Common use of Capital Expenditure Reserve Account Clause in Contracts

Capital Expenditure Reserve Account. (a) On or prior to the Closing Date, Borrower shall establish and thereafter maintain with the Cash Management Bank an account for the purpose of reserving amounts in respect of Capital Expenditures (the "Capital Expenditure Reserve Account"). (b) On each Payment Date, there shall be deposited into the Capital Expenditure Reserve Account an amount equal to the Monthly Capital Expenditure Reserve Amount. (c) Upon the request of Borrower at any time that no Event of Default is continuing (but not more often than once per calendar month), Lender shall cause disbursements to Borrower from the Capital Expenditure Reserve Account to reimburse Borrower for Capital Expenditures that are consistent with the Approved Annual Budget; provided that: (i) Borrower shall deliver to Lender invoices evidencing that the costs for which such disbursements are requested are due and payable; (ii) Borrower shall deliver to Lender an Officer's Certificate confirming that all such costs have been previously paid by Borrower or will be paid from the proceeds of the requested disbursement and that all conditions precedent to such disbursement required by the Loan Documents as specified in this Section 3.6 have been satisfied; and (iii) Lender may condition the making of a requested disbursement on (1) reasonable evidence establishing that Borrower has applied any amounts previously received by it in accordance with this Section for the expenses to which specific draws made hereunder relate, (2) a reasonably satisfactory site inspection, and (3) receipt of lien releases and waivers from any contractors, subcontractors and others with respect to such amounts.

Capital Expenditure Reserve Account. (a) On or prior to the Closing Date, Borrower Borrowers shall establish and thereafter maintain with the Mezzanine Cash Management Bank an account for the purpose of reserving amounts in respect of Capital Expenditures (the "Capital Expenditure Reserve Account"). (b) On each Payment DateBusiness Day, there the Mezzanine Cash Management Bank shall be deposited withdraw all available funds in the Mezzanine Cash Management Account and shall disburse such funds into the Capital Expenditure Reserve Account in accordance with the provisions set forth in Section 6.2 until an amount equal to the Monthly Capital Expenditure Reserve AmountAmount has been deposited therein. (c) Upon the request of any Borrower at any time that no Event of Default is continuing (but not more often than once per calendar month), provided no Event of Default has occurred and is continuing, Lender shall cause disbursements remit to such Borrower from the Capital Expenditure Reserve Account amounts to permit such Borrower to pay (or to reimburse Borrower such Borrower) for Capital Expenditures that are consistent with the Approved Annual Budgetmade in accordance herewith; provided that: (i) Such Borrower shall deliver to Lender invoices evidencing that the costs for which such disbursements are requested are due and payable; (ii) Such Borrower shall deliver to Lender an Officer's Certificate confirming that all such costs have been previously paid by such Borrower or will be paid from the proceeds of the requested disbursement and that all conditions precedent to such disbursement required by the Loan Documents as specified in this Section 3.6 have been satisfieddisbursement; and (iii) Lender may condition the making of a requested disbursement on (1) reasonable evidence establishing that each Borrower has applied any amounts previously received by it in accordance with this Section for the expenses to which specific draws made hereunder relate, (2) a reasonably satisfactory site inspection, and (3) receipt of lien releases and waivers from any contractors, subcontractors and others in connection with respect to such amounts.

Capital Expenditure Reserve Account. (a) On or prior to the Closing Date, Borrower shall Lender will establish and thereafter maintain with an Eligible Account (which may be a subaccount of the Cash Management Bank an account Account) for the purpose of reserving amounts in respect of Capital Expenditures (the "“Capital Expenditure Reserve Account"”). (b) On each Payment Date, there shall be deposited into the Capital Expenditure Reserve Account an amount equal to the Monthly Capital Expenditure Reserve Amount. (c) Upon the request of Borrower at any time that no Event of Default is continuing (but not more often than once per calendar month), Lender shall cause disbursements to Borrower from the Capital Expenditure Reserve Account to reimburse Borrower for Capital Expenditures that are consistent with the Approved Annual Budget; provided that: (i) Borrower shall deliver to Lender invoices evidencing that the costs for which such disbursements are requested are due and payable; (ii) Borrower shall deliver to Lender an Officer's ’s Certificate confirming that all such costs have been previously paid by Borrower or will be paid from the proceeds of the requested disbursement and that all conditions precedent to such disbursement required by the Loan Documents as specified in this Section 3.6 have been satisfied; and (iii) Lender may condition the making of a requested disbursement on (1) reasonable evidence establishing that Borrower has applied any amounts previously received by it in accordance with this Section for the expenses to which specific draws made hereunder relate, (2) a reasonably satisfactory site inspection, and (3) receipt of lien releases and waivers from any contractors, subcontractors and others with respect to such amounts.

Capital Expenditure Reserve Account. (a) On or prior to the Closing Date, Borrower Borrowers shall establish and thereafter maintain with the Cash Management Bank an account for the purpose of reserving amounts in respect of Capital Expenditures (the "Capital Expenditure Reserve Account"). (b) On each Payment DateBusiness Day, there the Cash Management Bank shall be deposited withdraw all available funds in the Cash Management Account and shall disburse such funds into the Capital Expenditure Reserve Account in accordance with the provisions set forth in Section 6.2 until an amount equal to the Monthly Capital Expenditure Reserve AmountAmount has been deposited therein. (c) Upon the request of any Borrower at any time that no Event of Default is continuing (but not more often than once per calendar month), provided no Event of Default has occurred and is continuing, Lender shall cause disbursements remit to such Borrower from the Capital Expenditure Reserve Account amounts to permit such Borrower to pay (or to reimburse Borrower such Borrower) for Capital Expenditures that are consistent with the Approved Annual Budgetmade in accordance herewith; provided that: (i) Such Borrower shall deliver to Lender invoices evidencing that the costs for which such disbursements are requested are due and payable; (ii) Such Borrower shall deliver to Lender an Officer's Certificate confirming that all such costs have been previously paid by such Borrower or will be paid from the proceeds of the requested disbursement and that all conditions precedent to such disbursement required by the Loan Documents as specified in this Section 3.6 have been satisfieddisbursement; and (iii) Lender may condition the making of a requested disbursement on (1) reasonable evidence establishing that each Borrower has applied any amounts previously received by it in accordance with this Section for the expenses to which specific draws made hereunder relate, (2) a reasonably satisfactory site inspection, and (3) receipt of lien releases and waivers from any contractors, subcontractors and others in connection with respect to such amounts.

Capital Expenditure Reserve Account. (a) On or prior to the Closing Date, Borrower shall establish and thereafter maintain with the Cash Management Bank an account for the purpose of reserving amounts in respect of Capital Expenditures (the "“Capital Expenditure Reserve Account"”). (b) On each Payment Date, there shall be deposited into the Capital Expenditure Reserve Account an amount equal to the Monthly Capital Expenditure Reserve Amount. (c) Upon the request of Borrower at any time that no Event of Default is continuing (but not more often than once per calendar month), Lender shall cause disbursements to Borrower from the Capital Expenditure Reserve Account to reimburse Borrower for Capital Expenditures that are consistent with the Approved Annual Budget; provided that: (i) Borrower shall deliver to Lender invoices evidencing that the costs for which such disbursements are requested are due and payable; (ii) Borrower shall deliver to Lender an Officer's ’s Certificate confirming that all such costs have been previously paid by Borrower or will be paid from the proceeds of the requested disbursement and that all conditions precedent to such disbursement required by the Loan Documents as specified in this Section 3.6 have been satisfieddisbursement; and (iii) Lender may condition the making of a requested disbursement on (1) reasonable evidence establishing that Borrower has applied any amounts previously received by it in accordance with this Section for the expenses to which specific draws made hereunder relate, (2) a reasonably satisfactory site inspection, and (3) receipt of lien releases and waivers from any contractors, subcontractors and others with respect to such amounts.

Capital Expenditure Reserve Account. (a) On or prior to the Closing Date, Borrower shall Lender will establish and thereafter maintain with an Eligible Account (which may be a subaccount of the Cash Management Bank an account Account) for the purpose of reserving amounts in respect of of. Capital Expenditures (the "Capital Expenditure Reserve Account"). (b) On each Payment Date, there Borrower shall be deposited deposit into the Capital Expenditure Reserve Account an amount equal to the Monthly Capital Expenditure Reserve Amount. (c) Upon the request of Borrower at any time that no Event of Default is continuing (but not more often than once per calendar month), Lender shall cause disbursements to Borrower from the Capital Expenditure Reserve Account to reimburse Borrower for Capital Expenditures that are consistent with the Approved Annual Budget; provided that: (i) Borrower shall deliver to Lender invoices evidencing that the costs for which such disbursements are requested are due and payable; (ii) Borrower shall deliver to Lender an Officer's Certificate confirming that all such costs have been previously paid by Borrower or will be paid from the proceeds of the requested disbursement and that all conditions precedent to such disbursement required by the Loan Documents as specified in this Section 3.6 have been satisfied; and (iii) Lender may condition the making of a requested disbursement on (1) reasonable evidence establishing that Borrower has applied any amounts previously received by it in accordance with this Section for the expenses to which specific draws made hereunder relaterelate and (2) with respect to disbursements for Capital Expenditures relating to any single capital improvement costing in excess of $250,000 in the aggregate (whether disbursed in a lump sum or multiple installments), (2x) a reasonably satisfactory site inspection, and (3y) receipt of lien releases and waivers from any contractors, subcontractors and others with respect to such amounts.