Performance Fee

Performance Fee. Shall mean an amount, not less than zero, equal to 12.5% of the Trust's cumulative Core Earnings for the immediately preceding four calendar quarters (or such shorter period until the Trust has operated for four full calendar quarters) (each such period, a "4-Quarter Performance Measurement Period"), subject to a hurdle rate, expressed as an annual rate of return on Adjusted Capital, equal to 5.0% (the "Annual Hurdle Rate"), (ii) subject to a 100% catch-up provision (as described below) and... minus (iii) the sum of any Performance Fees paid to the 5 BlackRock Advisor with respect to the other calendar quarters in the applicable 4-Quarter Performance Measurement Period. Once the Trust's Core Earnings for the applicable 4-Quarter Performance Measurement Period exceed the Annual Hurdle Rate, the Performance Fee shall be subject to a "catch-up" equal to the amount of Core Earnings in excess of the Annual Hurdle Rate, until Core Earnings as a percentage of the Adjusted Capital for such 4-Quarter Performance Measurement Period is equal to 5.7143%. Thereafter, the Performance Fee shall be equal to 12.5% of the Trust's Core Earnings. The Trust will not pay the Performance Fee with respect to the Class E Common Shares. View More

Performance Fee. The fee paid to Service Company by Provider as described in §7.3(b) of the Service Agreement