Adjustment of Operating Expenses. Operating Expenses shall be adjusted as follows:
Adjustment of Operating Expenses. All operating expenses of the Hospital Business (other than Transfer Taxes, which shall be governed by Section 7.2(d)), including, but not limited to, equipment maintenance contracts and utilities expenses, shall, except for the Assumed Liabilities and the broker’s and finder’s fees, attorney’s fees and all other fees incurred in connection with the negotiation and consummation of the transactions contemplated by this Agreement and as otherwise expressly provided herein, be adjusted and allocated between the Sellers and the Purchaser to the extent necessary in order that all such expenses attributable to the operation of the Hospital Business on or before the date preceding the Effective Time (regardless of the date of order or invoice) shall be for the account of, and paid by, the Sellers, and all such expenses attributable to the operation of the Hospital Business from, after and including the date of the Effective Time (regardless of the date of order or invoice) shall be for the account of, and paid by, the Purchaser.
(a) To the extent not inconsistent with the express provisions of this Agreement, the allocations made pursuant to this Section 10.3 shall be made in accordance with GAAP.
(b) For purposes of making the adjustments pursuant to this Section 10.3, within ninety (90) days following the Closing Date, or such earlier or later date as shall be mutually agreed to in writing by the Purchaser and the Sellers (such period, the “Adjustment Period”), the Purchaser and the Seller Representative shall agree on an itemized list (the “Adjustment List”) of all sums to be credited to or charged against the account of the Purchaser, with a brief explanation in reasonable detail thereof. Such list shall show the net amount credited to or charged against the account of the Purchaser (the “Adjustment Amount”). If the Adjustment Amount is a credit to the account of the Purchaser, the Sellers shall pay such amount to the Purchaser; and if the Adjustment Amount is a charge to the account of the Purchaser, the Purchaser shall pay such amount to the Sellers on a pro rata basis as set forth on Schedule 10.3(b) hereto. Payment of the Adjustment Amount shall be made by the applicable party or parties not later than fifteen (15) Business Days following the completion of the Adjustment List in immediately available funds to the bank account designated in writing by the applicable recipient thereof.
(c) In the event that the Seller Representative and the Purchaser cannot...
Adjustment of Operating Expenses. 5 8.3.1. Gross Up Adjustment When Building Is Less Than Fully Occupied.....................................................5 8.3.2. Adjustment When Landlord Does Not Furnish a Service to All Tenants......................................................6 8.3.3. Common Areas.................................................6 8.4.
Adjustment of Operating Expenses. Notwithstanding anything to the contrary set forth above, it is agreed that in the event the Office Complex is not fully occupied during any Lease Year, Operating Expenses for such year shall be adjusted to the amount that would have been incurred had the Office Complex been ninety-five percent (95%) occupied during such year; provided, that a corresponding adjustment is made with respect to Operating Expenses for 1998.
Adjustment of Operating Expenses. 40 10.5 Non-competition by Seller......................................................................... 41 10.6 Employees......................................................................................... 42
Adjustment of Operating Expenses. Notwithstanding anything to the contrary set forth above, it is agreed that in the event the Building is not fully occupied during any Calendar Year, a reasonable and equitable adjustment will be made by Landlord in computing that portion of the Operating Expenses for such year which vary on the basis of the proportion of the Building which is occupied from time to time, so that such portion of the Operating Expenses will be adjusted to the amount that would have been incurred had the Building been fully occupied during such Calendar Year. Under no circumstances, however, will Landlord collect more than one hundred percent (100%) of the actual Operating Expenses or the actual Real Estate Taxes.
Adjustment of Operating Expenses. If during any portion of any calendar year (including calendar year 2004 for purposes of establishing Base Operating Expenses), at least 95% of the Building's rentable area was not occupied by tenants, then actual Operating Expenses incurred by the Landlord shall be reasonably extrapolated by the Landlord to the estimated Operating Expenses that would have been incurred if the Building were fully occupied by tenants and, for purposes of this Paragraph 6, 95% of such extrapolated amount shall be deemed to be the Operating Expenses for such year.
Adjustment of Operating Expenses. Omitted.
Adjustment of Operating Expenses. Operating Expenses shall be adjusted as follows:
(i) Gross-Up Adjustment When Building Is Less Than Fully Occupied. If the occupancy of the Building during any part of any Expense Year (including the Base Year) is less than ninety-five percent (95%), Landlord shall make an appropriate adjustment of the variable components of Operating Expenses for that Expense Year, as reasonably determined by Landlord using sound accounting and management principles, to determine the amount of Operating Expenses that would have been incurred had the Building been ninety-five percent (95%) occupied. This amount shall be considered to have been the amount of Operating Expenses for that Expense Year. For purposes of this subsection 4.2(d)(2)(i), “variable components” include only those component expenses that are affected by variations in occupancy levels.
Adjustment of Operating Expenses. Intentionally Deleted.
