Approved Leasing Expenses means actual out-of-pocket expenses incurred by Borrowers in leasing space at the Tower Parcel pursuant to Leases entered into in accordance with the Loan Documents, other than the Master Leases, including brokerage commissions and tenant improvements, which expenses (a) are either (i) specifically approved by Lender in connection with approving the applicable Lease, (ii) incurred in the ordinary course of business and on market terms and conditions in connection with Leases which do not require Lender’s approval under the Loan Documents, and Lender shall have received and approved a budget for such tenant improvement costs and a schedule of brokerage commission payments payable in connection therewith, or (iii) otherwise approved by Lender in its reasonable discretion, which approval shall not be unreasonably withheld, conditioned or delayed, and (b) are substantiated by executed Lease documents and brokerage agreements.
Approved Leasing Expenses means actual out-of-pocket expenses incurred by a Borrower after the date hereof and payable to third parties that are not Affiliates of any Borrower or Guarantor in leasing space at one or more Properties pursuant to Leases entered into in accordance with the Loan Documents, including brokerage commissions and tenant improvements, which expenses are (A) specifically approved by Lender in connection with approving the applicable Lease, or (B) incurred in the ordinary course of business and on market terms and conditions in connection with Leases which do not require Lender’s approval under the Loan Documents, and Lender shall have received (and approved, if applicable) a budget for such tenant improvement costs and a schedule of leasing commission payments payable in connection therewith, or (C) otherwise approved by Lender, which approval shall not be unreasonably withheld or delayed. Approved Leasing Expenses shall be substantiated by executed documents and contracts evidencing the same, including Lease documents and brokerage agreements.
Approved Leasing Expenses means actual out-of-pocket expenses incurred by Borrower in leasing space at the Property pursuant to Leases entered into in accordance with the Loan Documents, including brokerage commissions and tenant improvements, which expenses (i) are (A) specifically approved by Lender in connection with approving the applicable Lease, (B) incurred in the ordinary course of business and on market terms and conditions in connection with Leases which do not require Lender’s approval under the Loan Documents, and Lender shall have received and approved a budget for such tenant improvement costs and a schedule of leasing commissions payments payable in connection therewith, or (C) otherwise approved by Lender in its reasonable discretion, and (ii) are substantiated by executed Lease documents and brokerage agreements.
Examples of Approved Leasing Expenses in a sentence
Any such disbursement of more than $10,000 to pay (rather than reimburse) Approved Leasing Expenses may, at Lender’s option, be made by joint check payable to Borrower and the payee of such Approved Leasing Expenses.
Notwithstanding anything to the contrary in this Section 5.10, unless expressly agreed to in writing by Lender, any approval or deemed approval by Lender of a proposed Lease or proposed renewal, extension or modification of an existing Lease pursuant to this Section 5.10 shall not be deemed to constitute (in and of itself) an approval or deemed approval by Lender of any Approved Leasing Expenses in connection therewith.
If Lender determines in its reasonable judgment that the funds in the Rollover Reserve Subaccount will be insufficient to pay (or in excess of) the amounts due or to become due for Approved Leasing Expenses, Lender may increase (or decrease) the monthly contribution required to be made by Borrower to the Rollover Reserve Subaccount.
Any such disbursement of more than $100,000 to pay (rather than reimburse) Approved Leasing Expenses may, at Lender’s option, be made by joint check payable to Borrower and the payee of such Approved Leasing Expenses.
If Lender determines in its reasonable judgment that the funds in the Rollover Reserve will be insufficient to pay (or in excess of) the amounts due or to become due for Approved Leasing Expenses (as hereinafter defined), Lender may increase (or decrease) the monthly contribution required to be made by Borrower to the Rollover Reserve.
More Definitions of Approved Leasing Expenses
Approved Leasing Expenses means actual out-of-pocket expenses incurred by Mortgage Borrowers in leasing space at the Tower Parcel pursuant to Leases entered into in accordance with the Loan Documents, other than the Master Leases, including brokerage commissions and tenant improvements, which expenses (a) are either (i) specifically approved by Lender in connection with approving the applicable Lease, (ii) incurred in the ordinary course of business and on market terms and conditions in connection with Leases which do not require Lender’s approval under the Loan Documents, and Lender shall have received and approved a budget for such tenant improvement costs and a schedule of brokerage commission payments payable in connection therewith, or (iii) otherwise approved by Lender in its reasonable discretion, which approval shall not be unreasonably withheld, conditioned or delayed, and (b) are substantiated by executed Lease documents and brokerage agreements.
Approved Leasing Expenses actual out-of-pocket expenses incurred by Borrower in leasing space at the Property pursuant to Leases entered into in accordance with the Loan Documents, including brokerage commissions (including those paid pursuant to the Management Agreement) and tenant improvements, which expenses (i) are (A) specifically approved by Lender in connection with approving the applicable Lease, (B) incurred in the ordinary course of business and on market terms and conditions in connection with Leases which do not require Lender's approval under the Loan Documents, or (C) otherwise approved by Lender, which approval shall not be unreasonably withheld or delayed, and (ii) are substantiated by executed Lease documents and brokerage agreements.
Approved Leasing Expenses actual out-of-pocket expenses incurred by Borrower and payable to third parties (including Affiliates of Borrower or Guarantor, provided that, such expenses payable to Affiliates of Borrower or Guarantor shall satisfy the conditions set forth below) in leasing space at the Property pursuant to Leases entered into in accordance with the Loan Documents, including brokerage commissions and tenant improvements, which expenses (i) are (A) specifically approved by Lender in connection with approving the applicable Lease, (B) incurred in the ordinary course of business and on market terms and conditions in connection with Leases which do not require Lender's approval under the Loan Documents, or (C) otherwise approved by Lender, which approval shall not be unreasonably withheld or delayed, and (ii) are substantiated by executed Lease documents and brokerage agreements.
Approved Leasing Expenses means actual out-of-pocket expenses incurred by Borrower in leasing commercial space at the Properties pursuant to commercial Leases entered into in accordance with the Loan Documents, including brokerage commissions and tenant improvements, which expenses (i) are (A) specifically approved by Agent in connection with approving the applicable commercial Lease, (B) incurred in the ordinary course of business and on market terms and conditions in connection with commercial Leases which do not require Agent’s approval under the Loan Documents, and Agent shall have received (and approved, if applicable) a budget for such tenant improvement costs and a schedule of leasing commission payments payable in connection therewith, or (C) otherwise approved by Agent, which approval shall not be unreasonably withheld or delayed, and (ii) are substantiated by executed Lease documents and brokerage agreements.
Approved Leasing Expenses means expenses incurred in leasing space at the Property pursuant to Leases entered into in accordance with the provisions of Section 5.1(u) and the applicable provisions of the Mortgage, including brokerage commissions, tenant improvements and other inducements, which expenses are incurred in the ordinary course of business and are paid to third parties that are not Affiliates of any Owner or Banyan.
Approved Leasing Expenses means (i) with respect to the Initial TI/LC Reserve Deposit, actual out-of-pocket expenses incurred for those items identified on Schedule VII for which such deposit was made and are substantiated by the executed Lease documents and brokerage agreements in effect on the Closing Date, and (ii) with respect to additional deposits made to the TI/LC Reserve Account and any Future Advance, actual out-of-pocket expenses incurred by Borrower and payable to third parties that are not Affiliates of Borrower or Guarantor (other than for brokerage/leasing commissions on market terms pursuant to a brokerage agreement approved by Lender on or before the Closing Date) in leasing space at the Property pursuant to Leases entered into in accordance with the Loan Documents, including brokerage commissions and tenant improvements, which expenses (a) are (i) specifically approved by Lender in connection with approving the applicable Lease, (ii) incurred in the ordinary course of business and on market terms and conditions in connection with Leases which do not require Lender’s approval under the Loan Documents, or (iii) otherwise approved by Lender, which approval shall not be unreasonably withheld, conditioned or delayed, and (b) are substantiated by executed Lease documents and brokerage agreements.
Approved Leasing Expenses means all expenses incurred by Borrower to third parties in leasing space at the Property pursuant to Approved Leases, including brokerage commissions and tenant improvements allowances and costs (determined without regard as to whether such tenant improvements are made by contractors employed by Borrower or by the applicable Tenant or by Borrower’s or Tenant’s own forces), which expenses (i) are (A) specifically provided for in an Approved Lease (or amendment thereof), or (B) otherwise approved (or deemed approved) by Administrative Agent in accordance with the Building Loan Agreement, (ii) are substantiated by executed Lease documents and brokerage agreements, and (iii) which constitute Costs of Improvement.