Permitted Operating Expenses means the following expenses to the extent that such expenses are reasonable in amount and customary for properties of the same type as the Property: (i) taxes and assessments imposed upon the Property to the extent that such taxes and assessments are required to be paid by Borrower and are actually paid or reserved for by Borrower; (ii) bond assessments; (iii) insurance premiums for casualty insurance (including, without limitation, earthquake and terrorism coverage) and liability insurance carried in connection with the Property to the extent that such premiums are actually paid or reserved for by Borrower, provided, however, if any, insurance is maintained as part of a blanket policy covering the Property and other properties, the insurance premium included in this subparagraph shall be the premium fairly allocable to the Property; and (iv) operating expenses and capital expenditures incurred by Borrower for the management, operation, cleaning, leasing, maintenance and repair of the Property in the ordinary course. Permitted Operating Expenses shall not include any interest or principal payments on the Loan or any allowance for depreciation.
Permitted Operating Expenses shall have the meaning ascribed to such term in Section 12.5.
Permitted Operating Expenses means costs, charges and expenses incurred by a person in the operation of a small business, under a self-employment program in which the person is participating, for the following:
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.
More Definitions of Permitted Operating Expenses
Permitted Operating Expenses means the following expenses, but only to the extent provided in the Operating Budget: (i) taxes and assessments imposed upon such Property and Improvements to the extent that such taxes and assessments are required to be paid by Borrower and are actually paid or reserved for by Borrower; (ii) bond assessments; (iii) insurance premiums for casualty insurance (including, without limitation, earthquake) and liability insurance carried in connection with such Property and Improvements; (iv) operating expenses incurred by Borrower for the management, operation, cleaning, leasing, maintenance and repair of such Property and Improvements (provided, however, that the property management fees may not exceed the lesser of four percent (4.0%) of the amount of gross rents and the actual amounts payable under the Property Management Agreement), but in all events only to the extent provided in the Approved Budget. Permitted Operating Expenses shall not include any interest or principal payments on the Loan or any allowance for depreciation.
Permitted Operating Expenses means, for any period of time, all costs and expenses paid by Manager pursuant to the Management Agreement as well as the Management Fees actually paid to Manager pursuant to the Management Agreement. Permitted Operating Expenses shall not include (a) depreciation and amortization; (b) the cost of any item specified in the Management Agreement to be provided at Manager’s sole expense; (c) debt service; (d) capital repairs and other expenditures which are normally treated as capital expenditures under GAAP; (e) income taxes or other taxes in the nature of income taxes; (f) distributions to the members of Operating Lessee or Borrower; or (g) other recurring or non-recurring ownership costs such as partnership or limited liability company administration and costs of changes to business and liquor licenses.
Permitted Operating Expenses means the following expenses to the extent that such expenses are reasonable in amount and customary for properties of the same type as the Properties: (i) taxes and assessments imposed upon any Property to the extent that such taxes and assessments are required to be paid by the Borrower that owns such Property and are actually paid or reserved for by such Borrower; (ii) bond assessments; (iii) insurance premiums for casualty insurance (including, without limitation, earthquake and terrorism coverage) and liability insurance carried in connection with any Property to the extent that such premiums are actually paid or reserved for by the Borrower that owns such Property, provided, however, if any, insurance is maintained as part of a blanket policy covering such Property and other properties, the insurance premium included in this subparagraph shall be the premium fairly allocable to such Property; and (iv) operating expenses and capital expenditures incurred by a Borrower for the management, operation, cleaning, leasing, maintenance and repair of a Property owned by such Borrower in the ordinary course. Permitted Operating Expenses shall not include any interest or principal payments on the Loan or any allowance for depreciation.
Permitted Operating Expenses means an amount equal to the actual cash basis expenditures made by Borrower for the following expenses but only to the extent that such expenses are reasonable in amount and customary for properties of this type: (i) taxes and assessments imposed upon the Property to the extent that such taxes and assessments are required to be paid by Borrower and are actually paid or reserved for by Borrower; (ii) bond assessments; (iii) insurance premiums for casualty insurance (including, without limitation, earthquake and terrorism coverage) and liability insurance carried in connection with the Property, provided, however, if any, insurance is maintained as part of a blanket policy covering the Property and other properties, the insurance premium included in this subparagraph shall be the premium fairly allocable to the Property; (iv) project reserves of $0.20 per rentable square
Permitted Operating Expenses means operating expenses of the Company in an amount not to exceed £10,000 per Interest Period, together with the amount of any additional operating expenses approved by the Facility Agent (acting on the instructions of the Majority Lenders acting reasonably).
Permitted Operating Expenses means the following expenses: (a) taxes and assessments imposed upon the Borrowing Base Properties to the extent that such taxes and assessments are required to be paid by Borrower; (b) insurance premiums for casualty and liability insurance carried in connection with the Borrowing Base Properties; and (c) all other customary operating expenses incurred by Borrower for the management, operation, cleaning, leasing, maintenance and repair of the Property that are included in the operating budget or are otherwise customary and reasonably necessary. Permitted Operating Expenses shall not include any interest or principal payments on the Loans or any allowance for depreciation.
Permitted Operating Expenses means the following expenses to the extent that such expenses are reasonable in amount and customary for properties of this type: (i) taxes and assessments imposed upon the Property and Improvements to the extent that such taxes and assessments are required to be paid by Borrower and are actually paid or reserved for by Borrower; (ii) bond assessments; (iii) insurance premiums for casualty insurance (including, without limitation, earthquake) and liability insurance carried in connection with the Property and Improvements, provided, however, if any, insurance is maintained as part of a blanket policy covering the Property and Improvements and other properties, the insurance premium included in this subparagraph shall be the premium fairly allocable to the Property and Improvements;