High Water Xxxx Sample Clauses

High Water Xxxx. Notwithstanding Section 3.5(a) above, if at the end of a fiscal year there exists a Net Capital Depreciation for a particular Limited Partner for such fiscal year, this Section 3.5(b) shall apply. In such event, there shall be established a memorandum account for each such Limited Partner entitled the "Deficit Account," if a Deficit Account does not already exist for such Limited Partner. If a Deficit Account for the Limited Partner did not exist prior to such fiscal year, the initial account Deficit Account balance shall be the amount of the Net Capital Depreciation of such Limited Partner for the fiscal year. If the Deficit Account existed prior to such fiscal year, the Net Capital Depreciation of such Limited Partner for such fiscal year shall be added to the Deficit Account balance. In each succeeding fiscal year, if there is Net Capital Appreciation for such Limited Partner for such fiscal year, the amount thereof shall be subtracted from the balance of the Deficit Account until the Deficit Account balance equals zero. Once the Deficit Account for a particular Limited Partner equals zero, such Deficit Account shall no longer exist and, in the fiscal year the balance reaches zero, the amount of any Net Capital Appreciation for such Limited Partner in excess of the amount contained in such Deficit Account at the beginning of the fiscal year shall be subject to Section 3.5(a). While a Limited Partner has a Deficit Account, Section 3.5(a) shall not apply to such Partner. If a Limited Partner withdraws funds from the Fund while the Limited Partner has a Deficit Account, the Deficit Account balance shall be reduced in the ratio of the withdrawn amount to the Limited Partner's Capital Account prior to the withdrawal. With respect to any Performance Allocation to be made as of a date other than the end of a fiscal year (for example, upon a Limited Partner's withdrawal of capital), the preceding portions of this paragraph shall be applied as of the end of the Performance Allocation measurement period involved rather than as of the end of the fiscal year.
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High Water Xxxx. First, 100% to such Limited Partner until such time as the balance, if any, in such Limited Partner’s Cumulative Loss Account has been eliminated (but in no event more than the balance existing in such account); and
Sample 1
High Water Xxxx. Measurement Period = April 1, 2011 through current end of quarter assumed to be March 31, 2013 (note that High Water Xxxx is on a rolling 24 month look-back, pro rata for first 24 months of this Agreement) Average Equity invested in the Company during the 24 month look back period = $100 million Average Equity invested in the Company during the previous quarter (Calculation Period) = $100 million Total Adjusted Net Income over the preceding 24 months = $16 million Total Adjusted Net Income during the preceding quarter = $5.5 million High Water Xxxx = 9.00% annual rate X 2 years X $100 million average Equity invested = $18 million High Water Xxxx shortfall = $18 million less $16 million = $2 million shortfall Adjusted Net Income for Calculation Period = $5.5 million less $2 million = $3.5 million Hurdle Rate: 12% per annum Amount Required to meet Hurdle Rate: ( $100 million X 12% ) divided by 4 (quarterly) = $3.0 million Adjusted Net Income less Hurdle return = $3.5 million less $3.0 million = $500,000 Incentive Fee = $500,000 X 35% Manager Split = $175,000
Sample 1
High Water Xxxx. Measurement Period = The Measurement Period is the previous 12 calendar months Average Equity previous calendar year look back period = $100 million Average Equity during the previous quarter (Calculation Period) = $100 million Total Adjusted Net Income over the preceding calendar year = $3 million Total Adjusted Net Income during the preceding quarter = $5.5 million High Water Xxxx for Measurement Period = 5.00% annual rate X $100 million average Equity invested = $5 million High Water Xxxx shortfall = $5 million less $3 million = $2 million shortfall Adjusted Net Income for Calculation Period- = $5.5 million less $2 million = $3.5 million Hurdle Rate: 12% per annum Amount Required to meet Hurdle Rate: ( $100 million X 12% ) divided by 4 (quarterly) = $3.0 million Adjusted Net Income less Hurdle return = $3.5 million less $3.0 million = $500,000 Incentive Fee = $500,000 X 35% Manager Split = $175,000 EXHIBIT C 64065.000001 EMF_US 43110248v1 # Report Name Delivery Time Period 1 Monthly warehouse schedules showing end of month interest bearing UPB by loan 5th business day after month end 2 Monthly collections detail 5th business day after month end 3 Monthly roll forward of interest bearing UPB 5th business day after month end 4 Monthly detail of loan modifications 5th business day after month end 5 All signed borrower modification documents 5th business day after month end 6 Schedule showing all new REOs 5th business day after month end 7 All REO documents that have been received from foreclosure attorneys 5th business day after month end 8 Month end corp advance roll forward that rolls with reconciling items classified 5th business day after month end 9 Month end escrow roll forward that rolls with reconciling items classified 2 weeks after month end 10 Monthly ending add-on balance detail that ties back to monthly Headlands trial balance without reconciling items 2 weeks after month end 11 Monthly ending deferred balance detail that ties back to monthly Headlands trial balance without reconciling items 2 weeks after month end 12 Monthly NYBidTapeReport file showing loan population and details at month end 1 Day after month end 13 Monthly entity level trial balances, discount amortization reports, and transaction journals. 3 weeks after month end 14 Purchase price allocation Within 10 days of purchase, no later than 5th business day after month end 15 Reimbursable expenses at month end in excel (including breakout of expenses to be capitalized by loan, an...
Sample 1
High Water Xxxx. The High Water Xxxx is the highest Net Asset Value (§ 6.9) obtained at the end of a previous Fiscal Year (§ 1.7), which becomes the beginning balance of the following year, after any Additions and Subscriptions (§ 6.13) and Withdrawals and Redemptions (§ 6.14). Specifically, the High Water Xxxx is the highest beginning balance among previous fiscal years. The High Water Xxxx is used to determine Performance (§ 6.12) and ensures that the Investment Manager (§ 3.6) only charges fees on actual profits. Any losses experienced in one or more prior years must be recouped before any additional Management Fees (§ 3.11) and Performance Allocation (§ 3.12) (aka. 2/20 fee structure) are charged.
Sample 1

Related to High Water Xxxx

  • Turn-Over After the occurrence and during the continuance of any Default (including the commencement and continuation of any proceeding under any Bankruptcy Law relating to any other Loan Party), each Guarantor shall, if the Administrative Agent so requests, collect, enforce and receive payments on account of the Subordinated Obligations as trustee for the Secured Parties and deliver such payments to the Administrative Agent on account of the Guaranteed Obligations (including all Post Petition Interest), together with any necessary endorsements or other instruments of transfer, but without reducing or affecting in any manner the liability of such Guarantor under the other provisions of this Guaranty.

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  • Constant Net Asset Value If the Trust or any Series or Class holds itself out as a money market or stable value fund, the Trustees shall have the power to reduce the number of outstanding Shares of the Trust or such Series or Class by reducing the number of Shares in the account of each Shareholder on a pro rata basis, or to take such other measures as are not prohibited by the 1940 Act, so as to maintain the net asset value per share of the Trust or such Series or Class at a constant dollar amount.

  • Intent to Limit Charges to Maximum Lawful Rate In no event shall the interest rate or rates payable under this Agreement, plus any other amounts paid in connection herewith, exceed the highest rate permissible under any law that a court of competent jurisdiction shall, in a final determination, deem applicable. Borrower and the Lender Group, in executing and delivering this Agreement, intend legally to agree upon the rate or rates of interest and manner of payment stated within it; provided, however, that, anything contained herein to the contrary notwithstanding, if said rate or rates of interest or manner of payment exceeds the maximum allowable under applicable law, then, ipso facto, as of the date of this Agreement, Borrower is and shall be liable only for the payment of such maximum as allowed by law, and payment received from Borrower in excess of such legal maximum, whenever received, shall be applied to reduce the principal balance of the Obligations to the extent of such excess.

  • Excess Nonrecourse Liability Safe Harbor Pursuant to Section 1.752-3(a)(3) of the Regulations, solely for purposes of determining each Partner’s proportionate share of the “excess nonrecourse liabilities” of the Partnership (as defined in Section 1.752-3(a)(3) of the Regulations), the Partners’ respective interests in Partnership profits shall be determined under any permissible method reasonably determined by the General Partner; provided, however, that each Partner who has contributed an asset to the Partnership shall be allocated, to the extent possible, a share of “excess nonrecourse liabilities” of the Partnership which results in such Partner being allocated nonrecourse liabilities in an amount which is at least equal to the amount of income pursuant to Section 704(c) of the Code and the Regulations promulgated thereunder (the “Liability Shortfall”). If there is an insufficient amount of nonrecourse liabilities to allocate to each Partner an amount of nonrecourse liabilities equal to the Liability Shortfall, then an amount of nonrecourse liabilities in proportion to, and to the extent of, the Liability Shortfall shall be allocated to each Partner.

  • Distributions Upon Income Inclusion Under Section 409A of the Code Upon the inclusion of any portion of the benefits payable pursuant to this Agreement into the Executive’s income as a result of the failure of this non-qualified deferred compensation plan to comply with the requirements of Section 409A of the Code, to the extent such tax liability can be covered by the Executive’s vested accrued liability, a distribution shall be made as soon as is administratively practicable following the discovery of the plan failure.

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