Common use of Fund Administration Fee Clause in Contracts

Fund Administration Fee. A fund administration fee payable quarterly in arrears after the Escrow Break Date equal to an annualized rate of 0.60% per annum, which, (i) until the end of the first complete fiscal quarter after the Escrow Break Date will be multiplied by the Capital Contributions received from the offering of Common Shares, pro-rated for the portion of the Company’s fiscal quarter in which the Escrow Break Date occurs by multiplying the fund administration fee by a fraction, the numerator of which shall be the number of days in such fiscal quarter following (and including) the Escrow Break Date, and the denominator of which shall be the total number of days in such fiscal quarter, and (ii) thereafter will be multiplied by the Applicable Value at the end of each prior quarter; provided that no more than fifteen percent (15%) of the Capital Contributions received from the offering of Common Shares may be used to pay for organization and offering expenses incurred by the Manager or its Affiliates on behalf of the Company and the Operating Partnership.