Expense Allocation definition
Expense Allocation means, with respect to each Cost Year during the Lease Term, an amount equal to Tenant's Operating Costs Share of the increase in Building Operating Costs for such Cost Year over the Building Operating Costs for the Base Cost Year.
Expense Allocation means fifty percent (50%) with respect to each of TRIS and AYTU.
Expense Allocation means an amount equal to $1,600,000.00. For each calendar year beginning after 2023, the Expense Allocation will increase by an amount equal to the product of: (i) any increase in the aggregate corporate overhead expense of Company’s enterprise during the immediately preceding calendar year, as determined by Company in its reasonable discretion, multiplied by (ii) 0.5; provided that the Expense Allocation for any calendar year shall not be increased by more than $100,000 in any year up to an aggregate amount of $400,000 over the Term. However, if in a previous year the expense allocation would have been greater than $100,000, but was capped at $100,000 per the provision above, in the next year if the Expense Allocation is less than $100,000, it may be raised to the lesser of $100,000 or the amount of the Expense Allocation plus the difference between the previous years’ uncapped Expense Allocation and $100,000 (By way of example, if in year 2, the Expense Allocation would have been $125,000, but was capped at $100,000 per the provision above, and if in year 3, the Expense Allocation is $40,000, the previous year’s $25,000 excess may be added to year 3’s Expense Allocation, resulting in an Expense Allocation of $65,000 for year 3). For purposes of this Agreement, “Interest Expense” for any calendar year means the actual interest cost incurred by Company with respect to any funds borrowed from Company’s bank credit facility or a third-party and used to fund Heritage Global Capital LLC’s portion of any loan made by Heritage Global Capital LLC as calculated in accordance with Company’s standard accounting practices. For the purposes of this provision, references to Heritage Global Capital LLC include any special purpose vehicle subsidiary of Heritage Global Capital LLC and any entity in which a special purpose vehicle subsidiary is a member or participant. For further clarification, Interest Expense will not be deducted dollar for dollar from Executive’s Bonus, but as stated above, will be included in the calculation of the NOI of the Financial Assets Division in calculating Executive’s Bonus. Notwithstanding the foregoing, if, during the Term, Company raises capital for the benefit of Heritage Global Capital LLC (or any other division), Executive and Company shall discuss whether and to what extent equity, finance or corporate costs directly attributable to such capital raise shall be included in the Expense Allocation for the purposes of determining NOI and ...
Examples of Expense Allocation in a sentence
Unless the Parties otherwise agree to a different allocation, each payment that occurs in connection with a closing of the series offering may be prorated between the Expense Allocation and the advance.
The Trust and the Adviser are aware of the limitations on allocating advisory or custodial fees or other expenses related to the management of the company’s assets set forth in Rule 18f-3 under the Investment Company Act of 1940, as amended and the Trust’s Expense Allocation Plan adopted pursuant thereto.
For the avoidance of doubt, the Expense Allocation for each series is the only expense incurred by each series of the Company and no other expense is directly or indirectly paid by the Company, any series or investors in connection with the organization of the Company, the purchase and securitization of the Artwork or the offering conducted by each series.
As consideration for the activities described herein, Masterworks will be entitled to receive an Expense Allocation equal to 11% of the purchase price of the Artwork of each series.
Under no circumstances will any portion of the Expense Allocation remain as an outstanding obligation of the series following the final closing of the series offering and the application of the use of proceeds therefrom.
The sum of the Capital Percentages of all Members on each Expense Allocation Date shall equal 100%.
Such reimbursements shall be allocated among and debited against the Capital Accounts of the Members during such 12-month period in accordance with the value of their respective Capital Accounts on each applicable Expense Allocation Date.
Reference is made to the Fund Accountant Expense Allocation Methodology (the “Methodology”) as prepared and presented by HFMC to the Board and reviewed by ▇▇▇▇▇▇ ▇.
The Borrower shall comply ---------------------------- with the terms of the Expense Allocation Agreement and not consent to any waiver, modification or amendment thereto.
The Borrower is not a party to any management, operating, license or other agreement providing for the payment of any amount to any of its Affiliates, except for the Expense Allocation Agreement or as permitted under (S)7.11.
More Definitions of Expense Allocation
Expense Allocation means the actual amount of Operational Overhead expense that is a direct cost of Buyer and its Affiliates, to the extent attributable to the Combined Products on a pro rata basis, expended during the relevant Calendar Year that is used for Operational Overhead to support optimization of Combined Net Sales, which amount shall be allocated as reasonably determined by Buyer in a manner consistent with Buyer’s forecasts with respect to the Combined Products that have been provided to Seller’s Representatives via e-mail on August 16, 2019; provided, that the Expense Allocation shall not exceed $25,000,000 per Calendar Year (pro-rated from the Closing for 2019), adjusted annually commencing in 2020 through 2024 to reflect annual increases in the Consumer Price Index for All Urban Consumers (CPI-U), prior to January 1, 2025. For the avoidance of doubt, commencing with the Calendar Year 2025, Expense Allocation may exceed the then operative $25,000,000 plus the accrued CPI-U adjustments. If any other Combined Product, other than Lazanda or the Products, is developed, acquired, or licensed by the Buyer in the United States, then the Expense Allocation may exceed the then applicable operative $25,000,000 plus the accrued CPI-U adjustments, and for purposes of determining the Expense Allocation amount for any Combined Products other than the Products and Lazanda, such Expense Allocation amount shall equal the actual amount of Operational Overhead expense that is a direct cost of Buyer and its Affiliates, to the extent attributable to such additional products on a pro rata basis, expended during the relevant Calendar Year that is used for Operational Overhead to support optimization of Combined Net Sales; provided, that the Expense Allocation amount shall be limited such that the percentage of Expense Allocation relative to Combined Net Sales for such relevant Calendar Year (inclusive of all Combined Products) shall in no event exceed the percentage of Expense Allocation relative to Combined Net Sales for the prior Calendar Year and in the case of any other Combined Product, other than Lazanda or the Products that is acquired or licensed prior to December 31, 2020, then the percentage of Expense Allocation relative to Combined Net Sales shall be calculated using the 2020 estimates that have been provided to Seller’s Representatives via e-mail on August 16, 2019 in respect of the Calendar Year 2020.
Expense Allocation has the meaning set forth in Section 2.2(a).
Expense Allocation and “Expense Allocations” are defined in Section 7.01.
Expense Allocation means the actual amount of Operational Overhead expense that is a direct cost of Buyer and its Affiliates, to the extent attributable to the Combined Products on a pro rata basis, expended during the relevant Calendar Year that is used for Operational Overhead to support optimization of Combined Net Sales, which amount shall be allocated as reasonably determined by Buyer in a manner consistent with Buyer’s forecasts with respect to the Combined Products that have been provided to Seller’s Representatives via e-mail on August 16, 2019; provided, that the Expense Allocation shall not exceed $25,000,000 per Calendar Year (pro- rated from the Closing for 2019), adjusted annually commencing in 2020 through 2024 to reflect annual increases in the Consumer Price Index for All Urban Consumers (CPI-U), prior to January 1, 2025. For the avoidance of doubt, commencing with the Calendar Year 2025, Expense Allocation may exceed the then operative $25,000,000 plus the accrued CPI-U adjustments. If any other Combined Product, other than Lazanda or the Products, is developed, acquired, or licensed by the Buyer in the United States, then the Expense Allocation may exceed the then applicable operative $25,000,000 plus the accrued CPI-U adjustments, and for purposes of determining the Expense Allocation amount for any Combined Products other than the Products and Lazanda, such Expense Allocation amount shall equal the actual amount of Operational Overhead expense that is a direct cost of Buyer and its Affiliates, to the extent attributable to such additional products on a pro rata basis, expended during the relevant Calendar Year that is used for Operational Overhead to support optimization of Combined Net Sales; provided, that the Expense Allocation amount shall be limited such that the percentage of Expense Allocation relative to Combined Net Sales for such relevant Calendar Year (inclusive of all Combined Products) shall in no event exceed the percentage of Expense Allocation relative to Combined Net Sales for the prior Calendar Year and in the case of any other Combined Product, other than Lazanda or the Products that is acquired or licensed prior to December 31, 2020, then the percentage of Expense Allocation relative to Combined Net Sales shall be calculated using the 2020 estimates that have been provided to Seller’s Representatives via e-mail on August 16, 2019 in respect of the Calendar Year 2020.
Expense Allocation means an amount equal to $1,600,000.00. For each calendar year beginning after 2023, the Expense Allocation will increase by an amount equal to the product of: (i) any increase in the aggregate corporate overhead expense of Company’s enterprise during the immediately preceding calendar year, as determined by Company in its reasonable discretion, multiplied by (ii) 0.5; provided that the Expense Allocation for any calendar year shall not be increased by more than $100,000, applied cumulatively during this Agreement. Company may, in its good faith and reasonable discretion, increase the Expense Allocation to take into account any increase in expense resulting from an Expansion. Notwithstanding the foregoing, if, during the Term, Company raises capital, Executive and Company shall discuss whether and to what extent equity, finance or corporate costs directly attributable to such capital raise shall be included in and added to the Expense Allocation for the purposes of determining NOI and Executive’s bonus hereunder. Executive is under no obligation to agree to any increase to the Expense Allocation due to such capital raise, and any increase to the Expense Allocation must be expressly agreed to in writing by Company and Executive.