Common use of VALUATION OF SHARES Clause in Contracts

VALUATION OF SHARES. A calculation of Net Asset Value will be made by the Manager in respect of the Shares of each Portfolio Company in the Investor’s Portfolio on no less than a quarterly basis and once calculated, each Net Asset Value will be published as soon as reasonably practicable. All transactions involving Shares being issued to the Investor's Portfolio or being sold, transferred or cancelled by, or at the direction of, the Manager (including by way of a capital reduction of a Portfolio Company’s share capital for the purposes of the realisation of any of the Investor’s Investment) pursuant to the terms of this Agreement shall be executed with reference to the Published Reference Value of the applicable Shares.

VALUATION OF SHARES. A calculation of Net Asset Value will be made by the Manager in respect of the Shares of each Portfolio Company in the Investor’s Portfolio on no less than a quarterly quar- terly basis and once calculated, each Net Asset Value will be published as soon as reasonably practicable. All transactions involving Shares being issued to the Investor's Portfolio or being sold, transferred or cancelled by, or at the direction of, the Manager (including by way of a capital reduction of a Portfolio Company’s share capital for the purposes of the realisation of any of the Investor’s Investment) pursuant to the terms of this Agreement shall be executed with reference to the Published Reference Value of the applicable Shares.