Common use of Exclusions from Gross Operating Expenses Clause in Contracts

Exclusions from Gross Operating Expenses. For purposes of calculating the fees payable pursuant to this Agreement, Operating Expenses shall not include any of the following: (a) any repayments of advances by Manager on account of Capital Expenditures pursuant to this Agreement; (b) any payments from the FF&E Reserve, whether principal or interest, relating to capital improvements to or encumbrances with respect to the Hotel, including, without limitation, any payments relating to expenditures for initial FF&E and replacements or substitutions therefor or additions thereto; (c) land or building rental or mortgage payments; (d) depreciation and amortization expenses, including costs of capital improvements which are made in accordance with this Agreement; (e) income, capital or franchise taxes of a party hereto; (f) any Capital Expenditures; (g) excise, sales, use and other taxes (including room taxes) or similar charges (i) collected directly from patrons or guests or as part of the sale price of any goods or services or displays, (ii) remitted to a governmental authority and (iii) excluded from Gross Revenues; (h) salaries, wages, asset management fees or amounts paid to individuals or entities by or upon the instruction of Owner to the extent such individuals or entities are not under the supervision or direction of Manager; (i) interest payable on any credit facility provided to fund working capital; and (j) expenses of Owner related to asset management.

Exclusions from Gross Operating Expenses. For purposes of calculating the fees Incentive Management Fee payable pursuant to this Agreement, Operating Expenses shall not include any of the following: (a) any repayments of advances by Manager on account of Capital Expenditures pursuant to this Agreement; (b) any payments from the FF&E Reserve, whether principal or interest, relating to capital improvements to or encumbrances with respect to the Hotel, including, without limitation, any payments relating to expenditures for initial FF&E and replacements or substitutions therefor or additions thereto; (c) land or building rental or mortgage payments; (d) depreciation and amortization expenses, including costs of capital improvements which are made in accordance with this Agreement; (e) income, capital or franchise taxes of a party hereto; (f) any Capital Expenditures; (g) excise, sales, use and other taxes (including room taxes) or similar charges (i) collected directly from patrons or guests or as part of the sale price of any goods or services or displays, (ii) remitted to a governmental authority and (iii) excluded from Gross Revenues; (h) salaries, wages, asset management fees or amounts paid to individuals or entities by or upon the instruction of Owner to the extent such individuals or entities are not under the supervision or direction of Manager; (i) interest payable on any credit facility provided to fund working capital; and (j) expenses of Owner related to asset management.

Exclusions from Gross Operating Expenses. For purposes of calculating the fees Incentive Management Fee payable pursuant to this Agreement, Operating Expenses shall not include any of the following: (a) any repayments of advances by Manager on account of Capital Expenditures pursuant to this Agreement; (b) any payments from the FF&E Reserve, whether principal or interest, relating to capital improvements to or encumbrances with respect to the Hotel, including, without limitation, any payments relating to expenditures for initial FF&E and replacements or substitutions therefor or additions thereto; (c) land or building rental or mortgage payments; (d) depreciation and amortization expenses, including costs of capital improvements which are made in accordance with this Agreement; (e) income, capital or franchise taxes of a party hereto; (f) any Capital Expenditures; (g) excise, sales, use and other taxes (including room taxes) or similar charges (i) collected directly from patrons or guests or as part of the sale price of any goods or services or displays, (ii) remitted to a governmental authority and (iii) excluded from Gross Revenues; (h) salaries, wages, asset management fees or amounts paid to individuals or entities by or upon the instruction of Owner to the extent such individuals or entities are not under the supervision or direction of Manager; (i) interest payable on any credit facility provided to fund working capital; and (j) expenses of Owner related to asset management.. Schedules – Page 4