Common use of VALUATION OF NET ASSETS Clause in Contracts

VALUATION OF NET ASSETS. (a) The value of the Company’s assets net of liabilities (the “Net Asset Value”) shall be determined by the Managing Member as of the close of business on the last business day of each calendar quarter and at such other times as determined by the Managing Member in its discretion (each, a “Valuation Date”). The Managing Member shall establish and follow a methodology for determining the Net Asset Value and may modify, alter, or improve the methodology from time to time. (b) The Managing Member’s determination of the value of the Company's assets and liabilities shall be final and conclusive as to all of the Members. Liabilities shall be determined using GAAP as a guideline and as the Managing Member will otherwise determine, in its sole and absolute discretion. The Managing Member, in its sole and absolute discretion, may provide reserves or holdbacks for estimated accrued expenses, liabilities or contingencies, even if these reserves or holdbacks are not in accordance with GAAP. The Managing Member may rely, without further verification, upon valuations and pricing information provided by third parties considered by the Managing Member to be competent to provide such valuations and information. The Managing Member shall not be liable for any error in the determination of the Net Asset Value arising from any inaccuracy or error in the valuations and pricing information so provided or from any error in any calculation upon which the Managing Member has relied in good faith.