Gross Purchase Price

Gross Purchase Price. In respect of any Acquired Interest, an amount equal to the product of: (i) the sum of (1) two times the Adjusted Adviser ANI for the six months ending on the applicable Determination Date plus (2) sixty percent (60%) of the Total Current Year Incentive Fees plus forty percent (40%) of the Total Prior Year Incentive Fees with respect to each Incentive Fee Fund that pays Incentive Fees on an annual basis plus (3) 100% of Total Prior Year Incentive Fees with respect to each Incentive Fee Fund... that pays Incentive Fees on a quarterly basis; (ii) minus an amount equal to taxes on such sum at STEP's blended statutory rate at the time of the applicable Determination Date; (iii) multiplied by the Applicable Sale Percentage; (iv) multiplied by the applicable Purchase Multiple. For the avoidance of doubt, to the extent that there is a subsequent payment relating to Total Current Year Incentive Fees pursuant to Section 4(d)(ii), the reduction for taxes on such portion of the Gross Purchase Price will occur at the time of such subsequent payment, using STEP's blended statutory rate at the time of the relevant Determination Date. View More