Net Expenses definition

Net Expenses as used herein shall mean underwriting expenses as reported in the Company’s statutory quarterly and annual statements, plus policyholders’ dividends and agents’ balances charged-off less finance and service charges not included in premium.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Net Expenses means the amount by which Gross Expenses exceeds Income;

Net Expenses means Expenses reduced by an amount equal to (i) revenue received from Non‐ Member Jurisdictions; (ii) Expenses of the Authority reimbursed by the Commonwealth of Virginia; and (iii) all other revenue received from sources other than Member Jurisdictions.

Examples of Net Expenses in a sentence

• As premises are removed from a Master Lease in accordance with Section 3 above, the proportionate share of Triple Net Expenses under such Master Lease will be adjusted accordingly.

• Triple Net Expenses will be calculated in accordance with the Pro Forma and will commence upon the Closing Date.

• In addition to Triple Net Expenses, Seller will pay Purchaser the proportionate share of common area expenses, insurance and taxes attributable to any Tenant Lease which has not started paying triple net expenses – such triple-net expenses to be paid under the applicable Master Lease (the “Additional Triple Net Expenses”).

• Additional Triple Net Expenses attributable to each such Tenant Lease will commence upon the Closing Date and be calculated in accordance with the proportionate share of triple net expenses attributable to such premises as specified in such Tenant Lease.

• For example, if there is a Tenant Lease in the inline space that is not an Earn Out Lease as of the Closing Date, then under the Inline Master Lease, Seller will pay Purchaser Additional Triple Net Expenses for such Tenant Lease until the rent commencement date (i.e., the date all free rent periods have expired) under such Tenant Lease has occurred (with Seller being obligated to resume payment of such Additional Triple Net Expenses under the conditions set forth in Section 2 above).

More Definitions of Net Expenses

Net Expenses mean expenses reduced by an amount equal to revenue from (i) non- member jurisdictions (including the federal government) (ii) reimbursements from the Commonwealth of Virginia and (iii) all other non-member revenue.

Net Expenses means Net Operating Expenses, less depreciation and amortization, capital reserves, and mortgage interest, if greater than zero;

Net Expenses means the aggregate of any and all of the following costs incurred or accrued during each calendar year according to generally accepted accounting principles in connection with the Land and Building: (1) the cost of all insurance relating to the Building, including, but not limited to, the cost of property insurance, casualty, rental loss and liability insurance applicable to the Building and Landlord’s personal property used in connection therewith and the cost of deductibles paid or claims made by Landlord; (2) charges for water, sewer, natural gas and other energy and utilities provided to the Land and Building (excluding charges for such service provided to the Building that are separately sub-metered and billed to Building occupants); (3) charges for removing trash from the Building; (4) the cost of pest control services; (5) and any and all costs associated with life safety systems, including without limitation the costs of testing, maintaining, repairing and replacing same and (6)

Net Expenses will be determined based on amounts incurred through the Determination Date, together with the parties' mutual good faith estimate of amounts to be incurred after the Determination Date. The "Options Tax Benefit" will be deemed to equal to forty and one hundred thirty-five one-thousandths percent (40.135%) of the aggregate Stock Option/SAR Amount payable under Section 2.4 below. Amounts determined pursuant to the provisions of this Section 1.1(h) will be used in determining the Purchase Price for purposes of the Closing, and will be final and conclusive for all purposes hereunder.

Net Expenses means, the sum of all the actual expenditures for all line items included in the DIP Budget from the effective date of the KEIP through the Debtors’ emergence from these chapter 11 cases less the Cash Adjustment.

Net Expenses means gross expenses less ceding commission allowances under reinsurance contracts that inure to the benefit of this Agreement.

Net Expenses means loss expenses incurred and other underwriting expenses incurred, including expense items that reflect underwriting, including dividends to policyholders but excluding investment income expenses and federal income taxes, all as shown on the Annual Statements for the particular year. All investment income and expenses allocable to the investment operations of Donegal Mutual and Atlantic States under the statutory accounting principles prescribed or permitted by the Insurance Department of the Commonwealth of Pennsylvania shall not be included and shall not be subject to this Agreement.