Common use of Quarterly Determination of Net Asset Value Clause in Contracts

Quarterly Determination of Net Asset Value. At the end of each fiscal quarter beginning December 31, 2017, the Manager shall cause the Company’s accountants to calculate the Company’s net asset value (“NAV”) using a process that reflects, among other matters, (1) estimated values of each of the Company’s commercial real estate assets and investments, including related liabilities; (2) quarterly updates in the price of liquid assets for which third party market quotes are available; (3) accruals of quarterly or other periodic distributions, and (4) estimates of quarterly accruals, on a net basis, of the Company’s operating revenues, expenses and fees. The Market Price per Share for a given fiscal quarter shall be determined by dividing the Company’s NAV at the end of the prior fiscal quarter by the number of Common Shares Outstanding as of the end of the prior fiscal quarter, after giving effect to any share purchases, redemptions, contributions or distributions made through the end of the prior fiscal quarter. The Manager may, in its discretion, retain an independent valuation expert to provide annual valuations of the commercial real estate assets and investments, including related liabilities, to be set forth in individual appraisal reports of the underlying real estate, and to update such reports if the Manager, in its discretion, determines that a material event has occurred the may materially affect the value of the Company’s commercial real estate assets and investments, including related liabilities.

Quarterly Determination of Net Asset Value. At the end of each fiscal quarter beginning December 31September 30, 20172016, the Manager shall cause the Company’s accountants to calculate the Company’s net asset value (“NAV”) using a process that reflects, among other matters, (1) estimated values of each of the Company’s commercial real estate assets and investments, including related liabilities; (2) quarterly updates in the price of liquid assets for which third party market quotes are available; (3) accruals of quarterly or other periodic distributions, and (4) estimates of quarterly accruals, on a net basis, of the Company’s operating revenues, expenses and fees. The Market Price per Share for a given fiscal quarter shall be determined by dividing the Company’s NAV at the end of the prior fiscal quarter by the number of Common Shares Outstanding as of the end of the prior fiscal quarter, after giving effect to any share purchases, redemptions, contributions or distributions made through the end of the prior fiscal quarter. The Manager may, in its discretion, retain an independent valuation expert to provide annual valuations of the commercial real estate assets and investments, including related liabilities, to be set forth in individual appraisal reports of the underlying real estate, and to update such reports if the Manager, in its discretion, determines that a material event has occurred the may materially affect the value of the Company’s commercial real estate assets and investments, including related liabilities.

Quarterly Determination of Net Asset Value. At the end of each fiscal quarter beginning December 31________, 20172020, the Manager shall cause the Company’s accountants to calculate the Company’s net asset value (“NAV”) using a process that reflects, among other matters, (1) estimated values of each of the Company’s commercial real estate assets and investments, including related liabilities; (2) quarterly updates in the price of liquid assets for which third party market quotes are available; (3) accruals of quarterly or other periodic distributions, and (4) estimates of quarterly accruals, on a net basis, of the Company’s operating revenues, expenses and fees. The Market Price per Share for a given fiscal quarter shall be determined by dividing the Company’s NAV at the end of the prior fiscal quarter by the number of Common Shares Outstanding as of the end of the prior fiscal quarter, after giving effect to any share purchases, redemptions, contributions or distributions made through the end of the prior fiscal quarter. The Manager may, in its discretion, retain an independent valuation expert to provide annual valuations of the commercial real estate assets and investments, including related liabilities, to be set forth in individual appraisal reports of the underlying real estate, and to update such reports if the Manager, in its discretion, determines that a material event has occurred the that may materially affect the value of the Company’s commercial real estate assets and investments, including related liabilities.

Quarterly Determination of Net Asset Value. At the end of each fiscal quarter beginning December 31June 30, 20172016, the Manager shall cause the Company’s accountants to calculate the Company’s net asset value (“NAV”) using a process that reflects, among other matters, (1) estimated values of each of the Company’s commercial real estate assets and investments, including related liabilities; (2) quarterly updates in the price of liquid assets for which third party market quotes are available; (3) accruals of quarterly or other periodic distributions, and (4) estimates of quarterly accruals, on a net basis, of the Company’s operating revenues, expenses and fees. The Market Price per Share for a given fiscal quarter shall be determined by dividing the Company’s NAV at the end of the prior fiscal quarter by the number of Common Shares Outstanding as of the end of the prior fiscal quarter, after giving effect to any share purchases, redemptions, contributions or distributions made through the end of the prior fiscal quarter. The Manager may, in its discretion, retain an independent valuation expert to provide annual valuations of the commercial real estate assets and investments, including related liabilities, to be set forth in individual appraisal reports of the underlying real estate, and to update such reports if the Manager, in its discretion, determines that a material event has occurred the may materially affect the value of the Company’s commercial real estate assets and investments, including related liabilities.

Quarterly Determination of Net Asset Value. At the end of each fiscal quarter beginning December 31no later than January 1, 20172023, the Manager shall cause the Company’s accountants or their designees to calculate the Company’s net asset value (“NAV”) using a process that reflects, among other matters, (1) estimated values of each of the Company’s commercial real estate assets and investments, including related liabilities; (2) quarterly updates in the price of liquid assets for which third party market quotes are available; (3) accruals of quarterly or other periodic distributions, and (4) estimates of quarterly accruals, on a net basis, of the Company’s operating revenues, expenses and fees. The Market Price per Share Unit for a given fiscal quarter shall be determined by dividing the Company’s NAV at the end of the prior fiscal quarter by the number of Common Shares Unit Outstanding as of the end of the prior fiscal quarter, after giving effect to any share unit purchases, redemptions, contributions or distributions made through the end of the prior fiscal quarter. The Manager may, in its discretion, retain an independent valuation expert to provide annual valuations of the commercial real estate assets and investments, including related liabilities, to be set forth in individual appraisal reports of the underlying real estate, and to update such reports if the Manager, in its discretion, determines that a material event has occurred the that may materially affect the value of the Company’s commercial real estate assets and investments, including related liabilities.

Quarterly Determination of Net Asset Value. At the end of each fiscal quarter beginning December 31October 1, 2017, the Manager shall cause the Company’s accountants or their designees to calculate the Company’s net asset value (“NAV”) using a process that reflects, among other matters, (1) estimated values of each of the Company’s commercial real estate assets and investments, including related liabilities; (2) quarterly updates in the price of liquid assets for which third party market quotes are available; (3) accruals of quarterly or other periodic distributions, and (4) estimates of quarterly accruals, on a net basis, of the Company’s operating revenues, expenses and fees. The Market Price per Share for a given fiscal quarter shall be determined by dividing the Company’s NAV at the end of the prior fiscal quarter by the number of Common Shares Outstanding as of the end of the prior fiscal quarter, after giving effect to any share purchases, redemptions, contributions or distributions made through the end of the prior fiscal quarter. The Manager may, in its discretion, retain an independent valuation expert to provide annual valuations of the commercial real estate assets and investments, including related liabilities, to be set forth in individual appraisal reports of the underlying real estate, and to update such reports if the Manager, in its discretion, determines that a material event has occurred the that may materially affect the value of the Company’s commercial real estate assets and investments, including related liabilities.

Quarterly Determination of Net Asset Value. At the end of each fiscal quarter beginning December 31November 2, 20172019, the Manager shall cause the Company’s accountants to calculate the Company’s net asset value (“NAV”) using a process that reflects, among other matters, (1) estimated values of each of the Company’s commercial real estate assets and investments, including related liabilities; (2) quarterly updates in the price of liquid assets for which third party market quotes are available; (3) accruals of quarterly or other periodic distributions, and (4) estimates of quarterly accruals, on a net basis, of the Company’s operating revenues, expenses and fees. The Market Price per Share for a given fiscal quarter shall be determined by dividing the Company’s NAV at the end of the prior fiscal quarter by the number of Common Shares Outstanding as of the end of the prior fiscal quarter, after giving effect to any share purchases, redemptions, contributions or distributions made through the end of the prior fiscal quarter. The Manager may, in its discretion, retain an independent valuation expert to provide annual valuations of the commercial real estate assets and investments, including related liabilities, to be set forth in individual appraisal reports of the underlying real estate, and to update such reports if the Manager, in its discretion, determines that a material event has occurred the that may materially affect the value of the Company’s commercial real estate assets and investments, including related liabilities.

Quarterly Determination of Net Asset Value. At the end of each fiscal quarter beginning December 31________, 20172019, the Manager shall cause the Company’s accountants to calculate the Company’s net asset value (“NAV”) using a process that reflects, among other matters, (1) estimated values of each of the Company’s commercial real estate assets and investments, including related liabilities; (2) quarterly updates in the price of liquid assets for which third party market quotes are available; (3) accruals of quarterly or other periodic distributions, and (4) estimates of quarterly accruals, on a net basis, of the Company’s operating revenues, expenses and fees. The Market Price per Share for a given fiscal quarter shall be determined by dividing the Company’s NAV at the end of the prior fiscal quarter by the number of Common Shares Outstanding as of the end of the prior fiscal quarter, after giving effect to any share purchases, redemptions, contributions or distributions made through the end of the prior fiscal quarter. The Manager may, in its discretion, retain an independent valuation expert to provide annual valuations of the commercial real estate assets and investments, including related liabilities, to be set forth in individual appraisal reports of the underlying real estate, and to update such reports if the Manager, in its discretion, determines that a material event has occurred the that may materially affect the value of the Company’s commercial real estate assets and investments, including related liabilities.

Quarterly Determination of Net Asset Value. At the end of each fiscal quarter beginning December 31October 10, 20172020, the Manager shall cause the Company’s accountants to calculate the Company’s net asset value (“NAV”) using a process that reflects, among other matters, (1) estimated values of each of the Company’s commercial real estate assets and investments, including related liabilities; (2) quarterly updates in the price of liquid assets for which third party market quotes are available; (3) accruals of quarterly or other periodic distributions, and (4) estimates of quarterly accruals, on a net basis, of the Company’s operating revenues, expenses and fees. The Market Price per Share for a given fiscal quarter shall be determined by dividing the Company’s NAV at the end of the prior fiscal quarter by the number of Common Shares Outstanding as of the end of the prior fiscal quarter, after giving effect to any share purchases, redemptions, contributions or distributions made through the end of the prior fiscal quarter. The Manager may, in its discretion, retain an independent valuation expert to provide annual valuations of the commercial real estate assets and investments, including related liabilities, to be set forth in individual appraisal reports of the underlying real estate, and to update such reports if the Manager, in its discretion, determines that a material event has occurred the that may materially affect the value of the Company’s commercial real estate assets and investments, including related liabilities.

Quarterly Determination of Net Asset Value. At the end of each fiscal quarter beginning December 31, 2017[DATE], the Manager shall cause the Company’s accountants or their designees to calculate the Company’s net asset value (“NAV”) using a process that reflects, among other matters, (1) estimated values of each of the Company’s commercial real estate assets and investments, including related liabilities; (2) quarterly updates in the price of liquid assets for which third party market quotes are available; (3) accruals of quarterly or other periodic distributions, and (4) estimates of quarterly accruals, on a net basis, of the Company’s operating revenues, expenses and fees. The Market Price per Share Unit for a given fiscal quarter shall be determined by dividing the Company’s NAV at the end of the prior fiscal quarter by the number of Common Shares Unit Outstanding as of the end of the prior fiscal quarter, after giving effect to any share unit purchases, redemptions, contributions or distributions made through the end of the prior fiscal quarter. The Manager may, in its discretion, retain an independent valuation expert to provide annual valuations of the commercial real estate assets and investments, including related liabilities, to be set forth in individual appraisal reports of the underlying real estate, and to update such reports if the Manager, in its discretion, determines that a material event has occurred the that may materially affect the value of the Company’s commercial real estate assets and investments, including related liabilities.

Quarterly Determination of Net Asset Value. At the end of each fiscal quarter beginning December 31, 20172020, the Manager shall cause the Company’s accountants to calculate the Company’s net asset value (“NAV”) using a process that reflects, among other matters, (1) estimated values of each of the Company’s commercial real estate assets and investments, including related liabilities; liabilities; (2) quarterly updates in the price of liquid assets for which third party market quotes are available; available; (3) accruals of quarterly or other periodic distributions, and (4) estimates of quarterly accruals, on a net basis, of the Company’s operating revenues, expenses and fees. The Market Price per Share for a given fiscal quarter shall be determined by dividing the Company’s NAV at the end of the prior fiscal quarter by the number of Common Shares Outstanding as of the end of the prior fiscal quarter, after giving effect to any share purchases, redemptions, contributions or distributions made through the end of the prior fiscal quarter. The Manager may, in its discretion, retain an independent valuation expert to provide annual valuations of the commercial real estate assets and investments, including related liabilities, to be set forth in individual appraisal reports of the underlying real estate, and to update such reports if the Manager, in its discretion, determines that a material event has occurred the that may materially affect the value of the Company’s commercial real estate assets and investments, including related liabilities.

Quarterly Determination of Net Asset Value. At the end of each fiscal quarter beginning December 31, 2017on the date that is one calendar year after the Initial Date, the Manager shall cause the Company’s accountants to calculate the Company’s net asset value (“NAV”) using a process that reflects, among other matters, (1) estimated values of each of the Company’s commercial real estate assets and investments, including related liabilities; (2) quarterly updates in the price of liquid assets for which third party market quotes are available; (3) accruals of quarterly or other periodic distributions, and (4) estimates of quarterly accruals, on a net basis, of the Company’s operating revenues, expenses and fees. The Market Price per Share for a given fiscal quarter shall be determined by dividing the Company’s NAV at the end of the prior fiscal quarter by the number of Common Shares Outstanding as of the end of the prior fiscal quarter, after giving effect to any share purchases, redemptions, contributions or distributions made through the end of the prior fiscal quarter. The Manager may, in its discretion, retain an independent valuation expert to provide annual valuations of the commercial real estate assets and investments, including related liabilities, to be set forth in individual appraisal reports of the underlying real estate, and to update such reports if the Manager, in its discretion, determines that a material event has occurred the that may materially affect the value of the Company’s commercial real estate assets and investments, including related liabilities.