Common use of Method of Valuation Clause in Contracts

Method of Valuation. On each Valuation Date and on such ------------------- other dates as an evaluation is to be determined in accordance with the terms of this Agreement, the General Partner shall determine or cause to be determined the Portfolio Value. For the purposes of this Agreement, the value of any Security shall be determined as follows: (a) marketable Securities listed on a national securities exchange or National Association of Securities Dealers' Automated Quotation National Market System will be valued at the last sales price on the date of valuation, or in the absence of a sale on such date, at the last bid price on the date of valuation; (b) marketable Securities traded in the over-the-counter market and reported in the National Association of Securities Dealers' Automated Quotation system will be valued at the closing bid price as reported by such system; (c) Securities (other than Securities of a type specified in clause (a) or (b) above) for which prices are regularly quoted by recognized dealers all or a portion of which are immediately salable under regulations of the Securities and Exchange Commission will be valued at the most recent market price; and (d) all other Securities will be valued at cost or such other value as may be reasonably determined by the General Partner.