Extraordinary Expense Cap definition

Extraordinary Expense Cap. (A) With respect to the Extraordinary Expenses paid and payable each calendar year, an amount equal to the greater of (i) $250,000 per Series per calendar year and (ii) 0.07% of the Aggregate Series Principal Balance (as of the most recent Series Closing Date and each anniversary thereof) per year and 1/12 of such amount per month (such amount as set forth in clause (i) or (ii) above to be cumulative for each month in a calendar year if not used, although any such cumulative amount not to be carried forward into the next calendar year) and (B) with respect to the aggregate Extraordinary Expenses paid and payable pursuant to this Indenture since the Series Closing Date, an amount equal to $7,500,000.

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Extraordinary Expense Cap means an annual amount equal to $500,000; provided that the Extraordinary Expense Cap will not apply (i) on the Expiration Date, (ii) on any Payment Date following the Pre-Default Period or (iii) on any Payment Date following a Sale.

Extraordinary Expense Cap. An amount equal to the greater of $250,000 per Series and 0.07% of the Aggregate Series Principal Balance (as of the most recent Series Closing Date and each anniversary thereof) per year and 1/12 of such amount per month (such amount to be cumulative for each month in a calendar year if not used, although any such cumulative amount will not be carried forward into the next calendar year).

Examples of Extraordinary Expense Cap in a sentence

Tenant will pay Port on a quarterly basis, Percentage Rent equal to sixty-six percent (66%) of Gross Revenues from Parking Operations, less Parking Taxes and Extraordinary Expenses paid in such quarter up to the Extraordinary Expense Cap.
Tenant will pay Port on a quarterly basis, Percentage Rent equal to fifty-six percent (56%) of Gross Revenues from Parking Operations, less Parking Taxes and Extraordinary Expenses paid in such quarter up to the Extraordinary Expense Cap.
The Extraordinary Expense Cap during any Lease Year will be allocated as follows: ninety percent (90%) during the High Season and ten percent (10%) during the Low Season.

More Definitions of Extraordinary Expense Cap

Extraordinary Expense Cap. An amount equal to the greater of (i) the product of $250,000 and the number of then outstanding Series and (ii) 0.070% of the Aggregate Series Principal Balance (determined as of the most recent Series Closing Date (including the date hereof) and the commencement of each calendar year thereafter) per calendar year and 1/12 of such amount per Collection Period (such amount to be cumulative for each Collection Period in a calendar year if not used, although any such cumulative amount will not be carried forward into the next calendar year).

Extraordinary Expense Cap. (A) With respect to the Extraordinary Expenses paid and payable each calendar year, an amount equal to 0.07% of the Aggregate Series Principal Balance (as of the relevant Determination Date) per year and 1/12 of such amount per month (such amount to be cumulative for each month in a calendar year if not used, although any such cumulative amount not to be carried forward into the next calendar year) and (B) with respect to the aggregate Extraordinary Expenses paid and payable pursuant to this Indenture since December 2019, an amount equal to $3,000,000; provided that, in each case, upon satisfaction of the Rating Condition, the Extraordinary Expense Cap will be such higher amount as proposed by the Issuers.

Extraordinary Expense Cap means, with respect to the period beginning (i) on the Closing Date and ending on (and including) the day immediately prior to the date that is the first anniversary of the Closing Date, an amount equal to 0.07% of the outstanding Loan Amount on the Closing Date (and 1/12 of such amount per month during such period), (ii) on the date that is the first anniversary the Closing Date and ending on (and including) the day immediately prior to the date that is the second anniversary of the Closing Date, an amount equal to 0.07% of the outstanding Loan Amount on the first anniversary of the Closing Date (and 1/12 of such amount per month during such period) and (iii) on the date that is the second anniversary of the Closing Date and ending on (and including) the day immediately prior to the date that is the third anniversary of the Closing Date, an amount equal to 0.07% of the outstanding Loan Amount on the second anniversary of the Closing Date (and 1/12 of such amount per month during such period).

Extraordinary Expense Cap. An amount equal to the greater of (i) the sum of (x) $375,000 for so long as either the Series of Notes designated as “Series 2013-1” or “Series 2013-2” is outstanding and (y) the product of $250,000 and the number of then outstanding Series (other than the Series designated as “Series 2013-1” or “Series 2013-2”) and (ii) 0.070% of the Aggregate Series Principal Balance (such amount determined as of the most recent Series Closing Date and the commencement of each calendar year thereafter) per calendar year and 1/12 of such amount per Collection Period (such amount to be cumulative for each Collection Period in a calendar year if not used, although any such cumulative amount will not be carried forward into the next calendar year).

Extraordinary Expense Cap. (i) With respect to the Extraordinary Expenses paid and payable in each calendar year and each Collection Period, an amount equal to the greater of (a) the product of $250,000 and the number of then outstanding Series and (b) 0.070% of the Aggregate Series Principal Balance (determined as of the most recent Series Closing Date (including the date hereof) and the commencement of each calendar year thereafter) per calendar year and 1/12 of such amount per Collection Period (such amount to be cumulative for each Collection Period in a calendar year if not used, although any such cumulative amount will not be carried forward into the next calendar year) and (ii) with respect to the aggregate Extraordinary Expenses paid and payable in any Closing Date Period, $7,500,000. “Indenture Trustee Fee”: As of any date of determination, a per annum amount equal to the sum of (i) the product of (x) $10,000 and (y) the number of Series of Notes Outstanding as of such date of determination that were issued prior to the Series 2017-1 Closing Date and (ii) the product of (x) $12,000 and (y) the number of Series of Notes Outstanding as of such date of determination that were issued on or after the Series 2017-1 Closing Date. “Indenture Trustee’s Office”: The corporate trust office of the Indenture Trustee at which at any particular time its mortgage-backed securities trust business with respect to this Indenture shall be administered, which office at the date of the execution of this Indenture is located at (i) solely for purposes of the transfer, surrender or exchange of Notes, ▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ Attention: Securities Window – Spirit Master Funding and (ii) for all other purposes, ▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇, Attention: Agency & Trust – Spirit Master Funding, or at such other address as the Indenture Trustee or Note Registrar may designate from time to time. “Issuer Expense Cap”: (i) With respect to Issuer Expenses paid and payable in each calendar year and each Collection Period, an amount equal to 0.050% of the Aggregate Series Principal Balance (determined as of the most recent Series Closing Date (including the date hereof) and the commencement of each calendar year thereafter) per calendar year and 1/12