In-Place Leases definition
In-Place Leases means, as of the date of determination, Leases: (i) that were in place as of the Funding Date or have been approved (or deemed approved) by Lender hereunder pursuant to Section 5.2, (ii) for which the applicable Tenant is in occupancy in accordance with its Lease, (iii) under which such Tenant’s obligation to pay rent at the full amounts stipulated in its Lease has commenced or such Tenant is in a “free rent or “rent abatement” period (whether via full or partial rent abatement) but the full amount of any rent abatement accruing during such “free rent” or “rent abatement” period shall be excluded from the calculation of Operating Revenues with respect to any In-Place Lease for the period of the “free rent” or “rent abatement”; provided, however, Leases with “free rent or rent abatement” periods (whether full or partial rent abatement) in excess of three (3) months remaining as of the date of determination, shall be excluded from the calculation of Operating Revenues, (iv) that are in good standing with no defaults thereunder, (v) that have a term which includes at a minimum all or a portion of the projected twelve (12) month period utilized in connection with the calculation of Pro Forma NOI, and (vi) for which Lender has received a tenant estoppel certificate from the applicable Tenant thereunder either (1) certifying as to the foregoing and including all other usual and customary matters reasonably required by Lender, and otherwise in form and substance reasonably satisfactory to Lender, or (2) in the form required under such Tenant’s Lease.