Operating Expenses

Operating Expenses. Those expenses, costs and amounts of every kind that Sublandlord pays or incurs during any Expense Year because of or in connection with the ownership, operation, management, maintenance, repair, replacement, or restoration of the Master Premises, including, without limitation, all costs incurred by Sublandlord for (a) heat, light, power, air conditioning and ventilation, and other utilities, and (b) real estate taxes, and (c) insurance costs.

Operating Expenses. Shall mean the aggregate annual expenses regarded as operating expenses in accordance with generally accepted accounting principles as determined by the independent auditors selected by the Directors and including the Gross Asset Fee payable to the Advisor and fees and expenses paid to the Directors who are not employees or Affiliates of the Advisor.

Operating Expenses. Means, for any period, all amounts accrued by the Guarantor in the conduct of its business during such period, including utilities, general and administrative expenses, employee salaries, wages and other employment-related costs, fees for letters of credit, surety bonds and performance bonds. Operating Expenses do not include federal and state taxes, depreciation of amortization, and other non-cash charges.

Operating Expenses. Lease is calculated on a Full Service basis with no operating expenses passed through to Tenant. Notwithstanding, Tenant shall reimburse Landlord monthly for any electrical usage that exceeds $0.11 per rentable square foot per month.

Operating Expenses. Shall mean the total of all expenditures, computed in accordance with Generally Accepted Accounting Principles, of whatever kind relating to the ownership, operation, maintenance and management of the Resorts that are incurred on a regular monthly or other periodic basis, including, without limitation, utilities, ordinary and capital repairs and maintenance, insurance premiums, license fees, property taxes and assessments, management fees, payroll and related taxes, computer processing charges,... operational equipment or other lease payments as approved by the Lender, and other similar costs. View More

Operating Expenses. Shall mean all actual ordinary and normal expenses computed on a rolling four quarter basis of the operation of the Real Property and shall include amounts reasonably estimated by Borrower to be reserved for the payment of taxes, insurance, security deposits and similar current liabilities, including any management fees.

Operating Expenses. Shall mean all reasonable operating expenses of the Property, including, without limitation, those for maintenance, repairs, annual taxes or payments in lieu of taxes, insurance, utilities and other annual expenses (but not capital expenses) that are standard and customary for properties similar to the Property, and which are set forth in the Approved Annual Budget, Operating Expenses for this purpose shall not include any interest or principal payments on the Loan or any allowance for... depreciation. For purposes of this Note, but not the Cash Management Agreement (as hereinafter defined), Operating Expenses in connection with the Ground Lease (as defined in the Deed of Trust) shall mean the annual sum of $393,750.00. For purposes of the Cash Management Agreement, Operating Expenses in connection with the Ground Lease shall mean the actual rent payable pursuant to the terms of the Ground Lease. View More

Operating Expenses. Shall mean and include all amounts, expenses and costs of whatever nature that Landlord incurs because of or in connection with the operation, repair, management or maintenance of the Property. If at any time the Building is not 95% occupied or Landlord is not supplying services to 95% of the rentable areas of the Building during an entire calendar year, then Landlord may adjust the variable portion of the actual Operating Expenses to Landlord's estimate of that amount which would have been... paid or incurred by the Landlord as Operating Expenses had the Building been 95% occupied or serviced, and the Operating Expenses as so adjusted shall be deemed to be the actual Operating Expenses for such calendar year. In no event shall Landlord collect greater than 100% of the actual Operating Expenses by virtue of the operation of this paragraph. If during any Adjustment Year Landlord's Operating Expenses are reduced by reason of any other tenant of the Building performing any particular work or service (the cost of which, if performed by Landlord, would constitute an Operating Expense) in lieu of the performance thereof by Landlord, then Operating Expenses shall be deemed to be increased by an amount equal to the additional expense which would reasonably have been incurred during such Adjustment Year by Landlord if it had, at its cost, furnished such work or service to such tenant (it being understood and agreed by the parties that but for such deemed increase, Tenant's Share of the reduced Operating Expenses would understate the share actually attributable to Tenant). Operating Expenses shall not include financing expenditures, the cost of capital investment items (except as provided below in Subsection 1 (w) (8)), specific costs for special items or services billed to and paid by specific tenants of the Building, leasing commissions, ground rental payments, expenses for which Landlord is reimbursed from insurance proceeds to the extent of such reimbursement, depreciation, interest and principal payments on mortgages and other debt costs, and those items set forth in Exhibit C attached hereto and made a part hereof. Operating Expenses shall be determined on an accrual basis in accordance with generally accepted accounting principles consistently applied and shall include, but shall not be limited to, the following: (1) Wages, salaries, fees, related taxes, insurance costs, benefits (including amounts payable under, medical, pension and welfare plans and any amounts payable under collective bargaining agreements) and reimbursement of expenses of and relating to all on site personnel directly engaged in operating, repairing, managing, replacing and maintaining the Property; provided, however, that no salaries or allocation of salaries of any employees who do not report to or who are not subordinate to the general manager shall be included in Operating Expenses. (2) All supplies and materials used in operating, repairing, and maintaining the Property. 3 (3) Reasonable legal fees (which shall not include legal fees associated with the collection of rent, leasing or defaults in leases of other tenants) and accounting fees relating to management and operation of the Property; (4) Cost of all utilities for the Building, including, without limitation, water, power, fuel, heating, lighting common areas, air conditioning and ventilating; (5) Fees and other charges payable under or in respect of all maintenance, repair, janitorial, scavenger, security and other service or equipment rental agreements for or pertaining to the Property; (6) Cost of all insurance relating to the Building, its occupancy, operations and the Property; (7) Cost of repairs and maintenance of the Property, excluding only such costs which are paid by the proceeds of insurance, by Tenant or by other third parties (other than payment by Tenant or other tenants of the Building of Expense Adjustment); (8) Amortization, at a market rate of interest, of the cost of installation of capital investment items that do reduce operating costs [which expenditures shall not exceed savings], effective on or after the Commencement Date. All such costs shall be amortized over the reasonable life of the capital investment items, with the reasonable life and amortization schedule being determined in accordance with sound management accounting principles; (9) Management fees and reimbursed expenses of Landlord's Management Agent consistent with the type of expenses allowed herein; (10) Operation and maintenance of a concierge service and a room for delivery and distribution of mail to tenants of the Building and for tenants' outgoing mail (including, without limitation, an amount equal to the fair rental value of the mail room premises); and (11) Fees payable to tax consultants and attorneys for consultation, administration of, and/or contesting of taxes, to the extent not included as part of Taxes. View More

Operating Expenses. Means all costs and expenses required to operate the Company, including but not limited to (i) out-of-pocket expenses of the Manager in performing services for the Company, including those incurred in connection with the Administrative Services, (ii) expenses incurred in connection with the Manager's Duties, (iii) expenses incurred by Millrose or the Manager in connection with any legal, accounting, financial and due diligence services provided to the Company, as well as any expenses in... connection with compliance with securities laws, (iv) expenses incurred in connection with maintaining compliance with applicable laws, regulations, rules, policies and other requirements, including performing and satisfying any contractual obligations, (v) expenses incurred in connection with maintaining the Company's REIT status for U.S. federal income tax purposes, and (vi) compensation paid to all officers, employees, vendors, consultants, advisors and other outside professionals, as well up to $1.25 million per year (plus an annual increase of 3% per year, compounded annually) of non-employee Directors' fees (including base fees, any additional amounts to be paid to chairpersons and members of any committees, any lead independent directors and/or any other similar roles and any cash-settled equity awards granted under any equity incentive plan) to be paid in cash (the "Directors' Cash Compensation Cap"), the total amount of which to be determined by the Compensation Committee based on the advice of a reputable executive compensation consulting firm engaged by the Compensation Committee at its discretion. Any cash-based non-employee Director's fees in excess of the Directors' Cash Compensation Cap, as well as all stock-settled compensation to be paid to any non-employee Directors, shall be paid by the Company. For the avoidance of doubt, a "non-employee Director" means any Director who is not an employee of the Company or of the Manager. Operating Expenses will also include the Company's cost for rent, telephone, utilities, office furniture, equipment, supplies, machinery and other office, internal and overhead expenses of the Manager required for the Company's operations. View More

Operating Expenses. (i) All costs of management, operation, repair and maintenance of the Property, including, without limitation; wages, salaries and payroll of employees; property management fees, janitorial, repairs and maintenance, guard, parking, and other services; rent or rental value of offices used in connection with the management of the Property; power, water, waste disposal and other utilities and services; materials and supplies; maintenance and repairs; costs for licenses, permits and... inspections, insurance premiums and the deductible portion of any loss insured under Landlord's liability insurance; costs for accounting, legal and other professional services incurred in connection with the operation of the Property and the calculation of Operating Expenses and Property Taxes; the reasonable cost of contesting the validity or applicability of any governmental enactments that may affect the Property; a reasonable allowance for depreciation on machinery and equipment used to maintain the Property and on other personal property used by Landlord in the Building; and any other expense or charge, whether or not included herein, which in accordance with general accounting and management practices would be considered an expense of managing, operating, maintaining and repairing the Property. (ii) The cost of any capital improvements made to the Property by Landlord during or after the Base Year, such cost or allocable portion thereof to be amortized over such reasonable period as Landlord shall determine in accordance with generally accepted accounting principles together with interest at a rate equal to the greater of (a) 12%, or (b) the sum of that rate quoted by Wells Fargo Bank, N.T. & S.A. from time to time as its prime rate (the "Prime Rate"), plus two percent (2%) or (c) such higher rate as may have been paid by Landlord on funds borrowed for the purpose of constructing such capital improvements or performing any capital repairs and/or replacements (but in no event more than the maximum rate of interest not prohibited or made usurious by Law). (iii) If less than 95% of the total rentable area of the Building is occupied during the Base Year or any calendar year during the term of this Lease, then Operating Expenses shall be adjusted to equal Landlord's reasonable estimate of Operating Expenses had such percentage of the total rentable area of the Building been occupied. View More