EXPENSE SUPPORT PAYMENTS. During the period beginning at the time that the Company satisfied the “minimum offering requirement” (as such term is defined in the Registration Statement) and ending on June 30, 2012 (the “Expense Support Payment Period”), the Advisor and Sub-Advisor each hereby agrees to pay to the Company, for each month during the Expense Support Payment Period in which the Company’s board of directors (the “Board”) declares a Distribution (as defined below) (i) 50% of all Operating Expenses (as defined herein) until December 31, 2011, (ii) 32.5% of all Operating Expenses between and including January 1, 2012 and March 31, 2012, and (iii) 12.5% of all Operating Expenses between and including April 1, 2012 and the end of the Expense Support Payment Period; provided, that each Advisor hereby agrees and confirms that, it shall be jointly and severally liable to the Company for the share of Operating Expenses payable by the other Advisor to the extent the other Advisor fails to make such payment. Any payment made by an Advisor pursuant to the preceding sentence shall be referred to herein as an “Expense Support Payment.” The Company acknowledges and agrees that it has received from the Advisors all Expense Support Payments required to have been made by the Advisors through the date hereof (the “Prior Expense Support Payments”). The Advisors’ obligation to make Expense Support Payments for any month during the Expense Support Payment Period in an aggregate amount equal to all Operating Expenses during such month shall automatically become a joint and several liability of the Advisors and the right to such Expense Support Payment shall be an asset of the Company immediately upon the Board’s declaration of a Distribution. The Expense Support Payment for any month shall be paid by the Advisors to the Company in any combination of cash or other immediately available funds, and/or offsets against amounts due from the Company to the Advisors, no later than five business days after the end of such month.
EXPENSE SUPPORT PAYMENTS. For the calendar quarter ended [DATE], the total amount of Expense Support Payments is $ .
EXPENSE SUPPORT PAYMENTS. The Adviser in consultation with the Company, hereby agrees to pay to the Company up to one hundred percent (100%) of all Operating Expenses and Organizational and Offering Expenses (both as defined herein) for each quarter during the Expense Support Payment Period (as defined herein). In addition, the Adviser, in consultation with the Company, agrees provide expense support to the Company by agreeing to assume up to one hundred percent (100%) of the Company’s liabilities for Administrative Expenses (as defined below) incurred, but not actually paid, by the Company. Any payment made or liability assumed by the Advisor pursuant to the preceding sentences shall be referred to herein as an “Expense Support Payment.” Upon determination by the Adviser to make any Expense Support Payment, the Adviser shall promptly notify the Company of such Expense Support Payment. The Adviser’s obligation to make Expense Support Payments during the Expense Support Payment Period shall automatically become a liability of the Adviser and the right to such Expense Support Payment shall be an asset of the Company upon receipt of notification of payment or assumption from the Adviser. The payment of Expense Support Payment for any quarter shall be paid by the Advisor to the Company in any combination of cash or other immediately available funds, and/or offsets against amounts due from the Company to the Advisor, no later than thirty (30) business days after the end of such quarter. For purposes of this Agreement,
EXPENSE SUPPORT PAYMENTS. Commencing on the date that the Registration Statement is declared effective by the SEC and continuing monthly thereafter until such time as the Company and the Adviser mutually agree otherwise (the “Expense Support Payment Period”), the Adviser hereby agrees to pay on behalf of the Company, at the Adviser’s sole discretion but in consultation with the Company, up to 100% of all Operating Expenses for each month during the Expense Support Payment Period. Any payment made by the Adviser pursuant to the preceding sentence shall be referred to herein as an “Expense Support Payment.” Upon determination by the Adviser of the amount of the Expense Support Payment to be paid for each month, the Adviser shall promptly notify the Company of the amount and the payment date of such Expense Support Payment (the “Expense Support Payment Date”), which shall be no later than thirty (30) business days after the end of such month. The Expense Support Payment for any month shall be paid by the Adviser to the Company in any combination of cash or other immediately available funds and/or offsets against amounts due from the Company to the Adviser. For purposes of this Agreement, the following definitions shall apply:
EXPENSE SUPPORT PAYMENTS. For the first quarter of 2019 and ending upon the termination or expiration of this Agreement, if, in a given calendar quarter, a Shortfall occurs, and the Deferred Fixed Component Fee is not sufficient to satisfy the Shortfall for such quarter (the “Deficiency”) the Advisor shall fund, directly or indirectly, certain expenses of the Corporation or the Operating Partnership, including but not limited to general and administrative expenses and interest expense in an amount equal to the Deficiency. Any payment made by the Advisor pursuant to this Section 3 to fund, directly or indirectly, expenses of the Corporation or the Operating Partnership shall be referred to hereinafter as a “Deficiency Support Payment.” All Deficiency Support Payments as defined in this Section 3 and “Deficiency Support Payments” as defined in and paid by the Advisor under the Initial Agreement and the Second Agreement (collectively, the “Aggregate Deficiency Support Payments”) shall be subject to conditional reimbursement in accordance with the terms of Section 5 of this Agreement. If the sum of all Deficiency Support Payments made with respect to a given calendar quarter equals an amount that, if added to the sum of items (i) through (vi) in the definition of “Excess” would cause the Corporation to have an Excess for such quarter (an “Inadvertent Excess”), then the Corporation shall refund to the Advisor the amount of Deficiency Support Payments necessary to eliminate such Inadvertent Excess for that quarter. Except as specifically provided herein, this Agreement shall supersede the Initial Agreement, the Second Agreement, and the Second Amended and Restated Agreement and shall govern all deferrals and payments with respect to the first quarter of 2019 through the fourth quarter of 2020.
EXPENSE SUPPORT PAYMENTS. During the period beginning at the time that the Company satisfies the “minimum offering requirement” (as such term is defined in the Registration Statement) and ending on September 30, 2011 (the “Expense Support Payment Period”), the Advisor and Sub-Advisor each hereby agrees to pay to the Company 50% of all Operating Expenses (as defined herein) for each month during the Expense Support Payment Period in which the Company’s board of directors (the “Board”) declares a Distribution (as defined below); provided, that each Advisor hereby agrees and confirms that, it shall be jointly and severally liable to the Company for the 50% of Operating Expenses payable by the other Advisor to the extent the other Advisor fails to make such payment. Any payment made by an Advisor pursuant to the preceding sentence shall be referred to herein as an “Expense Support Payment.” The Advisors’ obligation to make Expense Support Payments for any month during the Expense Support Payment Period in an aggregate amount equal to all Operating Expenses during such month shall automatically become a joint and several liability of the Advisors and the right to such Expense Support Payment shall be an asset of the Company immediately upon the Board’s declaration of a Distribution. The Expense Support Payment for any month shall be paid by the Advisors to the Company in any combination of cash or other immediately available funds, and/or offsets against amounts due from the Company to the Advisors, no later than five business days after the end of such month.
EXPENSE SUPPORT PAYMENTS. Until March 31, 2014, or a prior date mutually agreed to by both parties, the Adviser, at its sole discretion and in consultation with the Company, hereby agrees to pay to the Company, up to 100% of the Company Operating Expenses in order for the Company to achieve a reasonable level of expenses in relation to its investment income (the “Operating Expense Objective”). Any payment made by the Adviser pursuant to the preceding sentence shall be referred to herein as an “Expense Support Payment.” Upon determination by the Adviser to make any Expense Support Payment, the Adviser shall promptly notify the Company of such Expense Support Payment. The Adviser’s obligation to make Expense Support Payments during the Expense Support Payment period shall automatically become a liability of the Adviser and the right to such Expense Support Payment shall be an asset of the Company upon receipt of notification of payment from the Adviser. Any Expense Support Payment shall be paid by the Adviser to the Company in any combination of cash or other immediately available funds, and/or offsets against amounts otherwise due from the Company to the Adviser.
EXPENSE SUPPORT PAYMENTS. Commencing on the Effective Date and ending upon the termination or expiration of this Agreement, if, in a given calendar quarter, a CDFFO Shortfall occurs, and the Deferred Asset Management Fee is not sufficient to satisfy the CDFFO Shortfall for such quarter (“Deficiency”) the Advisor shall fund, directly or indirectly, certain expenses of the Corporation or the Operating Partnership, including but not limited to general and administrative expenses and interest expense in an amount equal to the Deficiency. Any payment made by the Advisor pursuant to this Section 3 to fund, directly or indirectly, expenses of the Corporation or the Operating Partnership shall be referred to hereinafter as a “Deficiency Support Payment.” All Deficiency Support Payments shall be subject to conditional reimbursement in accordance with the terms of Section 5 of this Agreement. If the sum of all Deficiency Support Payments made with respect to a given calendar quarter causes the Corporation to have a CDFFO Excess for such quarter, the Corporation shall refund to the Advisor the amount of Expense Support Payments necessary to eliminate the CDFFO Excess for such quarter.
EXPENSE SUPPORT PAYMENTS. Until December 31, 2013 or a prior date mutually agreed to by both parties, the Adviser, at its sole discretion and in consultation with the Company, hereby agrees to pay to the Company, up to 100% of the Company’s Operating Expenses (as defined herein) in order for the Company to achieve a reasonable level of expenses in relation to its investment income (the “Operating Expense Objective”). Any payment made by the Adviser pursuant to the preceding sentence shall be referred to herein as an “Expense Support Payment.” Upon determination by the Adviser of the Expense Support Payment, the Adviser shall promptly notify the Company of such Expense Support Payment. The Adviser’s obligation to make Expense Support Payments during the Expense Support Payment period shall automatically become a liability of the Adviser and the right to such Expense Support Payment shall be an asset of the Company as of the last business day of the applicable calendar quarter. The Expense Support Payment shall be paid by the Adviser to the Company in any combination of cash or other immediately available funds, and/or offsets against amounts due from the Company to the Adviser.
EXPENSE SUPPORT PAYMENTS. For the third quarter of 2015 and ending upon the termination or expiration of this Agreement, if, in a given calendar quarter, a CDFFO Shortfall occurs, and the Waived Asset Management Fee is not sufficient to satisfy the CDFFO Shortfall for such quarter (“Deficiency”) the Advisor shall fund, directly or indirectly, certain expenses of the Corporation or the Operating Partnership, including but not limited to general and administrative expenses and interest expense in an amount equal to the Deficiency. Any payment made by the Advisor pursuant to this Section 3 to fund, directly or indirectly, expenses of the Corporation or the Operating Partnership shall be referred to hereinafter as a “Deficiency Support Payment.” Starting with the third quarter of 2015, the Advisor shall not be entitled to reimbursement of any Deficiency Support Payment. Notwithstanding anything to the contrary contained herein, this Agreement will supersede the Second Amended and Restated Expense Support Agreement, as amended and will govern all waivers and payments with respect to the third quarter of 2015 through the second quarter of 2018.
