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"Taxes" shall mean real estate taxes assessed, levied or imposed by State or local government upon the land and Building, exclusive of penalty interest, which are paid by GCB.

"Basic Operating Rate" shall mean with respect to the following items of operating expense of the Building:

(1) Elevators and escalators: 
The cost during the Base Year for the maintenance of an elevator or an escalator.

(11) Steam: The rate schedule promulgated by the public utility company fixing the rates at which steam was purchased for use in the Building during the Base Year.

(111) Electricity: The rate 
schedule promulgated by the public utility company fixing the rates at which electricity was purchased for use in the Building during the Base Year.

"Operating Rate" shall mean the rate, defined as above, prevailing during any Fee Adjustment Year for the foregoing items of operating expense.

"Basic Labor Rate" shall mean the average rate of wages of persons engaged in the general maintenance and operation of the Building (whether paid by GCB or any contractor employed by GCB) as established by the controlling union agreement applicable to such persons.

B. If the Taxes in any Fee Adjustment Year shall increase or decrease above or below the Taxes in the Base Year, the minimum fee to be paid by NYA shall be increased or decreased for such Fee Adjustment Year by adding to or subtracting from the minimum fee payable under this Agreement for such Fee Adjustment Year .5266% of any such increase or decrease of such Taxes.

C. If GCB shall receive any refund of Taxes, GCB shall promptly rebate to NYA NYA's proportionate share thereof and of any interest paid thereon, after deducting from such refund the reasonable costs and expenses and attorneys' fees expended in obtaining such refund.

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