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A Covered Expense is deemed to be incurred on the date such treatment, service or supply, that gave rise to the expense or the charge, was rendered or obtained. Coverage under the Participating Organization’s Policy must remain continuously in force from the date of the Covered Accident or Sickness until the date treatment, services or supplies are received for them to be a Covered Expense. Program Costs means all necessary and incidental costs of providing program services.Ĭovered Expenses means expenses actually incurred by or on behalf of a Covered Person for treatment, services and supplies covered by the Policy.
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O&M Expenses means expenses incurred by or on behalf of the Developer or by the Authority, as the case may be, for all O&M including (a) cost of salaries and other compensation to employees, (b) cost of materials, supplies, utilities and other services, (c) insurance premium, (d) all taxes, duties, cess and fees due and payable for O&M, (e) all repair, replacement, reconstruction, reinstatement, improvement and maintenance costs, (f) payments required to be made under the O&M Contract, or any other contract in connection with or incidental to O&M, and (g) all other expenditure required to be incurred under Applicable Laws, Applicable Permits or this Agreement.
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Not included as development expenses are salaries and general operating expenses of University administrative personnel. Program Expenses means all the Authority's expenses of administering the Program under the Indenture and the Act and shall include without limiting the generality of the foregoing salaries, supplies, utilities, labor, materials, office rent, maintenance, furnishings, equipment, machinery and apparatus, including information processing equipment software, insurance premiums, credit enhancement fees, legal, accounting, management, consulting and banking services and expenses Fiduciary Expenses remarketing fees Costs of Issuance not paid from proceeds of Bonds payments to pension, retirement, health and hospitalization funds and any other expenses required or permitted to be paid by the Authority.ĭevelopment Expenses means all moneys paid by the University for goods and services to create the work or invention, or to protect, develop, and/or enhance the marketability or any other aspect of a work or invention, including, but not limited to, patent filing fees, protection of patent, marketing expenses, patent maintenance, consulting fees, prosecution expenses, expenses incurred in dealing with equity interests, travel, attorneys’ fees, and research costs. In addition to the monthly interest expense on the Bonds allocable to the Loan, Fixed Program Expenses shall be added to the interest expense on such Loan and the Borrower shall deposit or cause to be deposited in the Program Expense Account established under the Indenture such amounts as are needed to pay Fixed Program Expenses for disbursement upon direction of the Program Administrator.įixed Program Expenses (in addition to Annual Letter of Credit Fee set forth above and other anticipated annually recurring expenses) will equal 30 basis points (0.30%) multiplied by outstanding principal, payable monthly in arrears (based upon a year of 365/366 days, as applicable, and the actual number of days elapsed).
#Fixed expenses definition full#
On the Loan Maturity Date, the entire outstanding principal balance of the Loan, all accrued and unpaid interest thereon, and all unpaid Fixed Program Expenses and Extraordinary Program Expenses allocable thereto shall be paid in full (subject to the terms and conditions set forth in Section 4.12, as applicable). Examples of Fixed Program Expenses in a sentenceĮxcept as may be otherwise specifically provided in this Loan Agreement, each payment made hereunder shall be applied to the amounts then due and payable hereunder first, in respect of Fixed Program Expenses, second, in respect of interest, third, in respect of principal, and fourth, in respect of any other amounts payable hereunder.