Operating Expense Limit definition

Operating Expense Limit means the rate of the "Total Expense Limit" as a percentage of average daily net assets of the Series as stated in the then current registration statement of the Series, plus any distribution or service fees under Rule 12b-1 under the Investment Company Act of 1940 and/or shareholder service fees as described in the then current registration statement of the Series, as determined from time to time by the Board of Trustees of the Trust.
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Operating Expense Limit means, with respect to the Series' Class I shares, 1.55% of average daily net assets of the Series, and shall mean, with respect to the Series' Class N shares and UBS Investment Fund shares, 1.55% of the Series' average daily net assets, plus any distribution service fees under Rule 12b-1 under the Investment Company Act of 1940 and/or shareholder service fees as described in the then current registration statement of the Series.
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Operating Expense Limit in any year with respect to the Institutional Class of each Fund shall be an amount equal to the Operating Expenses of the Fund’s Investor Class, less the 12b-1 Fee paid by such Investor Class during the same period (after application of any waiver of part or all of such 12b-1 Fee which is then in effect between the Fund and Distributor), expressed as a percentage of the Fund’s average daily net assets attributable to the applicable class.
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Examples of Operating Expense Limit in a sentence

  • If subsequent recoupment of Prior Expenses shall be resumed to the extent that Operating Expenses do not exceed the Operating Expense Limit, the Operating Expense Limit in Section 1.1 shall (unless previously terminated in accordance with the terms hereof) apply.

  • If necessary, on or before the last day of the first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the actual Fund Operating Expenses of a Fund for the prior fiscal year (including any reimbursement payments hereunder with respect to such fiscal year) do not exceed the Maximum Annual Operating Expense Limit.

  • If Operating Expenses of a Fund subsequently exceed the Operating Expense Limit applicable to such class of such Fund, the recoupment of Prior Expenses shall be suspended.

  • Xxxxx President and Chief Executive Officer [Signature Page to Expense Limitation Agreement] Schedule A Operating Expense Limits Fund Date that Operating Expense Limit Began Date that Operating Expense Limit Ended Value Line Larger Companies Focused Fund, Inc.

  • If the annualized Operating Expenses attributable to the Institutional Class for any month exceed the Operating Expense Limit applicable to such Fund, the Adviser shall remit to the Institutional Class of shares of such Fund or pay directly to the appropriate third party an amount sufficient to reduce the annualized Operating Expenses of the Institutional Class to an amount no higher than the Operating Expense Limit for such class.

  • The term (“Term”) of the Operating Expense Limit for each Fund under this Agreement shall begin on the date set forth in Schedule A for such Fund and continue until the Agreement is terminated for such Fund.

  • The Adviser agrees that, to the extent Operating Expenses incurred by the Institutional Class of a Fund in any fiscal year during the Term exceed the Operating Expense Limit, the excess amount (the “Excess Amount”) shall be the liability of the Adviser and, accordingly, the Adviser shall either make payments to the Institutional Class of such Fund of any and all Excess Amounts or pay such Excess Amounts directly to the appropriate parties.

  • If necessary, on or before the last day of the first month of each Fund’s fiscal year, an adjustment payment shall be made with respect to the Institutional Class of such Funds by the appropriate party in order that the amount of payments remitted and/or paid by the Adviser to the Fund with respect to the previous fiscal year for such class are sufficient to ensure that the Operating Expenses of the Institutional Class do not exceed the Operating Expense Limit applicable to such class of a Fund.

  • To the extent any reimbursement is made pursuant to this Section 2.a, such reimbursement shall not cause the Fund Operating Expenses to exceed the Maximum Annual Operating Expense Limit that was in place with respect to each class of a Fund at the time the Adviser waived or reduced its advisory fees or reimburse other expenses for such class of the Fund.

  • If the annualized Fund Operating Expenses for any month of a Fund exceed the Maximum Annual Operating Expense Limit of such Fund, the Adviser shall first waive or reduce its investment advisory fee for such month by an amount sufficient to reduce the annualized Fund Operating Expenses to an amount no higher than the lowest Maximum Annual Operating Expense Limit applicable to a Fund.


More Definitions of Operating Expense Limit

Operating Expense Limit means, with respect to any Collection Period, 80% of the amount of gross collections from sales of hydrocarbons (net of royalties, taxes, and Third Party Post-Production Expenses) attributable to the Working Interests, plus the aggregate of the Equity Contribution Cures (in the form of cash), if any, deposited in the Collection Account.
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Operating Expense Limit. The operating expense limit with respect to the PL Income Fund shall be 0.15% through June 30, 2014 (the “Operating Expense Limit”), based on a percentage of the average daily net assets of the PL Income Fund for the period described in Section I.D. The Adviser may elect to lower the expense caps and/or extend the time period further by amending this Agreement.
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Operating Expense Limit in any fiscal year with respect to Class K and Class Y of the Fund shall be as follows (based on a percentage of the average daily net assets of such class of the Fund): Class Operating Expense Limit (in basis points) ----- ----------------------------------------- Class K Shares 225 Class Y Shares 225
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Operating Expense Limit. The Fund's maximum operating expense limit ("Operating Expense Limit") in any year shall be 1.35% of the average daily net assets of the Fund.
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Related to Operating Expense Limit

  • Operating Expense means salaries, wages, cost of maintenance and operation, materials, supplies, insurance and all other items normally included under recognized accounting practices, but does not include allowances for depreciation in the value of physical property.

  • Controllable Operating Expenses means all Operating Expenses except real property taxes, all forms of insurance, utility expenses, costs of services provided under a union contract, payments under CC&R’s or to an owners’ association and costs associated with repairs due to casualty, vandalism or other source outside of Landlord’s reasonable control.

  • Operating Expenses is defined to include all expenses necessary or appropriate for the operation of the Fund (or Class, as applicable), including the Advisor’s investment advisory or management fee detailed in the Investment Advisory Agreement and any Rule 12b-1 fees and other expenses described in the Investment Advisory Agreement, but does not include taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, acquired fund fees and expenses (as determined in accordance with SEC Form N-1A), expenses incurred in connection with any merger or reorganization, or extraordinary expenses such as litigation expenses.

  • Annual Operating Expenses for the Class means and will consist only of the following operating expenses of the Series for the Class that are, under generally accepted accounting principles, accruable and deductible from the Series’ assets with respect to the Class for the period involved: (i) investment advisory fees, if any; (ii) Rule 12b-1 distribution fees, if any; and (iii) custodian fees, shareholder servicing fees, administrative and office facilities expenses, professional fees, trustees’ fees and any other operating expenses of the Series with respect to the Class that are recorded or includable in the Series’ statement of operations in accordance with generally accepted accounting principles. Notwithstanding the provisions of the immediately preceding sentence, the Series’ “Annual Operating Expenses” for the Class do not include “acquired fund expenses”, interest and dividends on securities sold short, amortization of organization expenses, taxes, brokerage commissions, litigation and indemnification expenses or any costs or expenses of or for the Series with respect to the Class that are “extraordinary” as determined under generally accepted accounting principles (see Accounting Principles Board Opinion No. 30). Very truly yours, ROYCE & ASSOCIATES, LLC By: /s/ Xxxx X. Xxxxxxxxx Xxxx X. Xxxxxxxxx Chief Operating Officer ACCEPTED: THE ROYCE FUND By: /s/ Xxxx X. Xxxxxxxxx Xxxx X. Xxxxxxxxx Vice President [Royce & Associates, LLC letterhead] December 31, 2009 The Royce Fund 000 Xxxxx Xxxxxx Xxx Xxxx, XX 00000 Re: Fee Waiver and Expense Reimbursement – Royce Global Value Fund (Service Class) Gentlemen: Reference is made to the Investment Advisory Agreement dated October 27, 2006 (the “Agreement”) by and between The Royce Fund (the “Fund”) on behalf of Royce Global Value Fund (the “Series”) and Royce & Associates, LLC (the “Adviser”). Notwithstanding the provisions of Section 4 (Compensation of the Adviser) of the Agreement, the Adviser hereby waives compensation for services provided by it under the Agreement for the period beginning May 1, 2010 and ending April 30, 2011 (the “Period”), and/or agrees to reimburse expenses relating to the Period to the Series with respect to the Class in an amount, if any, necessary so that the Series’ “Annual Operating Expenses” for its Service Class of shares (the “Class”) are not more than 1.69% of the Class’ average net assets for the Period. The Adviser hereby also waives compensation for services provided by it under the Agreement to the Series with respect to the Class, and/or agrees to reimburse expenses to the Series with respect to the Class for each subsequent annual period through the annual period ending April 30, 2018 (but not for any annual period thereafter) in an amount, if any, necessary so that the Series’ Annual Operating Expenses for the Class are not more than 1.99% of the Class’ average net assets for such annual period. The Adviser’s obligations to reimburse the Series with respect to the Class hereunder will not apply for any period when the Adviser is not rendering services to such Series under the Agreement.

  • Gross Operating Expenses shall include (i) all costs and expenses of operating the Hotel included within the meaning of the term “Total Costs and Expenses” contained in the Uniform System and, (ii) without duplication, the following: all salaries and employee expense and payroll taxes (including salaries, wages, bonuses and other compensation of all employees of the Hotel, and benefits including life, medical and disability insurance and retirement benefits), expenditures described in Section 9.1, operational supplies, utilities, insurance to be provided by Lessee under the terms of this Lease, governmental fees and assessments, common area maintenance costs and other common area fees and assessments, food, beverages, laundry service expense, the cost of Inventories, license fees, advertising, marketing, reservation systems and any and all other operating expenses as are reasonably necessary for the proper and efficient operation of the Hotel and the Leased Property incurred by Lessee in accordance with the provisions hereof (excluding, however, (i) federal, state and municipal excise, sales and use taxes collected directly from patrons and guests or as a part of the sales price of any goods, services or displays, such as gross receipts, admissions, cabaret or similar or equivalent taxes paid over to federal, state or municipal governments, (ii) the cost of insurance to be provided under Article 13, (iii) expenditures by Lessor pursuant to Article 13 and (iv) payments on any Mortgage or other mortgage or security instrument on the Hotel); all determined in accordance with generally accepted accounting principles. No part of Lessee’s central office overhead or general or administrative expense (as opposed to that of the Hotel), and no operating expenses paid or payable by tenants under Space Leases, shall be deemed to be a part of Gross Operating Expenses, as herein provided. Reasonable out-of-pocket expenses of Lessee incurred for the account of or in connection with the Hotel operations, including but not limited to postage, telephone charges and reasonable travel expenses of employees, officers and other representatives and consultants of Lessee and its Affiliates, shall be deemed to be a part of Gross Operating Expenses and such Persons shall be afforded reasonable accommodations, food, beverages, laundry, valet and other such services by and at the Hotel without charge to such Persons or Lessee.

  • Tax Expenses means all federal, state, county, or local governmental or municipal taxes, fees, charges or other impositions of every kind and nature, whether general, special, ordinary or extraordinary, (including, without limitation, real estate taxes, general and special assessments, transit taxes, leasehold taxes or taxes based upon the receipt of rent, including gross receipts or sales taxes applicable to the receipt of rent, unless required to be paid by Tenant, personal property taxes imposed upon the fixtures, machinery, equipment, apparatus, systems and equipment, appurtenances, furniture and other personal property used in connection with the Project, or any portion thereof), which shall be paid or accrued during any Expense Year (without regard to any different fiscal year used by such governmental or municipal authority) because of or in connection with the ownership, leasing and operation of the Project, or any portion thereof.

  • Operating Expenditures means all Partnership Group cash expenditures (or the Partnership’s proportionate share of expenditures in the case of Subsidiaries that are not wholly owned), including taxes, compensation of employees, officers and directors of the General Partner, reimbursement of expenses of the General Partner and its Affiliates, debt service payments, Maintenance Capital Expenditures, repayment of Working Capital Borrowings and payments made in the ordinary course of business under any Hedge Contracts, subject to the following:

  • Common expense liability means the liability for common

  • REIT Expenses means (i) costs and expenses relating to the formation and continuity of existence and operation of the General Partner and any Subsidiaries thereof (which Subsidiaries shall, for purposes hereof, be included within the definition of General Partner), including taxes, fees and assessments associated therewith, any and all costs, expenses or fees payable to any director, officer, or employee of the General Partner, (ii) costs and expenses relating to any public offering and registration of securities by the General Partner and all statements, reports, fees and expenses incidental thereto, including, without limitation, underwriting discounts and selling commissions applicable to any such offering of securities, and any costs and expenses associated with any claims made by any holders of such securities or any underwriters or placement agents thereof, (iii) costs and expenses associated with any repurchase of any securities by the General Partner, (iv) costs and expenses associated with the preparation and filing of any periodic or other reports and communications by the General Partner under federal, state or local laws or regulations, including filings with the Commission, (v) costs and expenses associated with compliance by the General Partner with laws, rules and regulations promulgated by any regulatory body, including the Commission and any securities exchange, (vi) costs and expenses associated with any 401(k) plan, incentive plan, bonus plan or other plan providing for compensation for the employees of the General Partner, (vii) costs and expenses incurred by the General Partner relating to any issuing or redemption of Partnership Interests, and (viii) all other operating or administrative costs of the General Partner incurred in the ordinary course of its business on behalf of or in connection with the Partnership.

  • Base Year means the period set forth in Section 5 of the Summary.

  • Operating Cost means the costs associated with operating a multifamily development once the project is placed in service.

  • Operating Costs means the incremental expenses incurred by the Recipient on account of Project implementation, management, and monitoring, including for office space rental, utilities, and supplies, bank charges, communications, vehicle operation, maintenance, and insurance, building and equipment maintenance, advertising expenses, travel and supervision, salaries of contractual and temporary staff, but excluding salaries, fees, honoraria, and bonuses of members of the Recipient’s civil service.

  • management expense ratio means the total fees and expenses a fund paid during a year divided by its average assets for that year.

  • Direct Expenses means “Operating Expenses” and “Tax Expenses.”

  • Common expense means costs incurred by the association to exercise any of the powers provided for in the association's governing documents.