Fee Waiver. If as of the end of the last month of the applicable period the NAV of a Class E Series 1 Unit is less than $10.00 per unit, the Advisor will waive its fees earned under this Agreement in an amount equal to the product of (a) the Performance Component for the applicable period, and (b) the weighted-average Class E Series 1 Units outstanding over the applicable period divided by the weighted-average OP Units outstanding over the same period. In this manner, the holders of each class of OP Units will benefit from this waiver pro rata in accordance with their particular class’s portion of Operating Partnership NAV.
Appears in 12 contracts
Samples: Advisory Agreement (Ares Real Estate Income Trust Inc.), Advisory Agreement (Ares Real Estate Income Trust Inc.), Advisory Agreement (Ares Real Estate Income Trust Inc.)
