Common use of Expense Reporting Clause in Contracts

Expense Reporting. Owner is required to provide, in the notes to the Owner’s financial statements included in its annual reports on Form 10-K, a category-by-category breakdown of the general and administrative expenses incurred by the Owner for the periods covered by the annual report. This breakdown must reflect each type of general and administrative expense incurred by the Owner (e.g. investor relations, independent accountants, salaries, rent, utilities, insurance, filing fees, legal fees, etc.) and the amount charged to the Owner for each category of expense incurred. Proinvest shall cause to be prepared and shall provide to the Owner within sixty (60) days after the end of each fiscal year, a report of general and administrative expenses incurred by Proinvest by or on behalf of Owner, reflecting each type of general and administrative expense and the amount charged to the Owner for each category of expense incurred. Such reports shall include (i) a statement of services rendered by Proinvest, and (2) the amount of fees received, by category of fee, by Proinvest from Company.