Common use of Specified Expenses Clause in Contracts

Specified Expenses. The Expense Limitation applies only to the Fund’s “Specified Expenses,” which is defined to include all expenses incurred in the business of the Fund, including organizational and offering costs, with the exception of (i) the management fee (as described in the Prospectus), (ii) the incentive fee (as described in the Prospectus), (iii) the servicing fee (as described in the Prospectus), (iv) the distribution fee (as described in the Prospectus), (v) property level expenses, (vi) brokerage costs or other investment-related out-of-pocket expenses, including with respect to unconsummated investments, (vii) dividend/interest payments (including any dividend payments, interest expenses, commitment fees, or other expenses related to any leverage incurred by the Fund), (viii) taxes, and (ix) extraordinary expenses (as determined in the sole discretion of the Adviser).