![]() ![]() ![]() Management Expenses means expenses incurred in the administration of an insurer which are not commission payable and, in the case of general insurance business, are not incurred in claims paid, claims outstanding, expenses for settling claims and expenses for settling claims outstanding ![]() POCKET EXPENSES The fees set forth above shall be in addition to the payment of out-of-pocket expenses, as provided for in Section 4 of this Agreement.Ĭurrent Expenses means operating costs other than personal services and shall not EXPENSE DEFINITION REGISTRATIONBUDGET EXPENSES means all third- party reasonable expenses directly incurred by Borrower, Blended SPV or Administrator on behalf of Borrower or Blended SPV ( including, but not limited to, audit fees, Tax preparation fees, payment of Taxes, insurance expenses, registration and filing fees, deposit account maintenance fees and other administrative expenses and other reasonable and customary operating and corporate maintenance expenses) in accordance with Borrower’s annual operating budget prepared by Administrator and approved by the Governance & Allocation Committee provided that such amount shall not exceed $110,000 in the aggregate annually (without the prior written approval of the Required Lenders and IBank or the Administrative Agent with consent of the Required Lenders and IBank) provided, further, that Budget Expenses shall exclude (i) any salaries of employees of Administrator, Borrower or their affiliates, and any, expenses for administrative, clerical and related support services, office space and facilities, utilities and telephones expenses of the foregoing, (ii) any legal fees or expenses incurred in any legal action by and between Borrower and Administrator and ( iii) Organizational Expenses provided, further, that Budget Expenses shall be allocated, at the applicable time of determination, in equal shares between Blended SPV and such Other SPVs, solely by reference to the number of Other SPVs that Borrower has executed definitive documentation pledging such Other SPV’s Equity Interests in favor of Other Financing Sources. ![]()
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