Approved Leasing Expenditures definition
Approved Leasing Expenditures shall have the meaning assigned to such term in Section 11.01(b).
Approved Leasing Expenditures means actual out-of-pocket expenses incurred by Borrower and payable to third parties (x) in connection with the completion of tenant improvements required to be made pursuant to, and/or tenant improvement allowances required to be paid pursuant to, non-residential Leases entered into in accordance with the Loan Documents (collectively, the “TIs”), and (y) for leasing commissions payable in connection with non-residential Leases entered into in accordance with the Loan Documents (collectively, the “LCs”), in each case, which expenses (a) are (i) specifically approved by Lender in connection with approving the applicable Lease or (ii) otherwise approved by ▇▇▇▇▇▇, and (b) are substantiated by executed Lease documents or other documentary support acceptable to Lender.
Approved Leasing Expenditures means actual out-of-pocket expenses incurred by Mortgage Borrower and payable to third parties (x) in connection with the completion of tenant improvements required to be made pursuant to, and/or tenant improvement allowances required to be paid pursuant to, non-residential Leases entered into in accordance with the Loan Documents (collectively, the “TIs”), and (y) for leasing commissions payable in connection with non-residential Leases entered into in accordance with the Loan Documents (collectively, the “LCs”), in each case, which expenses (a) are (i) specifically approved by Lender in connection with approving the applicable Lease or (ii) otherwise approved by Lender, and (b) are substantiated by executed Lease documents or other documentary support acceptable to Lender.
Examples of Approved Leasing Expenditures in a sentence
Notwithstanding anything in Section 4.05 or this Section 4.09 to the contrary, no Future TI/LC Reserve Funds shall be disbursed to pay for Approved Leasing Expenditures other than Approved Leasing Expenditures for a Future Vacant Commercial Unit.
Amounts so deposited with Lender (such amounts, the “Future TI/LC Reserve Funds”) shall be disbursed as provided in Section 4.05 above for the payment of Approved Leasing Expenditures.