Approved Operating Expense definition
Approved Operating Expense means an operating expense of the Property set forth on the Approved Annual Budget.
Approved Operating Expense means an Operating Expense of the applicable Individual Property set forth on the Approved Annual Budget.
Approved Operating Expense means an Operating Expense or capital expense of the applicable Individual Property set forth on the Approved Annual Budget, provided, however, that the amount of any management fees to be included as an Approved Operating Expense shall not exceed an amount equal to (x) in the case of any Affiliated Manager, two percent (2%) of Gross Rents or (y) in the case of any other Manager, three percent (3%) of Gross Rents regardless of the amount set forth for management fees on the Approved Annual Budget.
Examples of Approved Operating Expense in a sentence
All fees payable to the Management Consultant shall be an Approved Operating Expense.
Variation in yield shall not be looked upon as non-conforming, as long as the variation is within the limits acceptable by GMP’s.
Borrower shall cause Senior Borrower not to incur any Operating Expense, Capital Expenditure, leasing expense or other expense unless it is an Approved Operating Expense, an Approved Capital Expenditure, an Approved Extraordinary Operating Expense, an Approved Leasing Expense, or is otherwise incurred and paid for by Senior Borrower and does not violate the terms of the Senior Loan Documents.
Borrower shall cause Owner not to incur any operating expense, Capital Expense, leasing expense or other expense unless it is an Approved Operating Expense, Approved Capital Expense or Approved Leasing Expense.
Borrower shall cause Owner not to incur any operating expense, Capital Expense, leasing expense or other expense unless it is an Approved Operating Expense, Approved CapEx/FF&E Expense or Approved Renovation/Re-Branding Expense.
More Definitions of Approved Operating Expense
Approved Operating Expense means an operating expense of the applicable Individual Property set forth on the Annual Budget or, if a Trigger Period is continuing, the Approved Annual Budget. For the avoidance of doubt, (i) only management fees and sub-management fees equal to or less than the Management Fee Cap shall be considered an Approved Operating Expense; (ii) only Sponsor Corporate Expenses equal to or less than $6,000,000 (in the aggregate in any twelve month period) shall be deemed Approved Operating Expenses and (iii) only DDR Shared Services Fees equal to or less than the DDR Shared Services Fee Cap (in the aggregate in any twelve month period) shall be deemed Approved Operating Expenses.
Approved Operating Expense means during a Cash Management Period, operating expenses incurred by any Borrower that are (i) included in the Approved Operating Budget for the current calendar month, (ii) for Real Estate Taxes, Insurance Premiums, electric, gas, oil, water, sewer or other utility service to a Property, (iii) Emergency Expenditures or (iv) approved in writing by Lender which approval shall not be unreasonably withheld, conditioned, or delayed.
Approved Operating Expense means an operating expense of or capital expense for the Property set forth on the Approved Annual Budget, subject to line item variances of up to five percent (5%) per line item which variances shall not be subject to Lender’s consent or approval.
Approved Operating Expense means an operating expense of the Property set forth on the Approved Annual Budget. "Assignment of Management Agreement" shall mean that certain Conditional Assignment of Management Agreement dated as of
Approved Operating Expense means an operating expense of the Property set forth on the Approved Annual Budget. “Assignment of Leases” shall mean, each individually and/or collectively, as the context may require, those certain first priority Assignments of Leases and Rents, each dated as of the date hereof, from the applicable Borrower, as assignor, to Lender, as assignee, as any of the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. “Assignment of Management Agreement” shall mean that certain Assignment of Management Agreement and Subordination of Management Fees dated as of the date hereof among Lender, Borrower and Manager, as the same may be amended, restated, replaced, extended, renewed, supplemented or otherwise modified from time to time. “Award” shall mean any compensation paid by any Governmental Authority in connection with a Condemnation in respect of all or any part of the Property. “Bank” shall be deemed to refer to the bank or other institution maintaining the Clearing Account pursuant to the Clearing Account Agreement. “Bankruptcy Code” shall mean Title 11 of the United States Code entitled “Bankruptcy”, as amended from time to time, and any successor statute or statutes and all rules and regulations from time to time promulgated thereunder, and any comparable foreign laws relating to bankruptcy, insolvency or creditors’ rights. “Bankruptcy Event” shall mean the occurrence of any one or more of the following: (i) Borrower or any SPE Component Entity shall commence any case, proceeding or other action (A) under the Bankruptcy Code and/or any Creditors Rights Laws seeking to have an order for relief entered with respect to it, or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization, liquidation or dissolution or (B) seeking appointment of a receiver, trustee, custodian, conservator or other similar official for it or for all or any substantial part of its assets; (ii) Borrower or any SPE Component Entity shall make a general assignment for the benefit of its creditors; (iii) any Restricted Party (or Affiliate thereof) files, or joins or colludes in the filing of, (A) an involuntary petition against Borrower or any SPE Component Entity under the Bankruptcy Code or any other Creditors Rights Laws, or solicits or causes to be solicited or colludes with petitioning creditors for any involuntary petition under the Bankruptcy Code or any other Creditors Rights Laws against Borrower or any SPE Component Enti...
Approved Operating Expense means an operating expense of the Property set forth on the Approved Annual Budget. “Assignment of Leases” shall mean that certain first priority Assignment of Leases and Rents, dated as of the date hereof, from Borrower, as assignor, to Lender, as assignee, assigning to Lender all of Borrower’s interest in and to the Leases and Rents of the Property as security for the Loan, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. “Assignment of Management Agreement” shall mean that certain Conditional Assignment of Management Agreement dated as of the date hereof among Lender, Borrower and Manager, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. “ATR” shall mean Technical Aid Corporation d/b/a Advantage Technical Resourcing American, Inc., as tenant under the ATR Lease with respect to the ATR Premises. “ATR Lease” shall mean that certain Lease Agreement between ▇▇▇▇▇▇▇▇, as landlord, and ATR, as tenant, dated as of April 30, 2007, as amended by that certain Amendment dated October 16, 2007, that certain Second Amendment dated March 14,m 2012, that certain Third Amendment dated July 3, 2015, that certain Fourth Amendment dated July 29, 2015, that certain Fifth Amendment dated April 18, 2017, that certain Sixth Amendment dated July 25, 2019, and as the same may be further amended, restated, replaced, supplemented or otherwise modified from time to time in accordance with this Agreement. “ATR Premises” shall mean that portion of the Property leased to ATR pursuant to the ATR Lease. “ATR Tenant Improvements” shall mean the tenant improvement work being performed in the ATR Premises, as approved by Lender in accordance with the terms and provisions of this Agreement. “ATR Tenant Improvement Reserve Funds” shall have the meaning set forth in Section 7.5.1 hereof. “Award” shall mean any compensation paid by any Governmental Authority in connection with a Condemnation in respect of all or any part of the Property. “Bail-In Action” shall have the meaning set forth in Section 10.23 hereof. “Bail-In Legislation” shall have the meaning set forth in Section 10.23 hereof. “Bankruptcy Code” shall mean Title 11 U.S.C. § 101 et seq., and the regulations adopted and promulgated pursuant thereto (as the same may be amended from time to time). “Bankruptcy Action” shall mean the occurrence of any one or more the of the following: with respect to any Person (i) such Person files...
Approved Operating Expense means an operating expense of the applicable Individual Property set forth on the Annual Budget or, if a Trigger Period is continuing, the Approved Annual Budget. For the avoidance of doubt, (i) only management fees and sub-management fees equal to or less than the Management Fee Cap shall be considered an Approved Operating Expense; (ii) only Sponsor Corporate Expenses equal to or less than $6,000,000 (in the aggregate in any twelve month period) shall be deemed Approved Operating Expenses and (iii) only Site Centers Shared Services Fees equal to or less than the Site Centers Shared Services Fee Cap (in the aggregate in any twelve month period) shall be deemed Approved Operating Expenses.