Common use of EXPENSES TO BE PAID BY THE COMPANY Clause in Contracts

EXPENSES TO BE PAID BY THE COMPANY. Except as expressly otherwise provided in this Agreement, the Company will pay any expenses incurred by the Company and will reimburse the Investment Manager promptly, against the Investment Manager's voucher, for any such expenses paid by the Investment Manager for the Company's account. Without limiting the generality of the foregoing, such expenses shall include: (a) all expenses of the Company's organization and of any offering and sale by the Company of its shares; (b) expenses of the Company operations, except as otherwise provided in Section 5 above; (c) financing costs and debt service with respect to indebtedness of the Company; (d) taxes on income and taxes and assessments on real property, if any, and all other taxes applicable to the Company; (e) legal, auditing, accounting, underwriting, brokerage, listing, reporting, registration and other fees, and printing, engraving and other expenses and taxes incurred in connection with the issuance, distribution, transfer, trading, registration and stock exchange listing of the Company's securities, whether such expenses are directly incurred by the Company or are allocated to the Company by the Investment Manager either pursuant to this Agreement or as otherwise agreed to by the Board of Trust Managers of the Company from time to time; (f) expenses of organizing, revising, amending, converting, modifying or terminating the Company; (g) fees and expenses paid to trust managers and officers who are not employees or Affiliates of the Investment Manager, independent advisors, independent contractors, mortgage services, consultants, managers, local property managers or management firms, accountants, attorneys and other agents employed by or on behalf of the Company and out-of-pocket expenses of trust managers of the Company; (h) expenses directly connected with the acquisition, disposition and ownership of Invested Assets, including real estate interests or other property (including the costs of foreclosure, insurance premiums, legal services, brokerage and sales commissions, maintenance, repair, improvement and local management of property), other than expenses with respect thereto of employees of the Investment Manager to the extent that such expenses are to be borne by the Investment Manager pursuant to Section 5 above, and any expenses allocated to the Company by the Investment Manager as agreed to by the Board of Trust Managers of the Company from time to time; (i) all insurance costs incurred in connection with the Company (including officer and trust manager liability insurance, if any); (j) expenses connected with payments of dividends or interest or contributions in cash or any other form made or caused to be made by the trust managers to holders of securities of the Company; (k) all expenses connected with communications to holders of securities of the Company and other bookkeeping and clerical work necessary to maintaining relations with holders of securities, including the cost of printing and mailing certificates for securities and proxy solicitation materials and reports to holders of the Company securities; (l) transfer agent's, registrar's and indenture trustee's fees and charges; (m) legal, accounting and auditing fees and expenses; and (n) expenses relating to any office or office facilities maintained by the Company separate from the office of the Investment Manager. If the Company uses the services of attorneys or paraprofessionals on the staff of the Investment Manager in lieu of outside counsel for purposes other than the performance of the services to be performed by the Investment Manager hereunder, the Company will reimburse the Investment Manager for such services at hourly rates calculated to cover the cost of such services, as well as for incidental disbursements.

EXPENSES TO BE PAID BY THE COMPANY. Except as expressly otherwise provided in this Agreement, the The Company will pay reimburse the Adviser promptly, against the Adviser's voucher, for any expenses incurred by the Company and will reimburse the Investment Manager promptly, against the Investment Manager's voucher, for any such expenses paid by the Investment Manager Adviser for the Company's account. Without limiting the generality of the foregoinglimitation, such expenses shall include: (a) include all expenses of the Company's organization and of any offering and sale by the Company of its shares; (b) expenses of the Company operationsshares and, except as otherwise specifically provided in Section 5 above; (c) financing costs and debt service with respect to indebtedness of the Company; (d) taxes on income and taxes and assessments on real property, if any, and all other taxes applicable to the Company; (e) legal, auditing, accounting, underwriting, brokerage, listing, reporting, registration and other fees, and printing, engraving and other expenses and taxes incurred in connection with the issuance, distribution, transfer, trading, registration and stock exchange listing of the Company's securities, whether such expenses are directly incurred by operations; the Company or are allocated to the Company by the Investment Manager either pursuant to this Agreement or as otherwise agreed to by the Board of Trust Managers fees and disbursements of the Company from time to time; (f) expenses of organizingCompany's counsel, revisingaccountants, amendingcustodian, converting, modifying or terminating the Company; (g) transfer agent and registrar; fees and expenses paid incurred in producing and effecting filings with federal and state securities administrators; costs of the Company's periodic reports to trust managers and officers other communications with the Company's shareholders; costs of promoting the Company's stock; fees and expenses of members of the Company's Board of Directors who are not employees directors, officers or Affiliates of the Investment Manager, independent advisors, independent contractors, mortgage services, consultants, managers, local property managers or management firms, accountants, attorneys and other agents employed by or on behalf of the Company and out-of-pocket expenses of trust managers of the Company; (h) expenses directly connected with the acquisition, disposition and ownership of Invested Assets, including real estate interests or other property (including the costs of foreclosure, insurance premiums, legal services, brokerage and sales commissions, maintenance, repair, improvement and local management of property), other than expenses with respect thereto of employees of the Investment Manager to Adviser or of any entity affiliated with the extent that such expenses are to be borne by the Investment Manager pursuant to Section 5 aboveAdviser, and any expenses allocated to fees of directors who are such officers, directors or employees; premiums for the Company by the Investment Manager as agreed to by the Board of Trust Managers of the Company from time to time; (i) all insurance costs incurred in connection with the Company (including officer and trust manager liability insurance, if any); (j) expenses connected with payments of dividends or interest or contributions in cash or any other form made or caused to be made by the trust managers to holders of securities of the Company; (k) all expenses connected with communications to holders of securities of the Company and other bookkeeping and clerical work necessary to maintaining relations with holders of securities, including the cost of printing and mailing certificates for securities and proxy solicitation materials and reports to holders of the Company securities; (l) transfer agent's, registrar's and indenture trustee's fees and charges; (m) legal, accounting and auditing fees and expenses; and (n) expenses relating to any office or office facilities fidelity bond maintained by the Company separate from pursuant to ICA Section 17; and all transaction costs incident to the office acquisition and disposition of securities by the Investment ManagerCompany in proportion to the Company's participation therein, including, without limitation, legal and accounting fees and other professional or technical fees and expenses (e.g., credit report, title search and delivery charges, costs of specialized consultants such as accountants or industryspecific technical experts, and deal-specific travel expenses) incurred in monitoring, negotiating and working-out such investments, as well as responding to any litigation arising therefrom. If the Company for its corporate purposes uses the services of attorneys or paraprofessionals on the staff of the Investment Manager Adviser in lieu of outside counsel for purposes other than the performance of the services to be performed by the Investment Manager hereundercounsel, the Company will reimburse the Investment Manager Adviser for such services at hourly rates calculated to cover the cost of such services, as well as for incidental disbursements.

EXPENSES TO BE PAID BY THE COMPANY. Except as expressly otherwise provided in this Agreement, the Company will pay any expenses incurred by the Company and will reimburse the Investment Manager promptly, against the Investment Manager's voucher, for any such expenses paid by the Investment Manager for the Company's account. Without limiting the generality of the foregoing, such expenses shall include: (a) all expenses of the Company's organization and of any offering and sale by the Company of its shares; (b) expenses of the Company operations, except as otherwise provided in Section 5 above; (c) financing costs and debt service with respect to indebtedness of the Company; (d) taxes on income and taxes and assessments on real property, if any, and all other taxes applicable to the Company; (e) legal, auditing, accounting, underwriting, brokerage, listing, reporting, registration and other fees, and printing, engraving and other expenses and taxes incurred in connection with the issuance, distribution, transfer, trading, registration and stock exchange listing of the Company's securities, whether such expenses are directly incurred by the Company or are allocated to the Company by the Investment Manager either pursuant to this Agreement or as otherwise agreed to by the Board of Trust Managers of the Company from time to time; (f) expenses of organizing, revising, amending, converting, modifying or terminating the Company; (g) fees and expenses paid to trust managers and officers who are not employees or Affiliates of the Investment Manager, independent advisors, independent contractors, mortgage services, consultants, managers, local property managers or management firms, accountants, attorneys and other agents employed by or on behalf of the Company and out-of-pocket expenses of trust managers of the Company; (h) expenses directly connected with the acquisition, disposition and ownership of Invested Assets, including real estate interests or other property (including the costs of foreclosure, insurance premiums, legal services, brokerage and sales commissions, maintenance, repair, improvement and local management of property), other than expenses with respect thereto of employees of the Investment Manager to the extent that such expenses are to be borne by the Investment Manager pursuant to Section 5 above, and any expenses allocated to the Company by the Investment Manager as agreed to by the Board of Trust Managers of the Company from time to time;expenses (i) all insurance costs incurred in connection with the Company (including officer and trust manager liability insurance, if any); (j) expenses connected with payments of dividends or interest or contributions in cash or any other form made or caused to be made by the trust managers to holders of securities of the Company; (k) all expenses connected with communications to holders of securities of the Company and other bookkeeping and clerical work necessary to maintaining relations with holders of securities, including the cost of printing and mailing certificates for securities and proxy solicitation materials and reports to holders of the Company securities; (l) transfer agent's, registrar's and indenture trustee's fees and charges; (m) legal, accounting and auditing fees and expenses; and (n) expenses relating to any office or office facilities maintained by the Company separate from the office of the Investment Manager. If the Company uses the services of attorneys or paraprofessionals on the staff of the Investment Manager in lieu of outside counsel for purposes other than the performance of the services to be performed by the Investment Manager hereunder, the Company will reimburse the Investment Manager for such services at hourly rates calculated to cover the cost of such services, as well as for incidental disbursements.

EXPENSES TO BE PAID BY THE COMPANY. Except as expressly otherwise provided in this Agreement, the The Company will pay reimburse the Adviser promptly, against the Adviser's voucher, for any expenses incurred by the Company and will reimburse the Investment Manager promptly, against the Investment Manager's voucher, for any such expenses paid by the Investment Manager Adviser for the Company's account. Without limiting the generality of the foregoinglimitation, such expenses shall include: (a) include all expenses of the Company's organization and of any offering and sale by the Company of its shares; (b) expenses of the Company operationsshares and, except as otherwise specifically provided in Section 5 above; (c) financing costs and debt service with respect to indebtedness of the Company; (d) taxes on income and taxes and assessments on real property, if any, and all other taxes applicable to the Company; (e) legal, auditing, accounting, underwriting, brokerage, listing, reporting, registration and other fees, and printing, engraving and other expenses and taxes incurred in connection with the issuance, distribution, transfer, trading, registration and stock exchange listing of the Company's securities, whether such expenses are directly incurred by operations; the Company or are allocated to the Company by the Investment Manager either pursuant to this Agreement or as otherwise agreed to by the Board of Trust Managers fees and disbursements of the Company from time Company's counsel, accountants, custodian, transfer agent and registrar; the costs related to time; (f) expenses of organizing, revising, amending, converting, modifying or terminating promoting the Company; (g) 's stock; fees and expenses paid incurred in producing and effecting filings with federal and state securities administrators; costs of the Company's periodic reports to trust managers and officers other communications with the Company's shareholders; fees and expenses of members of the Company's Board of Directors who are not employees directors, officers or Affiliates of the Investment Manager, independent advisors, independent contractors, mortgage services, consultants, managers, local property managers or management firms, accountants, attorneys and other agents employed by or on behalf of the Company and out-of-pocket expenses of trust managers of the Company; (h) expenses directly connected with the acquisition, disposition and ownership of Invested Assets, including real estate interests or other property (including the costs of foreclosure, insurance premiums, legal services, brokerage and sales commissions, maintenance, repair, improvement and local management of property), other than expenses with respect thereto of employees of the Investment Manager to Adviser or of any entity affiliated with the extent that such expenses are to be borne by the Investment Manager pursuant to Section 5 aboveAdviser, and any expenses allocated to fees of directors who are such officers, directors or employees; premiums for the Company by the Investment Manager as agreed to by the Board of Trust Managers of the Company from time to time; (i) all insurance costs incurred in connection with the Company (including officer and trust manager liability insurance, if any); (j) expenses connected with payments of dividends or interest or contributions in cash or any other form made or caused to be made by the trust managers to holders of securities of the Company; (k) all expenses connected with communications to holders of securities of the Company and other bookkeeping and clerical work necessary to maintaining relations with holders of securities, including the cost of printing and mailing certificates for securities and proxy solicitation materials and reports to holders of the Company securities; (l) transfer agent's, registrar's and indenture trustee's fees and charges; (m) legal, accounting and auditing fees and expenses; and (n) expenses relating to any office or office facilities fidelity bond maintained by the Company separate from pursuant to ICA Section 17; and all transaction costs incident to the office acquisition and disposition of securities by the Investment ManagerCompany in proportion to the Company's participation therein, including, without limitation, legal and accounting fees and other professional or technical fees and expenses (e.g., credit report, title search and delivery charges, costs of specialized consultants such as accountants or industry-specific technical experts, and deal-specific travel expenses) incurred in monitoring, negotiating and working-out such investments as well as responding to any litigation arising therefrom. If the Company for its corporate purposes uses the services of attorneys or paraprofessionals on the staff of the Investment Manager Adviser in lieu of outside counsel for purposes other than the performance of the services to be performed by the Investment Manager hereundercounsel, the Company will reimburse the Investment Manager Adviser for such services at hourly rates calculated to cover the cost of such services, as well as for incidental disbursements.. The Company will reimburse the Adviser promptly, against the Adviser's voucher, for (a) any origination fee with respect to any loan or investment made by the Company that was identified or referred to the Company by any third party with which the Company or the Adviser then has a written agreement