This Agreement shall be in effect until the earlier of (a) the second anniversary of the commencement of the Offering or (b) (i) with respect to NRFC, the date upon which neither NSAM J-NS/RXR Ltd nor another Affiliate of NRFC is serving as the Company’s Advisor, or (ii) with respect to RXR, the date upon which neither RXR NTR Sub-Advisor LLC nor another Affiliate of RXR is serving as the Company’s Sub-Advisor (the “ Term ”).