Common use of Approved Operating Expenses Clause in Contracts

Approved Operating Expenses. operating expenses incurred by Borrower or Operating Lessee which (i) with respect to any Individual Property, are no greater than one hundred and five percent (105%) of the amounts included in the approved Operating Budget for such Individual Property for the current calendar month (per line item and in the aggregate), (ii) are for real estate taxes, insurance premiums, electric, gas, oil, water, sewer or other utility service to any Individual Property or (iii) have been approved by Lender; provided, however, the fees and any reimbursable expenses payable pursuant to the Asset Management Agreement shall not, under any circumstance, constitute Approved Operating Expenses. The management fees payable by Borrower and Operating Lessee pursuant to the Management Agreement, are acceptable to Lender and shall be deemed to be Approved Operating Expenses.