Common use of Valuation Rules Clause in Contracts

Valuation Rules. Subject to generallyaccepted accounting principles in Canada (or applicable international financial reporting standards), (standards) as applicable to public enterprises: (a) The value of any cash on hand or on deposit, bills and demand notes and accounts receivable, prepaid expenses, cash received (or declared to holders of record on a date before the date as of which the Net Asset Value is being determined) and interest accrued and not yet received, shall be deemed to be the full amount thereof, provided that: (i) the value of any security which is a debt obligation which, at the time of acquisition, had a remaining term to maturity of one year or less shall be the amount paid to acquire the obligation plus the amount of any interest accrued on such obligation since the time of acquisition (for this purpose, interest accrued will include amortization over the remaining term to maturity of any discount or premium from the face value of an obligation at the time of its acquisition), or the value shall be calculated in accordance with Section 3.29(a)(ii); (ii) any interest or other amount due in respect of an obligation in respect of which the issuer has ceased paying interest or has otherwise defaulted shall be excluded from such calculation; and (iii) if the General Partner or any Person retained by the General Partner to calculate Net Asset Value (the "Valuator") has determined that any such deposit, xxxx, demand note or account receivable is not otherwise worth the full amount thereof, the value thereof shall be deemed to be such value as the Valuator determines to be the fair value thereof. (b) The value of any security, option or futures contract which is listed or traded upon a stock exchange shall be determined by taking the last sale price on the Fiscal Quarter Date, or lacking any such sales, shall be determined by the Valuator but shall not be greater than the closing ask price nor less than the closing bid price, as at the date as of which the Net Asset Value is being determined, all as reported by any means in common use. (c) The value of any security or financial instrument which is traded over-the-counter will be priced at the average of the last bid and asked prices for the immediately preceding 20 trading days quoted by a major dealer in such securities or financial instruments, unless the Valuator determines that the bid or offer price more accurately reflects the value of the security or financial instrument. (d) The value of any security, option or futures contract which is not listed or traded on a recognized exchange or the resale of which is restricted by reason of a representation, undertaking or agreement by the Partnership or by the Partnership's predecessor in title shall be determined on the basis of such price or yield equivalent quotations (which may be public quotations or may be obtained from major market makers) as the Valuator determines best reflects its fair value. (e) Any market price or asset value reported in a currency other than Canadian dollars shall be translated into Canadian currency at the prevailing rate of exchange at the time of valuation. (f) The value of securities subject to a hold period will be valued as described above with an appropriate discount as determined by the Valuator and investments in private companies and other assets for which no published market exists will be valued at the lesser of cost and the most recent value at which such securities have been exchanged in an arm's length transaction which approximates a trade effected in a published market, unless a different fair market value is otherwise determined to be appropriate by the Valuator. (g) Anysecurity purchased, the purchase price of which has not been paid, shall be included for valuation purposes as a security held, and the purchase price, including brokers' commissions and other expenses, shall be treated as a liability of the Partnership. (h) The value of any security or property to which in the opinion of the Valuator the principles of this Section cannot be applied (whether because no price or yield equivalent quotations are available as above provided, or for any other reason) shall be the fair value thereof determined in good faith in such manner as the Valuator from time to time adapts.

Appears in 1 contract

Samples: Limited Partnership Agreement

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Valuation Rules. Subject to generallyaccepted generally accepted accounting principles in Canada (or applicable international financial reporting standards), (standards) as applicable to public enterprises: (a) The value of any cash on hand or on deposit, bills and demand notes and accounts receivable, prepaid expenses, cash received (or declared to holders of record on a date before the date as of which the Net Asset Value is being determined) and interest accrued and not yet received, shall be deemed to be the full amount thereof, provided that: (i) the value of any security which is a debt obligation which, at the time of acquisition, had a remaining term to maturity of one year or less shall be the amount paid to acquire the obligation plus the amount of any interest accrued on such obligation since the time of acquisition (for this purpose, interest accrued will include amortization over the remaining term to maturity of any discount or premium from the face value of an obligation at the time of its acquisition), or the value shall be calculated in accordance with Section 3.29(a)(ii); (ii) any interest or other amount due in respect of an obligation in respect of which the issuer has ceased paying interest or has otherwise defaulted shall be excluded from such calculation; and (iii) if the General Partner or any Person retained by the General Partner to calculate Net Asset Value (the "Valuator") has determined that any such deposit, xxxx, demand note or account receivable is not otherwise worth the full amount thereof, the value thereof shall be deemed to be such value as the Valuator determines to be the fair value thereof. (b) The value of any security, option or futures contract which is listed or traded upon a stock exchange shall be determined by taking the last sale price on the Fiscal Quarter Date, or lacking any such sales, shall be determined by the Valuator but shall not be greater than the closing ask price nor less than the closing bid price, as at the date as of which the Net Asset Value is being determined, all as reported by any means in common use. (c) The value of any security or financial instrument which is traded over-the-counter will be priced at the average of the last bid and asked prices for the immediately preceding 20 trading days quoted by a major dealer in such securities or financial instruments, unless the Valuator determines that the bid or offer price more accurately reflects the value of the security or financial instrument. (d) The value of any security, option or futures contract which is not listed or traded on a recognized exchange or the resale of which is restricted by reason of a representation, undertaking or agreement by the Partnership or by the Partnership's predecessor in title shall be determined on the basis of such price or yield equivalent quotations (which may be public quotations or may be obtained from major market makers) as the Valuator determines best reflects its fair value. (e) Any market price or asset value reported in a currency other than Canadian dollars shall be translated into Canadian currency at the prevailing rate of exchange at the time of valuation. (f) The value of securities subject to a hold period will be valued as described above with an appropriate discount as determined by the Valuator and investments in private companies and other assets for which no published market exists will be valued at the lesser of cost and the most recent value at which such securities have been exchanged in an arm's length transaction which approximates a trade effected in a published market, unless a different fair market value is otherwise determined to be appropriate by the Valuator. (g) Anysecurity An option premium received by the Partnership shall, so long as the option is outstanding, be reflected as a deferred credit which shall be valued at an amount equal to the current market value of an option that would have the effect of closing the position. Any difference resulting from revaluation shall be treated as an unrealized gain or loss on investment. The deferred credit shall be deducted in arriving at Net Asset Value. (h) Any security purchased, the purchase price of which has not been paid, shall be included for valuation purposes as a security held, and the purchase price, including brokers' commissions and other expenses, shall be treated as a liability of the Partnership. (hi) The value of any security or property to which in the opinion of the Valuator the principles of this Section cannot be applied (whether because no price or yield equivalent quotations are available as above provided, or for any other reason) shall be the fair value thereof determined in good faith in such manner as the Valuator from time to time adapts.

Appears in 1 contract

Samples: Limited Partnership Agreement

Valuation Rules. Subject to generallyaccepted accounting principles in Canada (or applicable international financial reporting standards), (standards) as applicable to public enterprisesIn calculating the Total Asset Value and the Net Asset Value of the Fund at any time: (a) The generally, the value of any cash on hand or on deposit, bills and bills, demand notes and notes, accounts receivable, prepaid expenses, cash received (or declared to holders of record on a date before the date as of which the Net Asset Value is being determineddetermined and to be received) and interest accrued and not yet received, shall be deemed to be the full amount thereof, ; provided that: that (i) the value of any security which is a debt obligation which, at the time of acquisition, had a remaining term to maturity of one year or less shall be the amount paid to acquire the obligation plus the amount of any interest accrued on such obligation since the time of acquisition (for this purposethe purposes of the foregoing, interest accrued will include amortization over the remaining term to maturity of any discount or premium from the face value of an obligation at the time of its acquisition), or the value shall be calculated in accordance with Section 3.29(a)(ii); ; and (ii) any interest or other amount due in respect of an obligation in respect of which the issuer has ceased paying interest or has otherwise defaulted shall be excluded from such calculation; and (iii) if the General Partner or any Person retained by the General Partner to calculate Net Asset Value (the "Valuator") Manager has determined determined, acting reasonably, that any such deposit, xxxx, demand note or account receivable is not otherwise worth the full amount thereof, the value thereof shall be deemed to be such value as the Valuator Manager determines to be the fair value thereof.; (b) The value of any security, option or futures contract which is listed or traded upon a stock exchange shall be determined by taking the last sale price on the Fiscal Quarter Date, or lacking any such sales, shall be determined by the Valuator but shall not be greater than the closing ask price nor less than the closing bid price, as at the date as of which the Net Asset Value is being determined, all as reported by any means in common use. (c) The value of any security or financial instrument which is listed on a stock exchange or traded on an over-the-counter market will be priced the last sale price applicable to a board lot prior to the time of determination of Net Asset Value or if no such sale price is available at that time, but if bid and ask quotations are available, at the average of the last bid and asked prices the ask price, rather than the quoted sale price; (c) if a security is interlisted or trades on more than one exchange or market the Manager shall use the last sale price or quoted or average price (as described in paragraph (b) above), as the case may be, reported on the exchange or market determined by the Manager to be the principal exchange or market for the immediately preceding 20 trading days quoted by a major dealer in such securities or financial instruments, unless the Valuator determines that the bid or offer price more accurately reflects the value of the security or financial instrument.security; (d) The any value of any security, option a security or futures contract which is not listed or traded on a recognized exchange or the resale of which is restricted by reason of a representation, undertaking or agreement by the Partnership or by the Partnership's predecessor in title shall be determined on the basis of such price or yield equivalent quotations (which may be public quotations or may be obtained from major market makers) as the Valuator determines best reflects its fair value. (e) Any market price or other asset value reported in a currency other than Canadian dollars shall will be translated into Canadian currency at the prevailing rate of exchange exchange, as determined by the Manager, at the time of valuation.; (fe) The value of securities which are listed on a stock exchange or traded over-the-counter and which are subject to a hold period or other trading restrictions will be valued as described above above, with an appropriate discount as determined by the Valuator and investments in private companies and Manager, acting reasonably; (f) the value of any security or other assets asset for which no published market exists exists, including securities of Private Issuers, will be determined by the Manager in accordance with the following: (i) such securities or other assets will normally be carried at cost unless: (A) there is an arm's-length transaction which in the Manager's reasonable opinion establishes a different value, or (B) a material change in the value of an issuer occurs, including as a result of a write-down of its assets on its audited balance sheet or the preparation of a valuation of the issuer or of a substantial portion of its assets by a qualified independent person, in which event the value will be increased or decreased, as appropriate, to the resulting fair value; and (ii) if there is an arm's-length bona fide enforceable offer to purchase all or a substantial portion of an issuer's outstanding securities or its assets, the Fund's securities will be valued at based upon the lesser of cost and the most recent value at which such securities have been exchanged in an arm's length proposed transaction which approximates a trade effected in a published market, unless a different fair market value is otherwise determined to be appropriate by the Valuator.price; and (g) Anysecurity purchased, the purchase price of which has not been paid, shall be included for valuation purposes as a security held, and the purchase price, including brokers' commissions and other expenses, shall be treated as a liability of the Partnership. (h) The value of any security or property asset to which which, in the opinion of the Valuator Manager, the above principles of this Section cannot be applied (whether because no price or yield equivalent quotations are available as above provided, or for any other reason) shall be the fair value thereof determined in good faith in such manner as the Valuator Manager from time to time adaptsadopts.

Appears in 1 contract

Samples: Trust Agreement (Strategic Energy Fund)

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Valuation Rules. Subject to generallyaccepted generally accepted accounting principles in Canada (or applicable international financial reporting standards), (standards) as applicable to public enterprises: (a) The value of any cash on hand or on deposit, bills and demand notes and accounts receivable, prepaid expenses, cash received (or declared to holders of record on a date before the date as of which the Net Asset Value is being determined) and interest accrued and not yet received, shall be deemed to be the full amount thereof, provided that: (i) the value of any security which is a debt obligation which, at the time of acquisition, had a remaining term to maturity of one year or less shall be the amount paid to acquire the obligation plus the amount of any interest accrued on such obligation since the time of acquisition (for this purpose, interest accrued will include amortization over the remaining term to maturity of any discount or premium from the face value of an obligation at the time of its acquisition), or the value shall be calculated in accordance with Section 3.29(a)(ii); (ii) any interest or other amount due in respect of an obligation in respect of which the issuer has ceased paying interest or has otherwise defaulted shall be excluded from such calculation; and (iii) if the General Partner or any Person retained by the General Partner to calculate Net Asset Value (the "Valuator") has determined that any such deposit, xxxx, demand note or account receivable is not otherwise worth the full amount thereof, the value thereof shall be deemed to be such value as the Valuator determines to be the fair value thereof. (b) The value of any security, option or futures contract which is listed or traded upon a stock exchange shall be determined by taking the last sale price on the Fiscal Quarter Date, or lacking any such sales, shall be determined by the Valuator but shall not be greater than the closing ask price nor less than the closing bid price, as at the date as of which the Net Asset Value is being determined, all as reported by any means in common use. (c) The value of any security or financial instrument which is traded over-the-counter will be priced at the average of the last bid and asked prices for the immediately preceding 20 trading days quoted by a major dealer in such securities or financial instruments, unless the Valuator determines that the bid or offer price more accurately reflects the value of the security or financial instrument. (d) The value of any security, option or futures contract which is not listed or traded on a recognized exchange or the resale of which is restricted by reason of a representation, undertaking or agreement by the Partnership or by the Partnership's predecessor in title shall be determined on the basis of such price or yield equivalent quotations (which may be public quotations or may be obtained from major market makers) as the Valuator determines best reflects its fair value. (e) Any market price or asset value reported in a currency other than Canadian dollars shall be translated into Canadian currency at the prevailing rate of exchange at the time of valuation. (f) The value of securities subject to a hold period will be valued as described above with an appropriate discount as determined by the Valuator and investments in private companies and other assets for which no published market exists will be valued at the lesser of cost and the most recent value at which such securities have been exchanged in an arm's length transaction which approximates a trade effected in a published market, unless a different fair market value is otherwise determined to be appropriate by the Valuator. (g) Anysecurity Any security purchased, the purchase price of which has not been paid, shall be included for valuation purposes as a security held, and the purchase price, including brokers' commissions and other expenses, shall be treated as a liability of the Partnership. (h) The value of any security or property to which in the opinion of the Valuator the principles of this Section cannot be applied (whether because no price or yield equivalent quotations are available as above provided, or for any other reason) shall be the fair value thereof determined in good faith in such manner as the Valuator from time to time adapts.

Appears in 1 contract

Samples: Limited Partnership Agreement

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