Limitation on Expenses. (a) If Operating Expenses during the 12-month period ending on the last day of any fiscal quarter of CPA: 17 exceed the greater of (i) two percent of the Average Invested Assets during the same 12-month period or (ii) 25% of the Adjusted Net Income of CPA: 17 during the same 12-month period, then subject to paragraph (b) of this Section 13, such excess amount shall be the sole responsibility of the Advisor and neither the Operating Partnership nor CPA: 17 shall be liable for payment therefor. CPA: 17 may defer the payment or distribution to the Advisor and the Special General Partner of fees, expenses and distributions that would, if paid or distributed, cause Operating Expenses during such 12-month period to exceed the foregoing limitations; provided, however, that in determining which items shall be paid and which may be deferred, priority will be given to the payment of distributions to the Special General Partner over the payment to the Advisor of amounts due under this Agreement.
(b) Notwithstanding the foregoing, to the extent that the Advisor becomes responsible for any excess amount as provided in paragraph (a), if a majority of the Independent Directors finds such excess amount or a portion thereof justified based on such unusual and non-recurring factors as they deem sufficient, the Operating Partnership shall reimburse the Advisor in future quarters for the full amount of such excess, or any portion thereof, but only to the extent such reimbursement would not cause the Operating Expenses to exceed the 2%/25% Guidelines in the 12-month period ending on the last day of such quarter. In no event shall the Operating Expenses payable by the Operating Partnership in any 12-month period ending at the end of a fiscal quarter exceed the 2%/25% Guidelines.
(c) Within 60 days after the end of any twelve-month period referred to in paragraph (a), the Advisor shall reimburse CPA: 17 for any amounts expended by CPA: 17 in such twelve-month period that exceeds the limitations provided in paragraph (a) unless the Independent Directors determine that such excess expenses are justified, as provided in paragraph (b), and provided the Operating Expenses for such later quarter would not thereby exceed the 2%/25% Guidelines.
(d) All computations made under paragraphs (a) and (b) of this Section 13 shall be determined in accordance with generally accepted accounting principles applied on a consistent basis.
(e) If the Special General Partner receives distributions pur...
Limitation on Expenses. (a) Within 60 days after the end of any fiscal quarter, if Operating Expenses of the Company during the 12-month period ending with the last month of such quarter exceed the greater of (i) two percent of the Average Invested Assets during the same 12-month period or (ii) 25% of the Adjusted Net Income of the Company during the same 12-month period, then subject to paragraph (b) of this Section 13, such excess amount shall be the sole responsibility of the Advisor and the Company shall not be liable for payment therefor.
(b) Notwithstanding the foregoing, to the extent that the Advisor becomes responsible for any such excess amount, if a majority of the Independent Directors finds such excess amount justified based on such unusual and non-recurring factors as they deem sufficient, the Company shall reimburse the Advisor in future quarters for the full amount of such excess, or any portion thereof, but only to the extent such reimbursement would not cause the Company's Operating Expenses to exceed the 2%/25% Guidelines in the 12-month period ending on any such quarter. In no event shall the Operating Expenses paid by the Company in any 12-month period ending at the end of a fiscal quarter exceed the 2%/25% Guidelines.
(c) To the extent Organization and Offering Expenses payable by the Company exceed 15% of the Gross Offering Proceeds, the excess will be paid by the Advisor.
(d) All computations made under paragraphs (a) and (b) of this Section 13 shall be determined in accordance with generally accepted accounting principles applied on a consistent basis.
(e) If the Advisor receives a Subordinated Incentive Fee for the sale of Property, Adjusted Net Income, for purposes of calculating the Operating Expenses, shall exclude the gain from the sale of such Property.
Limitation on Expenses. Contractor shall not invoice the JBE, and the JBE shall not reimburse Contractor, for expenses of any type that exceed in the aggregate during the term of any Statement of Work the amount of $____.
Limitation on Expenses. The Company shall not incur Actual Transaction Expenses in excess of the amount set forth on Schedule 3.19 of the Company Disclosure Schedule, without the prior written consent of Parent.
Limitation on Expenses. Contractor shall not invoice the Judicial Council, and the Judicial Council shall not reimburse Contractor, for expenses of any type that are not authorized under this Agreement.
Limitation on Expenses. The indemnification obligations of the Borrower pursuant to this Section 10.6 shall be, in the case of any expenses and reimbursement obligations incurred by the Secured Parties Representative, limited to the reasonable out-of-pocket expenses (including reasonable out-of-pocket fees and expenses of legal counsel) so incurred.
Limitation on Expenses. Not Applicable
Limitation on Expenses. Contractor shall not invoice the Judicial Council, and the Judicial Council shall not reimburse Contractor, for expenses of any type that exceed in the aggregate during the term of any Statement of Work the amount of $40,000.00 per year for preauthorized and approved travel expenses.
Limitation on Expenses. (a) (i) If Operating Expenses under this Agreement and the Management Agreement during the 12-month period ending on the last day of any fiscal quarter of CPA: 18 exceed the greater of (i) two percent of the Average Invested Assets during the same 12-month period or (ii) 25% of the Adjusted Net Income of CPA: 18 during the same 12-month period, then subject to paragraph (b) of this Section 13, such excess amount shall be the sole responsibility of the Advisor and neither the Operating Partnership nor CPA: 18 shall be liable for payment therefor. CPA: 18 may defer the payment or distribution to the Advisor and the Special General Partner of fees, expenses and distributions that would, if paid or distributed, cause Operating Expenses during such 12-month period to exceed the foregoing limitations; provided, however, that in determining which items shall be paid and which may be deferred, priority will be given to the payment of distributions to the Special General Partner over the payment to the Advisor of amounts due under this Agreement.
Limitation on Expenses. (a) In the event the daily ratio of Expenses (as defined in section 8(b) below) to daily net assets with respect to a certain Portfolio on any day exceeds 0.75 of 1% (such excess hereinafter called the "Excess Expense" of such Portfolio), the compensation due to the Adviser under Schedule B for that day shall be reduced, but not below zero, by an amount equal to the Excess Expense of such Portfolio. The Portfolios to which this section 8(a) does not apply are so noted on Exhibit B.
(b) For purposes of section 8(a) of this Agreement the term, "Expenses" with respect to a Portfolio means the expenses of the Fund allocated to such Portfolio in accordance with the Fund's Articles of Incorporation or a resolution of the Fund's Board of Directors adopted pursuant thereto, including such Portfolio's pro rata share, allocated as aforesaid, for the general expenses of the Fund. Notwithstanding the foregoing, the Expenses of a Portfolio shall include its pro rata share, allocated as aforesaid, of the fees payable to the Adviser, to the distributor provided that the fees payable to the distributor, for purposes of computing such Portfolio's Expenses shall not exceed the fees of the distributor with respect to such Portfolio computed in accordance with the fee rate (excluding any voluntary fee waivers) set forth in the Fund's Prospectus with respect to such Portfolio as amended or supplemented on the date of this Agreement), to the Fund's administrative agent, if any, to the Fund's transfer agent, if any, and to the Fund's custodian; but the Expenses of such Portfolio shall exclude any interest, taxes, brokerage commissions and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund's business.
