Net Syndication Proceeds definition
Net Syndication Proceeds is defined in Section 3.2.
Net Syndication Proceeds shall be defined as syndication proceeds net of final Project hard and soft construction costs, including developer fee, based on a cost certification completed at the end of construction, and syndication costs all of which has been reviewed and reasonably approved by the Lessor.
Net Syndication Proceeds means all net proceeds received by Pledgor from the sale of membership units in DS 761 in accordance with the Operating Agreement and the Bond Documents, after payment of all closing costs, expenses, including broker expenses, subject to the reasonable approval of the Trustee.