Common use of Volume Discounts Clause in Contracts

Volume Discounts. (i) Notwithstanding the provisions of Section 4(a) hereof, and subject to certain conditions and exceptions explained below, the Selling Commission to be paid by the Company shall be reduced for Class A Shares sold to an investor who makes an initial cash investment or, in the aggregate, combined additional investments of more than $500,000.00 through the same Soliciting Dealer. The per Class A Share discount will apply to the specific range of each Class A Share purchased in the total volume ranges set forth in the following schedule: Amount of Investor’s Investment Purchase Price Per Class A Share in Volume Discount Range Maximum Reallowable Commission Per Class A Share From To $ 0 $ 500,000 $ 25.00 6 % $ 500,001 $ 1,000,000 $ 24.75 5 % $1,000,001 $ 2,000,000 $ 24.50 4 % $2,000,001 $ 3,000,000 $ 24.25 3 % $3,000,001 $ 4,000,000 $ 24.00 2 % $4,000,001 and over $ 23.75 1 % As an example, a single purchaser who invests $1,250,000 in Class A Shares would receive 50,406.10 Class A Shares rather than 50,000 Class A Shares. The discount would be calculated as follows: for the first $500,000 invested, the purchaser would acquire 20,000 Class A Shares at a cost of $25.00 per Class A Share (Class A Selling Commission of six percent (6%)); for the next $500,000 invested, the purchaser would acquire 20,202.02 Class A Shares at a cost of $24.75 per Class A Share (Class A Selling Commission of five percent (5%)); and for the last $250,000 invested, the purchaser would acquire 10,204.08 Class A Shares at a cost of $24.50 per Class A Share (Class A Selling Commission of four percent (4%)).

Volume Discounts. (i) Notwithstanding the provisions of Section 4(a) hereof, and subject to certain conditions and exceptions explained below, the Selling Commission to be paid reallowed by the Company Dealer Manager to the Soliciting Dealer shall be reduced for Class A Shares sold to an investor who makes an initial cash investment or, in the aggregate, combined additional investments of more than $500,000.00 through the same Soliciting Dealer. The per Class A Share discount will apply to the specific range of each Class A Share purchased in the total volume ranges set forth in the following schedule: Amount of Investor’s Investment Purchase Price Per Class A Share in Volume Discount Range Maximum Reallowable Commission Per Class A Share From To $ 0 $ 500,000 $ 25.00 6 % $ 500,001 $ 1,000,000 $ 24.75 5 % $1,000,001 $ 2,000,000 $ 24.50 4 % $2,000,001 $ 3,000,000 $ 24.25 3 % $3,000,001 $ 4,000,000 $ 24.00 2 % $4,000,001 and over $ 23.75 1 % As an example, a single purchaser who invests $1,250,000 in Class A Shares would receive 50,406.10 Class A Shares rather than 50,000 Class A Shares. The discount would be calculated as follows: for the first $500,000 invested, the purchaser would acquire 20,000 Class A Shares at a cost of $25.00 per Class A Share (Class A Selling Commission Commissions of six percent (6%)); for the next $500,000 invested, the purchaser would acquire 20,202.02 Class A Shares at a cost of $24.75 per Class A Share (Class A Selling Commission Commissions of five percent (5%)); and for the last $250,000 invested, the purchaser would acquire 10,204.08 Class A Shares at a cost of $24.50 per Class A Share (Class A Selling Commission Commissions of four percent (4%)).

Volume Discounts. (i) Notwithstanding the provisions of Section 4(a) hereof, and subject to certain conditions and exceptions explained below, the Selling Commission to be paid by the Company shall be reduced for Class A Shares sold to an investor who makes an initial cash investment or, in the aggregate, combined additional investments of more than at least $500,000.00 through the same Soliciting Dealer. The per Class A Share discount will apply to the specific range of each Class A Share purchased in the total volume ranges set forth in the following schedule: Amount of Investor’s Investment Selling Commission Purchase Price Per Class A Share in Volume Discount Range Maximum Reallowable Commission Per Class A Share From To $ 0 $ 500,000 $ 25.00 6 7 % $ 500,001 $ 1,000,000 $ 24.75 5 6 % $$ 1,000,001 $ 2,000,000 $ 24.50 4 5 % $$ 2,000,001 $ 3,000,000 $ 24.25 3 4 % $$ 3,000,001 $ 4,000,000 $ 24.00 3 % $ 4,000,001 $ 5,000,000 $ 23.75 2 % $4,000,001 $ 5,000,001 and over $ 23.75 23.50 1 % As an example, a single purchaser who invests $1,250,000 in Class A Shares would receive 50,406.10 126,015 Class A Shares rather than 50,000 125,000 Class A Shares. The discount would be calculated as follows: for the first $500,000 invested, the purchaser would acquire 20,000 50,000 Class A Shares at a cost of $25.00 per Class A Share (Class A Selling Commission Commissions of six seven percent (67%)); for the next $500,000 invested, the purchaser would acquire 20,202.02 50,505 Class A Shares at a cost of $24.75 per Class A Share (Class A Selling Commission of five six percent (56%)); and for the last $250,000 invested, the purchaser would acquire 10,204.08 25,510 Class A Shares at a cost of $24.50 per Class A Share (Class A Selling Commission Commissions of four five percent (45%)).

Volume Discounts. (i) Notwithstanding the provisions of Section 4(a) hereof, and subject to certain conditions and exceptions explained below, the Selling Commission to be paid reallowed by the Company Dealer Manager to the Soliciting Dealer shall be reduced for Class A Shares sold to an investor who makes an initial cash investment or, in the aggregate, combined additional investments of more than at least $500,000.00 through the same Soliciting Dealer. The per Class A Share discount will apply to the specific range of each Class A Share purchased in the total volume ranges set forth in the following schedule: Amount of Investor’s Investment Selling Commission Purchase Price Per Class A Share in Volume Discount Range Maximum Reallowable Commission Per Class A Share From To $ 0 $ 500,000 $ 25.00 6 7 % $ 500,001 $ 1,000,000 $ 24.75 5 6 % $$ 1,000,001 $ 2,000,000 $ 24.50 4 5 % $Amount of Selling Commission Purchase Price Per Class A Share in Volume Discount Range Maximum Reallowable Commission Per Class A Share From To $ 2,000,001 $ 3,000,000 $ 24.25 3 4 % $$ 3,000,001 $ 4,000,000 $ 24.00 3 % $ 4,000,001 $ 5,000,000 $ 23.75 2 % $4,000,001 $ 5,000,001 and over $ 23.75 23.50 1 % As an example, a single purchaser who invests $1,250,000 in Class A Shares would receive 50,406.10 126,015 Class A Shares rather than 50,000 125,000 Class A Shares. The discount would be calculated as follows: for the first $500,000 invested, the purchaser would acquire 20,000 50,000 Class A Shares at a cost of $25.00 per Class A Share (Class A Selling Commission Commissions of six seven percent (67%)); for the next $500,000 invested, the purchaser would acquire 20,202.02 50,505 Class A Shares at a cost of $24.75 per Class A Share (Class A Selling Commission of five six percent (56%)); and for the last $250,000 invested, the purchaser would acquire 10,204.08 25,510 Class A Shares at a cost of $24.50 per Class A Share (Class A Selling Commission Commissions of four five percent (45%)).

Volume Discounts. (i) Notwithstanding the provisions of Section 4(a) hereof, and subject to certain conditions and exceptions explained below, the Selling Commission to be paid by the Company shall be reduced for Class A Shares sold to an investor who makes an initial cash investment or, in the aggregate, combined additional investments of more than $500,000.00 through the same Soliciting Dealer. The per Class A Share discount will apply to the specific range of each Class A Share purchased in the total volume ranges set forth in the following schedule: Amount of Investor’s Investment Purchase Price Per Class A Share in Volume Discount Range Maximum Reallowable Commission Per Class A Share From To $ 0 $ 500,000 $ 25.00 6 6% $ 500,001 $ 1,000,000 $ 24.75 5 5% $$ 1,000,001 $ 2,000,000 $ 24.50 4 4% $$ 2,000,001 $ 3,000,000 $ 24.25 3 3% $$ 3,000,001 $ 4,000,000 $ 24.00 2 2% $$ 4,000,001 and over $ 23.75 1 1% As an example, a single purchaser who invests $1,250,000 in Class A Shares would receive 50,406.10 Class A Shares rather than 50,000 Class A Shares. The discount would be calculated as follows: for the first $500,000 invested, the purchaser would acquire 20,000 Class A Shares at a cost of $25.00 per Class A Share (Class A Selling Commission of six percent (6%)); for the next $500,000 invested, the purchaser would acquire 20,202.02 Class A Shares at a cost of $24.75 per Class A Share (Class A Selling Commission of five percent (5%)); and for the last $250,000 invested, the purchaser would acquire 10,204.08 Class A Shares at a cost of $24.50 per Class A Share (Class A Selling Commission of four percent (4%)).

Volume Discounts. (i) Notwithstanding the provisions of Section 4(a) hereof, and subject to certain conditions and exceptions explained below, the Selling Commission to be paid reallowed by the Company Dealer Manager to the Soliciting Dealer shall be reduced for Class A Shares sold to an investor who makes an initial cash investment or, in the aggregate, combined additional investments of more than $500,000.00 through the same Soliciting Dealer. The per Class A Share discount will apply to the specific range of each Class A Share purchased in the total volume ranges set forth in the following schedule: Amount of Investor’s Investment Purchase Price Per Class A Share in Volume Discount Range Maximum Reallowable Commission Per From To Discount Range Class A Share From To $ 0 $ 500,000 $ 25.00 6 6% $ 500,001 $ 1,000,000 $ 24.75 5 5% $$ 1,000,001 $ 2,000,000 $ 24.50 4 4% $$ 2,000,001 $ 3,000,000 $ 24.25 3 3% $$ 3,000,001 $ 4,000,000 $ 24.00 2 2% $$ 4,000,001 and over $ 23.75 1 1% As an example, a single purchaser who invests $1,250,000 in Class A Shares would receive 50,406.10 Class A Shares rather than 50,000 Class A Shares. The discount would be calculated as follows: for the first $500,000 invested, the purchaser would acquire 20,000 Class A Shares at a cost of $25.00 per Class A Share (Class A Selling Commission Commissions of six percent (6%)); for the next $500,000 invested, the purchaser would acquire 20,202.02 Class A Shares at a cost of $24.75 per Class A Share (Class A Selling Commission Commissions of five percent (5%)); and for the last $250,000 invested, the purchaser would acquire 10,204.08 Class A Shares at a cost of $24.50 per Class A Share (Class A Selling Commission Commissions of four percent (4%)).

Volume Discounts. (i) Notwithstanding the provisions of Section 4(a) hereof, and subject to certain conditions and exceptions explained below, the Selling Commission to be paid reallowed by the Company Dealer Manager to the Soliciting Dealer shall be reduced for Class A Shares sold to an investor who makes an initial cash investment or, in the aggregate, combined additional investments of more than $500,000.00 through the same Soliciting Dealer. The per Class A Share discount will apply to the specific range of each Class A Share purchased in the total volume ranges set forth in the following schedule: Amount of Investor’s Investment Purchase Price Per Class A Share in Volume Discount Range Maximum Reallowable Commission Per Class A Share From To $ 0 $ 500,000 $ 25.00 6 6% $ 500,001 $ 1,000,000 $ 24.75 5 5% $$ 1,000,001 $ 2,000,000 $ 24.50 4 4% $$ 2,000,001 $ 3,000,000 $ 24.25 3 3% $$ 3,000,001 $ 4,000,000 $ 24.00 2 2% $$ 4,000,001 and over $ 23.75 1 1% As an example, a single purchaser who invests $1,250,000 in Class A Shares would receive 50,406.10 Class A Shares rather than 50,000 Class A Shares. The discount would be calculated as follows: for the first $500,000 invested, the purchaser would acquire 20,000 Class A Shares at a cost of $25.00 per Class A Share (Class A Selling Commission Commissions of six percent (6%)); for the next $500,000 invested, the purchaser would acquire 20,202.02 Class A Shares at a cost of $24.75 per Class A Share (Class A Selling Commission Commissions of five percent (5%)); and for the last $250,000 invested, the purchaser would acquire 10,204.08 Class A Shares at a cost of $24.50 per Class A Share (Class A Selling Commission Commissions of four percent (4%)).

Volume Discounts. (i) Notwithstanding the provisions of Section 4(a) hereof, and subject to certain conditions and exceptions explained below, the Selling Commission to be paid reallowed by the Company Dealer Manager to the Soliciting Dealer shall be reduced for Class A Shares sold to an investor who makes an initial cash investment or, in the aggregate, combined additional investments of more than at least $500,000.00 through the same Soliciting Dealer. The per Class A Share discount will apply to the specific range of each Class A Share purchased in the total volume ranges set forth in the following schedule: Amount of Investor’s Investment Selling Commission Purchase Price Per Class A Share in Volume Discount Range Maximum Reallowable Commission Per Class A Share From To $ 0 $ 500,000 $ 25.00 6 7 % $ 500,001 $ 1,000,000 $ 24.75 5 6 % $$ 1,000,001 $ 2,000,000 $ 24.50 4 5 % $$ 2,000,001 $ 3,000,000 $ 24.25 3 4 % $$ 3,000,001 $ 4,000,000 $ 24.00 3 % $ 4,000,001 $ 5,000,000 $ 23.75 2 % $4,000,001 $ 5,000,001 and over $ 23.75 23.50 1 % As an example, a single purchaser who invests $1,250,000 in Class A Shares would receive 50,406.10 126,015 Class A Shares rather than 50,000 125,000 Class A Shares. The discount would be calculated as follows: for the first $500,000 invested, the purchaser would acquire 20,000 50,000 Class A Shares at a cost of $25.00 per Class A Share (Class A Selling Commission Commissions of six seven percent (67%)); for the next $500,000 invested, the purchaser would acquire 20,202.02 50,505 Class A Shares at a cost of $24.75 per Class A Share (Class A Selling Commission of five six percent (56%)); and for the last $250,000 invested, the purchaser would acquire 10,204.08 25,510 Class A Shares at a cost of $24.50 per Class A Share (Class A Selling Commission Commissions of four five percent (45%)).

Volume Discounts. (i) Notwithstanding the provisions of Section 4(a) hereof, and subject to certain conditions and exceptions explained below, the Selling Commission to be paid reallowed by the Company Dealer Manager to the Soliciting Dealer shall be reduced for Class A Shares sold to an investor who makes an initial cash investment or, in the aggregate, combined additional investments of more than $500,000.00 through the same Soliciting Dealer. The per Class A Share discount will apply to the specific range of each Class A Share purchased in the total volume ranges set forth in the following schedule: Amount of Investor’s Investment From To Purchase Price Per Class A Share in Volume Discount Range Maximum Reallowable Commission Per Class A Share From To $ 0 $ 500,000 $ 25.00 6 % $ 500,001 $ 1,000,000 $ 24.75 5 % $$ 1,000,001 $ 2,000,000 $ 24.50 4 % $$ 2,000,001 $ 3,000,000 $ 24.25 3 % $$ 3,000,001 $ 4,000,000 $ 24.00 2 % $$ 4,000,001 and over $ 23.75 1 % As an example, a single purchaser who invests $1,250,000 in Class A Shares would receive 50,406.10 Class A Shares rather than 50,000 Class A Shares. The discount would be calculated as follows: for the first $500,000 invested, the purchaser would acquire 20,000 Class A Shares at a cost of $25.00 per Class A Share (Class A Selling Commission Commissions of six percent (6%)); for the next $500,000 invested, the purchaser would acquire 20,202.02 Class A Shares at a cost of $24.75 per Class A Share (Class A Selling Commission Commissions of five percent (5%)); and for the last $250,000 invested, the purchaser would acquire 10,204.08 Class A Shares at a cost of $24.50 per Class A Share (Class A Selling Commission Commissions of four percent (4%)).

Volume Discounts. (i) Notwithstanding the provisions of Section 4(a) hereof, and subject to certain conditions and exceptions explained below, the Selling Commission to be paid reallowed by the Company Dealer Manager to the Soliciting Dealer shall be reduced for Class A Shares sold to an investor who makes an initial cash investment or, in the aggregate, combined additional investments of more than at least $500,000.00 through the same Soliciting Dealer. The per Class A Share discount will apply to the specific range of each Class A Share purchased in the total volume ranges set forth in the following schedule: Amount of Investor’s Investment Selling Commission Purchase Price Per Class A Share in Volume Discount Range Maximum Reallowable Commission Per From To Discount Range Class A Share From To $ 0 $ 500,000 $ 25.00 6 7 % $ 500,001 $ 1,000,000 $ 24.75 5 6 % $$ 1,000,001 $ 2,000,000 $ 24.50 4 5 % $$ 2,000,001 $ 3,000,000 $ 24.25 3 4 % $$ 3,000,001 $ 4,000,000 $ 24.00 3 % $ 4,000,001 $ 5,000,000 $ 23.75 2 % $4,000,001 $ 5,000,001 and over $ 23.75 23.50 1 % As an example, a single purchaser who invests $1,250,000 in Class A Shares would receive 50,406.10 Class A Shares rather than 50,000 Class A Shares. The discount would be calculated as follows: for the first $500,000 invested, the purchaser would acquire 20,000 Class A Shares at a cost of $25.00 per Class A Share (Class A Selling Commission Commissions of six seven percent (67%)); for the next $500,000 invested, the purchaser would acquire 20,202.02 Class A Shares at a cost of $24.75 per Class A Share (Class A Selling Commission of five six percent (56%)); and for the last $250,000 invested, the purchaser would acquire 10,204.08 Class A Shares at a cost of $24.50 per Class A Share (Class A Selling Commission Commissions of four five percent (45%)).

Volume Discounts. (i) Notwithstanding the provisions of Section 4(a) hereof, and subject to certain conditions and exceptions explained below, the Selling Commission to be paid by the Company shall be reduced for Class A Shares sold to an investor who makes an initial cash investment or, in the aggregate, combined additional investments of more than at least $500,000.00 through the same Soliciting Dealer. The per Class A Share discount will apply to the specific range of each Class A Share purchased in the total volume ranges set forth in the following schedule: Amount of Investor’s Investment Selling Commission Purchase Price Per Class A Share in Volume Discount Range Maximum Reallowable Commission Per Class A Share ($25 per Share) From To $ $0 $ 500,000 $ 25.00 6 7 % $ $500,001 $ 1,000,000 $ 24.75 5 6 % $1,000,001 $ 2,000,000 $ 24.50 4 5 % $2,000,001 $ 3,000,000 $ 24.25 3 4 % $3,000,001 $ 4,000,000 $ 24.00 3 % $4,000,001 $ 5,000,000 $ 23.75 2 % $4,000,001 5,000,001 and over $ 23.75 23.50 1 % As an example, a single purchaser who invests $1,250,000 in Class A Shares would receive 50,406.10 Class A Shares rather than 50,000 Class A Shares. The discount would be calculated as follows: for the first $500,000 invested, the purchaser would acquire 20,000 Class A Shares at a cost of $25.00 per Class A Share (Class A Selling Commission Commissions of six seven percent (67%)); for the next $500,000 invested, the purchaser would acquire 20,202.02 Class A Shares at a cost of $24.75 per Class A Share (Class A Selling Commission of five six percent (56%)); and for the last $250,000 invested, the purchaser would acquire 10,204.08 Class A Shares at a cost of $24.50 per Class A Share (Class A Selling Commission Commissions of four five percent (45%)).

Volume Discounts. (i) Notwithstanding the provisions of Section 4(a) hereof, and subject to certain conditions and exceptions explained below, the Selling Commission to be paid reallowed by the Company Dealer Manager to the Soliciting Dealer shall be reduced for Class A Shares sold to an investor who makes an initial cash investment or, in the aggregate, combined additional investments of more than $500,000.00 through the same Soliciting Dealer. The per Class A Share discount will apply to the specific range of each Class A Share purchased in the total volume ranges set forth in the following schedule: Amount of Investor’s Investment Purchase Price Per Class A Share in Volume Discount Range Maximum Reallowable Commission Per Class A Share From To Range Share $ 0 $ 500,000 $ 25.00 6 6% $ 500,001 $ 1,000,000 $ 24.75 5 5% $$ 1,000,001 $ 2,000,000 $ 24.50 4 4% $$ 2,000,001 $ 3,000,000 $ 24.25 3 3% $$ 3,000,001 $ 4,000,000 $ 24.00 2 2% $$ 4,000,001 and over $ 23.75 1 1% As an example, a single purchaser who invests $1,250,000 in Class A Shares would receive 50,406.10 Class A Shares rather than 50,000 Class A Shares. The discount would be calculated as follows: for the first $500,000 invested, the purchaser would acquire 20,000 Class A Shares at a cost of $25.00 per Class A Share (Class A Selling Commission Commissions of six percent (6%)); for the next $500,000 invested, the purchaser would acquire 20,202.02 Class A Shares at a cost of $24.75 per Class A Share (Class A Selling Commission Commissions of five percent (5%)); and for the last $250,000 invested, the purchaser would acquire 10,204.08 Class A Shares at a cost of $24.50 per Class A Share (Class A Selling Commission Commissions of four percent (4%)).

Volume Discounts. (i) Notwithstanding the provisions of Section 4(a) hereof, and subject to certain conditions and exceptions explained below, the Selling Commission to be paid by the Company shall be reduced for Class A Shares sold to an investor who makes an initial cash investment or, in the aggregate, combined additional investments of more than $500,000.00 through the same Soliciting Dealer. The per Class A Share discount will apply to the specific range of each Class A Share purchased in the total volume ranges set forth in the following schedule: Amount of Investor’s Investment Purchase Price Per Class A Share in Volume Discount Range Maximum Reallowable Commission Per From To Discount Range Class A Share From To $ 0 $ 500,000 $ 25.00 6 6% $ 500,001 $ 1,000,000 $ 24.75 5 5% $$ 1,000,001 $ 2,000,000 $ 24.50 4 4% $$ 2,000,001 $ 3,000,000 $ 24.25 3 3% $$ 3,000,001 $ 4,000,000 $ 24.00 2 2% $$ 4,000,001 and over $ 23.75 1 1% As an example, a single purchaser who invests $1,250,000 in Class A Shares would receive 50,406.10 Class A Shares rather than 50,000 Class A Shares. The discount would be calculated as follows: for the first $500,000 invested, the purchaser would acquire 20,000 Class A Shares at a cost of $25.00 per Class A Share (Class A Selling Commission of six percent (6%)); for the next $500,000 invested, the purchaser would acquire 20,202.02 Class A Shares at a cost of $24.75 per Class A Share (Class A Selling Commission of five percent (5%)); and for the last $250,000 invested, the purchaser would acquire 10,204.08 Class A Shares at a cost of $24.50 per Class A Share (Class A Selling Commission of four percent (4%)).