Common use of Reimbursement Expenses Clause in Contracts

Reimbursement Expenses. 5.1 a) Equitable Financial will pay, or reimburse the Distributor for, Qualified Expenses (as hereinafter defined) incurred by the Distributor as full and complete compensation for its services under this Agreement. b) In no event, however, shall Equitable Financial be obligated to pay or reimburse any costs or expenses for personnel, property and services incurred by the Distributor hereunder which are in excess of the reasonable market value thereof or which exceed any limit with respect thereto under Section 4228 of the New York Insurance Law and any regulation issued pursuant thereto c) As used herein, “Qualified Expenses” shall mean the amount by which (i) the reasonable actual direct and indirect costs and expenses incurred by the Distributor for personnel, property and services in the performance of services on its part in connection with the sale and servicing of the Products pursuant to this Agreement, including, without limitation, sums due and payable to Third Party Broker Dealers and/or Third Party General Agents under the Sales Agreements, exceeds (ii) any and all revenues received by the Distributor from third parties as payment or reimbursement for all or any part of the same services, including, without limitation, 12b-1 fees, if any, paid to the Distributor as principal underwriter of share of EQ Advisors Trust or any other investment company sold in connection with the sale of the Products.