Monthly Operating Expense Amount means, for any calendar month, the aggregate of the budgeted Operating Expenses of each Asset Entity for such calendar month (exclusive of the Management Fee (for so long as the Manager is an Affiliate of the Issuers) and expenses covered by the Impositions and Insurance Reserve Sub-Account). The initial budgeted Operating Expenses for the 2005 calendar year will be $154,387,023. For each calendar year thereafter, the budgeted Operating Expenses in respect of (i) rent under Ground Leases will be increased in accordance with the terms of the applicable Ground Lease (including the Cingular Sublease), (ii) Insurance Premiums will be increased in accordance with the terms of the applicable Insurance Policies, (iii) property taxes will be increased in accordance with applicable law, (iv) audit fees related to the Asset Entities will be increased in accordance with the terms of the applicable audit engagement agreement and (v) all other budgeted annualized Operating Expenses for the Asset Entities (excluding the Management Fee), in the aggregate, will be increased by not more than three percent (3.0%) per annum.

Monthly Operating Expense Amount means, for any calendar month, the aggregate of the budgeted Operating Expenses of each Asset Entity for such calendar month exclusive of the Management Fee for so long as the Manager is an Affiliate of the Asset Entities, and expenses covered by the Impositions and Insurance Reserve Account; provided that the budgeted Operating Expenses shall be determined in accordance with Section 7.02(b).

Examples of Monthly Operating Expense Amount in a sentence

Borrower shall not request disbursements from the Senior Lender into the Borrower Disbursement Account to pay Operating Expenses in excess of the Monthly Operating Expense Amount and any Extraordinary Expenses incurred in accordance with this Agreement for the calendar month following the Monthly Payment Date on which such deposit is to be made.
Lender shall disburse the Monthly Operating Expense Amount and the amount of the Unbudgeted Expense to Borrower in accordance with the provisions of the Cash Management Agreement, provided that, on the date such payment is to be made, no Event of Default shall exist and remain uncured.
If such Actual Operating Expenses set forth in the Reconciliation Report are less than the amounts disbursed to Borrower for Approved Operating Expenses pursuant to Sections 5(c)(i) and (iv) hereof for the prior calendar quarter (“Operating Expense Payment Overage”), then the next disbursement of funds for the Monthly Operating Expense Amount shall be reduced by an amount equal to the Operating Expense Payment Overage.
In the event Borrower fails to use reasonable efforts to deliver the Reconciliation Report as required by this Section 6(e), Administrative Agent may, at its election, suspend all disbursements of any Monthly Operating Expense Amount until such time as all delinquent Reconciliation Reports have been delivered and reasonably approved by Administrative Agent.

More Definitions of Monthly Operating Expense Amount

Monthly Operating Expense Amount means the monthly amount payable for Operating Expenses as set forth in the Annual Budget not otherwise paid or reserved for in the Accounts described in Sections 2(i), (ii), (iii) and (v) below, together with other amounts incurred by Borrower in connection with the operation and maintenance of the Property and approved by Lender.

Monthly Operating Expense Amount means, for any calendar month, the aggregate of the budgeted Operating Expenses of each Asset Entity for such calendar month (exclusive of the Management Fee, for so long as the Manager is an Affiliate of the Asset Entities, and expenses covered by the Impositions and Insurance Reserve Sub-Account). The initial budgeted Operating Expenses for the 2007 calendar year will be $5.0 million. For each calendar year thereafter, the budgeted Operating Expenses in respect of (i) rent under Ground Leases will be increased in accordance with the terms of the applicable Ground Lease, (ii) Insurance Premiums will be increased in accordance with the terms of the applicable Insurance Policies, (iii) property taxes will be increased in accordance with applicable law, (iv) audit fees related to the Asset Entities will be increased in accordance with the terms of the applicable audit engagement agreement and (v) all other budgeted annualized Operating Expenses for the Asset Entities (excluding the Management Fee), in the aggregate, will be increased by not more than three percent (3.0%) per annum.

Monthly Operating Expense Amount shall have the meaning set forth in Section 6.7.1.

Monthly Operating Expense Amount means, with respect to any calendar month, the monthly Cash Expenses for the Properties set forth in the Approved Annual Budget then in effect.

Monthly Operating Expense Amount means, for any month during a Cash Sweep Period, the applicable amount set forth on the Approved Annual Budget.

Monthly Operating Expense Amount means, collectively, (A) the monthly amount payable for operating expenses as set forth in the Annual Budget approved by Lender not otherwise paid or reserved for in the accounts described in Sections 9.1(c)(i), (ii), (iv), (v), (vi), and (vii) hereof, and (B) any extraordinary expenses which are not set forth in the Annual Budget and are (I) incurred by Borrower in connection with the operation and maintenance of the Property and (II) approved by Lender, which approval shall not be unreasonably withheld, conditioned or delayed.

Monthly Operating Expense Amount means, for any calendar month, the aggregate of the budgeted Operating Expenses of each Asset Entity for such calendar month exclusive of the Management Fee, for so long as the Manager is an Affiliate of the Asset Entities, and expenses covered by the Impositions and Insurance Reserve Account. The initial budgeted Operating Expenses for the period from the Closing Date to December 31, 2010 will be