Excess Expenses definition

Excess Expenses means the total dollar increases, if any, over the Base Expenses paid or incurred by Landlord in the respective calendar year.

Excess Expenses means:

Excess Expenses means the total amount of Property Taxes and Operating Expenses due and payable with respect to the Property during any calendar year of the Term minus the product obtained by multiplying the expense stop specified in the Basic Terms by the number of rentable square feet in the Building.

Examples of Excess Expenses in a sentence

• Such reimbursement will be made as promptly as possible, and to the maximum extent permissible without causing the Expenses for any year to exceed the Annual Limit; provided, however, that such reimbursement for Excess Expenses shall be made only if payable within three years of the end of the fiscal year in which such Excess Expenses were incurred.

• Such payments shall be made in monthly installments, commencing on the first day of the month following the month in which Landlord notifies Tenant of the amount it is to pay hereunder and continuing until the first day of the month following the month in which Landlord gives Tenant a new notice of estimated Excess Expenses.

• For the avoidance of doubt, if, at the end of any fiscal year in which the Adviser has recouped from the Trust any Excess Expenses, the Trust’s Ordinary Operating Expenses for such fiscal year exceed the Expense Limitation, the Adviser shall promptly pay the Trust an amount equal to the lesser of: (i) the amount by which the Trust’s Ordinary Operating Expenses for such fiscal year exceed the Expense Limitation; and (ii) the amount recouped by the Adviser for Excess Expenses in such fiscal year.

• The Adviser shall be entitled to recoup from the Trust the amount of such Excess Expenses during the Recoupment Period to the extent that such recoupment does not cause the Trust’s Ordinary Operating Expenses plus recoupment to exceed the Expense Limitation in effect at the time the expenses were paid or waived or any Expense Limitation in effect at the time of recoupment.

• The Trust hereby agrees to reimburse the Adviser for any excess expense payments that are paid or absorbed by the Adviser pursuant to this Agreement set forth above ("Excess Expenses"), subject to the conditions set forth in this Section 3.

More Definitions of Excess Expenses

Excess Expenses has the meaning set forth in Section 9.1.

Excess Expenses means, with respect to any Tax and Expense Year, the amount, if any, by which Expenses for such Tax and Expense Year exceed the amount of Expenses for the Base Year specified in the Basic Lease Information.

Excess Expenses. As defined in Schedule 10.2(e)(17).

Excess Expenses means as of any date of determination, any Expenses due and owing that are in excess of the aggregate Expenses Cap, that remain unreimbursed after application of the applicable Expenses Cap in any calendar year will be reimbursable, subject to the applicable Expenses Cap, to the applicable parties in subsequent years. Any Excess Expenses will be reimbursable to the Servicer, the Securities Administrator, the Custodian, the Collateral Administrator, the Seller, the Issuer, the Trustee and the Guarantor to the extent of funds available on each Distribution Date.

Excess Expenses. Landlord shall promptly refund to Tenant an amount equal to the lesser of (i) the amount of such Excess Expenses, or Tenant’s Proportionate Share thereof (from and after the Multi-Tenant Occupancy Date), and (ii) the actual amount paid by Tenant on account of all Operating Expenses or other Installment Expenses.

Excess Expenses has the meaning set forth in Section 7 hereof.

Excess Expenses means for any full or partial calendar year during the Term that the Building is not fully leased and occupied by tenants paying rent, the Expenses for such calendar year, multiplied by a fraction which has as its numerator the number of Rentable Square Feet of the Building which have not been leased to Tenant under this Lease and are not being leased to any other party, where such party is in possession and paying rent, including any space which has previously been leased to a third party tenant, where the lease has been terminated prior to its stated expiration, as a result of a default by the tenant thereunder (but excluding any space leased to any third party which has terminated on its stated expiration), with the applicable number of Rentable Square Feet to be determined in accordance with the methodology utilized in EXHIBIT B (such space being referred to herein as the “UNLEASED SPACE”) (provided that the Rentable Square Feet of the Unleased Space shall be calculated on a weighted average basis if any such space which was Unleased Space at the beginning of the calendar year for which Excess Expenses are being calculated becomes leased and the tenant thereof is in possession and commences paying rent during such calendar year or if previously leased space becomes Unleased Space as a result of the termination of a lease prior to its stated expiration arising from the tenant’s default) and as its denominator the Rentable Square Feet of the Building. Excess Expenses shall no longer accrue or be calculated, and Tenant’s obligations with respect to payment thereof under Section 5.B(ii) shall terminate, from and after the date all of the Unleased Space has been initially leased and is occupied by tenants paying rent unless any such lease has terminated prior to the expiration of its stated term as a result of the tenant’s default, in which case the space which was the subject of the terminated lease will revert back to, and become Unleased Space but only through the expiration of the stated term of the initial lease.