Common use of Obligations to Participating Broker-Dealers Clause in Contracts

Obligations to Participating Broker-Dealers. Selling commissions and Distribution Fees received by the Dealer Manager will be reallowed to the Participating Broker-Dealer who sold the Primary Shares giving rise to such commissions and Distribution Fees as described more fully in the Participating Broker-Dealer Agreement entered into with such Participating Broker-Dealer. Dealer Manager Fees received by the Dealer Manager may be reallowed in part to the Participating Broker-Dealers who sold the Primary Shares giving rise to such Dealer Manager Fees in accordance with Section 5.2(c) of this Agreement and as described more fully in the Participating Broker-Dealer Agreement entered into with such Participating Broker-Dealer. The Company will not be liable or responsible to any Participating Broker-Dealer for direct payment or reallowance of selling commissions, Dealer Manager Fees or Distribution Fees to such Participating Broker-Dealer, it being the sole and exclusive responsibility of the Dealer Manager for payment or reallowance of selling commissions, Dealer Manager Fees and Distribution Fees to Participating Broker-Dealers. Notwithstanding the foregoing, the Company, in its sole discretion, either directly or through the Escrow Agent, may act as agent of the Dealer Manager by making direct payment of selling commissions or reallowance of the Dealer Manager Fee and Distribution Fee to such Participating Broker-Dealers without incurring any liability therefor.

Obligations to Participating Broker-Dealers. Selling commissions and Distribution Fees received by the Dealer Manager will be reallowed to the Participating Broker-Dealer who sold the Primary Shares giving rise to such commissions and Distribution Fees as described more fully in the Participating Broker-Dealer Agreement entered into with such Participating Broker-Dealer. Dealer Manager Fees received by the Dealer Manager may be reallowed in whole or in part to the Participating Broker-Dealers who sold the Primary Shares giving rise to such Dealer Manager Fees in accordance with Section 5.2(c) of this Agreement and as described more fully in the Participating Broker-Dealer Agreement entered into with such Participating Broker-Dealer. The Company will not be liable or responsible to any Participating Broker-Dealer for direct payment of commissions or any reallowance of selling commissions, the Dealer Manager Fees Fee or Distribution Fees Fee to such Participating Broker-Dealer, it being the sole and exclusive responsibility of the Dealer Manager for payment of commissions or any reallowance of selling commissions, the Dealer Manager Fees Fee and Distribution Fees Fee to Participating Broker-Dealers. Notwithstanding the foregoingabove, the Company, in its sole discretion, either directly or through the Escrow Agent, may act as agent of the Dealer Manager by making direct payment of selling commissions or reallowance of the Dealer Manager Fee and Distribution Fee to such Participating Broker-Dealers without incurring any liability therefor.

Obligations to Participating Broker-Dealers. Selling commissions Commissions and Distribution Fees received by the Dealer Manager will be reallowed to the Participating Broker-Dealer who sold the Primary Shares in an Offering giving rise to such commissions Selling Commissions and Distribution Fees as described more fully in the Participating Broker-Dealer Agreement entered into with such Participating Broker-Dealer. Dealer Manager Fees (including Class T Dealer Manager Fees) received by the Dealer Manager may be reallowed in part to the Participating Broker-Dealers who sold the Primary Shares in an Offering giving rise to such Dealer Manager Fees in accordance with Section 5.2(c) of this Agreement and as described more fully in the Participating Broker-Dealer Agreement entered into with such Participating Broker-Dealer. The Company will not be liable or responsible to any Participating Broker-Dealer for direct payment or reallowance of selling commissionsSelling Commissions, Dealer Manager Fees or Distribution Fees to such Participating Broker-Dealer, it being the sole and exclusive responsibility of the Dealer Manager for payment or reallowance of selling commissionsSelling Commissions, Dealer Manager Fees and Distribution Fees to Participating Broker-Dealers. Notwithstanding the foregoing, the Company, in its sole discretion, either directly or through the Escrow Agent, may act as agent of the Dealer Manager by making direct payment of selling commissions Selling Commissions or reallowance of the Dealer Manager Fee and Distribution Fee to such Participating Broker-Dealers without incurring any liability therefor.

Obligations to Participating Broker-Dealers. Selling commissions and Distribution Fees received by the Dealer Manager will be reallowed re-allowed to the Participating Broker-Dealer who sold the Primary Shares giving rise to such commissions and Distribution Fees as described more fully in the Participating Broker-Dealer Agreement entered into with such Participating Broker-Dealer. Dealer Manager Fees received by the Dealer Manager may be reallowed re-allowed in whole or in part to the Participating Broker-Dealers who sold the Primary Shares giving rise to such Dealer Manager Fees in accordance with Section 5.2(c5.2(b) of this Agreement and as described more fully in the Participating Broker-Dealer Agreement entered into with such Participating Broker-Dealer. The Company will not be liable or responsible to any Participating Broker-Dealer for direct payment of commissions or any reallowance of selling commissions, the Dealer Manager Fees or Distribution Fees Fee to such Participating Broker-Dealer, it being the sole and exclusive responsibility of the Dealer Manager for payment of commissions or any reallowance of selling commissions, the Dealer Manager Fees and Distribution Fees Fee to Participating Broker-Dealers. Notwithstanding the foregoing, the Company, in its sole discretion, either directly or through the Escrow Agent, may act as agent of the Dealer Manager by making direct payment of selling commissions or reallowance of the Dealer Manager Fee and Distribution Fee to such Participating Broker-Dealers without incurring any liability therefor.

Obligations to Participating Broker-Dealers. Selling commissions and Distribution Fees received by the Dealer Manager will be reallowed to the Participating Broker-Dealer who sold the Primary Shares giving rise to such commissions and Distribution Fees as described more fully in the Participating Broker-Dealer Agreement entered into with such Participating Broker-Dealer. Dealer Manager Fees received by the Dealer Manager may be reallowed in whole or in part to the Participating Broker-Dealers who sold the Primary Shares giving rise to such Dealer Manager Fees in accordance with Section 5.2(c) of this Agreement and as described more fully in the Participating Broker-Dealer Agreement entered into with such Participating Broker-Dealer. The Company will not be liable or responsible to any Participating Broker-Dealer for direct payment of commissions or any reallowance of selling commissions, the Dealer Manager Fees Fee or Distribution Fees Fee to such Participating Broker-Dealer, it being the sole and exclusive responsibility of the Dealer Manager for payment of commissions or any reallowance of selling commissions, the Dealer Manager Fees Fee and Distribution Fees Fee to Participating Broker-Dealers. Notwithstanding the foregoing, the Company, in its sole discretion, either directly or through the Escrow Agent, may act as agent of the Dealer Manager by making direct payment of selling commissions or reallowance of the Dealer Manager Fee and Distribution Fee to such Participating Broker-Dealers without incurring any liability therefor.

Obligations to Participating Broker-Dealers. Selling commissions and Distribution Fees received by the Dealer Manager will be reallowed re-allowed to the Participating Broker-Dealer who sold the Primary Shares giving rise to such commissions and Distribution Fees as described more fully in the Participating Broker-Dealer Agreement entered into with such Participating Broker-Dealer. Dealer Manager Fees received by the Dealer Manager may be reallowed re-allowed in whole or in part to the Participating Broker-Dealers who sold the Primary Shares giving rise to such Dealer Manager Fees in accordance with Section 5.2(c) of this Agreement and as described more fully in the Participating Broker-Dealer Agreement entered into with such Participating Broker-Dealer. The Company will not be liable or responsible to any Participating Broker-Dealer for direct payment of commissions or any reallowance of selling commissions, the Dealer Manager Fees Fee or Distribution Fees Fee to such Participating Broker-Dealer, it being the sole and exclusive responsibility of the Dealer Manager for payment of commissions or any reallowance of selling commissions, the Dealer Manager Fees Fee and Distribution Fees Fee to Participating Broker-Dealers. Notwithstanding the foregoing, the Company, in its sole discretion, either directly or through the Escrow Agent, may act as agent of the Dealer Manager by making direct payment of selling commissions or reallowance of the Dealer Manager Fee and Distribution Fee to such Participating Broker-Dealers without incurring any liability therefor.

Obligations to Participating Broker-Dealers. Selling commissions Commissions and Distribution Fees received by the Dealer Manager will be reallowed to the Participating Broker-Dealer who sold the Primary Shares in an Offering giving rise to such commissions Selling Commissions and Distribution Fees as described more fully in the Participating Broker-Dealer Agreement entered into with such Participating Broker-Broker- Dealer. “Dealer Manager Fees” (defined to include Trail Dealer Manager Fees, Class T Dealer Manager Fees and Class T2 Dealer Manager Fees) received by the Dealer Manager may be reallowed in part to the Participating Broker-Dealers who sold the Primary Shares in an Offering giving rise to such Dealer Manager Fees in accordance with Section 5.2(c) of this Agreement and as described more fully in the Participating Broker-Dealer Agreement entered into with such Participating Broker-Dealer. The Company will not be liable or responsible to any Participating Broker-Dealer for direct payment or reallowance of selling commissionsSelling Commissions, Dealer Manager Fees or Distribution Fees to such Participating Broker-Dealer, it being the sole and exclusive responsibility of the Dealer Manager for payment or reallowance of selling commissionsSelling Commissions, Dealer Manager Fees and Distribution Fees to Participating Broker-Dealers. Notwithstanding the foregoing, the Company, in its sole discretion, either directly or through the Escrow Agent, may act as agent of the Dealer Manager by making direct payment of selling commissions Selling Commissions or reallowance of the Dealer Manager Fee and Distribution Fee to such Participating Broker-Dealers without incurring any liability therefor.

Obligations to Participating Broker-Dealers. Selling commissions and Distribution Fees received by the Dealer Manager will be reallowed to the Participating Broker-Dealer who sold the Primary Shares giving rise to such commissions and Distribution Fees as described more fully in the Participating Broker-Dealer Agreement entered into with such Participating Broker-Dealer. Dealer Manager Fees received by the Dealer Manager may be reallowed in whole or in part to the Participating Broker-Dealers who sold the Primary Shares giving rise to such Dealer Manager Fees in accordance with Section 5.2(c6.1(b) of this Agreement and as described more fully in the Participating Broker-Dealer Agreement entered into with such Participating Broker-Dealer. The Company will not be liable or responsible to any Participating Broker-Dealer for direct payment of commissions or any reallowance of selling commissions, the Dealer Manager Fees or Distribution Fees Fee to such Participating Broker-Dealer, it being the sole and exclusive responsibility of the Dealer Manager for payment of commissions or any reallowance of selling commissions, the Dealer Manager Fees and Distribution Fees Fee to Participating Broker-Dealers. Notwithstanding the foregoing, the Company, in its sole discretion, either directly or through the Escrow Agent, may act as agent of the Dealer Manager by making direct payment of selling commissions or reallowance of the Dealer Manager Fee and Distribution Fee to such Participating Broker-Dealers without incurring any liability therefor.

Obligations to Participating Broker-Dealers. Selling commissions Commissions and Distribution Fees received by the Dealer Manager will be reallowed to the Participating Broker-Dealer who sold the Primary Shares in an Offering giving rise to such commissions Selling Commissions and Distribution Fees as described more fully in the Participating Broker-Dealer Agreement entered into with such Participating Broker-Dealer. “Dealer Manager Fees” (defined to include Trail Dealer Manager Fees, Class T Dealer Manager Fees and Class T2 Dealer Manager Fees) received by the Dealer Manager may be reallowed in part to the Participating Broker-Dealers who sold the Primary Shares in an Offering giving rise to such Dealer Manager Fees in accordance with Section 5.2(c) of this Agreement and as described more fully in the Participating Broker-Dealer Agreement entered into with such Participating Broker-Dealer. The Company will not be liable or responsible to any Participating Broker-Dealer for direct payment or reallowance of selling commissionsSelling Commissions, Dealer Manager Fees or Distribution Fees to such Participating Broker-Dealer, it being the sole and exclusive responsibility of the Dealer Manager for payment or reallowance of selling commissionsSelling Commissions, Dealer Manager Fees and Distribution Fees to Participating Broker-Dealers. Notwithstanding the foregoing, the Company, in its sole discretion, either directly or through the Escrow Agent, may act as agent of the Dealer Manager by making direct payment of selling commissions Selling Commissions or reallowance of the Dealer Manager Fee and Distribution Fee to such Participating Broker-Dealers without incurring any liability therefor.