Undistributed Expenses definition

Undistributed Expenses means all other expenses not otherwise included in another category of expenses within the definition of Operating Expenses, computed in accordance with accounting principles reasonably acceptable to Lender, of whatever kind and from whatever source, relating to the ownership, operation, repair, maintenance and management of the Property that are incurred on a regular monthly or other periodic basis, including, without limitation (and without duplication): (a) management fees (whether or not actually paid) equal to the greater of the actual management fees or 3% of Underwritten Revenue; franchise fees (whether or not actually paid) equal to the greater of the actual franchise fees or 5% of Underwritten Revenue; advertising and marketing expenses equal to the greater of the actual advertising and marketing expenses or 5% of Underwritten Revenue; and general and administrative costs and expenses equal to the greater of the actual general and administrative costs and expenses or 7.5% of Underwritten Revenue; and (b) costs attributable to the ordinary operation, repair and maintenance of the Improvements (including any common area maintenance costs); professional fees; license fees; utilities; payroll, benefits and related taxes and expenses; computer processing charges; where applicable, operating equipment or other lease payments as approved by Lender; bond assessments; and other similar costs and expenses; in each instance, unless otherwise noted, only to the extent actually paid for by Borrower or by Master Lessee; provided, however, that expenses under clause (b) will not be less than $340,000. Notwithstanding the foregoing, Undistributed Expenses shall not include debt service (including principal, interest, impounds and other reserves), capital expenditures, FF&E expenses, costs and expenses related to any property improvement plan (or similar obligations), tenant improvement costs, leasing commissions or other expenses which are paid from escrows required by the Loan Documents; any payment or expense for which Borrower or Master Lessee was or is to be reimbursed from proceeds of the loan or insurance or by any third party; federal, state or local income taxes; any non-cash charges such as depreciation and amortization; and, where applicable, any item of expense otherwise includable in Undistributed Expenses which is paid directly by any tenant except real estate taxes paid directly to any taxing authority by any tenant.
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Examples of Undistributed Expenses in a sentence

  • All such allocated amounts for Undistributed Expenses shall be mutually agreed upon and negotiated between Landlord and Tenant on an annual basis in good faith and subject to the requirements of the Gaming Authorities.

  • Tenant anticipates that Undistributed Expenses will be comprised of the following: (a) advertising, entertainment and marketing promotions; (b) surveillance operations; (c) human resources; (d) accounting and finance services; (e) compliance services; (f) interest expenses, other than interest on the Shortfall Notes, the Gaming Asset Note and the Working Capital Note and any Default Interest; and (h) chargebacks to Tenant.

  • The Casino EBITDAR shall be calculated with the following formula: “Casino Revenues” (defined as gross revenues from Gaming Operations) less “Casino Expenses” (defined as all expenses that are not Landlord Expenses (as defined below)), less the Priority Management Fee (as defined below), less Undistributed Expenses (as defined below) and less any other expenses of Tenant that Landlord and Tenant determine are reasonable and necessary for the conduct of the Gaming Operations at the Premises.

  • Undistributed Expenses shall be a Casino Expense, which number shall be based on actual expenses incurred.