiable market value;
(x) the foregoing valuations may be modified by the Sponsor if and to the extent that it shall determine that modifications are advisable in order better to reflect the true value of any asset; Aspect and
(xi) the Sponsor may reduce the valuation of any asset (or of the FuturesAccess LLCFund) by reserves established, as contemplated by Section 2.04(g), to reflect losses, contingencies, liabilities, uncertain valuations or other factors, which the Sponsor determines reduce, or might reduce, the value of such asset (or of this FuturesAccess Fund as a whole in the case of reserves not specifically attributable to any particular asset). All determinations of value by the Sponsor shall be final and conclusive as to all Investors, in the absence of manifest error, and the Sponsor shall be absolutely protected in relying upon valuations furnished to the Sponsor by third parties, provided that such reliance is in good faith. The Sponsor may suspend the calculation of Net Asset Value during any period in which the Sponsor believes that it is reasonably impracticable to value a material portion of this FuturesAccess Fund's assets.
Appears in 1 contract
Samples: Operating Agreement (ML Transtrend DTP Enhanced FuturesAccess LLC)
VALUATION OF ASSETS. For all purposes of this Agreement, including, without limitation, the determination of the Net Asset Value per Unit of each Class, the assets of this FuturesAccess Fund shall be valued according to the following principles:
(a) The Net Assets of this FuturesAccess Fund are its assets less its liabilities determined in accordance with generally accepted accounting principles and as described below. Accrued Performance Fees (as described in the Confidential Program Disclosure Document) shall reduce Net Asset Value, even though such Performance Fees may never, in fact, be paid.
(b) For the avoidance of doubt, the Sponsor Manager shall, in general, apply the following principles in valuing this FuturesAccess Fund’s 's assets:
(i) commodity interests and currency interests which are traded on a United States exchange shall be valued at their settlement on the date as of which the values are being determined;
(ii) commodity interests and currency interests not traded on a United States exchange shall be valued based upon policies established by the SponsorManager, generally based on prices as reported by any reliable source selected by the SponsorManager, consistently applied for each variety of interest;
(iii) swap agreements shall be valued in the good faith discretion of the Sponsor Manager based on quotations received from dealers deemed appropriate by the SponsorManager;
(iv) bank and other interest-bearing accounts, Treasury bills and other short-term, interest-bearing instruments shall be valued at cost plus accrued interest;
(v) securities which are traded on a national securities exchange shall be valued at their closing price on the date as of which their value is being determined on the national securities exchange on which such securities are principally traded or on a consolidated tape which includes such exchange, whichever shall be selected by the SponsorManager, or, if there is no closing price on such date on such exchange or consolidated tape, at the prior day’s 's closing price;
(vi) securities not traded on a national securities exchange but traded over-the-counter shall be valued based on prices as reported by any reliable source selected by the SponsorManager;
(vii) money-market funds shall be valued at their net asset value on the date as of which their value is being determined;
(viii) if on the date as of which any valuation is being made, the exchange or market herein designated for the valuation of any given assets is not open for business, the basis for valuing such assets shall be such value as the Sponsor Manager may deem fair and reasonable; Aspect FuturesAccess LLC;
(ix) all other assets, including securities traded on foreign exchanges, and liabilities shall be valued in the good faith discretion of the Manager, including assets and liabilities for which there is no readily identifiable market value;
Appears in 1 contract
Samples: Limited Liability Company Operating Agreement (ML Aspect FuturesAccess LLC)
