Common use of Statements and Valuations Clause in Contracts

Statements and Valuations. 20.1 The Manager warrants that its contractual arrangements with Investors stipulate that the Manager will be responsible for providing valuations for non-readily realisable securities and Readily Realisable Investments held on behalf of Investors. With respect to non-readily realisable securities, Mainspring will be able to rely on any such valuation and will have no responsibility to review it. 20.2 The Manager will provide Mainspring within the timescale set out in the SLA: a) a list of valuations that Mainspring requires to produce Portfolio valuation statements; and b) information notified to the Manager that Mainspring requires to compile individual Portfolio investment reports. 20.3 In the event that the Manager judges that the valuation of particular Securities should be zero, and that there is no reasonable expectation that the Manager is going to receive any financial return from such Securities, the Manager may, after having given notice to the Investor and Mainspring and in the event that the relevant Securities are not to be sold or, where applicable, liquidated, dissolved or wound-up with any relevant proceeds being credited to the Custody Account, Instruct Mainspring in writing to remove the Securities from the Securities Account, register the Securities in the Investor’s name and deliver any documents of title to the Manager. Such Securities will cease to form part of the relevant Portfolio.

Statements and Valuations. 20.1 The Manager warrants that its contractual arrangements with Investors stipulate that the Manager will be responsible for providing valuations for non-readily realisable securities and Readily Realisable Investments held on behalf of Investors. With respect to non-readily realisable securitiesThe Manager will provide its valuations in accordance with prevailing guidance for private equity valuations issued by the British Venture Capital Association (or other similar bodies), and Mainspring will be able to rely on any such valuation and will have no responsibility to review it. 20.2 The Manager will provide Mainspring within the timescale set out in the SLAMainspring: a) a list of valuations that Mainspring requires to produce Portfolio valuation statements; and b) information notified to the Manager that Mainspring requires to compile individual Portfolio investment reports, as set out in the Custody Services Schedule. 20.3 Valuation for Readily Realisable Investments will be determined by Mainspring using information received from reputable published sources and/or Mainspring's reasonable judgement adopting standard market evaluation practices. 20.4 In the event that the Manager judges that the valuation of particular Securities should be zero, and that there is no reasonable expectation that the Manager is going to receive any financial return from such Securities, the Manager may, after having given notice to the Investor and Mainspring and in the event that the relevant Securities are not to be sold or, where applicable, liquidated, dissolved or wound-up with any relevant proceeds being credited to the Custody Account, Instruct Mainspring in writing to remove the Securities from the Securities Account, register the Securities in the Investor’s name and deliver any documents of title to the Manager. Such Securities will cease to form part of the relevant Portfolio.