NAV Error definition

NAV Error means an error in the computation of the net asset value for a Fund or class as more fully described in the NAV Error Policy.

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NAV Error is defined as one or more errors in the computation of net asset value which, when considered cumulatively, result in a difference between the originally computed NAV and the corrected NAV of at least $0.010 per share. This computation is based upon the actual difference and is not based upon the rounding of the NAV to the nearest cent per share.

NAV Error has the meaning given in Appendix A.

Examples of NAV Error in a sentence

• In the event Price Associates is the party responsible for causing an error in the computation of the net asset value for a Fund or share class of a Fund (“NAV Error”), the actions that are required to be taken as to such NAV Error shall be made in accordance with the Fund’s Net Asset Value Error Correction Policy and Procedures (“NAV Error Policy”).

• An Error Period comprises those days during which the circumstances causing an NAV Error exist prior to correction.

• If there is either a delay in delivery of a Fund’s NAV or a Material NAV Error arising out of BNY Mellon Misconduct, it is acknowledged there may be Liabilities sustained by such Intermediaries, which, if they had been sustained or incurred by the Fund, would be the type of Liabilities for which BNY Mellon would have been liable under this Agreement (“Covered Liabilities”).

• In the case of a Material NAV Error, corrections are made by correcting or “reprocessing” shareholder transactions/accounts at the correct NAV.

• Further, there may also be losses or benefits to shareholders if the shareholders exchanged all shares of a fund with a Material NAV Error into another fund (“New Fund”) during an Error Period.

• In the case of a full redemption at an understated NAV, the redeeming shareholder would be reimbursed directly for the additional amount they would have received in the absence of the NAV Error (subject to the $10 per-account correction minimum).

• The report will also include information about shareholder accounts that were corrected in the discretion of TRP in the case of an NAV Error that is not a Material NAV Error.

• To the extent an NAV Error is corrected by adjusting shareholder accounts/transactions at the correct NAV (i.e., the NAV is restated), the restated NAV becomes the official NAV and is used for all purposes, including shareholder account/transaction correction, performance computations, “as of” transactions, and financial reporting.

• An NAV Error can result from an error (something done wrong), omission (something not done), or reliance on incorrect data.

• NAV Errors will be corrected as follows: ● If an NAV Error is less than ½ of 1% of NAV and results in a Net Benefit, the fund will retain the benefit.

More Definitions of NAV Error

NAV Error means a Portfolio NAV that contains one or more errors in the calculation of net asset value, which error(s) arise out of an action or omission of the Sub-Administrator and is greater than $0.01 per share as set forth in the ▇▇▇▇▇▇ Funds' NAV Error Resolution Policy, a copy of which has been approved by the board of directors of the Portfolios.

NAV Error has the meaning given to it in Appendix A to this Schedule 1.

NAV Error has the meaning given in 0Net Asset Value Error Correction Policy and Procedures.

NAV Error means one or more errors in the computation of net asset value which, when considered cumulatively, results in a computed error amount of at least .01 per Share.

NAV Error has the meaning given in APPENDIX A Net Asset Value Error Correction Policy and Procedures.