Permitted Expense definition
Examples of Permitted Expense in a sentence
Pursuant to Section 2.7(b)(iii) of this Agreement, the following calculation applies to determine the proportion of the expense attributable, for financial accounting purposes, to the reduction of the Book Value of a Shared-Loss Loan which may not be included as a Permitted Expense.
If such expenditure is estimated to exceed ten percent (10%) of the Book Value of such Shared-Loss Asset or Asset, respectively, and that Shared-Loss Asset or Asset has a Legal Balance on the Accounting Records of the Assuming Institution of $1,000,000 or more, then the Assuming Institution shall promptly report such proposed expenditure to the Receiver, and may request that such expenditure be treated as a Permitted Expense.
The Other General Partner shall have the right to approve or disapprove any Extraordinary Call (provided that, notwithstanding the foregoing, any Extraordinary Call for amounts required to pay any Permitted Expense that cannot be paid from available revenues of the Qualified Property [or the SP Subsidiary that owns such Qualified Property] or proceeds of a financing obtained by the applicable SP Subsidiary will be deemed approved by the Other General Partner for all purposes hereunder).
The Managing General Partner shall, as soon as practicable after the Managing General Partner discovers or learns about the incurrence or potential incurrence by the Partnership or any SP Subsidiary of any fee, cost, expense or other amount in connection with (or relating to) any Qualified Property that is not a Permitted Expense, orally inform the Other General Partner of such fee, cost, expense or other amount.
Pursuant to Section 2.7(b )(iii) of this Agreement, the following calculation applies to determine the proportion of the expense attributable, for financial accounting purposes, to the reduction of the Book Value of a Shared-Loss Loan which may not be included as a Permitted Expense.
Nothing herein shall in any way prejudice or prevent the Agent or any Lender from objecting, for any reason, to any requests or applications made by any party for compensation or reimbursement of expenses pursuant to section 330 or 331 of the Bankruptcy Code the payment of which the Companies may use proceeds from the Revolving Credit Loans as a Permitted Expense in accordance with clause (ii), (iii) or (iv) of this Section 2.5 or otherwise.
Nothing herein shall in any way prejudice or prevent the Agent or any Lender from objecting, for any reason, to any requests or applications made by any party for compensation or reimbursement of expenses pursuant to sections 330 or 331 of the Bankruptcy Code the payment of which may be made using proceeds from the Revolving Credit Advances and the Swing Line Loan as a Permitted Expense.
If the Post-Closing Permitted Expenses Adjustment exceeds the Closing Permitted Expense Adjustment, then Teck US shall pay to PolyMet Parent an amount equal to such excess as provided in Section 9.8. If the Post-Closing Permitted Expenses Adjustment is less than the Closing Permitted Expense Adjustment, then PolyMet shall pay to Teck US an amount equal to such difference as provided in Section 9.8.
BL , WOM and Buyer agree they will meet no less than annually for the purpose of examining the amounts set forth in the Escrow Fund and the amounts of Buyer Indemnity Claims, WOM Permitted Expense, WOM Litigation Costs and Litigation Costs expended from the Escrow Fund, for the purpose of determining whether the amount of the Escrow Fund is more than sufficient to secure Buyer pursuant to the Indemnification Agreement and WOM in connection with the ▇▇▇▇▇▇▇▇ Litigation and hereunder.
In the event that such audit reveals that Owner's share of Net Proceeds for such Lease Year have been miscalculated by two percent (2%) or more, the expense of such audit shall be paid by Operator and shall not be a Permitted Expense.