Common use of REIMBURSEMENT TO THE ADVISOR Clause in Contracts

REIMBURSEMENT TO THE ADVISOR. The Company shall not reimburse the Advisor, at the end of any fiscal quarter, for any Operating Expenses to the extent that, in the four consecutive fiscal quarters then ended (the “Expense Year”) the Operating Expenses exceed (the “Excess Amount”) the greater of (i) 2% of Average Invested Assets or (ii) 25% of Net Income (the “2%/25% Guidelines”) for that period of four consecutive quarters unless the Independent Directors determine that such excess was justified, based on unusual and nonrecurring factors which the Independent Directors deem sufficient. If the Independent Directors do not approve such excess as being so justified, any Excess Amount paid to the Advisor during a fiscal quarter shall be repaid to the Company.

REIMBURSEMENT TO THE ADVISOR. The Company shall not reimburse the Advisor, Advisor at the end of any fiscal quarter, quarter for any Operating Expenses to the extent that, in the four consecutive fiscal quarters then ended (the “"Expense Year”") the Operating Expenses exceed (the “"Excess Amount”") the greater of (i) 2% of Average Invested Assets or (ii) 25% of Net Income (the “"2%/25% Guidelines”") for that period of four consecutive quarters unless the Independent Directors determine that such excess was justified, based on unusual and nonrecurring factors which the Independent Directors deem sufficientyear. If the Independent Directors do not approve such excess as being so justified, any Any Excess Amount paid to the Advisor during a fiscal quarter shall be repaid to the Company.. If there is an Excess Amount in any Expense Year and the Independent Directors determine that such Excess Amount was justified, based on unusual and nonrecurring factors which they deem sufficient, the Excess Amount may be carried over and included in Operat-