Reimbursement of Advisor Operating Expenses. The Company will cause each respective Holdco to pay the Advisor and its Affiliates, as applicable, for Advisor’s ongoing operating expenses incurred on behalf of the Company, the Holdcos or their affiliates. These amounts are expected to be funded with working capital reserves established with Offering proceeds prior to such time as the Company receives distributions from the Holdcos in amounts sufficient to pay such operating expenses. These amounts are estimated to be two (2.0%) percent of the Company’s prorata percentage of total Holdco preferred ownership interests multiplied by Total Project Costs.
Appears in 8 contracts
Samples: Advisory Agreement (Tuscan Gardens Senior Living Communities, Inc.), Advisory Agreement (Tuscan Gardens Senior Living Communities, Inc.), Advisory Agreement (Tuscan Gardens Senior Living Communities, Inc.)
