Common use of Determination of Net Capital Gains Clause in Contracts

Determination of Net Capital Gains. ‌ The Manager shall compute the net capital gains of the Funds (the "Net Capital Gains") for each taxation year, which shall be the capital gains of the Funds for such taxation year less the capital losses of the Funds for such taxation year computed in accordance with the provisions of the Tax Act, taking into account the application of available non-capital loss carryforwards remaining after application in determining Net Income. Such determination shall be made not less frequently than as of the close of business on the last day in each taxation year of the Funds.