Common use of Valuation Process Clause in Contracts

Valuation Process. The Company will conduct the valuation of its assets, pursuant to which its net asset value shall be determined, at all times consistent with generally accepted accounting principles (“GAAP”) and the 1940 Act. The Board, with the assistance of its audit committee (the “Audit Committee”), will determine the fair value of the Company’s assets, on at least a quarterly basis, in accordance with the terms of ASC 820, including in connection with the determination of the Company’s net asset value. The Company’s administrator (the “Administrator”) will assist the Company in the determination of net asset value as necessary. From time to time during a quarter it may be necessary in connection with the issuance and sale of the Company’s common stock to determine that the Company is not selling its common stock at a price below the current net asset value of such common stock, as required by Section 63 of the ▇▇▇▇ ▇▇▇. For such purpose the Board has established by resolution a valuation committee comprised of members of senior management of the Company (the “Committee”) that will review the composition of the Company’s portfolio at such time. The Committee may meet in person or telephonically as determined by its members. The Committee shall, to the extent it deems necessary, apply the valuation methodologies set forth herein in order to determine that any sale of common stock is not at a price below the then current net asset value. If the Committee determines, with the assistance of the Administrator and the Adviser, that as a result of changes in the value of the Company’s portfolio since the net asset value most recently determined that the net asset value has increased, then the committee shall promptly notify the Chief Financial Officer and the Board in order to determine the current net asset value to assure compliance with Section 63 of the 1940 Act. All determinations made by the Committee, including the factors considered and the methodology employed, will be fully documented and retained as part of the Company’s records. In addition, all determinations of the Committee shall be presented to the Board for review at its next meeting. The valuation procedures are set forth in more detail below.

Valuation Process. The Each Company will conduct the valuation of its assets, pursuant to which its net asset value shall be determined, at all times consistent with generally accepted accounting principles (“GAAP”) and the 1940 Act. The BoardBoard of each Company, with the assistance of its each respective audit committee (the “Audit Committee”), will determine the fair value of the each Company’s assets, on at least a quarterly basis, in accordance with the terms of ASC 820, including in connection with the determination of the each Company’s net asset value. The Each Company’s administrator (the “Administrator”) will assist the each Company in the determination of net asset value as necessary. From time to time during a quarter it may be necessary in connection with the issuance and sale of the each Company’s common stock to determine that the Company is Companies are not selling its their common stock at a price below the current net asset value of such common stock, as required by Section 63 of the ▇▇19▇▇ ▇▇▇. For such purpose the Board of each Company has established by resolution a valuation committee comprised of members of senior management of the each Company (the each a “Committee”) that will review the composition of the each Company’s portfolio at such time. The Each Committee may meet in person or telephonically as determined by its members. The Each Committee shall, to the extent it deems necessary, apply the valuation methodologies set forth herein in order to determine that any sale of common stock is not at a price below the then current net asset value. If the respective Committee determines, with the assistance of the applicable Administrator and the Adviser, that as a result of changes in the value of the respective Company’s portfolio since the net asset value most recently determined that the net asset value has increased, then the committee shall promptly notify the respective Company’s Chief Financial Officer and the Board in order to determine the current net asset value to assure compliance with Section 63 of the 1940 Act. All determinations made by the such Committee, including the factors considered and the methodology employed, will be fully documented and retained as part of the respective Company’s records. In addition, all determinations of the such Committee shall be presented to the respective Board for review at its next meeting. The valuation procedures are set forth in more detail below.