Project Expenses means usual and customary operating and financial costs. The term does not include extraordinary capital expenses, development fees and other non-operating expenses.
Project Expenses. “Operating Revenue”, “Residual Receipt” and “Annual Operating Expenses.”
Examples of Project Expenses in a sentence
Any cash remaining after payment of Project Expenses and Project Fees shall be deemed Surplus Cash.
Borrower may make withdrawals from the Project Operating Account solely for the payment of Project Expenses and Project Fees and payments and distributions of Surplus Cash in accordance with Section 3.5. Withdrawals from the Project Operating Account (including accrued interest) for any other purposes may be made only with the OCII’s express prior written approval.
The University shall be in charge of accounting with respect to the Project Expenses mentioned in Article 8.
Within one hundred twenty (120) days of the end of each fiscal year following the Completion Date, Borrower shall apply annual Project Income to pay Project Expenses and then to pay Project Fees.
In the event the Research Partner fails to fully pay its portion of the Project Expenses and/or Research Fees on or before the due date specified in the foregoing invoice, overdue interest shall accrue from day to day on the overdue amount at the rate of 5.0% per annum until full payment by or for the Research Partner of the overdue amount, and the Research Partner shall be liable to pay the University such overdue interest in addition to the overdue principal amount.
More Definitions of Project Expenses
Project Expenses means the Expenditure and all capital and operating costs, charges, expenses, fees, taxes (other than income or capital gains taxes) and other payments and expenditures of and incidental to the conduct of the Project;
Project Expenses means and include Taxes, Insurance Expenses and Common Expenses.
Project Expenses means, in relation to any period, the expenses of the Company during such period for the operation and maintenance of the Development Project, including debt service, capital expenditure, depreciation, administration, insurance, maintaining permits, royalties, salaries and overheads, legal, accounting and other professional fees;
Project Expenses means all direct costs and expenses of ownership (excluding, however, any Impositions which are payable by Tenant as provided in Article 3 above), operation, security, protection, replacement, repair and maintenance of the Premises incurred by Landlord, as determined by sound, accrual basis, accounting principles consistently applied, and shall include all costs incurred in connection with the ownership and operation of the parking areas; all Insurance Costs (as defined in Section 7.3 below); accounting and legal fees; and dues, taxes and/or assessments imposed by any applicable property owners' association if any, excepting only those specific costs and expenses that Landlord has specifically agreed to bear with no reimbursement from Tenant and these costs and expenses described in the immediately following sentence. Project Expenses do not include any of the following: (a) interest and principal payments on loans secured by mortgages or deeds of trust covering all or any portion of the Premises, and other debt costs, if any, and rental under any ground lease or other underlying lease, if any, covering all or any portion of the Premises; (b) real estate broker's commissions payable in connection with this Lease; (c) any cost or expenditure (or portion thereof) for which Landlord is reimbursed, whether by insurance proceeds or otherwise (Tenant's Expense Payments are not reimbursements); (d) all costs incurred by Landlord in connection with the satisfaction of the Maintenance and Repair Obligations; (e) costs and expenses incurred in the management of the Premises and/or the administration of Landlord's rights and obligations under this Lease; (f) costs of improvements to, or alterations of, the Premises; (g) depreciation; (h) that portion of any cost or expense which is allocated by Landlord to, or is performed solely for the benefit of, any property owned or operated by Landlord other than the Premises; (i) legal, accounting and similar or related costs paid or incurred in connection with any sale, syndication, financing or refinancing involving the Building and/or the Premises or any of Landlord's interest therein; (j) any fees, fines, penalties and/or interest incurred by Landlord as a result of Landlord's noncompliance with any applicable laws; (k) any costs (including, without limitation, legal fees and expenses), fees, fines, penalties and/or interest incurred by Landlord as a result of Landlord's failure to pay any obligations of Landlord; (l) cost...
Project Expenses means the sum of Taxes, Insurance Expenses and Common Expenses, related to the Property. See Paragraph 5.1.E.
Project Expenses means costs and expenses incurred by the Borrower during the applicable period in connection with the Borrower’s operation, maintenance and leasing of the Project during such period, including, but not limited to, all amounts payable by the Borrower on account of all property management fees, costs and expenses (including all salaries, payroll taxes and benefits), issuance fees on the Bond, all maintenance costs and expenses (including maintenance supply costs), all utility costs and expenses, all pest control costs and expenses, all property-related legal fees, costs and expenses, all property-related accounting fees, and all monthly amounts required to be deposited in any replacement reserve required under the Loan Documents (and for purposes of such determination, the Permanent Lender shall include as Project Expenses in any monthly period, 1/12th of the annual real estate taxes and assessments (assuming that the Project has been fully assessed for real estate tax purposes) constituting a lien on the Project (if any), 1/12th of the annual insurance premiums for all insurance required to be carried by the Borrower with respect to the Project and such portion of such other non-monthly expenses as the Permanent Lender may deem appropriate) (provided, however, that for purposes of calculating the Project Expenses described above, "Project Expenses" shall not include any repair or replacement cost which would, in accordance with generally accepted accounting principles, consistently applied, be treated as a capitalized cost or any Debt Service payments payable solely from cash flow). In computing the Debt Service Coverage Ratio for the Conditions to Conversion, Project Expenses in total for all expense categories, except Real Estate Taxes and Insurance, will not be lower than the greater of (1) the original underwriting specified in Exhibit A to the Rate Lock Letter, (2) actual expenses for the past three months annualized and (3), the most recent operating budget prepared by the approved property manager. Real Estate Taxes and Insurance will be included individually, at actual, assuming a fully assessed and occupied property. At any time while the Bonds are outstanding, if Real Estate Taxes are not assessed for the Project, then Project Expenses will not include the Real Estate Taxes.
Project Expenses means the amount equal to the actual expenses paid by the Recipient for the Work funded under the Funding Agreement as set out in Schedule “C” and Schedule “D”, respectively, that are Eligible Expenses and are not Ineligible Expenses. Project Expense Report a summary chart, in the form found on the Website, of the items outlined in parts (b)(iii) and (b)(iv) of the definition of “Request for Funding”, as applicable, that specifies: (a) Invoice numbers or date of Timesheet, as applicable; (b) total Invoice or Timesheet amounts; (c) Ineligible Expenses to be deducted from the Invoices or Timesheets; and (d) a description of any other Project Expenses being claimed in respect of the Disbursement; and which contains a declaration that the expenses listed are Project Expenses.