Annual Expense Cap definition

Annual Expense Cap means with respect to any calendar year, an amount equal to (i) $150,000 plus (ii) 0.02% per annum multiplied by the sum of (x) the aggregate outstanding principal balance of the Collateral Obligation plus (y) the sum of (A) the aggregate amount of Permitted Investment and cash on deposit in the Collection Account constituting Principal Collections and (B) (1) the aggregate amount of Permitted Investments and cash in the Unfunded Exposure Account minus (2) the Aggregate Unfunded Amount.

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Annual Expense Cap means $150,000.

Annual Expense Cap means, with respect to each one year period beginning on the Closing Date, an aggregate annual cap of $200,000, which shall be apportioned in accordance with the Annual Subcap Amount; provided, that if a claim for any amounts is presented by a Deal Party that, when combined with the aggregate amount of prior claims paid during the related annual period, would exceed the Annual Expense Cap, then only the portion of such claim shall be paid up to such Annual Expense Cap.

Examples of Annual Expense Cap in a sentence

All costs and expenses incurred by the Trust or Trustee in connection with the listing or admittance to quotation on the OTCQX, NYSE or NASDAQ, as applicable, or efforts to effect the same, whether or not successful, shall be paid by Depositor (or, if paid by the Trustee, reimbursed by Depositor), and shall not be subject to or count against all or part of the Depositor Annual Expense Cap and shall not constitute Depositor Loans.
All expenses and liabilities of the Trust at the Call Termination Time that exceed the funds then available to the Trust shall be paid by Depositor (or, if paid by the Trustee, reimbursed by Depositor, without limitation by the Depositor Annual Expense Cap or any other provision of this Agreement).
FIFTH, to the Backup Servicer and any Successor Servicer, as applicable, in an amount equal to any accrued and unpaid Backup Servicing Fee and, if any, accrued and unpaid Transition Costs, Backup Servicer Expenses and Successor Servicer Expenses, provided that the aggregate amount paid pursuant to this clause (v) and clause (ii) above in any Annual Period shall not exceed the Annual Expense Cap; First, Interest Collections, then Principal Collections 1.
In the event the event the annual budget for an SRA Fiscal Year during an extended term exceeds the Approved Budget, the Annual Expense Cap (as defined below) may increase by up to 3% for the First Extended Term and up to an additional 3%, on a pro rata basis, for the Second Extended Term to account for such increase.
In addition to any fees which might become due and payable to you under the terms of this Agreement, upon request and submission of appropriate reasonable documentation, the Company will reimburse you for all reasonable out-of-pocket expenses you have incurred in connection with this engagement; provided, however, that such expenses shall not exceed the Annual Expense Cap without prior authorization by the Company.

More Definitions of Annual Expense Cap

Annual Expense Cap means $10,000. Neither party may assign this Agreement or the rights and obligations hereunder, except that the Company may assign its rights and obligations in connection with a Transaction. Your receipt of any confidential information, including, but not limited to, nonpublic information regarding the Company, potential parties with whom the Company is in discussions for a potential business relationship, or the terms of any proposed transaction, disclosed to you by or on behalf of the Company or such potential business partner(s) in connection with this engagement is subject to the terms and conditions of the Confidential Disclosure Agreement dated July 1, 2011 between you and the Company, and you will use such information only for purposes of advising the Company.

Annual Expense Cap shall have the meaning set forth in the Series 2023-GOT Series Supplement. “Annual Financial Statement Date” shall mean December 31, 2022. “Anti-Corruption Laws” shall mean: (a) the U.S. Foreign Corrupt Practices Act of 1977, as amended; (b) the U.K. Bribery Act 2010, as amended; and (c) any other anti-bribery or anti-corruption laws, regulations or ordinances in any jurisdiction in which Seller or any of its Affiliates is located or doing business. “Anti-Money Laundering Laws” shall mean any Requirements of Law relating to money laundering or terrorism financing, any predicate crime to money laundering, or any financial record keeping and reporting requirements related thereto. “Applicable Requirements” shall mean the origination and servicing procedures as described in: (i) the Approved Underwriting Guidelines; (ii) the servicing duties as prescribed by the Servicing Agreement or the MPSA, as applicable; (iii) any guides mutually agreed upon with respect to private label products; (iv) applicable state and federal laws, rules and regulations; and (v) any other written notices, procedures, guidebooks or requirements received by the Seller from any insurer applicable to Mortgage Loans owned (or in which participation interests are owned) by the Buyer. Seller shall not make any changes to the servicing procedures of Seller applicable to the Mortgage Loans without the prior written consent of the Buyer. “Applicable Series” shall have the meaning set forth in Section 37(a) of the Agreement. “Appraisal” shall mean, with respect to any Mortgaged Property, an appraisal of such Mortgaged Property meeting the requirements of the representations and warranties set forth in paragraph (nn) on Schedule 1 hereto. “Appraised Value” shall mean the value set forth in an Appraisal made in connection with the origination of the related Mortgage Loan as the value of the underlying Mortgaged Property, and any updated Appraisal with respect thereto. “Approved CPA” shall mean Binder Dijker ▇▇▇▇ (BDO) or any certified public accountant approved by ▇▇▇▇▇ in writing in its sole discretion. “Approved Originator” shall mean those lending institutions set forth on Schedule 6 hereto, and any other lending institutions approved in writing by Buyer in its sole discretion; provided that any previously Approved Originator will no longer be an Approved Originator upon written notice from Buyer.

Annual Expense Cap means the Base (as defined and adjusted pursuant to the definition thereof set forth in this Section 20).

Annual Expense Cap means the limit on Administrative Expenses that may be paid as Senior Priority Payments in any calendar year as determined by the Administrator, which will be equal to the budget expenses for the current calendar year as set forth in the budget as of the date of determination specified by the Administrator pursuant to Section 7 of the Administrative Services Agreement.