Valuation of Securities. Securities shall be valued in accordance with (a) the Fund's Registration Statement, as amended or supplemented from time to time (hereinafter referred to as the "Registration Statement"); (b) the resolutions of the Board of Trustees of the Fund at the time in force and applicable, as they may from time to time be delivered to FUND ACCOUNTING, and (c) Proper Instructions from such officers of the Fund or other persons as are from time to time authorized by the Board of Trustees of the Fund to give instructions with respect to computation and determination of the net asset value. FUND ACCOUNTING may use one or more external pricing services, including broker-dealers, provided that an appropriate officer of the Fund shall have approved such use in advance.
Valuation of Securities. The Administrator shall ensure that the value of the Fund's securities is computed in accordance with governing law, rules and regulations, the Fund's governing instruments and subject to the oversight and direction of the Fund's governing body. The Administrator may use one or more external pricing services in computing the value of a Fund's securities, including broker/dealers, provided that the Fund's governing body or an individual designated by the Fund's governing body has approved the use of such pricing services.
Valuation of Securities. The Administrator shall ensure that the value of the Fund’s securities is computed in accordance with governing law, rules and regulations, the Fund’s governing instruments and subject to the oversight and direction of the Fund’s Trustees. The Administrator shall oversee the use of one or more external pricing services (at the separate expense of the Funds) to provide the value of a Fund’s securities, including broker/dealers, provided that the Fund’s Trustees or a committee or an individual designated by the Fund’s Trustees has approved the use of such pricing services. The Administrator shall administer the Valuation Policies approved by the Trustees for the Fund, including the implementation and application of fair valuation methods and security valuation factors for applicable securities and other assets, including those provided by third-party service providers at the expense of the Funds, and provide such reports to the Fund’s Trustees or a committee thereof as is required by such Policies or otherwise requested.
Valuation of Securities. The value of any security shall be determined as provided in this Section 7.7.
7.7.1 Any security that is listed on a national securities exchange shall be valued at its average last sale price as recorded by the New York composite tape system over the ten (10) trading days immediately preceding the date of such valuation or, if the security is not included in such system, at its average last sale price over such ten (10) trading days on the principal national securities exchange on which such security is traded, as recorded by such exchange (using instead of the last sale price, for any such day on which no sales occurred, the mean between the closing “bid” and “asked” prices on such day as recorded by such system or such exchange, as the case may be).
7.7.2 Any security that is listed on the Nasdaq National Market shall be valued at its average last sale price over the ten (10) trading days immediately preceding the date of such valuation as reported by Nasdaq (using instead of the last sale price, for any day on which no sales occurred, the mean between the closing “bid” and “asked” prices on such day as reported by Nasdaq).
7.7.3 Any security that is not listed on a national securities exchange or on the Nasdaq National Market but that is traded in the over-the-counter market in the United States shall be valued at the average mean between the closing “bid” and “asked” prices for the ten (10) trading days immediately preceding the date of such valuation as reported by Nasdaq or, if not so reported, as reported in the over-the-counter market in the United States.
7.7.4 Any security in the form of an option, warrant or similar security for which no price quotation is available shall be valued by determining the value of the underlying security in accordance with Sections 7.7.1, 7.7.2, 7.7.3 or 7.7.5, as applicable, and subtracting therefrom the exercise or conversion price of such security; and
7.7.5 Any security that is not subject to valuation under any of the preceding provisions of this Section 7.7 shall be assigned the value established for such security in the last round of financing of the issuer of such security plus or minus any adjustments which the Manager reasonably determines to be appropriate to reflect market, issuer or other events that have occurred subsequent to such last round of financing, all consistently applied. The foregoing valuation methodologies contained in this Section 7.7 will be used by the Manager for purposes of stating t...
Valuation of Securities. At the opening of each Business Day during which a Transaction subject to this Custodial Undertaking shall remain outstanding, Custodian shall determine the Margin Value of all Purchased Securities.
Valuation of Securities. The method of valuation of securities subject to restrictions on free marketability shall be adjusted to make an appropriate discount from the market value determined as above in Section 6.4 to reflect the fair market value thereof as determined in good faith by the liquidator (or, in the case of any proposed distribution in connection with a transaction which is a deemed liquidation hereunder, by the Board). Subject to the Statute, the holders of at least a majority of the issued and outstanding Preferred Shares shall have the right to challenge any determination by the liquidator or the Board, as the case may be, of fair market value pursuant to this Section 6, in which case the determination of fair market value shall be made by an independent appraiser selected jointly by the liquidator or the Board, as the case may be, and the challenging parties, the cost of such appraisal to be borne equally by the Company and the challenging parties.
Valuation of Securities. Securities will be valued in accordance with the specific provisions of the Funds' prospectuses. In general, consistent with a Fund's prospectus, (i) a security listed or traded on a recognized stock exchange will be valued at its last sale price prior to the time the valuation is made, or (ii) the Fund's portfolio securities will be valued using the amortized cost method.
Valuation of Securities. Securities will be valued in accordance with the specific provisions of each Fund's Prospectus.
Valuation of Securities. The Net Assets of the Fund are the total assets of the Fund, including all cash and cash equivalents (valued at cost), accrued interest, and the market value of all securities and all other assets of the Fund, less all other liabilities of the Fund, including, but not limited to, accrued legal, accounting, and auditing fees, accrued management and performance fees, and any extraordinary expenses, determined in accordance with U.S. generally accepted accounting principles applied under the accrual basis of accounting by the Directors of the Fund in their sole discretion. For purposes of determining the value of securities and other interests owned by the Fund, the following conventions shall apply:
Valuation of Securities. For purposes of determining the value of Securities, Securities which are traded on a stock exchange shall be valued at their last sales prices on the date of determination, or, if no sales occurred on such day, at the mean between the "bid" and "asked" price on such day; Securities which are not so listed shall be valued at their last closing bid prices if held "long" by the Partnership and their last closing asked prices on the date of determination if held "short" by the Partnership; Securities which are in the form of put or call options shall be valued at their last sales prices; and Securities which are not readily marketable shall be valued at fair market value as determined by the General Partner, in his sole discretion.
