Common use of Formation Expenses Clause in Contracts

Formation Expenses. All third party charges and out-of-pocket costs and expenses (collectively, “Formation Expenses”) incurred by the Company, the Manager and its Affiliates in connection with the formation of the Company, the offering of Units, and the admission of investors in the Company, including, without limitation, travel, legal, accounting, marketing, advertising, filing and all other expenses incurred in connection with the offer and sale of interests in the Company. Reimbursement shall be made, without interest, to the Sponsor, for the Formation Expenses that are incurred. With respect to offering costs, the Company shall reimburse the Sponsor on a quarterly basis for offering costs actually incurred at a rate equal to the aggregate proceeds raised in the applicable Offering as of the end of the prior quarter divided by the maximum offering amount of $75,000,000 (excluding any reimbursements made in previous quarters). With respect to formation and organization costs, the Company the Company shall reimburse the Sponsor for all formation and organization costs incurred.