Hotel Expenses definition

Hotel Expenses means all expenses properly incurred in accordance with Generally Accepted Hotel Accounting Principles and the terms and conditions set out in this Agreement in connection with the earning of the Gross Revenue and chargeable to the Owners in accordance with this Agreement, including, without limitation: (i) the Base Fee; (ii) the Innisfree Marketing and Sales Expenses; (iii) the Innisfree Recoveries; (iv) the Accounting Fee; (v) any amount payable to and in respect of the Employees in accordance with this Agreement, including hiring costs and expenses, Fringe Benefits, withholding amounts and costs of termination; (vi) utility costs and charges; (vii) the cost of the Operating Supplies and Expendables; (viii) expenses in connection with the maintenance and repair of the Hotel Premises and the maintenance and repair of any Furniture, Fixtures and Equipment; (ix) the cost of operating and maintaining any parking facility at the Hotel; (x) travel agent commissions and credit card commissions; (xi) insurance premiums; (xii) deductibles paid in connection with claims on insurance policies required to be maintained under Article XII; and (xiii) the cost of filing any tax returns and reports in regards to the taxes described in Section 6.10(a); but excluding the following: (xiv) the Association Expenses; (xv) Special Assessments for capital improvements (xvi) the Incentive Fee; (xvii) depreciation and amortization; (xviii) capital lease payments; (xix) Capital Expenditures; (xx) any taxes personal to the Owners, including but not limited to income taxes, real property taxes and capital gains taxes; and (xxi) debt service payments payable by the Owners;
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Hotel Expenses includes, inter alia, payment of the Base Management Fee and transfers to the Replacement Reserve, but it does not include Debt Service.
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Hotel Expenses means any Hotel franchise fees and charges, and credit card fees and bank charges relating to the Rental Management Program. Hotel Expenses incurred by Manager in the operation of the Hotel shall be allocated to Owner based on the ratio of the Unit’s Gross Rental Income before Commissions to the aggregate Gross Rental Income from all Units in the Rental Management Program.
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Examples of Hotel Expenses in a sentence

  • Innisfree is hereby authorized to pay all Hotel Expenses, Capital Expenditures, Association Expenses, capital lease payments (if any) and Incentive Fees incurred in accordance with this Agreement and all amounts repayable to the Owner-Seller pursuant to Section 6.7 from funds in the Hotel Bank Account.

  • Manager will deduct from Gross Owner’s Revenue (as defined in Exhibit E) certain expenses incurred in connection with the participation of the Unit in the Rental Management Program including Commissions and Hotel Expenses (as such terms are defined in Exhibit E) allocable to the Unit and the Base Fee.

  • 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.

  • For any specified period of time, the amount by which the sum of (i) Hotel Expenses, (ii) Restaurant Lease Expenses, (iii) Project Expenses, and (iv) Debt Service (only after the Manager has made any of the Debt Service Deficiency Loans required of Manager under the Management Agreement or Manager defaults in making a Debt Service Deficiency Loan) for such period exceeds Cash Receipts.

  • The Gross Revenue and Hotel Expenses shall be shared and the Net Hotel Revenue shall be distributed to the Owners on the terms of this Agreement.

  • If the Owner shall fail to advance such funds, then the Manager shall have the right, but not the obligation, in the Manager's sole discretion, to expend its own funds to pay Hotel Expenses.

  • The Allottee has been informed and has agreed that the Promoter will procure, if available, insurance towards workmanship, quality and services provided as per the Agreement, for the Project for upto 05 years and the cost towards the same shall be recovered from the Initial Working Capital Deposit and/or from the Hotel Business as such costs are part of the Hotel Expenses.

  • PC Medics, Inc will calculate Travel and Hotel Expenses at time of booking.

  • If at any time the funds in the Operating Bank Accounts are not sufficient to pay any Hotel Expenses, Capital Expenditures or other amounts payable under this Agreement whenever they are due, then HMC may require the Rental Pool Owners to pay the proportionate amount of the shortfall estimated by HMC.

  • All Gross Revenue and Hotel Expenses shall be shared and no single Owner has a claim or liability for any specific or singular guest revenue or expense in regard to his particular strata lot.


More Definitions of Hotel Expenses

Hotel Expenses means expenses incurred to carry out the operation of the Hotel excluding Strata Fees and Whistler Resort Association fees.
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Hotel Expenses means all expenses properly incurred in accordance with Generally Accepted Hotel Accounting Principles and the terms and conditions set out in this Agreement in connection with the earning of the Gross Revenue relating to Hotel Business as set out in Schedule 1, including, without limitation:
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Hotel Expenses means all expenditure incurred in the operation of the Hotel and any off-sales including without limiting the generality of the aforegoing: 2.
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Hotel Expenses. Is defined in Section 12.01 of the Management Agreement as "Deductions." The term "Hotel Expenses" includes, inter alia, payment of the Base Management Fee and transfers to the Replacement Reserve, but it does not include Debt Service.
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Hotel Expenses means all costs, expenses and cash disbursements of any type (determined in accordance with the Uniform System of Accounts and generally accepted accounting principles, consistently applied), relating to or arising out of the ownership or operation of the Hotels, including, without limitation, taxes, capital improvements, rental and other payments under any Hotel Lease, debt service (interest and principal) on any indebtedness, expenses of operating, maintaining and repairing the Hotels and funding necessary reserves.
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Related to Hotel Expenses

  • Travel Expenses means any costs incurred by Licensor associated with the transportation, storage or lodging of equipment, supplies, Licensor employees and other items necessary for business use from Licensor headquarters to Licensee’s facilities. Travel expenses may include, but are not limited to airfare, hotel costs, and meals if applicable. Any travel expenses paid by the Licensee shall be paid at allowable government travel rates consistent with Management Directive 230.10, unless otherwise first approved by the Licensee’s authorized representative.

  • Capital Expenses expenses that are capital in nature or required under GAAP to be capitalized.

  • Operational Expenses means expenses of the clerk of court used to maintain the clerk's office and

  • O&M Expenses means expenses incurred by or on behalf of the Developer or by the Authority, as the case may be, for all O&M including (a) cost of salaries and other compensation to employees, (b) cost of materials, supplies, utilities and other services, (c) insurance premium, (d) all taxes, duties, cess and fees due and payable for O&M, (e) all repair, replacement, reconstruction, reinstatement, improvement and maintenance costs, (f) payments required to be made under the O&M Contract, or any other contract in connection with or incidental to O&M, and (g) all other expenditure required to be incurred under Applicable Laws, Applicable Permits or this Agreement.

  • Legal Expenses means the fees, costs and expenses of any kind incurred by any Person indemnified herein and its counsel in investigating, preparing for, defending against or providing evidence, producing documents or taking other action with respect to any threatened or asserted Claim.