Gross Occupancy Cost definition
Gross Occupancy Cost is defined as the sum of all prime rent, common area maintenance expenses, real estate taxes, insurance, tenant improvements, advertising allowance, and other obligations of Merchant which would otherwise have been due and payable by the Merchant had it performed its obligations as they came due under each Lease.
Gross Occupancy Cost means the sum of the remaining occupancy costs of a Lease payable by the Company to the landlord under the Lease until the earlier of the scheduled expiration date of the then current term of the Lease and any early termination date in the Lease, including, but not limited to, the base rent, any annual increases, percentage rent, CAM, taxes, insurance, rental tax, marketing and merchants association charges, utility charges, HVAC usage charges, trash removal charges, sprinkler usage charges, unpaid rents, tenant improvement dollars due to the landlord and any other charges payable by the Company to the landlord under a particular Lease as of the Agreement Date. In the case of percentage rent, such rent will be calculated using sales figures for the twelve (12) months ended at the end of the month prior to the calculation (equitably adjusted if less than twelve (12) months of sales figures are available). CAM, taxes, insurance, marketing and merchants association charges and all other applicable charges will be calculated using the last available full year charge for each item (which may be a calendar year or a lease year, depending upon which is the most recent full year charge available). In the event that rent increases periodically based upon the change in the Consumer Price Index (CPI), the assumed annual CPI increase shall be two and one-half percent (2.5%).