Common use of Limitation on Operating Expenses Clause in Contracts

Limitation on Operating Expenses. Within 120 days from the end of any Calendar Year, the Advisor shall refund to the Company the amount, if any, by which the Operating Expenses of the Company, excluding extraordinary nonrecurring items and those items referred to in Section 14, during such Calendar Year exceeded the greater of either of the following limitations: (a) 2% of the Average Invested Assets of the Company for such Calendar Year; or (b) 25% of the Company’s Company Net Income for such Calendar Year, determined in accordance with generally accepted accounting principles. The Directors of the Company may determine that, because of unusual and nonrecurring factors which they deem sufficient, a higher level of Operating Expenses is justified for such Calendar Year. The Advisor shall be promptly reimbursed for any payments made under this Section 15 if, in any succeeding Calendar Year, the Operating Expenses of the Company are less than the permitted level of Operating Expenses.

Limitation on Operating Expenses. Within 120 days from the end of any Calendar Year, the Advisor shall refund to the Company the amount, if any, by which the Operating Expenses of the Company, excluding extraordinary nonrecurring items and those items referred to in Section 14, during such Calendar Year exceeded the greater of either of the following limitations: (a) 2% of the Average Invested Assets of the Company for such Calendar Year; or (b) 25% of the Company’s Company 's Net Income for such Calendar Year, determined in accordance with generally accepted accounting principles. The Independent Directors of the Company may determine that, because of unusual and nonrecurring factors which they deem sufficient, a higher level of Operating Expenses is justified for such Calendar Year. The Advisor shall be promptly reimbursed for any payments made under this Section 15 if, in any succeeding Calendar Year, the Operating Expenses of the Company are less than the permitted level of Operating Expenses.

Limitation on Operating Expenses. Within 120 days from the end of any Calendar Year, the Advisor shall refund to the Company the amount, if any, by which the Operating Expenses of the Company, excluding extraordinary nonrecurring items and those items referred to in Section 14, during such Calendar Year exceeded the greater of either of the following limitations: (a) 2% of the Average Invested Assets of the Company for such Calendar Year; or (b) 25% of the Company’s Company Net Income for such Calendar Year, determined in accordance with generally accepted accounting principles. The Directors of the Company may determine that, because of unusual and nonrecurring non-recurring factors which they deem sufficient, a higher level of Operating Expenses is justified for such Calendar Year. The Advisor shall be promptly reimbursed for any payments made under this Section 15 if, in any succeeding Calendar Year, the Operating Expenses of the Company are less than the permitted level of Operating Expenses.

Limitation on Operating Expenses. Within 120 days from the end of any Calendar Year, the Advisor shall refund to the Company the amount, if any, by which the Operating Expenses of the Company, excluding extraordinary nonrecurring items and those items referred to in Section 14, during such Calendar Year exceeded the greater of either of the following limitations: (a) 2% of the Average Invested Assets of the Company for such Calendar Y Year; or (b) 25% of the Company’s Company Net Income for such Calendar Year, determined in accordance with generally accepted accounting principles. The Independent Directors of the Company may determine that, because of unusual and nonrecurring factors which they deem sufficient, a higher level of Operating Expenses is justified for such Calendar Year. The Advisor shall be promptly reimbursed for any payments made under this Section 15 if, in any succeeding Calendar Year, the Operating Expenses of the Company are less than the permitted level of Operating Expenses.

Limitation on Operating Expenses. Within 120 days from the end of any Calendar Year, the Advisor Company shall refund to the Company Advisor the amount, if any, by which the Operating Expenses of the Company, excluding extraordinary nonrecurring items and those items referred to in Section 14, during such Calendar Year exceeded the greater smaller of either of the following limitations: (a) 21.5% of the Average Invested Assets of the Company for such Calendar Year; or (b) 25% of the CompanyAdvisor’s Company Net Income for such Calendar Year, determined in accordance with generally accepted accounting principles. The Directors of the Company may determine that, because of unusual and nonrecurring factors which they deem sufficient, a higher level of Operating Expenses Expense and reimbursement is justified for such Calendar Year. The Advisor Company shall be promptly reimbursed from advisor for any payments made to advisor under this Section 15 if, in any succeeding Calendar Year, the Operating Expenses of the Company are less than the permitted level of Operating Expenses.

Limitation on Operating Expenses. Within 120 days from the end of any --------------------------------- Calendar Year, the Advisor shall refund to the Company the amount, if any, by which the Operating Expenses of the Company, excluding extraordinary nonrecurring items and those items referred to in Section 14, during such Calendar Year exceeded the greater of either of the following limitations: (a) 2% of the Average Invested Assets of the Company for such Calendar Y Year; or (b) 25% of the Company’s 's Company Net Income for such Calendar Year, determined in accordance with generally accepted accounting principles. The Independent Directors of the Company may determine that, because of unusual and nonrecurring factors which they deem sufficient, a higher level of Operating Expenses is justified for such Calendar Year. The Advisor shall be promptly reimbursed for any payments made under this Section 15 if, in any succeeding Calendar Year, the Operating Expenses of the Company are less than the permitted level of Operating Expenses.

Limitation on Operating Expenses. Within 120 days from the end of any Calendar Year, the Advisor shall refund to the Company the amount, if any, by which the Operating Expenses of the Company, excluding extraordinary nonrecurring items and those items referred to in Section 14, during such Calendar Year exceeded the greater of either of the following limitations: (a) 2% of the Average Invested Assets of the Company for such Calendar Year; or (b) 25% of the Company’s 's Company Net Income for such Calendar Year, determined in accordance with generally accepted accounting principles. The Independent Directors of the Company may determine that, because of unusual and nonrecurring factors which they deem sufficient, a higher level of Operating Expenses is justified for such Calendar Year. The Advisor shall be promptly reimbursed for any payments made under this Section 15 if, in any succeeding Calendar Year, the Operating Expenses of the Company are less than the permitted level of Operating Expenses.