Hurdle Return definition

Hurdle Return means, in respect of the relevant month, 8.0% on a per annum basis.

Hurdle Return means the performance of the one month SONIA (SONIA1M IR) over the course of the Performance Period. Gross Asset Value (“GAV”) means the net asset value of the Scheme Property of the Fund before accounting for the payment of any Performance Fee and/or any dividend. The Performance Fee shall be calculated by the Administrator and verified by the ACD. Example 1:Benchmark: One month SONIA (SONIA1M IR)Performance Fee: 15%Scenario: NAV decreases during the initial Performance Period Result: Performance Fee is not paidDetail: In this example: • an investor purchases 1000 Shares at an opening NAV of 100p at the beginning of the initial Performance Period (at which point the HANAV becomes £1000); • the closing GAV decreases to £900;• SONIA for the period is 2%.In this situation, no Performance Fee is payable. The fund’s closing NAV is £900 and the HANAV becomes £1020 (old HANAV of£1000 x 1.02 Hurdle Return for the year). Example 2:Benchmark: One month SONIA (SONIA1M IR)Performance Fee: 15%Scenario: NAV increases during the initial Performance Period Result: Performance Fee is paidDetail: In this example: • an investor purchases 1000 Shares at an opening NAV of 100p at the beginning of the initial Performance Period (at which point the HANAV becomes £1000); • the closing GAV increases to £1,100;• SONIA for the period is 2%.In this situation, a Performance Fee is payable and is calculated as follows: performance (£100) – Hurdle Return (SONIA 2%) x Performance Fee (15%) = (£100 – £20) x 15% = £12. The closing NAV is £1088 which becomes the new HANAV.Example 3:Benchmark: One month SONIA (SONIA1M IR) Performance Fee: 15%Scenario: NAV is at the HANAV and decreases after the initial Performance Period Result: Performance Fee is not paidDetail: In this example: • an investor holds 1000 Shares at an opening NAV of £1088 at the beginning of the Performance Period (at which point the HANAV is also £1088); • the closing GAV decreases to £900;• SONIA for the period is 2%.In this situation, no Performance Fee is payable. The fund’s closing NAV is £900 and the HANAV becomes £1109.76 (old HANAV of £1088 x 1.02 Hurdle Return for the year). Example 4:Benchmark: One month SONIA (SONIA1M IR)Performance Fee: 15%

Hurdle Return shall have the meaning set forth in Section 9(a)(ii)(F).

Examples of Hurdle Return in a sentence

• For the avoidance of doubt, any such distributions shall first be applied to reduce the Hurdle Price until the Hurdle Return Value is zero and shall not again count as a distribution for purposes of this Section 9.

• For example, if the Unit Return Value of an LTIP Unit is $20, and the Hurdle Return Value is $10, then the Hurdle Fraction shall be 50%, and such LTIP Unit shall be entitled to convert into only 50% of the number of Common Units that such LTIP Unit would be entitled to convert into under Article XVI of the Partnership Agreement in the absence of this Section 10(a).

• Any amount withheld from a Partner pursuant to this Section 4.3(b) shall be placed in a separate account (a "HURDLE HOLDBACK ACCOUNT") maintained separately on the books of the Partnership until such time as (A) the Partnership is dissolved pursuant to Article X, at which time such amount shall, subject to Section 4.4(b), be distributed to such Partner or (B) XX XX determines in its sole discretion that the Hurdle Return will be met, at which time the excess shall be distributed to such Partner.

• The incentive management fee is not ultimately determined or payable until the achievement of the Hurdle Return by the most junior CDO Securities holders.

• Payments made on Default Company Loans shall not be deemed distributed pursuant to Article V or Article XI, and shall not figure into the calculation of any Member’s First Hurdle Return Rate or Second Hurdle Return Rate.

More Definitions of Hurdle Return

Hurdle Return a compound eight per cent. (8%) return per annum on the aggregate equity and shareholder debt invested in LuxCo1 at Closing and thereafter and compounded annually on a pro rata basis, including, in each case, the principal value of all amounts invested or paid at Closing and thereafter;

Hurdle Return means the minimum amount of return that the Client requires “Inflow” means the net additions to the Portfolio by the Client during the *month/ quarter / year or theshorter period. “Outflow” means the net redemptions from the Portfolio by or to the Client during the *month/ quarter /year or the shorter period. “Valuation Day” means the last Business Day of the *month/ quarter / year / the shorter period or the other Business Day as determined by the Investment Manager. “Business Day” means a day (other than Saturday and Sunday) on which banks in Hong Kong are open for normalbanking business or such other day(s) the Investment Manager may determine from time to time. The NAV/NAV Highest of the Portfolio on the Valuation Day/termination date and the value of any addition or redemption shallbe determined by Evergrande Securities (Hong Kong) in its sole discretion. *Please circle the appropriate option

Hurdle Return. An internal rate of return equal to 20% per annum, compounded annually, on the aggregate interests of (A) XX XX and M&M Vehicle, L.P. in the Partnership, and (B) Xxxxx & McLennan Risk Capital Holdings, Ltd. in the Fund, such rate of return calculated by taking into account (I) the amount and timing of Capital Contributions made by XX XX and M&M Vehicle, L.P. to the Partnership, (II) the amount and timing of capital contributions made by Xxxxx & McLennan Risk Capital Holdings, Ltd. to the Fund, (III) the amount and timing of all distributions to XX XX and M&M Vehicle, L.P. in respect of their Capital Contributions to the Partnership and in respect of their Points, and (IV) the amount and timing of all distributions to Xxxxx & McLennan Risk Capital Holdings, Ltd. in respect of its capital contributions to the Fund.

Hurdle Return means the performance of the one month SONIA (SONIA1M IR) over the course of the Performance

Hurdle Return means, as of any date, the product of (a) the Base Amount, and (b) the Hurdle Rate, computed on the basis of a 365-day year.

Hurdle Return means, in relation to an Investment or Reference Asset as appropriate, an amount equal to an IRR of eight percent (8%) per annum upon such the Acquisition Cost of such Investment or Reference Asset as appropriate, accruing from the date of completion of the Investment or Reference Asset as appropriate, until the date of its realisation.

Hurdle Return means, in relation to each Limited Partner, on any date, such amount as is equal to a rate of return of eight percent (8%) per annum, compounded annually, on the excess (if any) of (a) such Limited Partner's aggregate Capital Contributions contributed to the Partnership over (b) the aggregate distributions made (or deemed to be made) to such Limited Partner.