Common use of Token Clause in Contracts

Token. 2.1. Name: Equation Unit. 2.2. Symbol: EU. 2.3. Units: Limited by Investment Subscription. 0x940ce64a3d0e08d101598d29eeba2cb6707bcbbb 2.4. Contract Address: 2.5. Valuation Capital moves in and out of Equation in the form of subscriptions and redemptions. Each investor gets a specified number of Units or Tokens in proportion to their capital investment, and they are free to sell (redeem the value of) their Fund Units at a later date and collect the principle with a profit/loss, if any. As Subscriptions and Redemptions can occur frequently, a mechanism is required to price the Units of the fund. This pricing mechanism is based on NAV (Net Asset Value); ergo, when Equation's NAVPT (Net Asset Value Per Token) updates, so does its redeemable value. The Net Asset Value (NAV) of the fund represents the book value of the fund at a specific time (Normally, at the end of every Phase). The Net Asset Value per Token (NAVPT) represents the redeemable value of the funds units (EU). It can be equated as follows: NAVPT = Assets Under Management / Total Outstanding Tokens Where, Assets Under Management (AUM) is ascertained by the Custodian. While the AUM is ascertained by the Custodian at their discretion, here are some considerations they can make: (a) any security which is listed or quoted on any securities exchange or similar system and regularly traded thereon will be valued at its last traded price as at the Valuation Point or, if no trades occurred on such day, at the closing bid price if held long and at the closing offer price if sold short, on the relevant Valuation Day. Where prices are available on more than one exchange or system for a particular security the price will be the last traded price or closing bid or offer price, as the case may be, on the exchange which constitutes the main market for such security or the one which the Members determine provides the fairest criteria in ascribing a value to such security; (b) any security which is not listed or quoted on any securities exchange or similar electronic system or if, being so listed or quoted, is not regularly traded thereon or in respect of which no prices as described above are available will be valued at its probable realisation value as at the Valuation Point, as determined by the Members having regard to its cost price, the price at which any recent transaction in the security may have been effected, the size of the holding having regard to the total amount of such security in issue, and such other factors as the Members deem relevant in considering a positive or negative adjustment to the valuation; (c) investments, other than securities, which are dealt in or traded through a clearing house or exchange or through a financial institution will be valued as at the Valuation Point by reference to the most recent official settlement price quoted by that clearing house, exchange or financial institution. If there is no such price, then the average will be taken between the lowest offer price and the highest bid price as at the Valuation Point on any market on which such investments are or can be dealt in or traded, provided that where such investments are dealt in or traded on more than one market, the Members may determine which market shall prevail; (d) investments, other than securities, including over-the-counter derivative contracts and illiquid allocations, which are not dealt in or traded through a clearing firm or an exchange or through a financial institution will be valued by reference to the valuation obtained from an independent pricing source, but where no such valuation is available for a particular investment, the investment will be valued by comparing the latest available valuation provided by the relevant counterparty against the valuation provided by such other counterparties as the Members deem appropriate. In the event that the valuations provided respectively by the relevant counterparty and the other counterparties differ to an extent that the Members consider to be material, the investment shall be valued on the basis of the average of all of the valuations but otherwise will be valued on the basis of the valuation provided by the relevant counterparty; (e) deposits will be valued at their cost plus accrued interest; and (f) any value (whether of a security or cash) which is not in US Dollars will be converted into US Dollars at the rate (whether official or otherwise) which the Directors deem appropriate to the circumstances having regard, inter alia, to any premium or discount which it considers may be relevant and to costs of exchange. The determination of the NAV and NAVPT takes place using data collected on the Valuation Point of a Phase and is ascertained during its respective Valuation Period (which falls in the Administrative Period).

Token. 2.1. Name: Equation Unit. 2.2. Symbol: EU. 2.3. Units: Limited by Investment Subscription. 0x940ce64a3d0e08d101598d29eeba2cb6707bcbbb. 2.4. Contract Address: 2.5. Valuation Capital moves in and out of Equation in the form of subscriptions and redemptions. Each investor gets a specified number of Units or Tokens in proportion to their capital investment, and they are free to sell (redeem the value of) their Fund Units at a later date and collect the principle with a profit/loss, if any. As Subscriptions and Redemptions can occur frequently, a mechanism is required to price the Units of the fund. This pricing mechanism is based on NAV (Net Asset Value); ergo, when Equation's NAVPT (Net Asset Value Per Token) updates, so does its redeemable value. The Net Asset Value (NAV) of the fund represents the book value of the fund at a specific time (Normally, at the end of every Phase). The Net Asset Value per Token (NAVPT) represents the redeemable value of the funds units (EU). It can be equated as follows: NAVPT = Assets Under Management / Total Outstanding Tokens Where, Assets Under Management (AUM) is ascertained by the Custodian. While the AUM is ascertained by the Custodian at their discretion, here are some considerations they can make: (a) any security which is listed or quoted on any securities exchange or similar system and regularly traded thereon will be valued at its last traded price as at the Valuation Point or, if no trades occurred on such day, at the closing bid price if held long and at the closing offer price if sold short, on the relevant Valuation Day. Where prices are available on more than one exchange or system for a particular security the price will be the last traded price or closing bid or offer price, as the case may be, on the exchange which constitutes the main market for such security or the one which the Members determine provides the fairest criteria in ascribing a value to such security; (b) any security which is not listed or quoted on any securities exchange or similar electronic system or if, being so listed or quoted, is not regularly traded thereon or in respect of which no prices as described above are available will be valued at its probable realisation value as at the Valuation Point, as determined by the Members having regard to its cost price, the price at which any recent transaction in the security may have been effected, the size of the holding having regard to the total amount of such security in issue, and such other factors as the Members deem relevant in considering a positive or negative adjustment to the valuation; (c) investments, other than securities, which are dealt in or traded through a clearing house or exchange or through a financial institution will be valued as at the Valuation Point by reference to the most recent official settlement price quoted by that clearing house, exchange or financial institution. If there is no such price, then the average will be taken between the lowest offer price and the highest bid price as at the Valuation Point on any market on which such investments are or can be dealt in or traded, provided that where such investments are dealt in or traded on more than one market, the Members may determine which market shall prevail; (d) investments, other than securities, including over-the-counter derivative contracts and illiquid allocations, which are not dealt in or traded through a clearing firm or an exchange or through a financial institution will be valued by reference to the valuation obtained from an independent pricing source, but where no such valuation is available for a particular investment, the investment will be valued by comparing the latest available valuation provided by the relevant counterparty against the valuation provided by such other counterparties as the Members deem appropriate. In the event that the valuations provided respectively by the relevant counterparty and the other counterparties differ to an extent that the Members consider to be material, the investment shall be valued on the basis of the average of all of the valuations but otherwise will be valued on the basis of the valuation provided by the relevant counterparty; (e) deposits will be valued at their cost plus accrued interest; and (f) any value (whether of a security or cash) which is not in US Dollars will be converted into US Dollars at the rate (whether official or otherwise) which the Directors deem appropriate to the circumstances having regard, inter alia, to any premium or discount which it considers may be relevant and to costs of exchange. The determination of the NAV and NAVPT takes place using data collected on the Valuation Point of a Phase and is ascertained during its respective Valuation Period (which falls in the Administrative Period).