Actual Operating Expenses means operating expenses for the Mortgaged Property for the preceding 3 months (T-3), including the expenses for repair and maintenance of the Mortgaged Property, the Management Fee, payroll expenses, general and administrative expenses, and other miscellaneous operating expenses. Capital expenditures are specifically excluded from this definition.
Actual Operating Expenses means, with respect to any period, the aggregate of all expenses incurred by Operator in connection with the performance of the Services during such period, including expenses incurred by Operator in accordance with Article XVII in responding to an Emergency.
Actual Operating Expenses means, with respect to the month in question, all expenses actually paid by Borrower during such month in connection with the operation, management, maintenance, repair and use of the Project (including, without limitation, leasing costs, capital expenditures and Approved Extraordinary Expenses), as determined on a cash basis.
Examples of Actual Operating Expenses in a sentence
In the event there is an overpayment of Additional Rent set forth on a Statement of Actual Operating Expenses for any Fiscal Year, the amount of overpayment shall be credited against payments of Additional Rent as they become due.
Such payments by Tenant shall be made notwithstanding that the Actual Operating Expenses Statement is furnished to Tenant after the expiration of the Term or sooner termination of this Lease.
On receipt of the Statement of Actual Operating Expenses for each Fiscal Year for which an Excess exists, Tenant shall pay, with its next installment of Base Rent due, the full amount of the Excess, less the estimated amounts (if any) paid during the Fiscal Year pursuant to an Estimate Statement (as defined in subparagraph 5.3.2(b) above).
If Landlord estimates Additional Rental in advance, then by each April 1 or as soon thereafter as practical, Landlord shall furnish to Tenant a statement of Landlord's Actual Operating Expenses for the previous calendar year.
Within 30 days after Seller’s delivery of the Reconciliation, (A) if Actual Operating Expenses exceeded Charged Operating Expenses, Purchaser shall pay to Seller the amount of such excess, or (B) if Charged Operating Expenses exceeded Actual Operating Expenses, Seller shall pay to Purchaser the amount of such excess.
More Definitions of Actual Operating Expenses
Actual Operating Expenses means, with respect to each calendar year during the Term of this Lease, the actual Operating Expenses for such year. The term "Actual Operating Expenses Rate" shall mean, with respect to each calendar year during the Term of this Lease, the Actual Operating Expenses attributable to each square foot of rentable area in the Building, and shall be calculated by dividing the Actual Operating Expenses by the total number of square feet of rentable area in the Building, as specified in Paragraph 1.G. hereof. The term "Tenant's Proportionate Share of Actual Operating Expenses" shall mean, with respect to each calendar year during the Term of this Lease, an amount equal to the product of (i) the positive difference (if any) obtained by subtracting the Base Operating Expenses Rate from the Actual Operating Expenses Rate, multiplied by (ii) the weighted average number of square feet of rentable area in the Leased Premises in such year; provided, however, if the Actual Operating Expenses Rate is determined on the basis of a partial calendar year, then in making the foregoing calculation, the Base Operating Expenses Rate shall be multiplied by a fraction, the numerator of which is the number of days in such partial calendar year and the denominator of which is 365, and the foregoing weighted average shall be calculated only on the basis of the portion of such calendar year covered by the Term of this Lease. For example, if the Actual Operating Expenses Rate for a calendar year is $3.20 and the Base Operating Expenses Rate is $3.00, and the Leased Premises contains 19,000 square feet of rentable area during the entire calendar year, Tenant's Proportionate Share of Actual Operating Expenses is $3,800.00, calculated as follows: ($3.20 - $3.00) x 19,000 = $3,800.00.
Actual Operating Expenses means the actual Operating Expenses for the Base Year or any Operating Year, as applicable, adjusted, (a) if less than ninety-five percent (95%) of the total rentable area of the Project had been occupied for the entire Base Year or Operating Year, as applicable, as if ninety-five percent (95%) of the total rentable area of the Project had been occupied for the entire Base Year or Operating Year, with all tenants paying full rent, as contrasted with free rent, half rent and the like, and (b) if the Property Taxes component of the Base Year or Operating Year, as applicable, are based on an assessment of the value of the Project made by a governmental authority prior to completion of the Project and/or prior to leasing and occupancy of a substantial portion of the Project, then the Property Taxes component of the Actual Operating Expenses for such Operating Year or Base Year, as applicable, shall be adjusted by Landlord, in Landlord’s reasonable discretion, as if the Project had been fully assessed in such Base Year or Operating Year with all improvements completed therein.
Actual Operating Expenses means, with respect to a given period of time, the portion of Operating Expenses actually payable with respect to the operation of the Property.
Actual Operating Expenses means, for the applicable period, the total of all expenses actually paid by Borrower, of whatever kind relating to the ownership, operation, maintenance or management of the Project (after equitable proration of Impositions, insurance premiums and other items not paid monthly, whether or not actually paid during the applicable calculation period), but specifically excluding depreciation and amortization, any other noncash expense, income taxes, debt service and all other fees and charges on the Loan, income or other taxes in the nature of income taxes, sales, use or occupancy taxes, capital expenditures, equity distributions and any item of expense that would otherwise be covered by the provisions hereof, but which is paid or reimbursed by any Tenant under such Tenant’s Lease.
Actual Operating Expenses means the actual expenses paid or incurred by Landlord for Operating Expenses during any calendar year of the term hereof, plus the amortized portion of any Major Maintenance Expenses allocated to such calendar year.
Actual Operating Expenses means for any period, the total of all costs and expenses, computed in accordance with GAAP, of whatever kind during such period relating to the operation, maintenance and management of the Property that are actually incurred, including without limitation, utilities, ordinary repairs and maintenance, insurance, license fees, property taxes and assessments, advertising expenses, management fees (if any), payroll and related taxes, computer processing charges, operational equipment, lease payments, “bad debt” expenses and other similar costs, but excluding depreciation, tenant improvements and leasing commissions, Debt Service, Capital Expenditures, and contributions to the Capital Expenditure Funds, the Tax Funds, Insurance Funds, the Rollover Funds and any other reserves required under the Loan Documents.
Actual Operating Expenses means, with respect to each calendar year during the term of this agreement, the actual Operating Expenses for that year computed in accordance with the provisions of Section 2.02 (e). The "Actual Operating Expenses Rate" for each such calendar year during the term hereof shall be calculated by dividing the Actual Operating Expenses for a calendar year by the net rentable area in the building. The term "Tenant's Proportionate Share of the Actual Operating Expenses" shall mean, with respect to each calendar year, an amount equal to the product of (i) the difference between the Actual Operating Expenses Rate in the calendar year and the Base Operating Expenses Rate, multiplied by (ii) the Rentable Area of the premises.