Common use of Total Operating Expenses Clause in Contracts

Total Operating Expenses. All expenses paid or incurred by the Company, as determined under GAAP, that are in any way related to the operation of the Company or to Company business, including Asset Management Fees, but excluding (a) the expenses of raising capital such as Organization and Offering Expenses, legal, audit, accounting, underwriting, brokerage, listing, registration and other fees, printing and other such expenses and taxes incurred in connection with the issuance, distribution, transfer, registration and Listing of Equity Shares; (b) interest payments; (c) taxes; (d) non-cash expenditures such as depreciation, amortization and bad debt reserves; (e) Disposition Fees (however any Disposition Fee paid to an Affiliate or related party of the Advisor in connection with the disposition of securities shall not be so excluded), (f) the Subordinated Incentive Fee, the Subordinated Share of Net Sales Proceeds and any incentive fees paid in compliance with Section 8.6 of the Articles of Incorporation, notwithstanding the next succeeding clause (g); and (g) Acquisition Fees, Acquisition Expenses, real estate commissions on the resale of real property and other expenses connected with the acquisition, origination, disposition and ownership of real estate interests, mortgage loans or other property, including the costs of foreclosure, insurance premiums, legal services, maintenance, repair and improvement of property.

Total Operating Expenses. All expenses paid or incurred by the Company, as determined under GAAP, that are in any way related to the operation of the Company or to Company business, including Asset Management Fees, but excluding (a) the expenses of raising capital such as Organization and Offering Expenses, legal, audit, accounting, underwriting, brokerage, listing, registration and other fees, printing and other such expenses and taxes incurred in connection with the issuance, distribution, transfer, registration and Listing of Equity Shares; (b) interest payments; (c) taxes; (d) non-cash expenditures such as depreciation, amortization and bad debt reserves; (e) Disposition Fees (however any Disposition Fee paid to an Affiliate or related party of the Advisor in connection with the disposition of securities shall not be so excluded), (f) the Subordinated Incentive Fee, the Subordinated Share of Net Sales Proceeds and any incentive fees paid in compliance with Section 8.6 of the Articles of Incorporation, notwithstanding the next succeeding clause (g); and (g) Acquisition Fees, Acquisition Expenses, real estate commissions on the resale of real property and other expenses connected with the acquisition, origination, disposition and ownership of real estate interests, mortgage loans or other property, including the costs of foreclosure, insurance premiums, legal services, maintenance, repair and improvement of property. 2%/25% Guidelines. 2%/25% Guidelines shall have the meaning set forth in Section 13 of this Agreement.