Capped Expenses means, as to any Fund other than the Master Fund, all of the Fund’s expenses (whether incurred directly by the Fund or indirectly at the Master Fund level) and the Fund’s pro rata share of all expenses incurred by the Master Fund, but excluding (whether borne by the Fund or the Master Fund) the Investment Management Fee, the Investor and Administrative Services Fee (if any), any other investment management fee, distribution or servicing fee, fees and expenses of the Portfolio Hedge Funds or other funds or investment products in which the Master Fund invests, taxes and similar charges, interest expenses (including any interest payments, commitment fees, or other expenses related to any line of credit or similar arrangement of the Fund or the Master Fund), or other borrowing costs, any security registration costs or government fees payable by the Fund or the Master Fund, the Fund’s or Master Fund’s portfolio transaction-related expenses such as brokerage or placement agent fees, and extraordinary expenses (as determined by the Investment Manager in its sole discretion). The Investment Manager may discontinue its obligation to waive its compensation or to bear other expenses as to any one or more Funds at any time after one year’s written notice to such Fund. If, while the Investment Manager is the investment manager to a Fund, the estimated annualized Capped Expenses (including the Fund’s pro rata share of the Master Fund’s Capped Expenses) for a given month are less than the rate of Capped Expenses applicable to that Fund within the three year period after the Investment Manager bears the expense, the Investment Manager shall be entitled to reimbursement by such Fund (or the Master Fund, if the Investment Manager determines appropriate) of the compensation waived and other expenses borne by the Investment Manager on behalf of the Fund pursuant to this Agreement (the “Reimbursement Amount”), but only to the extent that the Fund’s estimated annualized Capped Expenses are less than, for such month, the lesser of the rate of Capped Expenses or any other relevant expense limit then in effect with respect to the Fund, and provided that such amount paid to the Investment Manager will in no event exceed the total Reimbursement Amount and will not include any amounts previously reimbursed. A Fund will only repay the Investment Manager if Capped Expenses remain less than 0.50% annualized and if the repayment takes place within the three year period after the Investme...
Capped Expenses means, at any time, costs and expenses due at such time --------------- (if any) to the Backup Servicer, the Trust Collateral Agent and to the Trustee under the Basic Documents not in excess of $7,500 with respect to any Collection Period.
Capped Expenses means, at any time, fees, costs and expenses due at such time (if any) to the Master Collateral Agent hereunder not in excess of $7,500 with respect to any Distribution Date.
Examples of Capped Expenses in a sentence
On each Regularly Scheduled Calculation Date, BRIM will waive the portion of the sponsor fees that would otherwise be payable to BRIM that is necessary to reduce the Capped Expenses until they equal the Expense Cap.
Any such amounts may not be used to reimburse BRIM for any sponsor fees that were waived or any Capped Expenses paid by BRIM in preceding calendar years.
If the waiver of the sponsor fees is not sufficient to lower the Partnership’s Capped Expenses to the Expense Cap, BRIM will pay those Capped Expenses necessary so that Capped Expenses do not exceed the Expense Cap.
However, if on any Regularly Scheduled Calculation Date Capped Expenses are less than the Expense Cap, the difference is used to reimburse BRIM for any sponsor fees that were waived or any Capped Expenses paid by BRIM on preceding Calculation Dates in the same calendar year.
Any such amounts may not be used to reimburse BlackRock for any sponsor fees that were waived or any Capped Expenses paid by BlackRock in preceeding calendar years.
More Definitions of Capped Expenses
Capped Expenses means all Expenses except snow and ice removal, insurance, and utilities. In addition, calendar year 2020 shall be the first year of the Lease (as may be annualized based on the date the Term commences). Each subsequent calendar year shall be subject to the Cap.
Capped Expenses means all Operating Expenses except for (i) any taxes included in Operating Expenses, (ii) costs incurred under Section 4.2.4(i) of this Lease, (iii) costs incurred under Section 4.2.4(iii) of this Lease, and (iv) costs incurred under Section 4.2.4(xiii) of this Lease. If Landlord is not furnishing any particular work or service (the cost of which, if performed by Landlord, would be included in Operating Expenses) to a tenant who has undertaken to perform such work or service in lieu of the performance thereof by Landlord, Operating Expenses shall be deemed to be increased by an amount equal to the additional Operating Expenses which would reasonably have been incurred during such period by Landlord if it had at its own expense furnished such work or service to such tenant. If Landlord does not carry earthquake insurance for the Building during the Base Year but subsequently obtains earthquake insurance for the Building during the Lease Term, then from and after the date upon which Landlord obtains such earthquake insurance and continuing throughout the period during which Landlord maintains such insurance, Operating Expenses for the Base Year shall be deemed to be increased by the amount of the premium Landlord would have incurred had Landlord maintained such insurance for the same period of time during the Base Year as such insurance is maintained by Landlord during such subsequent Expense Year. If the Project is not at least one hundred percent (100%) occupied during all or a portion of the Base Year or any Expense Year, Landlord shall elect to make an appropriate adjustment to the components of Operating Expenses for such year to determine the amount of Operating Expenses that would have been incurred had the Project been one hundred percent (100%) occupied; and the amount so determined shall be deemed to have been the amount of Operating Expenses for such year. In no event shall Landlord's grossed-up calculations for any particular expense result in a determination of such particular expense which, if applied to all tenants of the Building, would result in more than 100% of such expense being reimbursable to Landlord by all tenants of the Building, and if such calculations result in an excess, Tenant's Share of the amount in excess of 100% shall be returned to Tenant. All exclusions to Operating Expenses, as set forth above, shall be deducted prior to applying a gross-up methodology to any item of Operating Expenses. Only those items, or components of...
Capped Expenses means all Operating Expenses, excluding (i) the cost of supplying all utilities, (ii) the cost of any insurance premiums, including earthquake insurance premiums, and (iii) any costs imposed on Landlord in connection with the Development and/or pursuant to the CC&Rs.
Capped Expenses means, at any time, costs and expenses due at such time (if any) to the Lender Collateral Agent under the Transaction Documents not in excess of $20,000 with respect to any Distribution Date.
Capped Expenses means the Expenses exclusive of the Uncapped Expenses.
Capped Expenses means all Expenses other than expenses attributable to (i) snow removal, (ii) Common Area utilities and (iii) insurance premiums (which expenses listed as items (i), (ii) and (iii) shall not be subject to a cap). For the avoidance of doubt, any and all insurance deductible amounts shall be included in Capped Expenses.
Capped Expenses means the sum of (i) the commitment fee payable with respect to the Loan and (ii) all out of pocket expenses and costs incurred by Lender (or any of its affiliates) with respect to the making of the Loan (other than expenses incurred by Lender in connection solely with any Securitization, which expenses and costs shall be paid by Lender) (as well as such costs and expenses as Lender (or any of its affiliates) customarily include in reimbursables, such as the duplication and binding of presentation books), reasonable travel expenses, review of engineering reports, credit reports, appraisals, preparation, negotiation, execution and delivery of this Agreement and the other Loan Documents and the consummation of the transactions contemplated hereby and thereby (including reasonable Lender’s attorneys’ fees and expenses in connection therewith and in connection with Lender’s due diligence), and any other out of pocket expenses relating to credit and collateral evaluations (including, without limitation, preliminary evaluations prepared by any of the Rating Agencies), which Capped Expenses shall in no event exceed 1.35% of the original principal balance of the Loan. In no event shall Capped Expenses include the costs of obtaining a Qualified Title Insurance Policy or a Qualified Survey, any transfer tax or mortgage or recording tax or fee, the costs of obtaining a Phase I or Phase II environmental report or the costs of obtaining an agreed upon procedures report from a “Big Five” independent certified public accounting firm with respect to the 1997 unaudited balance sheet and income statement for the Property prepared in accordance with GAAP, without footnotes.