Common use of Offering and Formation Expenses Clause in Contracts

Offering and Formation Expenses. Reimbursement shall be made, without interest, to the Managing Member and relevant Asset Manager beginning on the date of the Initial Offering if each Series for Offering and Formation Expenses incurred both before and after that date and allocated to such series. Reimbursement payments will be made in monthly installments, but the aggregate monthly amount reimbursed shall not exceed 0.50% of the aggregate gross proceeds from an Offering of that Series. If the sum of the total unreimbursed amount of such Offering and Formation Expenses, plus new costs incurred since the last reimbursement payment, for that Series exceeds the reimbursement limit described above for the applicable monthly installment, the excess will be eligible for reimbursement in subsequent months (subject to the 0.50% limit), calculated on an accumulated basis, until the Managing Member and relevant Asset Manager have been reimbursed in full.