Excess Operating Expenses. Tenant shall pay Tenant’s Pro Rata Share of the amount, if any, by which Operating Expenses (defined in Section 4.D) for each calendar year during the Term exceed Operating Expenses for the Base Year (the “Excess Operating Expenses”). If Operating Expenses in any calendar year decrease below the amount of Operating Expenses for the Base Year, Tenant’s Pro Rata Share of Excess Operating Expenses for that calendar year shall be $0. In no event shall Base Rent be reduced if Operating Expenses for any calendar year are less than Operating Expenses for the Base Year. On or about January 1 of each calendar year, Landlord shall provide Tenant with a good faith estimate of the Excess Operating Expenses for such calendar year during the Term. On or before the first day of each month, Tenant shall pay to Landlord a monthly installment equal to one-twelfth of Tenant’s Pro Rata Share of Landlord’s estimate of the Excess Operating Expenses. If Landlord determines that its good faith estimate of the Excess Operating Expenses was incorrect, Landlord may provide Tenant with a revised estimate. After its receipt of the revised estimate, Tenant’s monthly payments shall be based upon the revised estimate. If Landlord does not provide Tenant with an estimate of the Excess Operating Expenses by January 1 of a calendar year, Tenant shall continue to pay monthly installments based on the most recent estimate(s) until Landlord provides Tenant with the new estimate. Upon delivery of the new estimate, an adjustment shall be made for any month for which Tenant paid monthly installments based on the same year’s prior incorrect estimate(s). Tenant shall pay Landlord the amount of any underpayment within 30 days after receipt of the new estimate. Any overpayment shall be credited against the next sums due and owing by Tenant or, if no further Rent is due, refunded directly to Tenant within 30 days of determination. The obligation of Tenant to pay for Excess Operating Expenses as provided herein shall survive the expiration or earlier termination of this Lease.
Excess Operating Expenses. (a) In the event that during a Trigger Period Borrower or Operating Lessee incurs any Operating Expenses in excess of Approved Operating Expenses (excluding any Restricted Payments and any Incentive Management Fees, and excluding amounts permitted to be remitted to Borrower from Cash Collateral Funds pursuant to Section 6.10(b)) (“Excess Operating Expenses”), then Borrower or Operating Lessee shall promptly deliver to Lender, for Lender’s information, upon Lender’s request, a reasonably detailed explanation of such Excess Operating Expenses. During the continuance of any Trigger Period, all Excess Operating Expenses must be approved by Lender in writing (such expenses, if approved, or deemed approved in accordance with Section 4.9.6(b) below, the “Approved Excess Operating Expenses”) prior to the disbursement of any funds therefor, such approval not to be unreasonably withheld, conditioned or delayed provided no Event of Default shall then exist. During the continuance of any Trigger Period, any funds distributed to Borrower for the payment of Approved Excess Operating Expenses pursuant to Section 6.11.1(a)(xi) shall be used by Borrower or Operating Lessee only to pay for such Approved Excess Operating Expenses or to reimburse Borrower or Operating Lessee for such Approved Excess Operating Expenses, as applicable.
Excess Operating Expenses. Further Issuance of Interests; Operating Expenses Reimbursement Obligation(s). 22 Section 6.5 Allocation of Expenses. 22 Section 6.6 Overhead of the Managing Member. 23
Excess Operating Expenses. Tenant shall pay Tenant’s Pro Rata Share of the amount, if any, by which Operating Expenses (defined in Section 4 .D) for each calendar year during the Term exceed Operating Expenses for the Base Year (the “Excess Operating Expenses”). Notwithstanding the foregoing, Tenant’s Pro Rata Share of Controllable Expenses (defined below) shall not increase by more than 5% over Tenant’s Pro Rota Share of Controllable Expenses in the previous calendar year, including the Base Year, on a cumulative, compounded basis. However, any increases in Excess Operating Expenses not recovered by Landlord due to the foregoing limitation shall be carried forward into all succeeding calendar years during the Term (subject to the foregoing 5% limitation) until fully recouped by Landlord. For example, if Controllable Expenses were $100.00 in 2006, then the total Controllable Expenses that could be included in Operating Expenses in 2007 would be $105.00, for 2008 would be $I10.25, for 2009 would be $115.76, and so on. In the preceding example, if Controllable Expenses in both 2008 and 2009 were $112.00, then Landlord could include only $110.25 in Operating Expenses in 2008, but $113.75 (the Controllable Expenses plus the carry-forward from 2008) in 2009. The term “Controllable Expenses” means all Operating Expenses, excluding expenses relating to the cost of utilities, property insurance, real estate taxes and assessments, and other expenses directly arising from statutory increases in the minimum wage. In addition to the foregoing limitation upon increases in Controllable Operating Expenses, Tenant’s Pro Rata Share of water usage fees and charges as a part of Operating Expenses shall not increase by more than 10% of Tenant’s Pro Rata Share of such fees and charges in the previous calendar year, including (the Base Year, on a cumulative, compounded basis. Any increases in water usage fees and charges not recovered by Landlord due to the foregoing limitation shall be carried forward into all succeeding calendar years during the Term (subject to the foregoing 10% limitation) until fully recouped by Landlord. If Operating Expenses in any calendar year decrease below the amount of Operating Expenses for the Base Year, Tenant’s Pro Rata Share of Excess Operating Expenses for that calendar year shall be $0. In no event shall Base Rent be reduced if Operating Expenses for any calendar year are less than Operating Expenses for the Base Year. On or about January 1 of each calendar year, Landl...
Excess Operating Expenses. 31 9.3 TENANT'S AUDIT RIGHTS.....................................32
Excess Operating Expenses. 10 3.6 Tenant's Prorata Share of Excess Operating Expenses...........10
Excess Operating Expenses. 8 3.3 Tenant's Prorata Share of Excess Operating Expenses.....................................................8 3.4 Controllable Expenses Cap...............................................................................9
Excess Operating Expenses. On or about January 1 of each calendar year, Landlord shall provide Tenant with a good faith estimate of the Excess Operating Expenses for the Building and the Project for the coming calendar year. If Landlord determines that its estimate of the Excess Operating Expenses for the Building and the Project was incorrect, Landlord may provide Tenant with a revised estimate. Thereafter, Txxxxx’s monthly payments shall be based upon the revised estimate. If Landlord does not provide such estimate by January 1 of a calendar year, Tenant shall pay monthly installments based on the most recent estimate delivered until Landlord provides Tenant with the new estimate. Tenant’s Pro Rata Share of Operating Expenses for the Building and the Project for any calendar year shall never be less than $0.
Excess Operating Expenses. Lessee shall pay Lessee's Share ------------------------- (defined below) of the amount, if any, by which Operating Expenses for each year during the Term exceed the Operating Expense Stop (the "Excess Operating Expenses"). Conversely, for any year during the Term where actual Operating Expenses are less than the Operating Expense Stop, Lessee shall receive a credit against the Base Rent for the decrease. Lessee's Share of the Excess Operating Expenses shall be considered a part of the Additional Rent and paid as provided in this Section 2.3.
Excess Operating Expenses. The term “Excess Operating Expenses” means, for any Operating Year (defined at Section 4.1), the amount by which the total Operating Expenses for such Operating Year exceed the total Operating Expenses for the Base Year identified in the Basic Lease Terms preceding this Lease. The provisions for payment of Tenant’s Proportionate Share of Operating Expenses are intended to pass on to Tenant, and reimburse Landlord for, all costs and expenses of the nature described in Section 3.1 incurred in connection with ownership and operation of the Project to the extent such costs and expenses exceed in amount the same costs and expenses for the Base Year. In determining the amount of Operating Expenses for the Base Year and any subsequent year, if less than 95% of the rentable area in the Building or the Project shall have been occupied by tenants at any time during such year, Operating Expenses shall be deemed to be increased to an amount equal to the Operating Expenses that would be expected to be incurred had such occupancy been 95%.
