Adjusted Expenses definition
Adjusted Expenses means actual operating expenses related to the Borrowing Base Assets, excluding any rent and interest paid by Operating Tenants and depreciation recorded by the Operating Tenants or Borrowers on a stabilized accrual basis for the previous twelve (12) month period (as reasonably adjusted by Administrative Agent), including: (i) recurring expenses (e.g., tenant improvements, leasing commissions, carpeting replacement, appliance and drapery replacement and such others as determined by Administrative Agent), (ii) real estate taxes, (iii) management fees (whether paid or not) in an amount not less than five percent (5%) of effective gross income (or the actual management fee paid, if higher), and (iv) a replacement reserve (whether reserved or not) of not less than Three Hundred Fifty and No/100 Dollars ($350.00) per Senior Housing Unit.
Adjusted Expenses means actual operating expenses related to the Project, excluding any rent and interest paid and depreciation recorded by Operating Tenant, on a stabilized accrual basis for the period in question (or if no period is specified, then for the most current previous twelve (12) month period) (as the same may be reasonably adjusted by Administrative Agent), including: (a) recurring expenses as determined under GAAP, (b) real estate taxes, (c) management fees (whether paid or not) in an amount not less than five percent (5%) of effective gross income (or the actual management fee paid, if higher) and (d) a replacement reserve (whether reserved or not) of not less than Three Hundred Fifty and No/100 Dollars ($350.00) per Residential Unit per annum.
Adjusted Expenses means actual operating expenses related to the Projects, excluding any rent and interest paid and depreciation recorded by Operating Tenant on a stabilized accrual basis for the previous twelve (12) month period (as reasonably adjusted by Administrative Agent), including: (i) recurring expenses as determined under GAAP, (ii) real estate taxes, (iii) management fees (whether paid or not) in an amount not less than five percent (5%) of effective gross income (or the actual management fee paid, if higher) and (iv) a replacement reserve (whether reserved or not) of not less than Three Hundred Fifty and No/100 Dollars ($350) per Residential Unit.
Examples of Adjusted Expenses in a sentence
The Claims Services Fee is the sum of (x) the amounts calculated under Sections 2.4(a)(i) and (ii) above, minus Adjusted Expenses, multiplied by 1.15, plus (y) the Adjusted Expenses.
The Pre-Dividend Cash Flow Coverage Ratio shall mean the Borrower's Adjusted Pre- Dividend Earnings (as defined herein) as of each calculation date divided by its Adjusted Expenses (as defined herein) as of each such date.
Tenant shall be responsible for payment of Adjusted Expenses only in the event of an increase in Expenses.
In addition to these amounts, Tenant may be responsible for monthly payment of Adjusted Expenses, as set forth in paragraph 13 below.
The Adjusted Expenses shall be measured and determined by Landlord on a monthly basis, and Landlord shall send Tenant a statement showing the amount of Adjusted Expenses due from Tenant.
More Definitions of Adjusted Expenses
Adjusted Expenses means actual operating expenses related to the Projects, excluding any rent and interest paid and depreciation recorded by each Master Tenant on a stabilized accrual basis for the period in question (or, if no period is specified, then for the most current previous twelve (12) month period), as reasonably adjusted by Administrative Agent, including: (i) recurring expenses as determined under GAAP, (ii) real estate taxes, (iii) management fees (whether paid or not) in an amount not less than five percent (5%) of effective gross income (or the actual management fee paid, if higher) and (iv) a replacement reserve (whether reserved or not) of not less than Three Hundred Fifty and No/100 Dollars ($350.00) per Residential Unit per annum.
Adjusted Expenses means, with respect to any fiscal year, the lesser of (i) the actual expenses incurred by the Company in its operations (exclusive of Company Income Taxes) for such fiscal year, and (ii) 35% of the Royalty Income for such fiscal year.
Adjusted Expenses means actual operating expenses related to the Projects, excluding any rent and interest paid and depreciation recorded by Operating Tenants on a stabilized accrual basis for the previous twelve (12) month period (as reasonably adjusted by Administrative Agent), including: (i) recurring expenses as determined under GAAP, (ii) real estate taxes, (iii) management fees (whether paid or not) in an amount not less than five percent (5%) of effective gross income (or the actual management fee paid, if higher) and (iv) a replacement reserve (whether reserved or not) of not less than $.25 per rentable square foot.
Adjusted Expenses means actual operating expenses related to the Borrowing Base Assets, excluding any rent and interest paid by Operating Tenants and depreciation recorded by the Operating Tenants or Borrowers on a stabilized accrual basis for the previous twelve (12) month period (as reasonably adjusted by Administrative Agent), including: (i) recurring expenses (e.g., tenant improvements, leasing commissions, carpeting replacement, appliance and drapery replacement and such others as determined by Administrative Agent), (ii) real estate taxes, (iii) management fees (whether paid or not) in an amount not less than five percent (5%) of effective gross income (or the actual management fee paid, if higher), (iv) a replacement reserve (whether reserved or not) of not less than Three Hundred Fifty and No/100 Dollars ($350.00) per Senior DAL:0535130/00080:1910701v7 Housing Unit and (v) definitive changes (federal or state) in the Medicare and/or Medicaid reimbursement rates.
Adjusted Expenses means, for any period, the aggregate, actual cash operating expenses of the Property (excluding non-cash expenses such as depreciation and expenses paid from reserves) for such period, but: (a) not including payments of principal or interest on the Loan during such period; and (b) adjusted to include (but without duplication of the above) appropriate monthly accruals for the Property for such period for: (1) a management fee of at least three and one half of one percent (3.50%) per annum, (2) periodic expenses such as property taxes and insurance, and (3) a reserve (not less than $0.25 per square foot of leasable space in the Improvements per annum) for capital repairs and replacements.
Adjusted Expenses means (i) travel, meals and lodging expenses incurred by Cambridge, plus (ii) out-of-pocket employee procurement expenses incurred by Cambridge, plus (iii) the product of the sum of (i) plus (ii) multiplied by .04.
Adjusted Expenses means, for any period, the actual cash operating expenses of the Property, adjusted to reflect actual property taxes (excluding non-cash expenses such as depreciation, amortization and expenses paid from reserves for capital repairs and replacements) during such period, but: (a) not including payments of principal or interest on the Loan during such period; (b) including the portion of the annual payment under the Ground Lease (as defined in the Deed of Trust) allocable to the calculation period; (c) adjusted to include appropriate monthly accruals for (i) a management fee of at least 2.75% per annum, (ii) periodic expenses such as property taxes and insurance, and (iii) a reserve of $200.00 per apartment unit per annum for capital repairs and replacements.