Teachers IRR

Teachers IRR. Means the cumulative internal rate of return of Teachers (calculated as provided below), as of the applicable date of determination, where the internal rate of return for Teachers is the annually compounded rate of return which results in the following amount having a net present value equal to zero: (i) the amount of the Teachers Investment Inflows received during the IRR Measurement Period, minus (ii) the amount of the Teachers Investment Outflows made during the IRR Measurement Period. In... determining the Teachers IRR, the following shall apply: (a) Teachers Investment Outflows shall be deemed to have been made on the last day of the month in which they are made (except for any such Teachers Investment Outflow made on the date hereof, which shall be deemed to have been made on the date hereof); (b) Teachers Investment Inflows shall be deemed to have been made on the last date of the month in which they are made; and (c) the rates of return shall be per annum rates and all amounts shall be calculated on an annually compounded basis, and on the basis of a 365-day year. View More