Base Year Operating Costs definition
Base Year Operating Costs means all costs of operating the Gathering System for all current volumes as February 1, 2011, incurred by the Gathering System Owners to operate, maintain, replace and repair the Gathering System; provided, that, such costs shall not include capitalized expenses and overhead of the Gathering System Owners. Base Year Operating Costs shall be $1,495,200 for calendar Year 2011 as more particularly described in Exhibit C attached hereto. The Base Year Operating Costs shall increase every calendar Year beginning in 2012 by the difference of the lesser of (x) the positive amount, if any, that the actual out-of-pocket costs (without capitalized expenses and overhead of the Gathering System Owners) incurred by Gathering System Owners to operate and maintain the Gathering System in the prior calendar Year which are not attributable to New Third Party Volumes are greater than the Base Year Operating Costs for the prior calendar Year or (y) the adjustment contemplated in Section 4.3(iii); provided that, after the expiration of the Primary Term of the NAESB Purchase Agreement, Base Year Operating Costs shall be the Base Year Operating Costs for the last Year of the Primary Term of the NAESB Purchase Agreement as long as the NAESB Purchase Agreement is in effect. For the avoidance of doubt, the calculation of actual out-of-pocket costs in the foregoing clause (x) above expressly excludes (i) all fees payable to NPC under Section 14(a) of the NPC Operating Agreement and (ii) all fees payable to SES under Section 14(a) of the SES Operating Agreement. In the event New Third Party Volumes are gathered on the Gathering System, then the producers of such New Third Party Volumes shall bear their share of the increased operating expenses and such expenses shall not be deemed to be part of the Base Year Operating Costs.
Base Year Operating Costs means those Building Operating Costs (defined in Section 6.2 below) incurred by and for the account of the Building during and attributable to the Base Year. As used herein, “Excess Building Operating Costs” shall mean all increases in Building Operating Costs over the Base Year Operating Costs. After the first twelve months of the Term of this Lease, Tenant shall pay Tenant’s Share of Excess Building Operating Costs, as defined in Paragraph 6.3.
Base Year Operating Costs means the amount of Operating Costs actually incurred by Landlord with respect to the Premises, as adjusted in accordance with subsection 6(c) hereinbelow, for calendar year 1999 with respect to the Initial Premises and calendar year 2000 with respect to the Third Floor Expansion Premises and the Fourth Floor Expansion Premises, respectively.
Examples of Base Year Operating Costs in a sentence
The Market Rent shall take into account the length of the Renewal Term, the fact that there are no new tenant improvements to be constructed by Landlord nor other lease-up costs (except broker commissions, if any) and shall provide for updating the Base Year Operating Costs to the first year of each renewal term, if such factors are considered market concessions at such time.
If Tenant's Share of the increase of Operating Costs over the Base Year Operating Costs is more than that paid by Tenant during the prior calendar year as Additional Rent, Tenant shall pay Landlord, within thirty (30) days of the statement receipt, the difference.
Base Year Operating Costs are gross (included in) Base Rent, while Excess Operating Costs are net of (excluded from) Base Rent.
On or prior to the Distribution Date, the parties hereto shall have consummated those other transactions in connection with the Corporate Transactions and the Distribution that are contemplated by the Information Statement and not specifically referred to in this Section 2.1.
For the avoidance of doubt, the Base Years and Tenant’s Proportionate Share as to the Original Premises shall remain unchanged and are acknowledged to be the calendar year 2012 for Base Year Operating Costs, the real estate fiscal year 2012/2013 for Base Taxes, and 5.61%, respectively.
More Definitions of Base Year Operating Costs
Base Year Operating Costs. An amount per square foot of Rentable Area equal to the actual Operating Costs (as defined in the Lease) for the 2013 calendar year (the “Base Year”). Lessee shall not be entitled to a credit or reduction of Base Rental by reason of the actual Operating Costs for any calendar year being less than the Base Year Operating Costs. REAL ESTATE TAX EXPENSE STOP: Lessee is hereby advised that the tax abatement under the Master Lease is scheduled to expire in 2015. In the event that the tax abatement under the Master Lease expires by its own terms in 2015, the “Real Estate Tax Base Year” shall be an amount per square foot of Rentable Area equal to the actual 2015 real estate taxes for the Building. However, Lessor is currently negotiating with the City of Tempe to extend the term of the tax abatement under the Master Lease. In the event that Lessor is successful in negotiating an extension to the tax abatement under the Master Lease, the Real Estate Tax Base Year shall be the calendar year in which the tax abatement under the Master Lease actually expires adjusted to reflect a 12-month calendar year. Lessee shall not be entitled to a credit or reduction of Base Rental by reason of the actual Real Estate Taxes for any calendar year being less than the Real Estate Tax Base Year.”
Base Year Operating Costs mean the Operating Costs for the calendar year specified as the Base Year in Subsection 2.8 (excluding therefrom, however, any Operating Costs of a nature that would not ordinarily be incurred on an annual, recurring basis).
Base Year Operating Costs means the Operating Costs, as hereinafter defined, incurred or that would have been incurred had the Landlord maintained the Land and the Building to the same standard as a prudent Landlord in the market of the Building for the same class of building in the market, during the Base Year. Furthermore, where any one service included in Operating Costs is performed in the Base Year under any form of warranty at no charge to the Landlord, the usual cost paid by a prudent Landlord in the market of the Building for the same class of building in the market for such service will be ascertained and included in the Base Year (Operating Costs). Notwithstanding the preceding definition, the parties agree that the Base Year for the purposes of this definition will be the period shown in subclause 1.1(k), if any, and that the Base Year (Operating Costs) will be the amount determined pursuant to subclause 1.1(k), if such subclause has been completed;
Base Year Operating Costs means the Operating Costs, as hereinafter defined, incurred or that would have been incurred had the Landlord maintained the Land and the Building to the same standard as a prudent Landlord in the market of the Building for the same class of building in the market, during the Base Year.
Base Year Operating Costs means Tenant's Share (i.e. 19.0%) of the Operating Costs during the Base Operating Year.
Base Year Operating Costs means Operating Costs for the calendar year 1999 (the "Base Year") multiplied by Tenant's Percentage of the Building.
Base Year Operating Costs means the Basic Operating Costs of the Facility for the calendar year 2001. Within one hundred twenty (120) days, or as soon thereafter as possible upon conclusion of each calendar year of the Term, Landlord shall furnish to Tenant a statement of actual Basic Operating Costs for such year and, within ten (10) days thereafter, Tenant shall pay Tenant's Share of such increase.