Common use of Limitations on Expenditures Clause in Contracts

Limitations on Expenditures. Borrower shall not incur additional liability for nor make any capital expenditures, marketing expenditures, leasing expenditures or other discretionary expenditures (other than expenditures necessary for the continued compliance by Loan Parties with existing Leases and Senior Loan Documents) if and to the extent such discretionary expenditures result in a failure of the Loan Parties’ operating revenues to be sufficient to pay their expenses and principal and interest on the Loan as and when the same become due. In the event Borrower defers any capital expenditures in order to comply with this Section 8.10, Borrower shall so notify Lender in writing of the amount of the deferral and the period for which the deferral is to occur.

Limitations on Expenditures. Borrower shall not incur additional liability for nor make any capital expenditures, marketing expenditures, leasing expenditures or other discretionary expenditures (other than expenditures necessary for the continued compliance by Loan Parties and the Property Owner with existing Leases and Senior Loan Documents) if and to the extent such discretionary expenditures result in a failure of the Loan Parties’ operating revenues to be sufficient to pay their expenses and principal and interest on the Loan as and when the same become due. In the event Borrower defers any capital expenditures in order to comply with this Section 8.10, Borrower shall so notify Lender in writing of the amount of the deferral and the period for which the deferral is to occur.