Common use of Terms and Conditions of the Distribution Fee Clause in Contracts

Terms and Conditions of the Distribution Fee. (1) From and after the sale by Participating Broker-Dealer of Class A Shares sold as Primary Shares hereunder, the Dealer Manager will reallow to Participating Broker-Dealer during the term of the Participating Broker-Dealer Agreement a portion of the Distribution Fee with respect to such Class A Shares that shall be calculated daily and paid monthly. For each day during the applicable calendar quarter for which the Distribution Fee is calculated, the Distribution Fee reallowed to Participating Broker-Dealer shall equal (A) __% multiplied by (B)(i) 1/365th of 0.50% of the Company’s NAV allocable to the outstanding Class A Shares each day, multiplied by (ii) the percentage equal to the number of Class A Shares sold by Participating Broker-Dealer that are outstanding on such day divided by the total number of Class A Shares outstanding on such day. These amounts are in addition to the selling commissions provided for in Section IV of this Participating Broker-Dealer Agreement. (2) From and after the sale by Participating Broker-Dealer of Class T Shares sold as Primary Shares hereunder, the Dealer Manager will reallow to Participating Broker-Dealer during the term of the Participating Broker-Dealer Agreement a portion of the Distribution Fee with respect to such Class T Shares that shall be calculated daily and paid monthly. For each day during the applicable calendar quarter for which the Distribution Fee is calculated, the Distribution Fee reallowed to Participating Broker-Dealer shall equal (A) __% multiplied by (B)(i) 1/365th of 1% of the Company’s NAV allocable to the outstanding Class T Shares each day, multiplied by (ii) the percentage equal to the number of Class T Shares sold by Participating Broker-Dealer that are outstanding on such day divided by the total number of Class T Shares outstanding on such day. These amounts are in addition to the selling commissions provided for in Section IV of this Participating Broker-Dealer Agreement.

Terms and Conditions of the Distribution Fee. (1) From and after the sale by Participating Broker-Dealer of Class A Shares sold as Primary Shares hereunder, the Dealer Manager will reallow to Participating Broker-Dealer during the term of the Participating Broker-Dealer Agreement a portion of the Distribution Fee with respect to such Class A Shares that shall be calculated daily and paid monthly. For each day during the applicable calendar quarter for which the Distribution Fee is calculated, the Distribution Fee reallowed to Participating Broker-Dealer shall equal (A) __% multiplied by (B)(i) 1/365th of 0.50% of the Company’s NAV allocable to the outstanding Class A Shares each day, multiplied by (ii) the percentage equal to the number of Class A Shares sold by Participating Broker-Dealer that are outstanding on such day divided by the total number of Class A Shares outstanding on such day. These amounts are in addition to the selling commissions provided for in Section IV of this Participating Broker-Dealer Agreement. (2) From and after the sale by Participating Broker-Dealer of Class T Shares sold as Primary Shares hereunder, the Dealer Manager will reallow to Participating Broker-Dealer during the term of the Participating Broker-Dealer Agreement a portion of the Distribution Fee with respect to such Class T Shares that shall be calculated daily and paid monthly. For each day during the applicable calendar quarter for which the Distribution Fee is calculated, the Distribution Fee reallowed to Participating Broker-Dealer shall equal (A) __% multiplied by (B)(i) 1/365th of 1% of the Company’s NAV allocable to the outstanding Class T Shares each day, multiplied by (ii) the percentage equal to the number of Class T Shares sold by Participating Broker-Dealer that are outstanding on such day divided by the total number of Class T Shares outstanding on such day. These amounts are in addition to the selling commissions provided for in Section IV of this Participating Broker-Dealer Agreement. (3) From and after the sale by Participating Broker-Dealer of Class S Shares sold as Primary Shares hereunder, the Dealer Manager will reallow to Participating Broker-Dealer during the term of the Participating Broker-Dealer Agreement a portion of the Distribution Fee with respect to such Class S Shares that shall be calculated daily and paid monthly. For each day during the applicable calendar quarter for which the Distribution Fee is calculated, the Distribution Fee reallowed to Participating Broker-Dealer shall equal (A) % multiplied by (B)(i) 1/365th of 0.85% of the Company’s NAV allocable to the outstanding Class S Shares each day, multiplied by (ii) the percentage equal to the number of Class S Shares sold by Participating Broker-Dealer that are outstanding on such day divided by the total number of Class S Shares outstanding on such day. These amounts are in addition to the selling commissions provided for in Section IV of this Participating Broker-Dealer Agreement. (4) From and after the sale by Participating Broker-Dealer of Class T2 Shares sold as Primary Shares hereunder, the Dealer Manager will reallow to Participating Broker-Dealer during the term of the Participating Broker-Dealer Agreement a portion of the Distribution Fee with respect to such Class T2 Shares that shall be calculated daily and paid monthly. For each day during the applicable calendar quarter for which the Distribution Fee is calculated, the Distribution Fee reallowed to Participating Broker-Dealer shall equal (A) % multiplied by (B)(i) 1/365th of 0.85% of the Company’s NAV allocable to the outstanding Class T2 Shares each day, multiplied by (ii) the percentage equal to the number of Class T2 Shares sold by Participating Broker-Dealer that are outstanding on such day divided by the total number of Class T2 Shares outstanding on such day. These amounts are in addition to the selling commissions provided for in Section IV of this Participating Broker-Dealer Agreement.

Terms and Conditions of the Distribution Fee. (1) From and after the sale by Participating Broker-Dealer of Class A Shares sold as Primary Shares hereunder, the Dealer Manager will reallow to Participating Broker-Dealer during the term of the Participating Broker-Dealer Agreement a portion of the Distribution Fee with respect to such Class A Shares that shall be calculated daily and paid monthly. For each day during the applicable calendar quarter for which the Distribution Fee is calculated, the Distribution Fee reallowed to Participating Broker-Dealer shall equal (A) __% multiplied by (B)(i) 1/365th of 0.50% of the Company’s NAV allocable to the outstanding Class A Shares each day, multiplied by (ii) the percentage equal to the number of Class A Shares sold by Participating Broker-Dealer that are outstanding on such day divided by the total number of Class A Shares outstanding on such day. These amounts are in addition to the selling commissions provided for in Section IV of this Participating Broker-Dealer Agreement. (2) From and after the sale by Participating Broker-Dealer of Class T Shares sold as Primary Shares hereunder, the Dealer Manager will reallow to Participating Broker-Dealer during the term of the Participating Broker-Dealer Agreement a portion of the Distribution Fee with respect to such Class T Shares that shall be calculated daily and paid monthly. For each day during the applicable calendar quarter for which the Distribution Fee is calculated, the Distribution Fee reallowed to Participating Broker-Dealer shall equal (A) __% multiplied by (B)(i) 1/365th of 1% of the Company’s NAV allocable to the outstanding Class T Shares each day, multiplied by (ii) the percentage equal to the number of Class T Shares sold by Participating Broker-Dealer that are outstanding on such day divided by the total number of Class T Shares outstanding on such day. These amounts are in addition to the selling commissions provided for in Section IV of this Participating Broker-Dealer Agreement.

Terms and Conditions of the Distribution Fee. (1) From and after the sale by Participating Broker-Dealer of Class A Shares sold as Primary Shares hereunder, the Dealer Manager will reallow to Participating Broker-Dealer during the term of the Participating Broker-Dealer Agreement a portion of the Distribution Fee with respect to such Class A Shares that shall be calculated daily and paid monthly. For each day during the applicable calendar quarter for which the Distribution Fee is calculated, the Distribution Fee reallowed to Participating Broker-Dealer shall equal (A) ____% multiplied by (B)(i) 1/365th of 0.50% of the Company’s NAV allocable to the outstanding Class A Shares each day, multiplied by (ii) the percentage equal to the number of Class A Shares sold by Participating Broker-Dealer that are outstanding on such day divided by the total number of Class A Shares outstanding on such day. These amounts are in addition to the selling commissions provided for in Section IV of this Participating Broker-Dealer Agreement. (2) From and after the sale by Participating Broker-Dealer of Class T Shares sold as Primary Shares hereunder, the Dealer Manager will reallow to Participating Broker-Dealer during the term of the Participating Broker-Dealer Agreement a portion of the Distribution Fee with respect to such Class T Shares that shall be calculated daily and paid monthly. For each day during the applicable calendar quarter for which the Distribution Fee is calculated, the Distribution Fee reallowed to Participating Broker-Dealer shall equal (A) ____% multiplied by (B)(i) 1/365th of 1% of the Company’s NAV allocable to the outstanding Class T Shares each day, multiplied by (ii) the percentage equal to the number of Class T Shares sold by Participating Broker-Dealer that are outstanding on such day divided by the total number of Class T Shares outstanding on such day. These amounts are in addition to the selling commissions provided for in Section IV of this Participating Broker-Dealer Agreement. (3) From and after the sale by Participating Broker-Dealer of Class S Shares sold as Primary Shares hereunder, the Dealer Manager will reallow to Participating Broker-Dealer during the term of the Participating Broker-Dealer Agreement a portion of the Distribution Fee with respect to such Class S Shares that shall be calculated daily and paid monthly. For each day during the applicable calendar quarter for which the Distribution Fee is calculated, the Distribution Fee reallowed to Participating Broker-Dealer shall equal (A) ____% multiplied by (B)(i) 1/365th of 0.85% of the Company’s NAV allocable to the outstanding Class S Shares each day, multiplied by (ii) the percentage equal to the number of Class S Shares sold by Participating Broker-Dealer that are outstanding on such day divided by the total number of Class S Shares outstanding on such day. These amounts are in addition to the selling commissions provided for in Section IV of this Participating Broker-Dealer Agreement. (4) From and after the sale by Participating Broker-Dealer of Class T2 Shares sold as Primary Shares hereunder, the Dealer Manager will reallow to Participating Broker-Dealer during the term of the Participating Broker-Dealer Agreement a portion of the Distribution Fee with respect to such Class T2 Shares that shall be calculated daily and paid monthly. For each day during the applicable calendar quarter for which the Distribution Fee is calculated, the Distribution Fee reallowed to Participating Broker-Dealer shall equal (A) ____% multiplied by (B)(i) 1/365th of 0.85% of the Company’s NAV allocable to the outstanding Class T2 Shares each day, multiplied by (ii) the percentage equal to the number of Class T2 Shares sold by Participating Broker-Dealer that are outstanding on such day divided by the total number of Class T2 Shares outstanding on such day. These amounts are in addition to the selling commissions provided for in Section IV of this Participating Broker-Dealer Agreement.