Common use of Excess Operating Expenses Clause in Contracts

Excess Operating Expenses. (a) In the event that during a Trigger Period Borrower or Operating Lessee incurs any Operating Expenses in excess of Approved Operating Expenses (excluding any Restricted Payments and any Incentive Management Fees, and excluding amounts permitted to be remitted to Borrower from Cash Collateral Funds pursuant to Section 6.10(b)) (“Excess Operating Expenses”), then Borrower or Operating Lessee shall promptly deliver to Lender, for Lender’s information, upon Lender’s request, a reasonably detailed explanation of such Excess Operating Expenses. During the continuance of any Trigger Period, all Excess Operating Expenses must be approved by Lender in writing (such expenses, if approved, or deemed approved in accordance with Section 4.9.6(b) below, the “Approved Excess Operating Expenses”) prior to the disbursement of any funds therefor, such approval not to be unreasonably withheld, conditioned or delayed provided no Event of Default shall then exist. During the continuance of any Trigger Period, any funds distributed to Borrower for the payment of Approved Excess Operating Expenses pursuant to Section 6.11.1(a)(xi) shall be used by Borrower or Operating Lessee only to pay for such Approved Excess Operating Expenses or to reimburse Borrower or Operating Lessee for such Approved Excess Operating Expenses, as applicable.

Excess Operating Expenses. (a) In the event that during a Trigger Period Borrower or Operating Lessee incurs any Operating Expenses in excess of Approved Operating Expenses (excluding any Restricted Payments and any Incentive Management Fees, and excluding amounts permitted to be remitted to Borrower from Cash Collateral Funds pursuant to Section 6.10(b)) (“Excess Operating Expenses”), then Borrower or Operating Lessee shall promptly deliver to Lender, for Lender’s information, upon Lender’s request, a reasonably detailed explanation of such Excess Operating Expenses. During the continuance of any Trigger Period, all Excess Operating Expenses must be approved by Lender in writing (such expenses, if approved, or deemed approved in accordance with Section 4.9.6(b) below, the “Approved Excess Operating Expenses”) prior to the disbursement of any funds therefor, such approval not to be unreasonably withheld, conditioned or delayed provided no Event of Default shall then exist. During the continuance of any Trigger Period, any funds distributed to Borrower for the payment of Approved Excess Operating Expenses pursuant to Section 6.11.1(a)(xi) shall be used by Borrower or Operating Lessee only to pay for such Approved Excess Operating Expenses or to reimburse Borrower or Operating Lessee for such Approved Excess Operating Expenses, as applicable.

Excess Operating Expenses. (a) In the event that during a Trigger Period Borrower Owner or Operating Lessee incurs any Operating Expenses in excess of Approved Operating Expenses (excluding any Restricted Payments and any Incentive Management Fees, and excluding amounts permitted to be remitted to Borrower from Cash Collateral Funds pursuant to Section 6.10(b)) of the Mortgage Loan Agreement) (“Excess Operating Expenses”), then Borrower or Leasehold Pledgor shall (or cause Owner or Operating Lessee shall to) promptly deliver to Lender, for Lender’s information, upon Lender’s request, a reasonably detailed explanation of such Excess Operating Expenses. During the continuance of any Trigger Period, all Excess Operating Expenses must be approved by Lender in writing (such expenses, if approved, or deemed approved in accordance with Section 4.9.6(b) below, the “Approved Excess Operating Expenses”) prior to the disbursement of any funds therefor, such approval not to be unreasonably withheld, conditioned or delayed provided no Event of Default shall then exist. During the continuance of any Trigger Period, any funds distributed to Borrower Owner for the payment of Approved Excess Operating Expenses pursuant to Section 6.11.1(a)(xi) of the Mortgage Loan Agreement shall be used by Borrower Owner or Operating Lessee only to pay for such Approved Excess Operating Expenses or to reimburse Borrower Owner or Operating Lessee for such Approved Excess Operating Expenses, as applicable.

Excess Operating Expenses. (a) In the event that during a Trigger Period Borrower Owner or Operating Lessee incurs any Operating Expenses in excess of Approved Operating Expenses (excluding any Restricted Payments and any Incentive Management Fees, and excluding amounts permitted to be remitted to Borrower from Cash Collateral Funds pursuant to Section 6.10(b)) of the Mortgage Loan Agreement or the parallel provisions of the Mezzanine A Loan Agreement, if then applicable) (“Excess Operating Expenses”), then Borrower or Leasehold Pledgor shall (or shall cause Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner or Operating Lessee shall to) promptly deliver to Lender, for Lender’s information, upon Lender’s request, a reasonably detailed explanation of such Excess Operating Expenses. During the continuance of any Trigger Period, all Excess Operating Expenses must be approved by Lender in writing (such expenses, if approved, or deemed approved in accordance with Section 4.9.6(b) below, the “Approved Excess Operating Expenses”) prior to the disbursement of any funds therefor, such approval not to be unreasonably withheld, conditioned or delayed provided no Event of Default shall then exist. During the continuance of any Trigger Period, any funds distributed to Borrower Owner for the payment of Approved Excess Operating Expenses pursuant to Section 6.11.1(a)(xi) of the Mortgage Loan Agreement shall be used by Borrower Owner or Operating Lessee only to pay for such Approved Excess Operating Expenses or to reimburse Borrower Owner or Operating Lessee for such Approved Excess Operating Expenses, as applicable.

Excess Operating Expenses. (a) In the event that during a Trigger Period Borrower or Operating Lessee Owner incurs any Operating Expenses in excess of Approved Operating Expenses (excluding any Restricted Payments and any Incentive Management Fees, and excluding amounts permitted to be remitted to Borrower from Cash Collateral Funds pursuant to Section 6.10(b)) (“Excess Operating Expenses”), then Borrower shall (or Operating Lessee shall cause Owner to) promptly deliver to Lender, for Lender’s information, upon Lender’s request, a reasonably detailed explanation of such Excess Operating Expenses. During the continuance of any Trigger Period, all Excess Operating Expenses must be approved by Lender in writing (such expenses, if approved, or deemed approved in accordance with Section 4.9.6(b) below, the “Approved Excess Operating Expenses”) prior to the disbursement of any funds therefor, such approval not to be unreasonably withheld, conditioned or delayed provided no Event of Default shall then exist. During the continuance of any Trigger Period, any funds distributed to Borrower Owner for the payment of Approved Excess Operating Expenses pursuant to Section 6.11.1(a)(xi) of the Mortgage Loan Agreement shall be used by Borrower or Operating Lessee Owner only to pay for such Approved Excess Operating Expenses or to reimburse Borrower or Operating Lessee Owner for such Approved Excess Operating Expenses, as applicable.

Excess Operating Expenses. (a) In the event that during a Trigger Period Borrower Owner or Operating Lessee incurs any Operating Expenses in excess of Approved Operating Expenses (excluding any Restricted Payments and any Incentive Management Fees, and excluding amounts permitted to be remitted to Borrower from Cash Collateral Funds pursuant to Section 6.10(b)) of the Mortgage Loan Agreement) (“Excess Operating Expenses”), then Borrower or Leasehold Pledgor shall (or shall cause Owner or Operating Lessee shall to) promptly deliver to Lender, for Lender’s information, upon Lender’s request, a reasonably detailed explanation of such Excess Operating Expenses. During the continuance of any Trigger Period, all Excess Operating Expenses must be approved by Lender in writing (such expenses, if approved, or deemed approved in accordance with Section 4.9.6(b) below, the “Approved Excess Operating Expenses”) prior to the disbursement of any funds therefor, such approval not to be unreasonably withheld, conditioned or delayed provided no Event of Default shall then exist. During the continuance of any Trigger Period, any funds distributed to Borrower Owner for the payment of Approved Excess Operating Expenses pursuant to Section 6.11.1(a)(xi) of the Mortgage Loan Agreement shall be used by Borrower Owner or Operating Lessee only to pay for such Approved Excess Operating Expenses or to reimburse Borrower Owner or Operating Lessee for such Approved Excess Operating Expenses, as applicable.