Funded Expenses definition

Funded Expenses has the meaning assigned to that term in Section 3.5(b) hereof;

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Funded Expenses means, with respect to the Research Program or Other Funded Research, respectively: (i) direct salary expense for VirRx employees conducting such Research Program or Other Funded Research, plus direct employee benefit costs of such personnel (not including any amount associated with equity incentive plans), on a percentage-of-time basis, (ii) amounts paid to third parties for their performance of the Research Program or Other Funded Activities, (iii) administrative expenses, and (iv) other direct costs incurred by VirRx in performing the Research Program or Other Funded Research. For purposes of clause (iii), "administrative expenses" shall mean the reasonable and customary costs of supporting and maintaining the Research Program and the Other Funded Research, respectively (e.g. legal, payroll and accounting expenses), and for purposes of clause (iv), "other direct costs" shall mean the costs of facilities, equipment and materials used by VirRx directly in the Research Program or Other Funded Activities, respectively, provided that: (x) such administrative expenses and other direct costs are allocated to the Research Program and Other Funded Research on a reasonable basis, in the same manner and on a consistent basis for all such activities and other activities of VirRx outside the Research Program and the Other Funded Research, and (y) in no event shall the sum of such administrative expenses and such other direct costs for the Research Program or the Other Funded Research, respectively, exceed [*] of the respective costs described in (i) for the ---------- * Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted portions. Research Program or such Other Funded Research. In addition, in no event shall such administrative expenses and other direct costs include costs of capital, or the costs of capacity not required or not utilized for the conduct of the Research Program.

Funded Expenses means Partnership Expenses paid directly or --------------- reimbursed by the Limited Partner pursuant to Section 5.2(a) and 5.2(d) -------------------------

Examples of Funded Expenses in a sentence

Purchaser shall provide sufficient funds to the Acquired Company to enable the Acquired Company to pay all Seller Funded Expenses to the extent that they have not been paid prior to the close of business on the Business Day immediately preceding the Closing Date, up to the amount thereof set forth in the Estimated Closing Certificate.
At the Closing (as defined below), Purchaser shall transfer (i) an amount of cash (in United States dollars of immediately available funds) equal to the Purchase Price minus the Seller Funded Expenses (the “Upfront Payment”) to the third party account of the Notary in accordance with the instructions in the Notary Instruction Letter, and (ii) on behalf of the Sellers, the amounts set forth on the Estimated Closing Certificate to the persons listed therein..
At the Closing, Purchaser shall transfer an amount of cash (in United States dollars of immediately available funds), or common stock, par value $0.001 per share, of Purchaser (“Purchaser Common Stock”), equal to the Initial Purchase Price minus (i) the Escrow Amounts, (ii) the Seller Funded Expenses and (iii) the Loan Amount (the “Upfront Payment”) to the third party account of the Notary in accordance with the instructions in the Notary Instruction Letter.
At the Closing, the Acquired Company shall pay such Seller Funded Expenses, up to the amount of the Seller Funded Expenses that have not been paid prior the close of business on the Business Day immediately preceding the Closing Date as set forth in Estimated Closing Certificate.
It is understood that such records shall include detailed records, including witnessed laboratory notebooks, sufficient to document inventions made and all Funded Expenses.
From and after the Prime Rate Date, the MPV Allowable Expenses and the Funded Expenses and shall be subject to interest at a variable rate per annum equal on each day to LIBOR as then in effect plus 4% compounded annually both before and after default and judgement until all MPV Expenses are repaid by MPV to De Beers in accordance with Section 11.3 of this Agreement and such repayment of the MPV Expenses shall be secured solely in the manner provided in Sections 10.2 and 11.3 of this Agreement..
VirRx shall use the Periodic Introgen Funding solely for the In-License Expenses and the Funded Expenses that VirRx incurs in performing the Research Program and/or Other Funded Research, as further described in Sections 5.2.1, 5.2.2 and 5.2.3 below.
VirRx agrees that the only costs outside the Research Plan and Budget that can be funded with Periodic Introgen Funding are the Funded Expenses of Other Funded Research described in this Section 5.2.3(b).
After the payment of the In-License Expenses authorized under Section 5.2.1, VirRx may use up to [*] of the Periodic Introgen Funding to pay up to an additional [*] in In-License Expenses (beyond that authorized under Section 5.2.1) and for Funded Expenses of Other Funded Research in accordance with this Section 5.2.3.
After the payment of the In-License Expenses authorized under Section 5.2.1, at least [*] of the Periodic Introgen Funding (on a rolling, six-month basis) shall be used solely for Funded Expenses that VirRx incurs in performing the Research Program in accordance with the Research Plan and Budget approved by the JRC.