Approved Operating Expenses operating expenses incurred by Borrower which (i) are included in the Approved Operating Budget for the current calendar month, (ii) are for real estate taxes, insurance premiums, electric, gas, oil, water, sewer or other utility service to the Property or (iii) have been approved by Lender, which approval shall not be unreasonably withheld.
Approved Operating Expenses during a Cash Management Period, operating expenses incurred by Borrower which (i) are included in the Approved Operating Budget for the current calendar month, (ii) are for real estate taxes, insurance premiums, electric, gas, oil, water, sewer or other utility service to the Property, (iii) are for payment of fees and expenses payable to the Manager pursuant to the Management Agreement, or (iv) have been approved by Lender, such approval not to be unreasonably withheld, conditioned or delayed.
Approved Operating Expenses during a Cash Trap Period, operating expenses incurred by Borrower which (i) are within one hundred five percent (105%) of the total amounts included in the Approved Operating Budget for the current calendar month (or for unpaid operating expenses included in the Approved Operating Budget for prior calendar months); provided that, for purposes hereof, operating expenses in such Approved Operating Budget shall be deemed to be increased from the amounts in the applicable Approved Operating Budget to the extent that such increased amounts are at least equal to an increase in operating revenues from the amounts in such Approved Operating Budget or directly relate to variances in occupancy levels or emergencies or unforeseen circumstances, (ii) are for real estate taxes, insurance premiums, electric, gas, oil, water, sewer or other utility service to the Property, (iii) are for property management fees payable to Manager under the Management Agreement, such amounts not to exceed three percent (3%) of the monthly Rents (excluding however any asset management fees payable by Borrower to Manager pursuant to the Management Agreement; provided, however, the foregoing three percent (3%) limitation shall not be deemed to preclude Borrower from paying any such asset management fees pursuant to the terms of the Management Agreement from its own funds) or (iv) have been approved by Lender, acting in a commercially reasonably manner. Notwithstanding the foregoing, nothing herein shall be deemed to preclude Borrower from paying any asset management fee (over and above the amount set forth above) pursuant to the terms of the Management Agreement from its own funds.
Approved Operating Expenses operating expenses incurred by Borrower which (i) are included in the Approved Operating Budget (without duplication of operating expenses included in the Predevelopment Budget), (ii) are included in the Predevelopment Budget (without duplication of operating expenses included in the Approved Operating Budget), or (iii) have been approved by Lender.
Approved Operating Expenses operating expenses incurred by Borrower or Operating Lessee which (i) with respect to any Individual Property, are no greater than one hundred and five percent (105%) of the amounts included in the approved Operating Budget for such Individual Property for the current calendar month (per line item and in the aggregate), (ii) are for real estate taxes, insurance premiums, electric, gas, oil, water, sewer or other utility service to any Individual Property or (iii) have been approved by Lender; provided, however, the fees and any reimbursable expenses payable pursuant to the Asset Management Agreement shall not, under any circumstance, constitute Approved Operating Expenses. The management fees payable by Borrower and Operating Lessee pursuant to the Management Agreement, are acceptable to Lender and shall be deemed to be Approved Operating Expenses.
Approved Operating Expenses operating expenses incurred by Owner which (i) are included in the Approved Operating Budget for the current calendar month (excluding such portion of the fees payable to Manager under the Management Agreement which are in excess of four percent (4%) of Gross Revenues actually received during the applicable period; provided, however, the foregoing shall not be deemed to preclude Owner from paying any such fees pursuant to the terms of the Management Agreement from its own funds), (ii) are for real estate taxes, insurance premiums, electric, gas, oil, water, sewer or other utility service to the Property or (iii) have been approved by Lender in its reasonable discretion. Except for a management fee of up to four percent (4%) of Gross Revenues as described above, no other management, franchise or other similar fees payable to any Affiliate of Owner, Borrower, Guarantor or Manager shall be an Approved Operating Expense hereunder (although nothing shall be deemed to preclude Owner from paying any such fees pursuant from its own funds). The initial Approved Operating Budget is attached hereto as Schedule 5.
Approved Operating Expenses. (a) during a Cash Management Period triggered by an Event of Default or by the event referenced in clause (v) appearing in the definition of Cash Management Period, operating expenses incurred by Owner which (i) are included in the Approved Operating Budget for the current calendar month, (ii) are for real estate taxes, insurance premiums, electric, gas, oil, water, sewer or other utility service to the Property or (iii) have been approved by Lender, which approval shall not be unreasonably withheld, and (b) during a Cash Management Period not triggered by an Event of Default or by the event referenced in clause (v) appearing in the definition of Cash Management Period, all operating expenses incurred by Owner.
Approved Operating Expenses. (a) From and after the occurrence and during the continuance of a Cash Management Period, each Borrower shall deliver to Agent with respect to each Property owned by it a request for disbursement from the Deposit Accounts (a "Disbursement Request") on or before the twentieth day of each month. Each Disbursement Request shall be acceptable to Agent in its reasonable discretion and shall set forth (i) such Borrower's good faith estimate of the Operating Expenses (exclusive of Taxes and Insurance Premiums if and to the extent that Agent shall have withdrawn funds therefor pursuant to Sections 3.1(b)(ii) and (iii)) for such Property to be incurred during and properly allocable to the following month, which estimate shall be consistent with the most recently submitted Budget with respect to such Property, (ii) the actual Operating Expenses for the month in which the Disbursement Request is submitted (to the extent then determinable, but if not determinable, such information shall be provided by such Borrower as soon as determinable and in no event later than the last day of such month), together with evidence in support thereof, in both form and detail acceptable to Agent and (iii) any amounts retained by such Borrower from previous disbursements from the Deposit Accounts which were to be used to pay Operating Expenses. The amount of the Disbursement Request may not exceed the excess of the amounts described in the preceding clause (i) over the amounts described in the preceding clause (iii). Agent shall have the right to review such Borrower's check register before approving any Disbursement Request. Agent shall either approve, deny or reasonably request further information with regard to the Disbursement Request within ten (10) Business Days after receipt thereof. On the first Business Day of the calendar month following submission of such Disbursement Request or, if later, on the third (3rd) Business Day after Agent's approval of such Disbursement Request (the "Distribution Date"), Agent shall disburse to the applicable Operating Accounts, the amount of such Disbursement Request in respect of Operating Expenses reasonably approved by Agent (the "Approved Operating Expenses"), to the extent such funds are available in the Deposit Accounts. Upon receipt of such funds, if any, the applicable Borrower shall pay the Operating Expenses for the current month.
Approved Operating Expenses operating expenses incurred by Mortgage Borrower or Operating Lessee which (i) with respect to any Individual Property, are no greater than one hundred and five percent (105%) of the amounts included in the approved Operating Budget for such Individual Property for the current calendar month (per line item and in the aggregate), (ii) are for real estate taxes, insurance premiums, electric, gas, oil, water, sewer or other utility service to any Individual Property, or (iii) have been approved by Lender and Mortgage Lender; provided, however, the fees and any reimbursable expenses payable pursuant to the Asset Management Agreement shall not, under any circumstance, constitute Approved Operating Expenses. The management fees payable by Mortgage Borrower and Operating Lessee pursuant to the Management Agreement, are acceptable to Lender and shall be deemed to be Approved Operating Expenses.
Approved Operating Expenses. During a Cash Management Period, operating expenses incurred by Borrower which (i) are included in the Approved Annual Budget for the current calendar month, (ii) are for real estate taxes, insurance premiums, electric, gas, oil, water, sewer or other utility service to the Property or (iii) have been approved by Lender. Available Cash: as of each Payment Date during the continuance of a Cash Management Period, the amount of Rents, if any, remaining in the Deposit Account after the application of all of the payments required under clauses (i) through (vii) of Section 3.10(a).
