Budgeted Operating Expenses means, with respect to any calendar month, (i) an amount equal to the Operating Expenses for such calendar month in the then-applicable Approved Annual Budget, or (ii) such greater amount as shall equal Borrower's actual Operating Expenses for such month, except that during the continuance of a Trigger Period such greater amount, excluding amounts spent on Non-Discretionary Items, may in no event exceed 105% of the amount specified in clause (i), with no individual budget line item exceeding 110% of the amount set forth in the then-applicable Approved Annual Budget with respect to such line item for such month, in each case without the prior written consent of Lender, not to be unreasonably withheld or delayed.
Examples of Budgeted Operating Expenses in a sentence
The definition of Budgeted Operating Expenses at page 4 of the Original Loan Agreement, is hereby amended by deleting therefrom the phrase during the continuance of a Trigger Period, Initial Cash Flow Reserve Period or Mezzanine Loan Event of Default.
During the continuance ofCash Flow Sweep Period, Borrower shall not accept any remittance from the Mortgage Loan Cash Management Account in respect of Property expenditures that are not Budgeted Operating Expenses unless approved by Lender in writing.
Without the prior written consent of Lender, which consent shall not be unreasonably withheld or delayed, during the continuance of a Trigger Period, Borrower shall not make any expenditures that are not Budgeted Operating Expenses.
If Lender shall fail to respond to Borrowers request to approve or disapprove any Annual Budget or expenditure that is not a Budgeted Operating Expenses within five Business Days of Lenders receipt thereof, Borrower may deliver to Lender a second request for consent stating in bold and capitalized that LENDERS FAILURE TO RESPOND TO THE ENCLOSED REQUEST WITHIN TEN BUSINESS DAYS SHALL BE DEEMED LENDERS APPROVAL.