Expense Adjustment. (i) Tenant shall pay as additional rent for each Calendar Year, that amount (“Expense Adjustment Amount”) which is Tenant’s Proportionate Share of the amount by which the Operating Expenses incurred with respect to such Calendar Year exceed the amount thereof incurred with respect to the Base Year; provided, however, that in determining the amount of Operating Expenses for each Calendar Year subsequent to the Base Year, if less than 95% of the Rentable Area of the Building shall have been occupied at any time during such Calendar Year, Operating Expenses shall be deemed for such Calendar Year to be in the amount reasonably determined by Landlord to be equal to that amount of like expenses which normally would be expected to be incurred had such occupancy been 95% throughout such Calendar Year.
(ii) The Expense Adjustment Amount with respect to each Calendar Year shall be paid in monthly installments, payable in advance on the first day of each calendar month during the course of such year, in amounts estimated from time to time by Landlord and communicated by written notice to Tenant. Landlord shall cause to be kept books and records showing Operating Expenses in accordance with generally applied real estate accounting practices. Following the close of each Calendar Year, Landlord shall cause the amount of the Expense Adjustment Amount for such Calendar Year to be computed based on Operating Expenses for such Calendar Year, and Landlord shall deliver to Tenant a statement of such amount and Tenant shall pay any deficiency as shown by such statement to Landlord within 30 days after receipt of such statement. If the total of the estimated monthly installments paid by Tenant during any Calendar Year exceed the actual Expense Adjustment Amount due from Tenant for such Calendar Year, then, at Landlord’s option, such excess shall be either credited against payments next due hereunder or refunded by Lxxxxxxx, provided Txxxxx is not then in default hereunder. Tenant’s obligations to pay the Expense Adjustment Amount and Landlord’s obligations to refund any excess amount shall survive the expiration or earlier termination of this Lease.
Expense Adjustment. In addition to Monthly Base Rent, Tenant shall pay with respect to each Adjustment Year an amount equal to Tenant's Share of Operating Expenses for the Adjustment Year in excess of the Base Expenses ("Expense Adjustment"). As to any Adjustment Year during the Term which does not begin on January 1st or does not end on December 31st, Expense Adjustment with respect to such Adjustment Year shall be prorated on a per diem basis. Notwithstanding anything contained herein to the contrary, Operating Expenses shall be deemed not to increase more than $.50 per rentable square foot per calendar year (determined on a cumulative basis throughout the Term of the Lease); provided that the foregoing cap on Operating Expenses shall not apply to the following components of Operating Expenses: taxes, insurance, and utilities.
Expense Adjustment. (a) For the purposes of this Paragraph 4D, the following terms are defined as follows:
Expense Adjustment. The Purchase Price shall be adjusted: (a) upward by an amount equal to all Ordinary Course Expenses and all other costs and expenses paid by Seller or any of its Affiliates and attributable to the ownership or operation of the Assets on and after the Effective Date, including all such costs and expenses paid under the C&O Agreement; and (b) downward for all Ordinary Course Expenses and all costs and expenses paid by Buyer or any of its Affiliates and attributable to the ownership or operation of the Assets prior to the Effective Date, including all such costs and expenses paid under the C&O Agreement, but excluding any costs attributable to each of the liabilities excluded from the term “Ordinary Course Expenses.”
Expense Adjustment. In accordance with Section 5.3 of this ------------------ in Agreement, the event that the Third Party Expenses (as defined in Section 5.3 hereof) incurred by the Company exceeds the sum of $150,000, then (i) to the extent any such excess is known as of the Closing Date the cash consideration payable pursuant to Section 1.6 to the holders of Company Class B Common Stock shall be reduced by the amount of such excess, and (ii) to the extent any such excess is not known as of the Closing Date the excess shall when known be paid to Splash out of the Escrow Fund described in Article VII.
Expense Adjustment. During each Lease Year commencing with the ------------------ Lease Year 1998, Tenant shall pay, as Additional Charges, an amount (hereinafter referred to as the "EXPENSE ADJUSTMENT AMOUNT") equal to Tenant's Share of the excess of Operating Expenses for each such Lease Year over Operating Expenses for the Base Year; except that Tenant shall be required to pay only a pro rata amount of the Expense Adjustment Amount for the Lease Year in which the last days of the Term occur, pro rated on a per them basis. The Expense Adjustment Amount with respect to each Lease Year shall be paid in monthly installments in advance on the first day of each and every calendar month during such Lease Year, commencing on the January 1, 1998, in an amount estimated from time to time by Landlord and communicated by written notice to
Expense Adjustment. The Expense Adjustment Amount with respect to each Calendar Year shall be paid in monthly installments, in advance on the first day of each calendar month during the course of such year, in amounts estimated from time to time by Landlord and communicated by written notice to Tenant. Landlord shall cause to be kept books and records showing Operating Expenses in accordance with generally accepted accounting principles. Following the close of each Calendar Year, Landlord shall cause the amount of the Expense Adjustment Amount for such Calendar Year to be computed based on Operating Expenses for such Calendar Year, and Landlord shall deliver to Tenant a statement of such amount; thereupon Tenant shall pay any deficiency as shown by such statement to Landlord within 30 days after receipt of such statement. If the total of the estimated monthly installments paid by Tenant during any Calendar Year exceed the actual Expense Adjustment Amount due from Tenant for such Calendar Year, then, at Landlord's option, such excess shall be either credited against payments next due hereunder or refunded by Landlord, provided Tenant is not then in default hereunder.
Expense Adjustment. The Leased Premises constitutes approximately ten percent (10%) of the total leasable space within the Building. Tenant hereby covenants and agrees to pay Landlord as additional rent ten percent (10%), being Tenant's proportionate share, of the following:
(a) all taxes paid or incurred by Landlord pursuant to Section 9 below;
(b) all insurance premiums paid or incurred by Landlord pursuant to Section 10 below.
(c) all Common Areas Expense paid or incurred by Landlord pursuant to Section 8 below.
Expense Adjustment. (a) Buyer shall inform Kodak in writing promptly if and when it begins to incur Expenses under this Agreement, and Buyer shall thereafter use its reasonable commercial efforts to inform Kodak in writing promptly of each One Million US Dollars ($1,000,000) of incremental Expenses Buyer incurs, (as determined based on Buyer’s good faith estimates) and, upon the reasonable request of Kodak, to provide Kodak with its estimated allocation of such Expenses.
(b) No later than five (5) days prior to the Closing, Buyer shall deliver to Kodak a written statement setting forth in reasonable detail all Expenses Buyer has incurred, as well as a reasonable estimate of any Expenses likely to be incurred by Buyer from the date on which such written statement is delivered to Kodak until the Closing, such statement to be accompanied by documentation evidencing all amounts actually incurred; provided that Buyer shall, promptly at the Closing, deliver an updated statement setting forth in reasonable detail such Expenses as Buyer has incurred in the interim. Kodak shall have the right to review the detail supporting any statement provided hereunder or any of the related remittances, and for the purposes of verifying the amounts set forth on such statements or remittances, Buyer shall provide to Kodak any supporting documentation reasonably requested by Kodak with respect to any such statement or remittance.
Expense Adjustment. In accordance with Section 5.3 of this ------------------ Agreement, in the event that all fees and expenses incurred by the Company in connection with the Reorganization Agreement and the transactions contemplated thereby, including, without limitation, all legal, accounting (including fees and expenses in connection with the Company's 1996 year end audit), financial advisory, consulting and all other fees and expenses of third parties ("Third ----- Party Expenses") incurred by the Company exceeds the sum of $250,000, then (i) -------------- to the extent any such excess is known as of the Closing Date the Cash Consideration payable pursuant to Section 3.1 shall be reduced by the amount of such excess, and (ii) to the extent any such excess is not known as of the Closing Date the excess shall when known be paid to Splash as of the Escrow Fund described in Article VII of the Reorganization Agreement.
