Examples of Permitted Operating Expenses in a sentence
Subject to Section 10.17, Borrower shall apply all Gross Operating Income from the Property and Improvements first to the payment of Permitted Operating Expenses, second to the payment of accrued interest, and then, to the extent required by Lender during the existence of Default, to outstanding principal on the Loan.
If the Test is not met, then within twenty (20) days after the end of each calendar month, Borrower shall deposit into the Restricted Account an amount equal to (a) the Gross Operating Income, less (b) the payments on the Note, less (c) the Permitted Operating Expenses, all for the immediately preceding calendar month.
Borrower shall make disbursements to Mortgage Borrower for Permitted Operating Expenses from the Mortgage Loan Lockbox Account.
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After completion of construction of the Project and until the Construction Loan Maturity Date, Borrower shall deliver to Bondowner Representative on the twenty-fifth (25th) day of each month an “Operating Statement” which shows in detail the amounts and sources of Gross Operating Income received by or on behalf of Borrower and the amounts and purposes of Permitted Operating Expenses paid by or on behalf of Borrower with respect to the Property and Project for the previous month.