Gross Operating Expenses Sample Clauses
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Gross Operating Expenses. “Gross Operating Expenses” means, except to the extent excluded below or in the Agreement, all costs and expenses of operating the Hotel during the Term pursuant to this Agreement attributable to the Accounting Period, Fiscal Year or portion of a Fiscal Year under consideration including, without limitation, the following:
Gross Operating Expenses. The term “Gross Operating Expenses” shall include (i) all costs and expenses of operating the Hotel included within the meaning of the term “Total Costs and Expenses” contained in the Uniform System and, (ii) without duplication, the following: all salaries and employee expense and payroll taxes (including salaries, wages, bonuses and other compensation of all employees of the Hotel, and benefits including life, medical and disability insurance and retirement benefits), expenditures described in Section 9.1, operational supplies, utilities, insurance to be provided by Lessee under the terms of this Lease, governmental fees and assessments, common area maintenance costs and other common area fees and assessments, food, beverages, laundry service expense, the cost of Inventories, license fees, advertising, marketing, reservation systems and any and all other operating expenses as are reasonably necessary for the proper and efficient operation of the Hotel and the Leased Property incurred by Lessee in accordance with the provisions hereof (excluding, however, (i) federal, state and municipal excise, sales and use taxes collected directly from patrons and guests or as a part of the sales price of any goods, services or displays, such as gross receipts, admissions, cabaret or similar or equivalent taxes paid over to federal, state or municipal governments, (ii) the cost of insurance to be provided under Article 13, (iii) expenditures by Lessor pursuant to Article 13 and (iv) payments on any Mortgage or other mortgage or security instrument on the Hotel); all determined in accordance with generally accepted accounting principles. No part of Lessee’s central office overhead or general or administrative expense (as opposed to that of the Hotel), and no operating expenses paid or payable by tenants under Space Leases, shall be deemed to be a part of Gross Operating Expenses, as herein provided. Reasonable out-of-pocket expenses of Lessee incurred for the account of or in connection with the Hotel operations, including but not limited to postage, telephone charges and reasonable travel expenses of employees, officers and other representatives and consultants of Lessee and its Affiliates, shall be deemed to be a part of Gross Operating Expenses and such Persons shall be afforded reasonable accommodations, food, beverages, laundry, valet and other such services by and at the Hotel without charge to such Persons or Lessee.
Gross Operating Expenses. For purposes of this Lease, the term “Gross Operating Expenses” with respect to the Leased Property shall mean the “Deductions” as defined in the Management Agreement.
Gross Operating Expenses. For purposes of this Lease, the term “
Gross Operating Expenses. Tenant shall pay or cause to be --- ------------------------ paid all Gross Operating Expenses in connection with the Leased Property.
Gross Operating Expenses. Tenant shall pay or cause to be paid all Gross Operating Expenses in connection with the Leased Property.
Gross Operating Expenses. Tenant shall pay or cause to be paid all Gross Operating Expenses in connection with the Leased Property. If Tenant shall fail to pay any of the amounts payable under paragraphs (a) through (e), above, Landlord may, upon ten (10) days written notice to Tenant, pay such charges, together with interest and penalties due with respect thereto, and Tenant shall reimburse Landlord therefor together with interest at the Interest Rate, upon demand, as Additional Charges.
Gross Operating Expenses. As defined in the Loan Agreement.
Gross Operating Expenses. Based on: (i) fixed operating expenses (including G&A US$4.1 million, air/sea-support US$6.9 million, fuel and other costs US$1.8 million) of US$12.8 million per year, or otherwise agreed by IFC; (ii) FPSO expenses in accordance with the Contract between the Borrower and Tinworth Limited dated August 20, 2001 (as amended or supplemented from time to time) and any other FPSO-related charges accepted under the PSC; (iii) variable operating expenses related to the relevant Etame Block Field(s) as per the Reserve Certification, or otherwise agreed by IFC; (iv) non-recoverable expenses such as payments to the hydrocarbon support fund; (v) provisions for abandonment; and (vi) any new operating expenses which may arise as a result of changes to the Project. Reserve Certifications to include projected Gross Operating Expenses.