Facility Operating Expenses definition

Facility Operating Expenses means the total of all expenditures of whatever kind by Lessee relating to the operation, maintenance and management of the Facility that are incurred on a regular monthly or other periodic basis, including without limitation, utilities, ordinary repairs and maintenance, insurance, license fees, taxes and assessments, advertising expenses, and management fees.
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Facility Operating Expenses means all reasonable and customary costs and expenses that are paid with respect to the Facility, whether paid directly by Buyer or reimbursed to Manager; provided, however, for the purposes of calculating Facility Operating Expenses under this Agreement, Facility Operating Expenses shall be deemed to exclude the following: (i) debt service on mortgage loans encumbering the Facility, (ii) expenditures normally capitalized under generally accepted accounting principles (“GAAP”), (iii) amortization and depreciation, (iv) reserves (including an FF&E reserve of $500 per residential unit at the Facility per year), (v) taxes (other than property taxes), and (vi) audit fees incurred by Buyer. In calculating Facility Operating Expenses for any one month period, expenses for the Facility that are attributable to longer periods of time shall be appropriately pro-rated and allocated to that month (for example, 1/12th of an annual tax payment, 1/4th of a quarterly service agreement payment, etc.).
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Facility Operating Expenses means all costs of operation, maintenance, use and administration of the Facility, including, but not limited to, heat, water, electricity, all other utilities, insurance premiums, licenses, supplies, permits and inspection fees, and all costs of labor, services and materials incurred in connection with such operation, maintenance, use and administration.
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Examples of Facility Operating Expenses in a sentence

  • Landlord shall deliver to Tenant a written estimate of Project Operating Expenses and Science Facility Operating Expenses for each calendar year during the Term (together, the “Annual Estimate”), which may be revised by Landlord from time to time during such calendar year.

  • During each month of the Term, on the same date that Base Rent is due, Tenant shall pay Landlord an amount equal to 1/12th of Tenant’s Share of Project Operating Expenses and 1/12th of Tenant’s Percentage Share (Science Facility) of Science Facility Operating Expenses, each as shown on the Annual Estimate.

  • Such Facility Cost Pools may include, for example, office space Facility Operating Expenses as distinguished from retail space Facility Operating Expenses and such Project Cost Pools may distinguish as among Project Occupants and Permittees utilizing some but not all Project Common Areas such as certain Parking Facilities or Project services, such as security, etc.

  • Pacer shall pay, or otherwise cause to be paid: (a) all Facility Liabilities; and (b) all Facility Operating Expenses incurred during the Term.

  • In calculating Facility Operating Expenses for any one month period, expenses for the Facility that are attributable to longer periods of time shall be appropriately pro-rated and allocated to that month (e.g. 1/12 of an annual tax payment, 1/3 of a quarterly service agreement payment).

  • The term "Facility Operating Expenses" shall mean all costs and expenses of whatsoever kind (excluding debt service on mortgage loans encumbering the Facility and excluding taxes, insurance, capital expenses, capital reserves and amounts paid for items covered by insurance but which are under the deductible limits) that are paid or accrued by Owner with respect to the Facility, regardless of whether paid directly or by reimbursing Manager.

  • In calculating Facility Operating Expenses for any one month period, expenses for the Facility that are attributable to longer periods of time shall be appropriately pro-rated and allocated to that month (for example, 1/12th of an annual tax payment, 1/4th of a quarterly service agreement payment, etc.).

  • Any deductible payments will not be included in Facility Operating Expenses.

  • The parties acknowledge and agree that this Agreement is subject to the review and approval of the New York State Department of Insurance.

  • Facility Operating Expenses and Project Operating Expenses shall be determined by standard accounting practices and calculated assuming the Facility and the Project are at least ninety-five percent (95%) occupied or, with respect to Project Operating Expenses, as otherwise provided in the REA.


More Definitions of Facility Operating Expenses

Facility Operating Expenses means all costs and expenses of whatsoever kind (excluding debt service on mortgage loans encumbering the Facility and excluding taxes, insurance, capital expenses, capital reserves and amounts paid for items covered by insurance but which are under the deductible limits) that are paid or accrued by Owner with respect to the Facility, regardless of whether paid directly or by reimbursing Manager. In calculating Facility Operating Expenses for any annual period, expenses for the Facility that are attributable to longer periods of time shall be appropriately pro-rated and allocated to that year (e.g. 1/2 of a two year payment, 1/3 of a three year payment).
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Facility Operating Expenses means all reasonable and customary costs and expenses (that are paid with respect to the Facility, whether paid directly by Buyer or reimbursed to Manager; provided however, for the purposes of calculating Facility Operating Expenses under this Agreement, Facility Operating Expenses shall be deemed to exclude the following: (i) debt service on mortgage loans encumbering the Facility, (ii) expenditures normally capitalized under GAAP, (iii) amortization and depreciation, (iv) reserves, (v) taxes (other than property taxes, to the extent permitted herein), (vi) property taxes above $175,000.00 which are attributable to a change of ownership of the Facility and not a change in millage rate or recurring assessments, (vii) audit fees incurred by Buyer, (viii) non-recurring expenses greater than Twenty-Five Thousand Dollars ($25,000.000) which have not been incurred in the normal course of operation of the Facility during the three (3) years prior to the date of this Agreement, except with respect to expenses incurred by Buyer to comply with violations of laws in effect as of the date of this Agreement, and (ix) any increases in recurring expenses for the Facility from the costs incurred for such recurring items in the normal course of operation of the Facility during the three (3) years prior to the date of this Agreement, which increases are a result of Buyer mandated changes in scope of recurring expenses such as increases in insurance coverages, Buyer mandated changes in staffing patterns or programs, or other Buyer mandated changes in policies and procedures. In calculating Facility Operating Expenses for any one month period, expenses for the Facility that are attributable to longer periods of time shall be appropriately pro-rated and allocated to that month (e.g. 1/12 of an annual tax payment, 1/3 of a quarterly service agreement payment).
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Related to Facility Operating Expenses

  • Gross Operating Expenses shall include (i) all costs and expenses of operating the Hotel included within the meaning of the term “Total Costs and Expenses” contained in the Uniform System and, (ii) without duplication, the following: all salaries and employee expense and payroll taxes (including salaries, wages, bonuses and other compensation of all employees of the Hotel, and benefits including life, medical and disability insurance and retirement benefits), expenditures described in Section 9.1, operational supplies, utilities, insurance to be provided by Lessee under the terms of this Lease, governmental fees and assessments, common area maintenance costs and other common area fees and assessments, food, beverages, laundry service expense, the cost of Inventories, license fees, advertising, marketing, reservation systems and any and all other operating expenses as are reasonably necessary for the proper and efficient operation of the Hotel and the Leased Property incurred by Lessee in accordance with the provisions hereof (excluding, however, (i) federal, state and municipal excise, sales and use taxes collected directly from patrons and guests or as a part of the sales price of any goods, services or displays, such as gross receipts, admissions, cabaret or similar or equivalent taxes paid over to federal, state or municipal governments, (ii) the cost of insurance to be provided under Article 13, (iii) expenditures by Lessor pursuant to Article 13 and (iv) payments on any Mortgage or other mortgage or security instrument on the Hotel); all determined in accordance with generally accepted accounting principles. No part of Lessee’s central office overhead or general or administrative expense (as opposed to that of the Hotel), and no operating expenses paid or payable by tenants under Space Leases, shall be deemed to be a part of Gross Operating Expenses, as herein provided. Reasonable out-of-pocket expenses of Lessee incurred for the account of or in connection with the Hotel operations, including but not limited to postage, telephone charges and reasonable travel expenses of employees, officers and other representatives and consultants of Lessee and its Affiliates, shall be deemed to be a part of Gross Operating Expenses and such Persons shall be afforded reasonable accommodations, food, beverages, laundry, valet and other such services by and at the Hotel without charge to such Persons or Lessee.

  • Approved Operating Expenses means for each Budget Year during the Term the following operating expenses reasonably and actually incurred from the operation and maintenance of Property to the extent that such operating expenses are consistent with the Annual Budget and the Annual Audited Financial Statements:

  • Total Operating Expenses means all costs and expenses paid or incurred by the Company, as determined under generally accepted accounting principles, that are in any way related to the operation of the Company or to Company business, including advisory fees, but excluding (i) the expenses of raising capital such as Organization and Offering Expenses, legal, audit, accounting, underwriting, brokerage, listing, registration, and other fees, printing and other such expenses and tax incurred in connection with the issuance, distribution, transfer, registration and Listing of the Shares, (ii) interest payments, (iii) taxes, (iv) non-cash expenditures such as depreciation, amortization and bad debt reserves, (v) incentive fees paid in compliance with the NASAA REIT Guidelines, (vi) Acquisition Fees and Acquisition Expenses, (vii) real estate commissions on the Sale of Properties, (viii) Financing Coordination Fees and (ix) other fees and expenses connected with the acquisition, disposition, management and ownership of real estate interests, mortgage loans or other property (including the costs of foreclosure, insurance premiums, legal services, maintenance, repair and improvement of property).

  • Base Operating Expenses means the Operating Expenses for the Base Year.

  • Operating Expenses is defined to include all expenses necessary or appropriate for the operation of the Fund (or Class, as applicable), including the Advisor’s investment advisory or management fee detailed in the Investment Advisory Agreement and any Rule 12b-1 fees and other expenses described in the Investment Advisory Agreement, but does not include taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, acquired fund fees and expenses (as determined in accordance with SEC Form N-1A), expenses incurred in connection with any merger or reorganization, or extraordinary expenses such as litigation expenses.