PY Operating Expenses definition
PY Operating Expenses. For a given period, the following expenses paid and relating solely to the ownership or maintenance of the Potomac Project: (i) salary, benefits and taxes for the maintenance personnel and rental agents (it being acknowledged and agreed by Borrowers that both the number of such personnel and salary, benefits and taxes shall not exceed the amounts existing as of the First Amendment Date without the prior written consent of Agent, which consent may withheld in Agent’s sole and absolute discretion), (ii) rental business license fees (annual fee of $.28/$100 of gross revenue subject to adjustment by local jurisdictional authorities), (iii) credit reports and other miscellaneous costs directly attributable to leasing of Potomac Units, (iv) telephones and beepers for maintenance personnel and rental agents, (v) electrical, water and natural gas costs for the rented Potomac Units, (vi) office supplies for rental of the Potomac Units, (vii) rental furniture for the rental office of the Potomac Project, (viii) advertising costs for rental of the Potomac Units, (ix) legal costs incurred solely in connection with the collection of rent or dispossession of tenants of the rented Potomac Units, (x) maintenance and repair with respect to the rented Potomac Units to the extent not provided by the condominium homeowner’s association, (xi) banking fees for the rental operating account and (xii) commercial general liability insurance for the Potomac Units. Notwithstanding the foregoing, PY Operating Expenses shall specifically exclude general overhead expenses of the Borrowers, Guarantor or their respective Subsidiaries.
Examples of PY Operating Expenses in a sentence
For the Potomac Project and for a given period, an amount equal to PY Rental Revenues less PY Operating Expenses.
Potomac will duly pay and discharge, or cause to be paid and discharged, before the same shall become delinquent, all of the PY Operating Expenses.