Common use of EXPENSE SUPPORT PAYMENTS Clause in Contracts

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. During the period beginning at on the time that date on which the Company has satisfied the “minimum offering requirement” (as such term is defined in the Company’s Registration Statement) and ending on June 30December 31, 2012 2018 (the “Expense Support Payment Period”), the Advisor and the Sub-Advisor each hereby agrees to pay the expenses of the Company on a monthly basis as follows: the lesser of, (i) the amount equal to the Company, 50% of all Operating Expenses (as defined below) for each month during the Expense Support Payment Period in which the Company’s board of directors trustees (the “BoardTrustees”) declares a Distribution (as defined below) or (iii) the amount equal to 50% of all the positive difference between the Company’s Distributions accrued to the Company’s shareholders in each month less monthly Available Operating Expenses Funds (as defined hereinbelow) until December 31, 2011, (ii) 32.5% recognized by the Company on account 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; its investment portfolio 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. In the event that Available Operating Funds are negative for a particular month the Advisor and Sub-Advisor will pay expenses as outlined in (i) above. 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 BoardTrustee’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. During the period beginning at on the time that date on which the Company has satisfied the “minimum offering requirement” (as such term is defined in the Company’s Registration Statement) and ending on June 30[Month __, 2012 201_] (the “Expense Support Payment Period”), the Advisor and the Sub-Advisor each hereby agrees to pay to reimburse expenses of the CompanyCompany as follows, the lessor of, (i)[50%] of all Operating Expenses (as defined below) for each month during the Expense Support Payment Period in which the Company’s board of directors trustees (the “BoardTrustees”) declares a Distribution (as defined below) and (iii) an amount equal to [50% %] of all the positive difference between the Company’s cumulative Distributions paid to the Company’s shareholders in each month less Available Operating Expenses Funds (as defined hereinbelow) until December 31, 2011, (ii) 32.5% recognized by the Company on account 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; its investment portfolio 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 BoardTrustee’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. During the period beginning at on the time that date on which the Company has satisfied the “minimum offering requirement” (as such term is defined in the Company’s Registration Statement) and ending on June 30December 31, 2012 2017 (the “Expense Support Payment Period”), the Advisor and the Sub-Advisor each hereby agrees to pay the expenses of the Company on a monthly basis as follows: the lesser of, (i) the amount equal to the Company, 50% of all Operating Expenses (as defined below) for each month during the Expense Support Payment Period in which the Company’s board of directors trustees (the “BoardTrustees”) declares a Distribution (as defined below) or (iii) the amount equal to 50% of all the positive difference between the Company’s Distributions accrued to the Company’s shareholders in each month less monthly Available Operating Expenses Funds (as defined hereinbelow) until December 31, 2011, (ii) 32.5% recognized by the Company on account 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; its investment portfolio 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. In the event that Available Operating Funds are negative for a particular month the Advisor and Sub-Advisor will pay expenses as outlined in (i) above. 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 BoardTrustee’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. During the period beginning at on the time that date on which the Company has satisfied the “minimum offering requirement” (as such term is defined in the Company’s Registration Statement) and ending on June 30, 2012 2017 (the “Expense Support Payment Period”), the Advisor and the Sub-Advisor each hereby agrees to pay to expenses of the CompanyCompany as follows on a monthly basis, the lesser of, (i) 50% of all Operating Expenses (as defined below) for each month during the Expense Support Payment Period in which the Company’s board of directors trustees (the “BoardTrustees”) declares a Distribution (as defined below) and (iii) an amount equal to 50% of all the difference between the Company’s Distributions accrued to the Company’s shareholders in each month less monthly Available Operating Expenses Funds (as defined hereinbelow) until December 31, 2011, (ii) 32.5% recognized by the Company on account 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; its investment portfolio 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. In the event that Available Operating Funds are negative for a particular month the Advisor and Sub-Advisor will pay expenses as outlined in (i) above. 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 BoardTrustee’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. During the period beginning at on the time that date on which the Company has satisfied the “minimum offering requirement” (as such term is defined in the Company’s Registration Statement) and ending on June September 30, 2012 2017 (the “Expense Support Payment Period”), the Advisor and the Sub-Advisor each hereby agrees to pay the expenses of the Company on a monthly basis as follows: the lesser of, (i) the amount equal to the Company, 50% of all Operating Expenses (as defined below) for each month during the Expense Support Payment Period in which the Company’s board of directors trustees (the “BoardTrustees”) declares a Distribution (as defined below) or (iii) the amount equal to 50% of all the positive difference between the Company’s Distributions accrued to the Company’s shareholders in each month less monthly Available Operating Expenses Funds (as defined hereinbelow) until December 31, 2011, (ii) 32.5% recognized by the Company on account 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; its investment portfolio 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. In the event that Available Operating Funds are negative for a particular month the Advisor and Sub-Advisor will pay expenses as outlined in (i) above. 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 BoardTrustee’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.