Non-Discretionary Expenses means the following:
Non-Discretionary Expenses means any non-discretionary expense required for any Individual Property, including, without limitation, any expense which, in Borrower’s good faith judgment is necessary to (a) comply with any of the material obligations of the Borrower as landlord under any Lease, (b) comply with any material agreements, encumbrances or other instruments affecting the Property with respect to which the failure to comply could reasonably be expected to have a material adverse effect on Borrower or the Property, (c) comply with any other material obligations of Borrower under material agreements to which Borrower is a party (including, without limitation, under any Management Agreement) with respect to which the failure to comply could reasonably be expected to have a material adverse effect on Borrower or the Property, (d) pay Taxes or pay Emergency Expenses, (e) maintain insurance for the Property and Borrower as required under Section 6.1, or (f) pay utility bills for the Property as and when due and payable.
Non-Discretionary Expenses means those Operating Expenses, the payment and amount of which are not within the discretion of Owner or Manager, including without limitation utility charges, salaries and benefits of Property employees, scheduled payments of principal and interest on indebtedness encumbering the Property, real estate and personal property taxes and assessments, insurance premiums, amounts due and payable under service contracts and other agreements entered into in accordance with any Annual Plan, and Operating Expenses required to be paid by Legal Requirements or Insurance Requirements.
Examples of Non-Discretionary Expenses in a sentence
Unless and until an Approved Budget is so approved for a year, Manager shall operate the Company in accordance with the Approved Budget for the prior year, provided that Manager may, nevertheless, pay Non-Discretionary Expenses and Emergency Expenditures as actually incurred by the Company.
Unless and until an Approved Budget is so approved for a year, Manager shall operate the Company in 112776\000006\4832-7583-6415v3 accordance with the Approved Budget for the prior year, provided that Manager may, nevertheless, pay Non-Discretionary Expenses and Emergency Expenditures as actually incurred by the Company.
Any term, condition, or limita- tion of any license issued under the sections specified in paragraph (b)(1)(i) of this section.
Unless and until an Annual Budget is so approved for a Fiscal Year, the Manager shall operate the Company in accordance with the Annual Budget for the prior Fiscal Year, subject, however, to changes in Non-Discretionary Expenses.
Agent will refrain from paying any such Non-Discretionary Expenses upon receipt of written notice from Owner.
More Definitions of Non-Discretionary Expenses
Non-Discretionary Expenses means expenses any Borrower is required to pay (i) for Property Impositions, insurance premiums and utilities serving the Property or (ii) to avoid imminent danger to life or imminent damage to the Property, in each case, to the extent not included in the Approved Budget or Interim Budget, as applicable.
Non-Discretionary Expenses means (i) all payments required to be made under this Agreement or any other Loan Document, including, without limitation, in respect of interest, principal, servicing fees, and required escrows, (ii) Emergency Expenditures, (iii) expenditures required pursuant to any Legal Requirement, and (iv) expenditures required to pay real estate taxes and other governmental impositions, utilities, insurance premiums or other similar non-discretionary expenses.
Non-Discretionary Expenses means payments made to third parties on account of: (a) mandatory payments of monthly debt service (but not payment of principal or interest at or after maturity) required under Loan Documents evidencing debt of the Venture or any Subsidiaries; (b) Emergency Expenses; (c) other non-discretionary expenditures such as real estate taxes, insurance premiums, utility charges, and other third-party non-discretionary expenses of a similar nature if the failure to pay the same would result in the suspension of any essential service or license relating to a Property or any other material and adverse effect on a Property or the Facility located thereon (and the Venture or any Subsidiary is authorized or permitted to make such expenditure); or (d) expenses reasonably necessary to comply with the obligations of the Administrative Member under Section 7.12.
Non-Discretionary Expenses means payments made to third parties on account of: (a) mandatory payments of principal and interest required under any loan documents evidencing debt of the Venture or any Subsidiaries; (b) Emergency Expenses; or (c) other non-discretionary expenditures such as real estate taxes, insurance premiums, utility charges, and other third-party non-discretionary expenses of a similar nature if the failure to pay the same would result in a default under a Loan, the suspension of any essential service or license relating to a Facility or any other material and adverse effect on a Facility or the senior housing facility located thereon.
Non-Discretionary Expenses means third party expenses over which Managing Member and the Property Manager have no control (including, for example, items that are budgeted for and/or approved by the Members, taxes, water and sewer costs and assessments, union labor contract costs and property-related expenses reasonably required to be incurred as a result of force majeure).
Non-Discretionary Expenses means any non-discretionary expense required for the Property which is not expressly provided for in the Annual Budget and which were not known (or would not have been known by a prudent owner of hospitality properties similar in size and scope as the Property) at the time the Annual Budget was approved by Lender and is necessary to (a) comply with then-existing service contracts or other agreements (e.g., service contract fee escalations pursuant to the existing terms thereof, union costs, reimbursable payrolls), encumbrances or other instruments affecting the Property existing on the date hereof or otherwise entered into in accordance with the terms of this Agreement, (b) comply in all material respects with Legal Requirements, all zoning laws and/or entitlements affecting the Property, (c) comply with any final orders, judgments or decrees in favor of any governmental authority or (d) to prevent any imminent threat to the health, safety or welfare of any person or any property in, on, under, within, upon, around or about the Property, or material damage or loss to the Property.
Non-Discretionary Expenses shall have the meaning set forth in Section 4.4(d).