2%/25% Guidelines definition

2%/25% Guidelines has the meaning set forth in Section 13.

2%/25% Guidelines means the requirement pursuant to the NASAA Guidelines that, in any period of four consecutive fiscal quarters, total Operating Expenses not exceed the greater of 2% of the Company’s Average Invested Assets during such 12-month period or 25% of the Company’s Net Income over the same 12-month period.

2%/25% Guidelines shall have the meaning set forth in the Charter.

Examples of 2%/25% Guidelines in a sentence

• In the event that the Independent Directors do not determine that excess expenses are justified, the Advisor shall reimburse the Corporation the amount by which the expenses exceeded the 2%/25% Guidelines.

• The Independent Directors shall have the responsibility of limiting Total Operating Expenses to amounts that do not exceed the 2%/25% Guidelines unless they have made a finding that, based on such unusual and non-recurring factors that they deem sufficient, a higher level of expenses (an “Excess Amount”) is justified.

• The Independent Directors shall have the fiduciary responsibility of limiting Total Operating Expenses to amounts that do not exceed the 2%/25% Guidelines unless they have made a finding that, based on such unusual and non-recurring factors that they deem sufficient, a higher level of expenses (an “Excess Amount”) is justified.

• Payments to the Advisor pursuant to this Section 13.03 shall be subject to the 2%/25% Guidelines to the extent applicable.

• An investment opportunity will not be considered suitable for an entity if the 2%/25% Guidelines could not be satisfied if the entity were to make the investment.

More Definitions of 2%/25% Guidelines

2%/25% Guidelines shall have the meaning set forth in Section 9.5.

2%/25% Guidelines means the greater of 2% of Average Invested Assets or 25% of Net Income.

2%/25% Guidelines has the meaning set forth in the Articles of Incorporation.

2%/25% Guidelines shall have the meaning set forth in the Corporate Governance Guidelines.

2%/25% Guidelines has the meaning set forth in the Charter. “Units” has the meaning set forth in the Limited Partnership Agreement. “Valuation Policy” means the valuation policy adopted by the valuation committee of the Board of Directors, as amended from time to time.

2%/25% Guidelines shall have the meaning set forth in Section 13. “Valuation Commencement Date” shall mean the date, as set forth in the Memorandum or as otherwise established by the Board, upon which the Company begins determining a NAV per Share for any class of Common Shares. “Valuation Guidelines” shall mean the valuation guidelines adopted by the Board, as amended or restated from time to time.

2%/25% Guidelines shall have the meaning set forth in Section 13. “Valuation Commencement Date” shall mean the date, as set forth in the Memorandum or as otherwise established by the Board, upon which the Company begins determining a NAV per Share for any class of Common Shares. “Valuation Guidelines” shall mean the valuation guidelines adopted by the Board, as amended or restated from time to time.