Extraordinary Expense definition

Extraordinary Expense shall have the meaning set forth in Section 5.1.11(e) hereof.

Extraordinary Expense means an extraordinary operating expense or capital expense not set forth in the Approved Annual Budget or allotted for in the Recurring Replacement Reserve Sub-Account.

Extraordinary Expense means an operating expense or capital expenditure with respect to the Property that (i) is not set forth on the Annual Budget and (ii) is not subject to payment by withdrawals from the Replacement Reserve. Borrower shall deliver promptly to Lender a reasonably detailed explanation of such proposed Extraordinary Expense for the approval of Lender (such approval not to be unreasonably withheld or delayed).

Examples of Extraordinary Expense in a sentence

• If, during any Cash Sweep Period, Borrower incurs or is required to incur an operating expense or capital expense which is not set forth in the Approved Annual Budget (each an “Extraordinary Expense”), then Borrower shall promptly deliver to Lender in writing a reasonably detailed explanation of such Extraordinary Expense.

• Any Extraordinary Expense incurred by Borrower and approved (or deemed approved) by Lender is referred to herein as an (“Approved Extraordinary Expense”).

• In such event, the legal expenses and costs of such action, and any liability resulting therefrom, shall be expenses, costs and liabilities of the Issuers as an Extraordinary Expense and the Property Manager, the Special Servicer, or the Back-Up Manager as the case may be, shall be entitled to be reimbursed therefor from the Payment Account, pursuant to Section 2.11(b) of the Indenture.

• In the event that Owner must incur an Extraordinary Expense, then Borrower shall promptly deliver to Lender a reasonably detailed explanation of such proposed Extraordinary Expense which, if Borrower has the right to approve such expenditures pursuant to the terms of the Management Agreement, shall be subject to Lender’s approval, which approval may be granted or denied in Lender’s reasonable discretion.

• Notwithstanding the foregoing, no prior approval by Lender shall be required for any Extraordinary Expense needed to be incurred immediately to prevent imminent injury to person or damage to property, provided that within three (3) Business Days thereafter Borrowers shall provide reasonably satisfactory evidence to Lender to demonstrate the imminent necessity and reasonableness of the Extraordinary Expense incurred.

More Definitions of Extraordinary Expense

Extraordinary Expense. As defined in the Indenture.

Extraordinary Expense means an extraordinary operating expense not set forth in the Approved Annual Budget.

Extraordinary Expense means, with respect to any Fiscal Year, any operating expense in excess of $250,000 or capital expenditure in excess of $250,000 that was not set forth in the Approved Annual Budget for such Fiscal Year.

Extraordinary Expense means (a) a material extraordinary operating expense or capital expense not set forth in the Approved Annual Budget or allotted for in the Recurring Replacement Reserve Sub-Account and (b) the excess of Operating Expenses over those set forth in the Approved Annual Budget for Interest Accrual Periods prior to the Interest Accrual Period in which such determination is being made resulting from revenues which have increased over those set forth in the Approved Annual Budget for which, with respect to items set forth in this clause (b) no Lender approval is required.

Extraordinary Expense shall have the meaning set forth in SECTION 2.6.2(b).

Extraordinary Expense means an expense over $500 for any particular service

Extraordinary Expense shall have the meaning set forth in the Loan Agreement.