Common use of Expense Reimbursement to the Advisor Clause in Contracts

Expense Reimbursement to the Advisor. Any individual cost or expense exceeding $100,000 (or such other limit as may be approved by the Board of Directors from time to time) shall be approved by the Board of Directors, unless such item was previously reflected in the Company’s budget approved by the Board of Directors. Costs and expenses incurred by the Advisor on behalf of the Company shall be reimbursed monthly to the Advisor or, at the Advisor’s election, offset against any funds of the Company in the Company’s account or accounts held by the Advisor or otherwise. The Advisor shall prepare a written statement in reasonable detail documenting the costs and expenses of the Company and those incurred by the Advisor on behalf of the Company during each month, and shall deliver such written statement to the Company within 15 days after the end of each month. Unless deducted directly by the Advisor as aforesaid, the Company shall pay all amounts payable to the Advisor pursuant to this Section 7.3 within three days after the receipt of the written statement without demand, deduction, offset or delay. Cost and expense reimbursement to the Advisor shall be subject to adjustment at the end of each calendar year in connection with the annual audit of the Company.