Net Asset Value of the Trust definition

Net Asset Value of the Trust has the meaning specified in Section 4.1(b).

Net Asset Value of the Trust is the amount determined from time to time in accordance with Section 3.5 hereof;

Net Asset Value of the Trust as at the Valuation Time on each Valuation Date shall be the amount obtained by deducting from the aggregate fair market value of the assets of the Trust as of such Valuation Date an amount equal to the fair value of the liabilities of the Trust (excluding all liabilities represented by outstanding Units) as of such Valuation Date. The “Net Asset Value per Unit” shall be determined by dividing the Net Asset Value of the Trust on a Valuation Date by the total number of Units outstanding on such Valuation Date. The Net Asset Value of the Trust as at the Valuation Time on a Valuation Date shall be determined in accordance with the following:

Examples of Net Asset Value of the Trust in a sentence

• The Trustee shall also divide the Net Asset Value of the Trust by the number of Shares outstanding as of the close of business on the date of the evaluation then being made, which figure is the “Net Asset Value per Share.” All fees, expenses and other liabilities of the Trust that are or will be incurred or accrued through the close of business on a Business Day shall be included in the calculations required by this Section 4.3 for that Business Day.

• If the size of the disposals are sufficiently large, or the market is illiquid, then there is a risk that either the investments might not be sold or the price at which they are sold may adversely affect the Net Asset Value of the Trust.

• Unitholders holding Units representing in aggregate not less than 50% of the Net Asset Value of the Trust may requisition a meeting of Unitholders by giving a written notice to the Manager or the Trustee setting out in detail the reason(s) for calling and holding such a meeting.

• The Trustee shall, upon the written request of the Manager or the Unitholders holding Units representing in aggregate not less than 50% of the Net Asset Value of the Trust, requisition a meeting of Unitholders, provided that in the event of a request to call a meeting of Unitholders made by such Unitholders, the Trustee shall not be obligated to call any such meeting until it has been satisfactorily indemnified by such Unitholders against all costs of calling and holding such meeting.

• The resulting figure is the "Adjusted Net Asset Value" of the Trust.

More Definitions of Net Asset Value of the Trust

Net Asset Value of the Trust shall have the meaning set forth in and shall be calculated in accordance with the Trust Agreement;

Net Asset Value of the Trust. The Trustee shall divide the Net Asset Value of the Trust by the number of Shares outstanding as of the time of the calculation, which figure is the “Net Asset Value per Share.” All fees, expenses and other liabilities of the Trust that are or will be incurred or accrued through the close of business on a Business Day shall be included in the calculations required by this Section 4.1(b) for that Business Day. Shares deliverable under a Purchase Order shall be considered to be outstanding for purposes of the calculations required by this Section 4.1(b) beginning on the first Business Day immediately following the Order Date of such Purchase Order. Shares deliverable under a Redemption Order shall not be considered to be outstanding for purposes of the calculations required by this Section 4.1(b) on and after the first Business Day immediately following the Order Date of such Redemption Order.

Net Asset Value of the Trust means the net asset value of the Trust, as determined in accordance with Section 4.1(b).

Net Asset Value of the Trust means the net asset value of all of the Trust Units calculated in accordance with Item

Net Asset Value of the Trust as at the Valuation Time on each Valuation Date shall be the amount obtained by deducting from the aggregate fair market value of the assets of the Trust as of such Valuation Date an amount equal to the fair value of the liabilities of the Trust (excluding all liabilities represented by outstanding Units) as of such Valuation Date. The “Net Asset Value per Unit” shall be determined by dividing the Net Asset Value of the Trust on a Valuation Date by the total number of Units then outstanding on such Valuation Date. Subject to Directions from the Manager as required, the Net Asset Value of the Trust as at the Valuation Time on a Valuation Date shall be determined by the Valuation Agent in accordance with the following:

Net Asset Value of the Trust as at the Valuation Time on each Valuation Date shall be the amount obtained by deducting from the aggregate fair market value of the assets of the Trust as of such Valuation Date an amount equal to the fair value of the liabilities of the Trust (excluding all liabilities represented by outstanding Units, if any) as of such Valuation Date. The “Net Asset Value per Unit” shall be determined by dividing the Net Asset Value of the Trust on a Valuation Date by the total number of Units then outstanding on such Valuation Date. The Net Asset Value of the Trust as at the Valuation Time on a Valuation Date shall be determined in accordance with the following: (a) The assets of the Trust shall be deemed to include the following property: (i) all Silver Bullion owned by or contracted for the Trust; (ii) all cash on hand or on deposit, including any interest accrued thereon adjusted for accruals deriving from trades executed but not yet settled; (iii) all bills, notes and accounts receivable; (iv) all interest accrued on any interest-bearing securities owned by the Trust other than interest, the payment of which is in default; and (v) prepaid expenses.

Net Asset Value of the Trust means the good faith estimate of the Trustees of the fair market value of the assets of the Trust, less (i) the good faith estimate of the Trustees of the liabilities of the Trust; and (ii) an amount of a reasonable reserve for anticipated expenses of the Trust (as determined by the Trustees from time to time). Automatic Redemption The Units of any Unitholder who becomes a Non-Resident or who becomes a Tax Exempt Person shall be automatically redeemed at the Unit Redemption Price, effective on the date that is five (5) business days prior to the date upon which such Unitholder became: (i) a Non-Resident; or (ii) a Tax Exempt Person. In such event, the Trustees are entitled to satisfy the Unit Redemption Price by way of the issuance to the Unitholder of a non-interest bearing promissory note of the Trust payable on the earlier of: (i) the wind-up of the Trust; and (ii) ten (10) years from the effective date of the redemption of the Units. The terms "Non-Resident" and "Tax Exempt Person" have the meanings set forth above under "Units – Restrictions on Transfers of Units".Liquidation EventsStrategic Transaction The Declaration of Trust provides that the Trust will be wound up and the Class B Common Shares (if they are still owned by the Trust) and/or other assets held by the Trust (such as cash, including the cash proceeds from the sale of Class B Common Shares by the Trust) at the time will be distributed to Unitholders on a pro rata basis in the event that: (i) G3 Canada announces and completes a Strategic Transaction; or (ii) the Trust no longer owns Class B Common Shares (or any securities, whether of G3 Canada or another issuer, issued in exchange for the Class B Common Shares).