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 Shares, and the admission of investors in the Company, including, without limitation, travel, legal, accounting, 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 Manager, beginning after December 31, 2017 for Formation Expenses incurred both before and after that date. With respect to offering costs, the Company shall reimburse the Manager 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 $50,000,00 (excluding any reimbursements made in previous quarters). With respect to formation and organization costs, the Company will not reimburse the Manager for such costs until the Company has raised $1,000,000 in the Initial Offering. Once $1,000,000 has been raised in the Initial Offering, the Company shall reimburse the Manager for all formation and organization costs incurred.

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 SharesUnits, and the admission of investors in the Company, including, without limitation, travel, legal, accounting, 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 Manager, beginning after December 31, 2017 [DATE] for Formation Expenses incurred both before and after that date. With respect to offering costs, the Company shall reimburse the Manager 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 $50,000,00 75,000,000 (excluding any reimbursements made in previous quarters). With respect to formation and organization costs, the Company will not reimburse the Manager for such costs until the Company has raised $1,000,000 in the Initial Offering. Once $1,000,000 has been raised in the Initial Offering, the Company shall reimburse the Manager for all formation and organization costs incurred.