Common use of VALUATION OF FUND ASSETS Clause in Contracts

VALUATION OF FUND ASSETS. Whenever valuation of the Fund's net worth or of any particular asset of the Fund is required, unless otherwise expressly provided in this Agreement, the Manager shall authorize and empower the Investment Adviser to make a good faith determination of the value of all non-cash assets of the Fund (if net worth is to be evaluated) or of such particular asset. The value of the assets of the Fund, BRC, BIC and other Subsidiaries holding assets will be calculated each day that the New York Stock Exchange is open for trading, as of the close of regular trading on such Exchange. The Fund's net asset value per Share will be calculated by dividing the value of the Fund's total assets, less accrued and allocated liabilities, by the number of Shares outstanding. The Fund's net asset value will reflect the value of the Fund's directly-held assets and liabilities, as well as the net asset value of the Fund's investments in the Company, BRC, BIC and other Subsidiaries. (a) The value of the Fund's shares of the Company shall reflect the value of the Company's proportionate interest in the Portfolio. (b) The Qualifying Assets will be valued as determined in good faith by the Investment Adviser, after consideration of relevant factors, data and information. Holdings of traded physical commodities will be valued at their current values based on closing sale prices (or the mean between the closing bid and asked prices on days when no sales occur) in the principal market on which such commodities are normally traded. (c) Over-the-counter options, interest rate and equity swaps, and other derivatives for which prices are not readily available will be valued as determined in good faith by the Investment Adviser. In determining such value, the Investment Adviser may utilize, among other considerations, dealer and counterparty quotes and pricing models. (d) Investment Property will be valued as determined in good faith by the Investment Adviser. (e) The value of the Fund's investments in BRC, BIC and any other Subsidiary shall reflect the Fund's proportionate interest in the value of the respective assets of BRC, BIC and such other Subsidiary. Subject to the foregoing provisions of this Article 7, any determination of the Fund's net worth or the value of a particular asset shall be made in accordance with generally accepted accounting principles as applicable to the Fund; provided, however, that no value shall be assigned to the Fund name and goodwill or to the office records, files, statistical data or any similar intangible assets of the Fund not normally reflected in the Fund's accounting records; and provided, further, that liabilities of the Fund shall be taken at the amounts at which they are carried on the books of the Fund, reasonable provision to be made, however, for contingent or other liabilities not reflected on such books and, in the case of the liquidation of the Fund, for the expenses (to be borne by the Fund) of the liquidation and winding up of the Fund's affairs. Promptly after completing any such determination of value with respect to the Fund's portfolio in connection with a distribution of assets in kind on the termination of the Fund, the Manager shall give written notice of such determination to all Shareholders.

VALUATION OF FUND ASSETS. Whenever valuation of the Fund's net worth or of any particular asset of the Fund is required, unless otherwise expressly provided in this Agreement, the Manager shall authorize and empower the Investment Adviser to make a good faith determination of the value of all non-cash assets of the Fund (if net worth is to be evaluated) or of such particular asset. The value of the assets of the Fund, BRC, BIC and other Subsidiaries holding assets will be calculated each day that the New York Stock Exchange is open for trading, as of the close of regular trading on such Exchange. The Fund's net asset value per Share will be calculated by dividing the value of the Fund's total assets, less accrued and allocated liabilities, by the number of Shares outstanding. The Fund's net asset value will reflect the value of the Fund's directly-held assets and liabilities, as well as the net asset value of the Fund's investments in the Company, BRC, BIC and other Subsidiaries. (a) The value of the Fund's shares of the Company shall reflect the value of the Company's proportionate interest in the Portfolio. (b) The Qualifying Assets will be valued as determined in good faith by the Investment Adviser, after consideration of all relevant factors, data and information. Holdings of traded physical commodities will be valued at their current values based on closing sale prices (or the mean between the closing bid and asked prices on days when no sales occur) in the principal market on which such commodities are normally traded. (c) Over-the-counter options, interest rate and equity swaps, and other derivatives for which prices are not readily available will be valued as determined in good faith by the Investment Adviser. In determining such value, the Investment Adviser may utilizeconsider, among other considerationsthings, dealer and counterparty quotes and pricing models. (d) Investment Property will be valued as determined in good faith by the Investment Adviser. (e) The value of the Fund's investments in BRC, BIC and any other Subsidiary shall reflect the Fund's proportionate interest in the value of the respective assets of BRC, BIC and such other Subsidiary. Subject to the foregoing provisions of this Article 7, any determination of the Fund's net worth or the value of a particular asset shall be made in accordance with generally accepted accounting principles as applicable to the Fund; provided, however, that no value shall be assigned to the Fund name and goodwill or to the office records, files, statistical data or any similar intangible assets of the Fund not normally reflected in the Fund's accounting records; and provided, further, that liabilities of the Fund shall be taken at the amounts at which they are carried on the books of the Fund, reasonable provision to be made, however, for contingent or other liabilities not reflected on such books and, in the case of the liquidation of the Fund, for the expenses (to be borne by the Fund) of the liquidation and winding up of the Fund's affairs. Promptly after completing any such determination of value with respect to the Fund's portfolio in connection with a distribution of assets in kind on the termination of the Fund, the Manager shall give written notice of such determination to all Shareholders. (e) The value of the Fund's investments in BRC shall reflect the Fund's proportionate interest in the value of BRC's assets.

VALUATION OF FUND ASSETS. Whenever valuation of the Fund's net worth or of any particular asset of the Fund is required, unless otherwise expressly provided in this Agreement, the Manager shall authorize and empower the Investment Adviser to make a good faith determination of the value of all non-cash assets of the Fund (if net worth is to be evaluated) or of such particular asset. The value of the assets of the Fund, BRC, BIC and other Subsidiaries holding assets will be calculated each day that the New York Stock Exchange is open for trading, as of the close of regular trading on such Exchange. The Fund's net asset value per Share will be calculated by dividing the value of the Fund's total assets, less accrued and allocated liabilities, by the number of Shares outstanding. The Fund's net asset value will reflect the value of the Fund's directly-held assets and liabilities, as well as the net asset value of the Fund's investments in the Company, BRC, BIC and other Subsidiaries. (a) The value of the Fund's shares of the Company shall reflect the value of the Company's proportionate interest in the Portfolio. (b) The Qualifying Assets will be valued as determined in good faith by the Investment Adviser, after consideration of all relevant factors, data and information. Holdings of traded physical commodities will be valued at their current values based on closing sale prices (or the mean between the closing bid and asked prices on days when no sales occur) in the principal market on which such commodities are normally traded. (c) Over-the-counter options, interest rate and equity swaps, and other derivatives for which prices are not readily available will be valued as determined in good faith by the Investment Adviser. In determining such value, the Investment Adviser may utilizeconsider, among other considerationsthings, dealer and counterparty quotes and pricing models. (d) Investment Property will be valued as determined in good faith by the Investment Adviser. (e) The value of the Fund's investments in BRC, BIC and any other Subsidiary shall reflect the Fund's proportionate interest in the value of the respective assets of BRC, BIC and such other Subsidiary. Subject to the foregoing provisions of this Article 7, any determination of the Fund's net worth or the value of a particular asset shall be made in accordance with generally accepted accounting principles as applicable to the Fund; provided, however, that no value shall be assigned to the Fund name and goodwill or to the office records, files, statistical data or any similar intangible assets of the Fund not normally reflected in the Fund's accounting records; and provided, further, that liabilities of the Fund shall be taken at the amounts at which they are carried on the books of the Fund, reasonable provision to be made, however, for contingent or other liabilities not reflected on such books and, in the case of the liquidation of the Fund, for the expenses (to be borne by the Fund) of the liquidation and winding up of the Fund's affairs. Promptly after completing any such determination of value with respect to the Fund's portfolio in connection with a distribution of assets in kind on the termination of the Fund, the Manager shall give written notice of such determination to all Shareholders.

VALUATION OF FUND ASSETS. Whenever valuation of the Fund's net worth or of any particular asset of the Fund is required, unless otherwise expressly provided in this Agreement, the Manager shall authorize and empower the Investment Adviser to make a good faith determination of the value of all non-cash assets of the Fund (if net worth is to be evaluated) or of such particular asset. The value of the assets of the Fund, BRC, BIC and other Subsidiaries holding assets will be calculated each day that the New York Stock Exchange is open for trading, as of the close of regular trading on such Exchange. The Fund's net asset value per Share will be calculated by dividing the value of the Fund's total assets, less accrued and allocated liabilities, by the number of Shares outstanding. The Fund's net asset value will reflect the value of the Fund's directly-held assets and liabilities, as well as the net asset value of the Fund's investments in the Company, BRC, BIC and other Subsidiaries. (a) The value of the Fund's shares of the Company shall reflect the value of the Company's proportionate interest in the Portfolio. (b) The Qualifying Assets will be valued as determined in good faith by the Investment Adviser, after consideration of all relevant factors, data and informationinformation including, with respect to the Qualifying Assets that are preferred equity interests in operating partnerships affiliated with publicly-traded real estate investment trusts, information from dealers and similar firms with knowledge of such issues, and the prices of comparable preferred equity securities and other fixed or adjustable-rate instruments having similar investment characteristics. Holdings of traded physical commodities will be valued at their current values based on closing sale prices (or the mean between the closing bid and asked prices on days when no sales occur) in the principal market on which such commodities are normally traded. (c) Over-the-counter options, interest rate and equity swaps, and other derivatives for which prices are not readily available will be valued as determined in good faith by the Investment Adviser. In determining such value, the Investment Adviser may utilizeconsider, among other considerationsthings, dealer and counterparty quotes and pricing models. (d) Investment Property will be valued as determined in good faith by the Investment Adviser. (e) The value of the Fund's investments in BRC, BIC and any other Subsidiary shall reflect the Fund's proportionate interest in the value of the respective assets of BRC, BIC and such other Subsidiary. Subject to the foregoing provisions of this Article 7, any determination of the Fund's net worth or the value of a particular asset shall be made in accordance with generally accepted accounting principles as applicable to the Fund; provided, however, that no value shall be assigned to the Fund name and goodwill or to the office records, files, statistical data or any similar intangible assets of the Fund not normally reflected in the Fund's accounting records; and provided, further, that liabilities of the Fund shall be taken at the amounts at which they are carried on the books of the Fund, reasonable provision to be made, however, for contingent or other liabilities not reflected on such books and, in the case of the liquidation of the Fund, for the expenses (to be borne by the Fund) of the liquidation and winding up of the Fund's affairs. Promptly after completing any such determination of value with respect to the Fund's portfolio in connection with a distribution of assets in kind on the termination of the Fund, the Manager shall give written notice of such determination to all Shareholders.