Independent Leasing Agent definition

Independent Leasing Agent is a management -------------- ------------------------- or brokerage company or other entity not owned or controlled, directly or indirectly, by Borrower. A "Renewal Lease" is any lease that is a ------------- renewal of or a replacement for a then existing lease for space in the Property. Each Renewal Lease must be: (a) with a tenant satisfactory to PNC Bank; (b) for a term long enough to not cause the average lease term of all leases affecting the Property to be less than three (3) years; and (c) contain terms such that the then applicable debt service coverage ratio for the Loan, as determined by PNC Bank in its sole discretion, equals or exceeds 1.3x to 1.
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Independent Leasing Agent shall have the meaning set forth in Section 9.6.1 hereof.
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Examples of Independent Leasing Agent in a sentence

  • Borrower shall establish and maintain at all times ------ during the term of the Loan an escrow of funds with PNC Bank pursuant to the terms of this Agreement for the payment of future customary and reasonable third party tenant improvement costs and expenses actually incurred by Borrower and customary and reasonable leasing commissions paid to an Independent Leasing Agent, all in connection with any Renewal Lease (the "Leasing Matters").

  • An "Independent Leasing Agent" is a management or brokerage ------- ------------------------- company or other entity not owned or controlled, directly or indirectly, by Borrower; provided, however, that Hannay Investment ▇▇▇▇▇▇▇▇es is deemed an Independent Leasing Agent for purposes of receiving up to a 2% commission on a Renewal Lease.

  • Simultaneously with submitting such affidavit, Borrower shall also submit written verification from the related tenant that the Renewal Lease has been executed and from the related Independent Leasing Agent that the applicable leasing commission has been paid, or will be paid with the requested funds.

  • An "Independent Leasing Agent" is a management -------------- ------------------------- or brokerage company or other entity not owned or controlled, directly or indirectly, by Borrower.