Operating Expense means salaries, wages, cost of maintenance and operation, materials, supplies, insurance, and all other items normally included under recognized accounting practices, but does not include allowances for depreciation in the value of physical property.
Operating Expense means measurement of actual controllable and fixed operating costs divided by budgeted amounts. For purposes of calculating the Bonus, budgeted amounts are subject to revision by the Board in its discretion based on changes in business conditions or configuration of the business (e.g., items such as acquisitions or divestitures, unusual or non-recurring charges and changes in staffing relating to changed strategy approved by the Board will be considered as items for potential adjustment).
Operating Expense as defined in the Mortgage Loan Agreement.
Examples of Operating Expense in a sentence
The fees of such Independent registered public accountants and its successor shall be payable by the Issuer as an Operating Expense.
The costs of any such action shall be payable from Securitized Utility Tariff Charge Collections as an Operating Expense in accordance with the priorities set forth in Section 8.02(d) of the Indenture.
The Servicer’s costs and expenses incurred in connection with any such proceeding shall be payable from Securitized Utility Tariff Charge Collections as an Operating Expense (and shall not be deemed to constitute a portion of the Servicing Fee) in accordance with the Indenture.
The Servicer’s costs and expenses incurred in connection with any such Proceeding shall be payable from the Collection Account as an Operating Expense (and shall not be deemed to constitute a portion of the Servicing Fee) in accordance with Section 8.02 of the Indenture.
The costs of the Annual Accountant’s Report shall be a Reimbursable Expense reimbursable as an Operating Expense under the Indenture.
More Definitions of Operating Expense
Operating Expense has the meaning specified in Section 1.01(a) of the Note Indenture.
Operating Expense means, with respect to any period of time, all costs and expenses paid (or due and payable) by Borrower (or by Property Manager for the account of Borrower) during such period relating to the operation, maintenance and management of the Properties to be included in the calculation, including, without limitation, utilities, repairs and maintenance, insurance, property taxes and assessments (which insurance, property taxes and assessments shall be calculated in accordance with GAAP), advertising expenses, payroll and related taxes, equipment lease payments permitted under the terms of this Agreement, a management fee equal to the greater of (i) 4% of Gross Revenues of the Properties to be included in the calculation for the applicable period or (ii) the actual management fees paid under the Management Agreement for such period, but excluding depreciation and amortization and any extraordinary non-recurring expenses. Operating Expenses shall be determined in a manner consistent with GAAP except as otherwise set forth herein. It is expressly understood that for purposes of calculating Operating Expenses, Operating Expenses shall be deemed to include a $50 per annum capital expenditure allowance per pad site located at the Properties.
Operating Expense means all unreimbursed fees, costs and expenses of the Company, including all amounts owed by the Company to the Indenture Trustee or any Manager, any servicing fees, administration fees, legal and accounting fees, rating agency fees, costs and expenses of the Company.
Operating Expense means the expenses necessary to maintain the functions of the hospital including, but not limited to, any collection agency or debt collection expense;
Operating Expense means, with respect to any Portfolio Investment for any Measuring Period, the sum of (a) any costs which are specifically allocable to such Portfolio Investment, including the Operating and Personnel Payments derived from such Portfolio Investment but excluding any capitalised costs included in Acquisition Cost, plus (b) such Portfolio Investment’s allocable portion of all expenses not allocable pursuant to clause (a) hereof payable by a member of the Group and the Group’s allocable portion of expenses borne by entities in which a member of the Group has a direct or indirect ownership interest, not including (i) Operating and Personnel Payments, (ii) Interest Expense, or (iii) Recovery of Acquisition Cost. A Portfolio Investment’s allocable portion of the expenses specified in clause (b) above shall be equal to the product of (i) such expenses multiplied by (ii) a fraction, the numerator of which is the Operating and Personnel Payment derived from such Portfolio Investment during such Measuring Period and the denominator of which is the sum of Operating and Personnel Payments derived from all Portfolio Investments in such Portfolio during such Measuring Period.
Operating Expense means all costs and expenses of whatever kind or nature paid or incurred by Landlord from time to time in connection with the ownership, management, maintenance, operation, replacement, restoration and repair of the Park and the Land, all computed on the accrual basis, including, without limitation, the following items:
(a) gas, oil, common area electricity, steam, fuel, water, sewer and other utility charges (including surcharges) of whatever nature;
(b) insurance premiums and the amounts of any deductibles paid by Landlord;
(c) personnel costs, including, but not limited to, salaries, wages, fringe benefits, taxes, insurance and other direct and indirect costs;
(d) costs of service and maintenance contracts including, but not limited to, landscaping and security services;
(e) all other maintenance, repair, restoration and replacement expenses, and the cost of materials, supplies and uniforms;
(f) Landlord's central office administrative and accounting costs and overhead applicable to the Park;
(g) all professional fees incurred in connection with the operation of the Park, including, without limitation, accounting fees for preparing the Operating Expense Statement and Tax Statement;
(h) management fees payable to the managing agent;
(i) sales and use taxes and any taxes imposed on personal property owned by Landlord and used in connection with the Park and taxes on any of the expenses which are included in Operating Expense;
(j) decorations for the public portions of the Park; and
(k) the annual amortization of any Essential Capital Improvement made by Landlord, computed based on the useful life of the improvement with interest at the prime rate referenced in Article 3 of the Lease determined as of the date of completion of such Essential Capital Improvement. If Landlord shall lease such Essential Capital Improvement, then the rentals or other operating costs paid pursuant to such lease shall be included in Operating Expense for each Operating Year in which they are incurred. Notwithstanding the foregoing, Operating Expense shall not include the following:
(i) costs to prepare space for occupancy by a new tenant;
(ii) costs of capital improvements (except for costs of any Essential Capital Improvement);
(iii) advertising expenses and leasing commissions;
(iv) any cost or expenditure for which Landlord is reimbursed, whether by insurance proceeds or otherwise, but not including costs and expenditures for which Landlord is reimbursed by tenants of the Park...
Operating Expense has the meaning specified in Section 1.01(a) of the Bond Indenture.