Valuation at Zero Sample Clauses
The 'Valuation at Zero' clause establishes that, for the purposes of a contract or agreement, the value of certain assets, obligations, or positions is deemed to be zero under specified circumstances. Typically, this clause is invoked when an asset cannot be reliably valued, such as in the event of default, market disruption, or when a counterparty fails to provide necessary information. By assigning a value of zero, the clause provides a clear and objective method for calculating settlements or losses, thereby reducing disputes and ensuring a straightforward resolution when valuation is otherwise uncertain or impractical.
Valuation at Zero. Non-Custody Assets will be listed on the account statement by Custodian at zero value, such value which Principal agrees is reported for recordkeeping purposes only and not an indication of any market value. In its absolute discretion, Custodian may agree to report certain Non-Custody Assets at a value other than zero, provided such value is submitted by a Valuation Agent accompanied by appropriate documentation acceptable to and received by Custodian within a stated period of time. Principal acknowledges Custodian shall have no independent duty or obligation to verify or ascertain the value or to request or obtain valuation updates on any Non-Custody Asset, except as agreed to by Custodian in writing from time to time.