Expenses Payable by Manager Clause Samples

Expenses Payable by Manager. The Manager shall be responsible for the expenses related to any and all personnel of the Manager and its affiliates who provide services to the Company and its subsidiaries pursuant to this Agreement or to the Manager pursuant to the Administrative Services Agreement, dated as of the date hereof, among the Manager, on the one hand, and American Capital and American Capital Leveraged Finance Management, LLC on the other hand (in such capacity, each the “Administrator”) (including each of the officers of the Company and any directors of the Company who are also employees of the Manager, American Capital or any of their affiliates), including, without limitation, salaries, bonus and other wages, payroll taxes and the cost of employee benefit plans of such personnel, and costs of insurance with respect to such personnel. For the first full 24 months after the Company’s receipt of the net proceeds from its initial public offering, the Manager shall be responsible for the Company’s “other operating expenses” in excess of the limitation set forth in, and in accordance with, Section 2(c). The Manager and the Company acknowledge the obligation of the Manager to pay to the underwriters of the Company’s initial public offering the underwriting fee as set forth in the related underwriting agreement.