Limitations on Reimbursement. The General Partners and their Affiliates shall not be reimbursed by the Partnership for the following expenses: 10.2.1 services for which the General Partners or their Affiliates are entitled to compensation in the form of a separate fee pursuant to Article 9 hereof; 10.2.2 rent, depreciation, utilities or other administrative items generally constituting overhead; 10.2.3 Organization and Offering Expenses in excess of 3% of the Gross Proceeds; 10.2.4 salaries, fringe benefits, travel expenses or other administrative items incurred by or allocated to any controlling person of the General Partners or their Affiliates; for purposes of this subparagraph, "controlling person" shall mean:
Appears in 2 contracts
Sources: Limited Partnership Agreement (High Equity Partners L P Series 88), Agreement of Limited Partnership (High Equity Partners L P Series 86)