Net Operating Surplus definition

Net Operating Surplus means an amount equal to eighty percent (80%) of the Gross Operating Surplus (if any) and referred to in Clause 10.
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Net Operating Surplus for any period means the amount, if any, by which Operating Revenue for that period exceeds the Operating Expenses for that period.
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Net Operating Surplus means Gross Revenues minus Operating Expenses, Taxes, Management Fee, and the Incentive Management Fee, as hereinafter defined.
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Examples of Net Operating Surplus in a sentence

  • The "Stabilization Date" means the 90th day following the end of the fourth consecutive calendar quarter (i.e., the three month periods ending on the last day of March, June September and December) for which Net Operating Surplus (defined in the Lease) has been a positive amount.

  • There shall be no adjustments in Base Rent or Participation Rent paid or payable during any Lease Year on account of changes to any party's Capital Investment occurring after the Calculation Date for such Lease Year, provided, however, that Participation Rent initially payable based on estimated Net Operating Surplus shall be adjusted based on the actual results of operations pursuant to Section 3.3(c)(iii) above.

  • Lessor confirms and agrees that Net Operating Surplus shall not include the results of operations of the Spa Tenant.