Loss Recovery Account Sample Clauses

Loss Recovery Account. The Fund shall maintain a loss recovery account with respect to each class of Shares (each, a “Loss Recovery Account”), the opening balance of which shall be zero. At the end of each calendar quarter and before giving effect to any distributions or repurchases in respect of such calendar quarter, either (i) the Fund’s aggregate net losses attributable to such class with respect to such calendar quarter shall be added to the Loss Recovery Account or (ii) the Fund’s aggregate Net Profits attributable to such class with respect to such calendar quarter shall be subtracted from the Loss Recovery Account (but not reduce it below zero), with any Net Profits left after the Loss Recovery Account has been set to zero available for the determination of the Incentive Fee in respect of such class. Any such addition to or subtraction from the Loss Recovery Account shall be made after accrual of the applicable Advisory Fee and the Distribution and Shareholder Servicing Fee (if applicable) and other fees and expenses of the Fund for the relevant calendar quarter. The Loss Recovery Account maintained for a class of Shares shall be reduced immediately following (i) the payment by the Fund of any dividend or other distributions that are not reinvested in Shares of such class or (ii) the repurchase of Shares of such class by the Fund. The balance of the Loss Recovery Account shall never be reduced below zero. The Loss Recovery Account shall be maintained with respect to each class of Shares as a whole (rather than for each individual shareholder).
Sample 1
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Loss Recovery Account. Loss Recovery Account is a memorandum account, the opening balance of which shall be zero. At the end of each Calculation Period, the Loss Recovery Account will be adjusted as follows. For a given Calculation Period, if there is Net Depreciation of the Managed Assets, the Loss Recovery Account will be increased by an amount equal to the Net Depreciation. For a given Calculation Period, if there is Net Appreciation of the Managed Assets and the balance in the Loss Recovery Account is other than zero, the Loss Recovery Account will be reduced by an amount equal to the Net Appreciation; provided, however, that the Loss Recovery Account cannot be reduced below zero. Agreed and Accepted: Agreed and Accepted: TIFF Investment Program, Inc. OVS Capital Management LLP for its TIFF Multi-Asset Fund By:___________________________ By:____________________________ Name: Name: Title: Title:
Sample 1
Loss Recovery Account. The Fund will maintain a memorandum account (the “Loss Recovery Account”), which will have an initial balance of zero and will be (x) increased upon the close of each calendar quarter of the Fund by the amount of the net losses of the Fund for the quarter, before giving effect to any repurchases or distributions for such quarter, and (y) decreased (but not below zero) upon the close of each calendar quarter by the amount of the net profits of the Fund for the quarter. For purposes of the Loss Recovery Account, the term “net losses” shall mean the amount by which (x) the sum of (A) the net asset value of the Fund as of the beginning of such quarter and (B) the aggregate issue price of shares of the Fund issued during such quarter (excluding any shares of such class issued in connection with the reinvestment of dividends paid, or other distributions made, by the Fund through the DRP) exceeds (y) the sum of (A) the net asset value of the Fund as of the end of such quarter, (B) the aggregate repurchase price of all shares repurchased by the Fund during such quarter and (C) the amount of dividends and other distributions paid in respect of the Fund during such quarter and not reinvested in additional shares through the DRP. For purposes of the “net losses” calculation, the net asset value shall include unrealized appreciation or depreciation of investments and realized income and gains or losses and expenses (including offering and organizational expenses). Incentive Fees are accrued monthly and paid quarterly. For purposes of calculating Incentive Fees, such accruals are not deducted from net asset value.
Sample 1
Loss Recovery Account. Loss Recovery Account is a memorandum account, the opening balance of which shall be zero. At the end of each Calculation Period, the Loss Recovery Account will be adjusted as follows. For a given Calculation Period, if there is Net Depreciation of the Managed Assets, the Loss Recovery Account will be increased by an amount equal to the Net Depreciation. For a given Calculation Period, if there is Net Appreciation of the Managed Assets and the balance in the Loss Recovery Account is other than zero, the Loss Recovery Account will be reduced by an amount equal to the Net Appreciation; provided, however, that the Loss Recovery Account cannot be reduced below zero. Agreed and Accepted: Agreed and Accepted: TIFF Investment Program, Inc. OVS Capital Management LLP for its TIFF Multi-Asset Fund By: /s/ Xxxxx X. Xxxxxxxxx By: /s/ Xxx Xxxxxxx Name: Xxxxx X. Xxxxxxxxx Name: Xxx Xxxxxxx Title: Vice President Title: CIO
Sample 1
Loss Recovery Account. The Fund shall maintain a loss recovery account (the “Loss Recovery Account”), the opening balance of which shall be zero. At the end of each calendar quarter and before giving effect to any distributions or repurchases in respect of such calendar quarter, either (i) the Fund’s aggregate net losses with respect to such calendar quarter shall be added to the Loss Recovery Account or (ii) the Fund’s aggregate Net Profits with respect to such calendar quarter shall be subtracted from the Loss Recovery Account (but not reduce it below zero), with any Net Profits left after the Loss Recovery Account has been set to zero available for the determination of the Incentive Fee. Any such addition to or subtraction from the Loss Recovery Account shall be made after accrual of the applicable Advisory Fee and other fees and expenses of the Fund for the relevant calendar quarter. The Loss Recovery Account shall be reduced immediately following (i) the payment by the Fund of any dividend or other distributions that are not reinvested in Shares or (ii) the repurchase of Shares by the Fund. The balance of the Loss Recovery Account shall never be reduced below zero. The Loss Recovery Account shall be maintained for the Fund as a whole (rather than for each individual shareholder).
Sample 1
Loss Recovery Account. There is established on the books of the Partnership for each Limited Partner a memorandum account (the “Loss Recovery Account”), the opening balance of which is zero. The General Partner’s Incentive Allocation shall be subject to the amount of each Limited Partner’s Loss Recovery Account from the preceding Incentive Allocation Period. At the end of each Incentive Allocation Period, the balance in each Limited Partner’s Loss Recovery Account is adjusted as follows: (i) an amount equal to any Aggregate Overall Depreciation with respect to such Limited Partner during such Incentive Allocation Period is credited to such Limited Partner’s Loss Recovery Account; or (ii) an amount equal to any Aggregate Overall Appreciation with respect to such Limited Partner during such Incentive Allocation Period, before any Incentive Allocation to the General Partner, is debited to and reduces any unrecovered balance in such Limited Partner’s Loss Recovery Account, but not beyond zero. No Incentive Allocation is allocable from a Limited Partner’s Capital Account unless and until such Limited Partner’s Loss Recovery Account is at zero. The Aggregate Net Increase upon which the calculation of the Incentive Allocation is based is deemed reduced by the amount, if any, of such Limited Partner’s Loss Recovery Account. Furthermore, for purposes of adjusting a Limited Partner’s Loss Recovery Account, any Management Fees paid or accrued with respect to a Limited Partner during an Incentive Allocation Period shall increase the amount of Aggregate Overall Depreciation credited to such Limited Partner’s Loss Recovery Account or decrease the amount of Aggregate Overall Appreciation debited to such Limited Partner’s Loss Recovery Account, as the case may be. There will be a separate Loss Recovery Account maintained for each capital contribution made by a Limited Partner. In the event that a Limited Partner with an unrecovered balance in its Loss Recovery Account withdraws all or a portion of its Capital Account, the unrecovered balance in such Limited Partner’s Loss Recovery Account is reduced as of the beginning of the next Incentive Allocation Period by an amount equal to the product obtained by multiplying the balance in such Limited Partner’s Loss Recovery Account by a fraction, the numerator of which is the amount of such withdrawal made or distribution received by such Limited Partner and the denominator of which is the aggregate balance in such Limited Partner’s Capital Account on ...
Sample 1

Related to Loss Recovery Account

  • Deposits to the Collection Account and Special Payments Account (a) The Subordination Agent shall, upon receipt thereof, deposit in the Collection Account all Scheduled Payments received by it (other than any Scheduled Payment which by the express terms hereof is to be deposited to a Cash Collateral Account).

  • Permitted Withdrawals from the Collection Accounts and Certificate Account (a) Each Servicer may from time to time make withdrawals from the related Collection Account for the following purposes:

  • Establishment of Collection Account (a) The Servicer, on behalf of the Issuer and the Indenture Trustee, shall establish the Collection Account in the name of the Indenture Trustee for the benefit of the Securityholders. The Collection Account shall be an Eligible Deposit Account initially established with the Indenture Trustee and maintained with the Indenture Trustee. Except as otherwise provided in this Agreement, in the event that the Collection Account maintained with the Indenture Trustee is no longer an Eligible Deposit Account, then the Servicer shall, with the Indenture Trustee’s assistance, as necessary, use reasonable efforts to cause the Collection Account to be moved to an Eligible Institution within thirty days.

  • Operating Accounts (a) Maintain its primary operating and other deposit accounts and securities accounts with Bank and Bank’s Affiliates.

  • Certificate Account and Special Payments Account (a) The Trustee shall establish and maintain on behalf of the Certificateholders a Certificate Account as one or more non-interest-bearing accounts. The Trustee shall hold the Certificate Account in trust for the benefit of the Certificateholders, and shall make or permit withdrawals therefrom only as provided in this Agreement. On each day when a Scheduled Payment is made to the Trustee under the Intercreditor Agreement, the Trustee upon receipt thereof shall immediately deposit the aggregate amount of such Scheduled Payment in the Certificate Account.

  • Withdrawals from the Collection Account (a) The Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.01:

  • Operating Account To the extent funds are not required to be placed in a lockbox pursuant to any Loan Documents, Property Manager shall deposit all rents and other funds collected from the operation of the Property in a reputable bank or financial institution in a special trust or depository account or accounts for the Property maintained by Property Manager for the benefit of the Company (such accounts, together with any interest earned thereon, shall collectively be referred to herein as the “Operating Account”). Property Manager shall maintain books and records of the funds deposited in and withdrawals from the Operating Account. With funds from Company, Property Manager shall maintain the Operating Account so that an amount at least as great as the budgeted expenses for such month is in the Operating Account as of the first of each month. From the Operating Account, Property Manager shall pay the operating expenses of the Property and any other payments relative to the Property as required by this Agreement. If more than one account is necessary to operate the Property, each account shall have a unique name, except to the extent any Lender requires sub-accounts within any account. Within three (3) months after receipt by Property Manager, all rents and other funds collected in the Operating Account, after payment of all operating expenses, debt service and such amounts as may be determined by the Property Manager to be retained for reserves or improvements, shall be paid to the Company.

  • Collection of Mortgage Loan Payments; Collection Account; Distribution Account (a) The Master Servicer shall enforce the obligation of the Servicers to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with the applicable Servicing Agreement and the terms and provisions of any related Required Insurance Policy.

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