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.
Appears in 12 contracts
Samples: Fourth Amended and Restated Advisory Agreement (Carter Validus Mission Critical REIT II, Inc.), Third Amended and Restated Advisory Agreement (Carter Validus Mission Critical REIT II, Inc.), Third Amended and Restated Advisory Agreement (Carter Validus Mission Critical REIT, Inc.)
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”) 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.
Appears in 3 contracts
Samples: Form of Advisory Agreement (NexPoint Hospitality Trust, Inc.), Advisory Agreement (Nexpoint Multifamily Realty Trust, Inc.), Form of Advisory Agreement (Nexpoint Multifamily Realty Trust, Inc.)
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-
Appears in 1 contract
Samples: Form of Advisory Agreement (CNL American Realty Fund Inc)
