Operating Expense Ratio definition

Operating Expense Ratio means Net Operating Expenses, as of the applicable period, expressed as a percentage of the average net assets of the Fund as of the relevant measurement date.

Operating Expense Ratio is calculated on a quarterly basis as a percentage of the Company’s average net assets and includes all expenses borne by the Company, except for Waived Fees, expenses accrued under the Expense Support and Conditional Reimbursement Agreements (as described below) and Organization and Offering Expenses.

Operating Expense Ratio is calculated by dividing Operating Expenses, less organizational and offering expenses, base management and incentive fees owed to Advisor, and interest expense, by the Company’s net assets.

Examples of Operating Expense Ratio in a sentence

• There are no shareholder type fees for the Fund that are not part of the Total Annual Operating Expense Ratio below.

• The operating expenses that may not exceed the Capped Operating Expense Ratio do not include expenses that are not included in calculating a fund’s operating expense ratio as reflected in its audited financial highlights (such as brokerage commissions, stamp duty fees, interest, taxes or acquired fund fees and expense), prime broker fees, dividend and interest expense on securities sold short and do not include Extraordinary Expenses.

• Notwithstanding any other provision of this Agreement, Funds Management may reduce the Capped Operating Expense Ratio of a Fund or a class, or extend the term of the Commitment to maintain the Capped Operating Expense Ratio of a Fund or a class, without prior approval of the Board.

• Unless Funds Management informs the Board that the reduced Capped Operating Expense Ratio will be governed by the renewal and non-renewal provisions of Subsection 3(b), the Capped Operating Expense Ratio of the Fund or class will revert to the Capped Operating Expense Ratio previously in effect at the next Expiration/Renewal Date.

• If the Board approves an increase in the listed Capped Operating Expense Ratio of a Fund or class, Funds Management’s Commitment to maintain the higher Capped Operating Expenses Ratio will be governed by the renewal and non-renewal provisions of Subsection 3(b).

More Definitions of Operating Expense Ratio

Operating Expense Ratio means all Other Operating Expenses borne by the Company as a percentage of net assets and (y) “Effective Rate of Distributions Per Share” means the annualized rate of regular cash distributions per share exclusive of return of capital and distribution rate reduction due to distribution and shareholder fees, if any.

Operating Expense Ratio means all expenses borne by the Fund, except for Organization Expenses, Offering Expenses, base management and incentive fees owed to the Adviser and interest expense, as a percentage of net assets.

Operating Expense Ratio is calculated by dividing Operating Expenses in any quarter by the Company’s average net assets in such quarter.

Operating Expense Ratio shall have the meaning ascribed to such term in Section 3.2(b) of this Agreement.

Operating Expense Ratio for any calendar month is calculated by dividing all of the Company’s operating costs and expenses incurred, as determined in accordance with generally accepted accounting principles for investment companies, less organizational and offering expenses, base management and incentive fees owed to the Adviser, shareholder servicing and/or distribution fees, and interest expense, by the Company’s average net assets. The Company’s obligation to make a Reimbursement Payment shall automatically become a liability of the Company on the last business day of the applicable calendar month, except to the extent the Adviser has waived its right to receive such payment for the applicable month. In connection with any Reimbursement Payment, the Company may deliver a notice substantially in the form of Appendix A. The Reimbursement Payment for any calendar month shall be paid by the Company to the Adviser in any combination of cash or other immediately available funds.

Operating Expense Ratio means the quotient obtained by dividing (A) the sum of Direct Costs, Overhead Allowance, commissions paid to third parties involved in the generation of premiums for MIIX Advantage, premium taxes, the consideration for Renewals (as defined in the Renewal Rights Agreement) pursuant to Section 3a of the Renewal Rights Agreement and net reinsurance costs, including ceding commission income, by (B) Net Written Premium.

Operating Expense Ratio means the Company’s Non-GAAP Operating Expenses for the Fiscal Year as a percentage of the Company’s Non-GAAP Revenue for the Fiscal Year, in each case, as publicly reported by the Company on its Earnings Releases or similar filings, including on Form 8-K and also subject to any appropriate adjustments for divesture or similar disposition activities, as necessary.