Common use of Syndication Fee Clause in Contracts

Syndication Fee. (a) In consideration of advice to the Companies relating to, but not limited to, syndication assistance with respect to the Fund and the distribution of shares of the Fund's common shares of beneficial interest, par value $0.01 (the "Shares"), including without limitation, securing syndicate participants for the Fund's initial public offering (the "Offering"), preparation of marketing and diligence materials for underwriters, conveying information and market updates to syndicate members and coordinating syndicate orders during the Offering, each of the Advisor and Sub-Advisor, severally and not jointly, shall pay a fee to Morgan Stanley equal to $[ ] (▇▇▇ "▇▇▇▇▇▇ation Fee"), $[ ] of which will be paid by the Advisor, and $[ ] of which will be paid by the Sub-Advisor. The Syndication Fee paid to Morgan Stanley shall not ex▇▇▇▇ ▇.[ ]% ▇▇ the total price to the public of the Shares sold by the Fund in the Offering. In the event the Offering does not proceed, Morgan Stanley will not rec▇▇▇▇ ▇n▇ ▇▇▇▇ under this Agreement; however, for the avoidance of doubt, accountable expenses actually incurred may be payable to Morgan Stanley pursuant to ▇▇▇ ▇▇r▇▇ ▇▇ ▇he principal underwriting agreement relating to the Offering (the "Underwriting Agreement"). (b) The Companies shall pay the Syndication Fee to Morgan Stanley on the closi▇▇ ▇▇ t▇▇ ▇▇▇▇hase and sale of the Shares pursuant to the Underwriting Agreement on March [ ], 2014 by wire transfer to the order of Morgan Stanley. The Compani▇▇ ▇▇▇n▇▇▇▇▇▇▇ that the Syndication Fee is in addition to any compensation Morgan Stanley earns in con▇▇▇▇▇▇n ▇▇▇▇ ▇ts role as an underwriter to the Fund in the Offering, which services are distinct from and in addition to the marketing and structuring services described above.

Syndication Fee. (a) In consideration of advice to the Companies relating to, but not limited to, syndication assistance with respect to the Fund and the distribution of shares of the Fund's common shares of beneficial interest, par value $0.01 (the "Shares"), including without limitation, securing syndicate participants for the Fund's initial public offering (the "Offering"), preparation of marketing and diligence materials for underwriters, conveying information and market updates to syndicate members and coordinating syndicate orders during the Offering, each of the Advisor and Sub-Advisor, severally and not jointly, shall pay a fee to Morgan Stanley equal to $[ [_____] (th▇ "▇▇▇ "▇d▇▇▇▇▇▇ation ▇ Fee"), $[ ] of which will be paid by the AdvisorAdviser, and $[ ] of which will be paid by the Sub-AdvisorAdviser. The Syndication Fee paid to Morgan Stanley shall not exexceed [__]% ▇▇ ▇h▇ ▇▇▇▇▇ ▇.[ ]% ▇▇ the total price to the public of the Shares sold by the Fund in the Offering. In the event the Offering does not proceed, Morgan Stanley will not recreceive any ▇▇▇▇ ▇n▇▇▇ ▇▇▇▇ under this s Agreement; however, for the avoidance of doubt, accountable expenses actually incurred may be payable to Morgan Stanley pursuant to ▇the terms ▇▇ ▇▇re ▇▇ ▇▇ ▇he principal ▇▇▇pal underwriting agreement relating to the Offering (the "Underwriting Agreement"). (b) The Companies shall pay the Syndication Fee to Morgan Stanley on the closiclosing of the ▇▇ ▇▇ t▇▇▇a▇▇ ▇▇▇▇hase and ▇ sale of the Shares pursuant to the Underwriting Agreement on March [ ], 2014 2011 by wire transfer to the order of Morgan Stanley. The Compani▇▇ ▇▇▇n▇▇Companies acknow▇▇▇▇▇ that the t▇▇▇ ▇▇▇ Syndication Fee is in addition to any compensation Morgan Stanley earns in conconnection w▇▇▇ ▇▇▇▇n s ▇▇▇▇ ▇ts role as s an underwriter to the Fund in the Offering, which services are distinct from and in addition to the marketing and structuring services described above.

Syndication Fee. (a) In consideration of advice to the Companies relating to, but not limited to, syndication assistance with respect to the Fund and the distribution of shares of the Fund's common shares of beneficial interest, par value $0.01 (the "Shares"), including without limitation, securing syndicate participants for the Fund's initial public offering (the "Offering"), preparation of marketing and diligence materials for underwriters, conveying information and market updates to syndicate members and coordinating syndicate orders during the Offering, each of the Advisor and Sub-Advisor, severally and not jointly, shall pay a fee to Morgan Stanley equal to $[ ] (▇▇▇ "▇▇▇▇▇▇ation Fee"), $[ ] of which will be paid by the Advisor, and $[ ] of which will be paid by the Sub-Advisor. The Syndication Fee paid to Morgan Stanley shall not ex▇▇▇▇ ▇.[ ]% ▇▇ the ▇he total price to the public of the Shares sold by the Fund in the Offering. In the event the Offering does not proceed, Morgan Stanley will not rec▇▇▇▇ ▇n▇ ▇▇▇▇ under this Agreement; however, for the avoidance of doubt, accountable expenses actually incurred may be payable to Morgan Stanley pursuant to ▇▇▇ ▇▇r▇▇ ▇▇ ▇he principal underwriting agreement relating to the Offering (the "Underwriting Agreement"). (b) The Companies shall pay the Syndication Fee to Morgan Stanley on the closi▇▇ ▇▇ t▇▇ ▇▇▇▇hase and sale of the Shares pursuant to the Underwriting Agreement on March [ November [], 2014 2012 by wire transfer to the order of Morgan Stanley. The Compani▇▇ ▇▇▇n▇▇▇▇▇▇▇ that the Syndication Fee is in addition to any compensation Morgan Stanley earns in con▇▇▇▇▇▇n ▇▇▇▇ ▇ts role as an underwriter to the Fund in the Offering, which services are distinct from and in addition to the marketing and structuring services described above.

Syndication Fee. (a) In consideration of advice to the Companies relating to, but not limited to, syndication assistance with respect to the Fund and the distribution of shares of the Fund's common shares of beneficial interest, par value $0.01 (the "Shares"), including without limitation, securing syndicate participants for the Fund's initial public offering (the "Offering"), preparation of marketing and diligence materials for underwriters, conveying information and market updates to syndicate members and coordinating syndicate orders during the Offering, each of the Advisor and Sub-Advisor, severally and not jointly, shall pay a fee to Morgan Stanley equal to $$ [ ] (▇▇▇ e "▇▇▇▇▇▇ation cation Fee"), $[ ] of which will be paid by the Advisor, and $[ ] of which will be paid by the Sub-Advisor. The Syndication Fee paid to Morgan Stanley shall not ex▇▇▇▇ ▇.[ ]% ▇▇ the total price to the public of the Shares sold by the Fund in the Offering. In the event the Offering does not proceed, Morgan Stanley will not rec▇▇▇▇ ▇n▇ ▇▇▇▇ under this Agreement; however, for the avoidance of doubt, accountable expenses actually incurred may be payable to Morgan Stanley pursuant to ▇▇▇ ▇▇r▇▇ ▇▇ ▇he principal underwriting agreement relating to the Offering (the "Underwriting Agreement"). (b) The Companies shall pay the Syndication Fee to Morgan Stanley on the closi▇▇ ▇▇ t▇▇ ▇▇▇▇hase and sale of the Shares pursuant to the Underwriting Agreement on March May [ ], 2014 2013 by wire transfer to the order of Morgan Stanley. The Compani▇▇ ▇▇▇n▇▇▇▇▇▇▇ that the Syndication Fee is in addition to any compensation Morgan Stanley earns in con▇▇▇▇▇▇n ▇▇▇▇ ▇ts role as an underwriter to the Fund in the Offering, which services are distinct from and in addition to the marketing and structuring services described above.