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COMMITMENTS AND CONTINGENCIES | 9 Months Ended
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Sep. 30, 2012
COMMITMENTS AND CONTINGENCIES |
COMMITMENTS AND CONTINGENCIES |
15 - COMMITMENTS AND CONTINGENCIES Genco, the Company’s parent, provides the Company with commercial, technical, administrative and strategic services necessary to support the Company’s business pursuant to the Company’s Management Agreement with Genco. If the Company terminates the agreement without cause or for Genco’s change of control, or if Genco terminates the agreement for the Company’s material breach or change of control, the Company must make a termination payment to Genco in a single lump sum within 30 days of the termination date. The termination payment is generally calculated as five times the average annual management fees payable to Genco for the last five completed years of the term of the Management Agreement, or such lesser number of years as may have been completed at the time of termination. As of September 30, 2012, the termination payment that would be due to Genco is approximately $22,717. Refer to Note 5 — Related Party Transactions for any costs incurred during the nine months ended September 30, 2012 and 2011 pursuant to the Management Agreement.

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