Common use of Net Asset Value Calculations Clause in Contracts

Net Asset Value Calculations. (a) FSIC III shall deliver to the other parties a calculation of (x) the net asset value per share of FSIC III as of a date mutually agreed between the parties, such date to be no earlier than 48 hours (excluding Sundays and holidays) prior to Effective Time 1A (such agreed date, the “Determination Date”), calculated in good faith as of such date and based on the same assumptions and methodologies, and applying the same categories of adjustments to net asset value (except as may be mutually agreed by the parties), historically used by FSIC III in preparing the calculation of the net asset value per share of FSIC III (with an accrual for any Tax Dividend declared by FSIC III and not yet paid) divided by (y) the number of FSIC III Common Shares issued and outstanding as of the Determination Date (such quotient, the “Closing FSIC III Net Asset Value”); provided that FSIC III shall update the calculation of the Closing FSIC III Net Asset Value in the event that the Closing is subsequently materially delayed or there is a material change to the Closing FSIC III Net Asset Value prior to the Closing and as needed to ensure the Closing FSIC III Net Asset Value is determined within 48 hours (excluding Sundays and holidays) prior to Effective Time 1A; provided further that the Board of Governors of FSIC III shall be required to approve, and the Joint Advisor shall certify in writing to the other parties, the calculation of the Closing FSIC III Net Asset Value. (b) CCT II shall deliver to the other parties a calculation of (x) the net asset value per share of CCT II as of the Determination Date, calculated in good faith as of such date and based on the same assumptions and methodologies, and applying the same categories of adjustments to net asset value (except as may be mutually agreed by the parties), historically used by CCT II in preparing the calculation of the net asset value per share of CCT II (with an accrual for any Tax Dividend declared by CCT II and not yet paid) divided by (y) the number of CCT II Common Shares issued and outstanding as of the Determination Date (such quotient, the “Closing CCT II Net Asset Value”); provided that CCT II shall update the calculation of the Closing CCT II Net Asset Value in the event that the Closing is subsequently materially delayed or there is a material change to the Closing CCT II Net Asset Value prior to the Closing and as needed to ensure the Closing CCT II Net Asset Value is determined within 48 hours (excluding Sundays and holidays) prior to Effective Time 2A; provided further that the Board of Governors of CCT II shall be required to approve, and the Joint Advisor shall certify in writing to the other parties, the calculation of the Closing CCT II Net Asset Value. (c) FSIC IV shall deliver to the other parties a calculation of (x) the net asset value per share of FSIC IV as of the Determination Date, calculated in good faith as of such date and based on the same assumptions and methodologies, and applying the same categories of adjustments to net asset value (except as may be mutually agreed by the parties), historically used by FSIC IV in preparing the calculation of the net asset value per share of FSIC IV (with an accrual for any Tax Dividend declared by FSIC IV and not yet paid) divided by (y) the number of FSIC IV Common Shares issued and outstanding as of the Determination Date (such quotient, the “Closing FSIC IV Net Asset Value”); provided that FSIC IV shall update the calculation of the Closing FSIC IV Net Asset Value in the event that the Closing is subsequently materially delayed or there is a material change to the Closing FSIC IV Net Asset Value prior to the Closing and as needed to ensure the Closing FSIC IV Net Asset Value is determined within 48 hours (excluding Sundays and holidays) prior to Effective Time 3A; provided further that the Board of Governors of FSIC IV shall be required to approve, and the Joint Advisor shall certify in writing to the other parties, the calculation of the Closing FSIC IV Net Asset Value. (d) FSIC II shall deliver to the other parties a calculation of (x) the net asset value per share of FSIC II as of the Determination Date, calculated in good faith as of such date and based on the same assumptions and methodologies, and applying the same categories of adjustments to net asset value (except as may be mutually agreed by the parties), historically used in preparing the calculation of the net asset value per share of FSIC II divided by (y) the number of shares of FSIC II Common Stock issued and outstanding as of the Determination Date (such quotient, the “Closing FSIC II Net Asset Value”); provided that FSIC II shall update the calculation of the Closing FSIC II Net Asset Value in the event that the Closing is subsequently materially delayed or there is a material change to the Closing FSIC II Net Asset Value prior to the Closing and as needed to ensure the Closing FSIC II Net Asset Value is determined within 48 hours (excluding Sundays and holidays) prior to Effective Time 1A; provided further that the Board of Governors of FSIC II shall be required to approve, and the Joint Advisor shall certify in writing to the other parties, the calculation of the Closing FSIC II Net Asset Value. (e) In connection with preparing the calculations provided pursuant to this Section 2.6, each of CCT II, FSIC III, FSIC IV and FSIC II will use the portfolio valuation methods approved by its respective Board of Governors for valuing the securities and other assets of CCT II, FSIC III, FSIC IV or FSIC II, as applicable, as of the Recent Date. (f) The Joint Advisor agrees to give each of CCT II, FSIC III, FSIC IV and FSIC II and its respective Representatives, upon reasonable request, reasonable access to the individuals who have prepared each calculation provided pursuant to this Section 2.6 and to the information, books, records, work papers and back-up materials used or useful in preparing each such calculation, including without limitation any reports prepared by valuation agents, in order to assist such party with its review of such calculation so long as such individuals remain employed by the Joint Advisor or its Affiliates.