Approved LOE definition
Approved LOE means (a) leasehold operating expenses paid in the ordinary course of business (including overhead allocations paid to unaffiliated operators in the ordinary course of business under joint operating agreements), and (b) other field level or lease level charges for operations on the Eligible Mortgaged Properties (excluding capital expenditures) that have been approved in the Approved Budget, but in each case only to the extent that such expenses and charges do not exceed the amounts set forth in the Approved Budget.