Billable Value definition
Billable Value means, with respect to services provided during any period, the sum of (a) the number of hours spent by each ALBANY engineer, scientist, technician or other employee working on SPECTRA research and development projects during such period, multiplied by the applicable hourly rate for such engineer, scientist, technician or employee, as such rates may be in effect from time to time, and (b) ALBANY's out-of-pocket and other direct expenses and disbursements incurred during such period as a result of such work.
Billable Value means, with respect to any customer or client engagement of Luminant or any of its Subsidiaries: (A) the aggregate amount, excluding expenses incurred to perform services which are reimbursable by any customer or client, provided that Luminant or its Subsidiary shall be entitled to ▇▇▇▇ such client or customer and recognize and report such amounts as revenues in accordance with GAAP, of: (1) in the case of an Hourly Fee Arrangement, the Hourly Fees; or (2) in the case of a Fixed Fee Arrangement, the Fixed Fees; or (3) in the case of a Contingent Fee Arrangement, the Contingent Fee Amount; excluding in each case (B) any Contingent Fees which shall be treated in accordance with Section 2.09.