Common use of Periodic Reimbursement Clause in Contracts

Periodic Reimbursement. (i) Third-party out-of-pocket expenses incurred by the Manager on behalf of the Company and payable pursuant to this Section 2 shall be reimbursed no less than monthly to the Manager. The Manager shall prepare a statement (the “Reimbursement Statement”) documenting such expenses of the Company and the calculation of the reimbursement and shall deliver such statement to the Company prior to full reimbursement. Such reimbursement shall be made in cash within 30 calendar days following the Manager’s delivery to the Company of the Reimbursement Statement therefor. The Manager may elect, in its sole discretion, to defer or waive all or a portion of such reimbursement. Any portion of such deferred reimbursement not taken as to any period shall be deferred without interest and may be taken by the Manager in any other period prior to the occurrence of a Liquidity Event (as such term is defined in the LLC Agreement) as the Manager may determine in its sole discretion.