Cumulative FRE Margin

Cumulative FRE Margin. With respect to all Funds, the ratio, expressed as a percentage, that (a) the actual Fee-Related Earnings for the twelve months ending on the applicable Adjustment Determination Date, bears to (b) the actual Fee-Related Revenues for the twelve months ending on the applicable Adjustment Determination Date, as reflected on Adviser's financial statements; provided that, for purposes of this definition, Incentive Fees are excluded from revenue and taxes are not deducted.