Gross Operating Profit. Gross Operating Profit with respect to the Leased Property shall mean, for any Fiscal Year, the excess of Gross Revenues for such Fiscal Year over Gross Operating Expenses for such Fiscal Year. Gross Revenues - As set forth in the Management Agreement.
Gross Operating Profit. For any Fiscal Year, the excess of Gross ---------------------- Revenues for such Fiscal Year over Gross Operating Expenses for such Fiscal Year.
Gross Operating Profit. The term Gross Operating Profit as used in this Agreement shall mean Gross Operating Profit as defined in the Uniform System.
Gross Operating Profit. The term Gross Operating Profit as used in this Agreement shall mean the excess, during each Fiscal Year (and proportionately for any period less than a Fiscal Year), of Gross Operating Revenues over expenses and deductions incurred in the operation of the Hotel by Manager in fulfilling its duties hereunder during such period, determined in accordance with GAAP and the accounting system established by the Uniform System (except as modified by this Agreement and where GAAP and the Uniform System conflict, GAAP shall control). In arriving at Gross Operating Profit, all expenses shall be proper deductions from Gross Operating Revenues insofar as they relate to the operation of the Hotel including all franchise fees, license fees, and direct out-of-pocket charges of employees of Manager or its Affiliates as well as corporate charges (as described below and to the extent set forth in the Annual Business Plan); provided, however, in arriving at Gross Operating Profit, there shall be no deduction for the Base Management Fees, Incentive Fee or any of the following fixed charges: property taxes, property insurance, capital leases, reserve for replacements and debt service and/or lease payments. Out-of-pocket costs and corporate charges include, but are not limited to the following:
(a) travel costs for corporate staff traveling specifically on behalf of or for the benefit of the Hotel;
(b) express mail and regular postage for items sent specifically to or on behalf of the Hotel, which would include accounts payable checks, weekly invoices and accounting information to and from the Hotel, payroll checks and reports from ADP and other documents necessary for the efficient operation of the Hotel;
(c) telephone and fax costs specifically for the Hotel, tracked on an individual call basis;
(d) costs of photocopying specifically for the Hotel, tracked electronically by copier code;
(e) certain corporate charges, which are billed on a consolidated or group basis to all hotels operated by Manager and are allocated to the individual hotels, including but not limited to:
(i) Xxxxx Travel Research reports;
(ii) Human Resource forms, including employment applications, pamphlets, newsletters, employee manuals and other employment related forms;
(iii) costs for envelopes and check stock for accounts payable allocated on an actual check processed basis;
(iv) ADP payroll processing costs billed on a per active employee contract basis;
(v) record storage charges for the Hotel, whic...
Gross Operating Profit. This category of Performance Measure is assigned a Weighted Percentage of 40%. As part of City’s annual budgeting process and the approval of the Operating Budget, Operator and City will mutually agree on a target Gross Operating Profit from the operation of the Facilities. The revenue component for calculating Gross Operating Profit will consist of those revenues from operation of the Facilities listed above the "Total Revenue" line of the revised sample form of Income Statement attached hereto as Schedule 4.8(b) (the "Revised Sample Income Statement"), and will include revenue billed by the Operator on behalf of other vendors providing services to clients at the Facilities. Fund transfers from the CVB Budget shall not be included in Total Revenue. In connection with the process for approving the Operating Budget, and subject to the mutual agreement of the parties, the components of the Sample Income Statement may be modified during the annual budget process, in which event the modified form of Sample Income Statement shall be attached to this Agreement as a supplemental Schedule 4.8(b) to be effective under the Adopted Operating Budget for the subsequent fiscal year. The expense component for calculating Gross Operating Profit will consist of the direct and indirect expenses identified on the Revised Sample Income Statement; provided, however, Shared Employee expenses shall be limited to employees performing services only at the Facilities. Without limiting the foregoing, it is agreed that City Directed Expenses will be calculated below the Gross Operating Profit line. For purposes of this Agreement, the term "City Directed Expenses" means all expenditures paid directly by City or incurred by City in connection with the operation of the Facilities .including, without limitation, City oversight expenses (including, without limitation, the cost of City employees who are not dedicated exclusively to performing services at the Facilities), fire insurance premiums, and depreciation expense.
Gross Operating Profit. The term “Gross Operating Profit” shall mean [*****] less [*****] exclusive of [*****].
Gross Operating Profit. This category of Performance Measure is assigned a Weighted Percentage of 40%. As part of City’s annual budgeting process and the approval of the Operating Budget, TSJ and City will mutually agree on a target Gross Operating Profit from the operation of the Facilities. The revenue component for calculating Gross Operating Profit will consist of those revenues from operation of the Facilities listed above the “Total Revenue” line of the sample form of Income Statement attached hereto as Schedule 4.9(b) (the “Sample Income Statement”), and will include, without limitation, revenue billed by TSJ on behalf of other vendors providing services to clients at the Facilities, Convention Center Parking Garage revenue, and Transient Occupancy Tax revenue. Fund transfers from the CVB Approved Budget shall not be included in Total Revenue. In connection with the process for approving the Operating Budget, and subject to the mutual agreement of the parties, the components of the Sample Income Statement may be modified during the annual budget process, in which event the modified form of Sample Income Statement shall be attached to this Agreement as a supplemental Schedule 4.9(b) to be effective under the Adopted Operating Budget for the subsequent Fiscal Year. The expense component for calculating Gross Operating Profit will consist of the direct and indirect expenses identified on the Sample Income Statement. Without limiting the foregoing, it is agreed that City Directed Expenses and City Overhead will be calculated below the Gross Operating Profit line. For purposes of this Agreement, the term “City Directed Expenses” means all expenditures paid directly by City or incurred by City in connection with the operation of the Facilities, including, without limitation, City Oversight Expenses, City Overhead Expense, fire insurance premiums, Emergency Capital Repairs and Replacements of capital assets, and depreciation expense.
Gross Operating Profit. As used in this Agreement, “Gross Operating Profit” means Income Before Management Fees and Fixed Charges, which is determined by deducting Hotel Expenses from Gross Revenues. The term, “Income Before Management Fees and Fixed Charges,” is defined in A Uniform System of Accounts for Hotels, Ninth Revised Edition.
Gross Operating Profit. The term "
Gross Operating Profit. The term "Gross Operating Profit" as used in this Agreement shall mean the excess, during each Fiscal Year (and proportionately for any period less than a Fiscal Year), of Gross Operating Revenues over expenses and deductions incurred in the operation of the Hotels by Manager in fulfilling its duties hereunder during such period, determined in accordance with the accounting system established by the Uniform System (except as modified by this Agreement). In arriving at Gross Operating Profit, all expenses shall be proper deductions from Gross Operating Revenues insofar as they relate to the operation of the Hotels including all Base Management Fees, license fees, and direct out-of-pocket charges of employees of Manager or its affiliates as well as corporate charges (as described below); provided, however, in arriving at Gross Operating Profit, there shall be no deduction for any Incentive Fees, any Additional Incentive Fees, or any of the following fixed charges: property taxes, insurance, capital leases, reserve for replacements and debt service and/or lease payments. In accordance with Manager's past practices, out-of-pocket costs and corporate charges include, but are not limited to the following:
