Operating Expenses Base definition

Operating Expenses Base means the calendar year 2001 (the “Operating Expense Base Year”). In the event the Building is less than ninety-five (95%) percent occupied during the Operating Expense Base Year, the Operating Expense Base shall mean the amount obtained by adjusting the applicable Operating Expenses for such period to a 95% Building occupancy level, such adjustment to be made by adding to the actual Operating Expenses during such period such additional amounts as would have been incurred if the Building had been 95% occupied.
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Operating Expenses Base. Year 2000 per Rentable Square Foot. See Rider to Lease, Paragraph 6.
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Operating Expenses Base. The actual Operating Expenses for the 12 month period commencing on the Commencement Date, adjusted pursuant to Section 5(c) below to reflect occupancy of 100% of the Rentable Area of the Building.
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Examples of Operating Expenses Base in a sentence

  • In no event shall a decrease in Real Estate Taxes, Utilities, or Operating Expenses below the Base Operating Expenses, Base Utilities, or Base Real Estate Taxes ever decrease the monthly Base Rent or give rise to a credit in favor of Tenant.

  • Rent Adjustments due from Tenant to Landlord for any Adjustment Year shall be Tenant's Share of Operating Expenses for such year in excess of Operating Expenses for the Operating Expenses Base Year and Tenant's Share of Taxes for such year in excess of Taxes for the Taxes Base Year.

  • The Operating Expenses and the Operating Expenses Base shall be pro-rated for any partial calendar year within the Term hereof.

  • Rent Adjustments due from Tenant to Landlord for any Adjustment Year shall be Tenant’s Share of Operating Expenses for such year in excess of Operating Expenses for the Operating Expenses Base Year, and Tenant’s Share of Taxes for such year in excess of Taxes for the Taxes Base Year.

  • Notwithstanding any provision of this Article Four to the contrary, as a concession to Tenant, Landlord agrees to waive collection from Tenant of any Rent Adjustment or Rent Adjustment Deposits for the year 2000, but Rent Adjustments and Rent Adjustment Deposits for the Adjustment Year 2001 and thereafter shall be payable based upon the Operating Expenses Base Year and Taxes Base Year.

  • Calendar year 2013 shall be the Operating Expenses Base Year and the Real Estate Taxes Base Year.

  • Subtenant shall pay Sublandlord on the first day of each month, in advance, as Additional Rent, an amount equal to 1/12th of the amount, if any, by which the Estimated Expenses for the then current calendar year exceed the Operating Expenses for the Operating Expenses Base Year.

  • Subject to § 4.7 below, in no event shall a decrease in Real Estate Taxes, Utilities, or Operating Expenses below the Base Operating Expenses, Base Utilities, or Base Real Estate Taxes ever decrease the monthly Base Rent or give rise to a credit in favor of Tenant.

  • If the Building Operating Expenses (as hereinafter defined) paid or incurred by Landlord for any calendar year or portion thereof within the term of this Lease exceed the Building Operating Expenses Base, Tenant shall pay Landlord as additional rent, in addition to the other sums Tenant is required to pay Landlord under this Lease, Tenant's Building Percentage of such excess, pursuant to this subparagraph b.

  • Notwithstanding anything to the contrary contained in this subparagraph b, Tenant shall be entitled to no credit, refund or reduction in rent if actual Building Operating Expenses are less than the Building Operating Expenses Base.


More Definitions of Operating Expenses Base

Operating Expenses Base. PERIOD: The period commencing on January 1, 2009 and ending on December 31, 2009. TENANT'S SHARE: 2.645% PERMITTED USE: Executive and general offices. SECURITY DEPOSIT: $1,324,000.00 LEASE TERM: The term of this Lease shall be a period of ten (10) years and two (2) months (unless terminated earlier pursuant to this Lease or applicable law), commencing and expiring as set forth in Section 2.2.
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Operating Expenses Base. Tenant is responsible for to pay its pro rata share of increases in the operating expenses and real estate taxes over the Base Year, which shall be defined as calendar tax year 1997. Tenant shall be exempt from any increases in real estate taxes associated with the sale or transfer of the Building during the initial Term.
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Operating Expenses Base means Tenant's prorata share of Operating Expenses over the Base Year; which amount shall be adjusted proportionately in the event that the Operating Payment calculation does not include Operating Expenses for a full calendar year.
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Operating Expenses Base. The amount of Operating Expenses (as defined in Section 29.11 below) attributed to the 2007 calendar year.
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Operating Expenses Base. YEAR: The calendar year 1999
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Related to Operating Expenses Base

  • 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.

  • Annual Operating Expenses for the Class means and will consist only of the following operating expenses of the Series for the Class that are, under generally accepted accounting principles, accruable and deductible from the Series’ assets with respect to the Class for the period involved: (i) investment advisory fees, if any; (ii) Rule 12b-1 distribution fees, if any; and (iii) custodian fees, shareholder servicing fees, administrative and office facilities expenses, professional fees, trustees’ fees and any other operating expenses of the Series with respect to the Class that are recorded or includable in the Series’ statement of operations in accordance with generally accepted accounting principles. Notwithstanding the provisions of the immediately preceding sentence, the Series’ “Annual Operating Expenses” for the Class do not include “acquired fund expenses”, interest and dividends on securities sold short, amortization of organization expenses, taxes, brokerage commissions, litigation and indemnification expenses or any costs or expenses of or for the Series with respect to the Class that are “extraordinary” as determined under generally accepted accounting principles (see Accounting Principles Board Opinion No. 30). Very truly yours, ROYCE & ASSOCIATES, LLC By: /s/ ▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇ Chief Operating Officer ACCEPTED: THE ROYCE FUND By: /s/ ▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇ Vice President The Royce Fund ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇, ▇▇ ▇▇▇▇▇ Re: Fee Waiver and Expense Reimbursement - ▇▇▇▇▇ ▇▇▇▇-Cap Value Fund (Service Class) Gentlemen: Reference is made to the Investment Advisory Agreement dated September 18, 2007 (the “Agreement”) by and between The Royce Fund (the “Fund”) on behalf of ▇▇▇▇▇ ▇▇▇▇-Cap Value Fund (the “Series”) and Royce & Associates, LLC (the “Adviser”). Notwithstanding the provisions of Section 4 (Compensation of the Adviser) of the Agreement, the Adviser hereby waives compensation for services provided by it under the Agreement effective as of and for the period beginning May 1, 2014 and ending April 30, 2015 (the “Period”), and/or agrees to reimburse expenses relating to the Period to the Series with respect to the Class in an amount, if any, necessary so that the Series’ “Annual Operating Expenses” for its Service Class of shares (the “Class”) are not more than 1.35% of the Class’ average net assets for the Period. The Adviser hereby also waives compensation for services provided by it under the Agreement to the Series with respect to the Class, and/or agrees to reimburse expenses to the Series with respect to the Class for each subsequent annual period through the annual period ending April 30, 2021 (but not for any annual period thereafter) in an amount, if any, necessary so that the Series’ Annual Operating Expenses for the Class are not more than 1.99% of the Class’ average net assets for such annual period. The Adviser’s obligations to reimburse the Series with respect to the Class hereunder will not apply for any period when the Adviser is not rendering services to such Series under the Agreement.

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

  • 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.

  • Operating Expense means salaries, wages, cost of maintenance and operation, materials, supplies, insurance, and all other items normally included under recognized accounting practices, but does not include allowances for depreciation in the value of physical property.