EXHIBIT (g)(2)
ING CLARION GLOBAL REAL ESTATE SECURITIES, L.P.
WAIVER RELIANCE LETTER
February 18, 2004
ING Clarion Global Real Estate Income Fund
000 Xxxxx Xxxxxx Xxxxxxx Xxxx
Xxxxxx Xxxxx
Xxxxxx, Xxxxxxxxxxxx, 00000
Ladies and Gentlemen:
ING Clarion Real Estate Securities, L.P. (the "Advisor") and
ING Clarion Global Real Estate Income Fund (the "Trust"), a closed-end
management investment company registered under the Investment Company Act of
1940, as amended, have entered into an Investment Management Agreement, dated as
of February 18, 2004 (the "Advisory Agreement"), pursuant to which the Advisor
has agreed to furnish investment advisory services to the Trust on the terms and
subject to the conditions of the Advisory Agreement.
The Advisory Agreement provides, among other things, that the
Trust will pay to the Advisor as full compensation for all investment advisory
services rendered by the Advisor to the Trust under the Advisory Agreement a
monthly fee in arrears at an annual rate equal to 0.85% of the average weekly
value of the Trust's Managed Assets (as defined in the Advisory Agreement) (such
fee being referred to herein as the "Investment Advisory Fee"). The Advisor has
covenanted to the underwriters of the Trust's common shares of beneficial
interest that the Advisor will waive receipt of certain payments that would be
expenses of the Trust, as set forth below. The Advisor understands that you
intend to disclose this undertaking in your Registration Statement on Form N-2
and the prospectus included therein. This letter confirms that you may rely on
such undertaking for purposes of making disclosure in your Registration
Statement and prospectus and authorizes you to offset the appropriate amount of
the waived payments described herein against the Investment Advisory Fee.
For the period from the commencement of the Trust's operations
through February 28, 2009, and for the twelve month periods ending February 28
or 29 in each indicated year during the term of the Advisory Agreement
(including any
