NAV Valuation. Individual securities held by an Investment Option are valued using market quotations or independent pricing services. If market quotations or independent pricing services are not readily available, or if events that have a significant effect on the value of an investment occur between the time when its price is determined and the time a portfolio’s NAV per share is calculated, a security’s “fair value,” as determined in good faith, may be used.
NAV Valuation. The as-is value of a parcel of Real Estate determined on an annual basis (or more frequently) by Cxxxxxx & Wakefield Western, Inc. (or similar vendor approved in writing by the Agent) and utilized by Borrower for its internal determination of Real Estate Values; subject, however, to such changes or adjustments to the value determined thereby as the Agent may reasonably require in its good faith business judgment. Net Income (or Loss). With respect to any Person (or any asset of any Person) with respect to any period, the net income (or loss) of such Person (or attributable to such asset), determined in accordance with GAAP.
