Expenses Cap definition

Expenses Cap means the aggregate annual cap on Expenses applicable to the Securities Administrator, the Custodian, the Trust Agent, the Servicer, the Seller, the Issuer, the Trustee and the Guarantor, which will be equal to an aggregate maximum reimbursement of $300,000 in any calendar year; provided that, in no event, in any calendar year, will the aggregate amount of such Expenses reimbursed to (i) the Trust Agent exceed $25,000,

Expenses Cap means the amount specified as such in the Notes Data Table.

Expenses Cap means the aggregate annual cap on Expenses applicable to the Securities Administrator, the Custodian, the Trust Agent, the Servicer, the Seller, the Issuer, the Trustee and the Guarantor, equal to an aggregate maximum reimbursement of $300,000 in any calendar year; provided that, in no event, in any calendar year, will the aggregate amount of such Expenses reimbursed to (i) the Trust Agent exceed $25,000, (ii) the Securities Administrator exceed $50,000, (iii) the Servicer exceed $50,000, (iv) the Custodian exceed $25,000 and (v) the Seller, Issuer, Trustee and Guarantor exceed $150,000; provided, however, that Expenses incurred by the Trustee, the Securities Administrator or the Custodian related to or resulting from a Servicer Event of Default will not be subject to any of their respective cap amounts listed above; and provided further, that neither the Servicer nor any affiliate of the Servicer may be reimbursed for any Expense related to or arising from a Servicer Event of Default. Any Expenses in excess of the aggregate, respective limits herein (“Excess Expenses”) will be reimbursable to the Servicer, the Securities Administrator, the Custodian, the Seller, the Trust Agent, the Trustee, and the Guarantor to the extent of funds available on each Distribution Date. See “— Interest” and “— Distributions of Interest”. As of any date of determination, any Excess Expenses which remain unreimbursed after application of the applicable Expenses Cap in any calendar year, will be reimbursable, subject to the applicable Expenses Cap, to the applicable party in subsequent years.

Examples of Expenses Cap in a sentence

• The Labour Expenses Cap introduced in the 2012-13 Budget also continues to give Secretaries as much flexibility as possible to achieve these savings in the most appropriate ways to meet the service requirements of their agencies.

• Should the cumulative Operating Expenses accrued over the first reporting period from inception of the Fund to 31 December 2016 and then at each annual reporting period thereafter exceed 0.25% of the average daily NAV of the Fund over the same reporting period, then the amount of cumulative Operating Expenses in excess of the Operating Expenses Cap will be paid as a rebate by the Investment Manager to the Fund within 1 month of the end of each reporting period.

• Should the cumulative Operating Expenses exceed the 0.25% per annum of the average daily NAV of the Fund limit on any Valuation Day of the Fund, then the amount of cumulative Operating Expenses in excess of the Operating Expenses Cap will be accrued within the NAV as a rebate payable by the Investment Manager to the Fund.

• Any such payments shall be paid to the Account Bank from Interest Proceeds, without regard to the Priorities of Payment and shall not be subject to the Senior Expenses Cap and may, accordingly, have a negative impact on the amounts available to the Issuer to apply as payments on the Notes.

• Operating Expenses Cap The Manager’s, Administrator’s, Depositary’s, legal, audit, Directors’ remuneration and all other general expenses, excluding brokerage and banking commissions and charges, and taxes and governmental expenses (“Operating Expenses”) of the Fund, as set out under “FEES, CHARGES AND EXPENSES” in the Prospectus, are subject to a voluntary expense cap of a maximum of 0.25% per annum of the average daily NAV of the Fund (“Operating Expenses Cap”).

More Definitions of Expenses Cap

Expenses Cap means EUR 150,000 (or its equivalent).

Expenses Cap means, with respect to a period consisting of twelve (12) consecutive Monthly Settlement Dates, $100,000 per annum.

Expenses Cap means the aggregate annual cap on Expenses applicable to the Securities Administrator, the Seller, the Trustee, the Master Servicer, the Master Document Custodian, the Trust Agent and the Guarantor, equal to an aggregate maximum reimbursement of $300,000 in any 12-month period; provided that, (a) in no event will the aggregate amount reimbursed to the Trust Agent exceed $25,000 in any 12-month period, (b) in no event will the aggregate amount reimbursed to the Securities Administrator exceed $50,000 in any 12-month period, (c) in no event will the aggregate amount reimbursed to the Trust Agent to cover Initial Reviewer expenses exceed $10,000 in any 3-month period, and (d) in no event will the aggregate amount reimbursed to the Seller, the Master Servicer, the Trustee, the Master Document Custodian and the Guarantor exceed $250,000 in any 12-month period; provided, however, that Expenses incurred by the Trust Agent or the Securities Administrator related to or resulting from a Master Servicer Event of Default will not be subject to either of their respective cap amounts listed in (a) and (b) above; and provided further, that neither the Master Servicer nor any affiliate of the Master Servicer may be reimbursed for any Expense related to or arising from a Master Servicer Event of Default. Any Expenses in excess of the aggregate, respective limits herein (“Excess Expenses”) will be reimbursable to the Master Servicer, the Securities Administrator, the Seller, the Trustee, the Master Document Custodian, the Trust Agent and the Guarantor to the extent of funds available. See “— Interest” and “— Distributions of Interest”.

Expenses Cap has the meaning set forth in Section 8.1 of this Agreement.

Expenses Cap means, in respect of each Payment Date falling within a Transaction Year, 0.10 per cent. of the Aggregate Collateral Balance at the Payment Date on which such Transaction Year commences (or, for the first Transaction Year, the Closing Date) minus the sum of all Trustee, Agent and Collateral Administrator Fees and Expenses and all Administrative Expenses previously paid by the Issuer during such Transaction Year.

Expenses Cap means EUR 80,000.

Expenses Cap means, with respect to a period consisting of twelve (12) consecutive Monthly Settlement Date, $100,000 per annum . “ Exposure ” means, with respect to any Lender at any time, the outstanding principal amount of such Lender’s Loans at such time.