Disbursements from Replacement Reserve Account. (a) Lender shall make disbursements from the Replacement Reserve Account to pay Borrower only for the costs of the Replacements. Lender shall not be obligated to make disbursements from the Replacement Reserve Account to reimburse Borrower for the costs of routine maintenance to the Property or for costs which are to be reimbursed from the Required Repair Fund (if any).
(b) Lender shall, upon written request from Borrower and satisfaction of the requirements set forth in this Section 7.3.2, disburse to Borrower amounts from the Replacement Reserve Account necessary to pay for the actual approved costs of Replacements or to reimburse Borrower therefor, upon completion of such Replacements (or, upon partial completion in the case of Replacements made pursuant to Section 7.3.2(f)) as determined by Lender. In no event shall Lender be obligated to disburse funds from the Replacement Reserve Account if a Default or an Event of Default exists.
(c) Each request for disbursement from the Replacement Reserve Account shall be in a form specified or approved by Lender and shall specify (i) the specific Replacements for which the disbursement is requested, (ii) the quantity and price of each item purchased, if the Replacement includes the purchase or replacement of specific items, (iii) the price of all materials (grouped by type or category) used in any Replacement other than the purchase or replacement of specific items, and (iv) the cost of all contracted labor or other services applicable to each Replacement for which such request for disbursement is made. With each request Borrower shall certify that all Replacements have been made in accordance with all applicable Legal Requirements of any Governmental Authority having jurisdiction over the Property to which the Replacements are being provided and, unless Lender has agreed to issue joint checks as described below, each request shall include evidence of payment of all such amounts. Each request for disbursement shall include copies of invoices for all items or materials purchased and all contracted labor or services provided. Except as provided in Section 7.3.2(e), each request for disbursement from the Replacement Reserve Account shall be made only after completion of the Replacement for which disbursement is requested. Borrower shall provide Lender evidence of completion satisfactory to Lender in its reasonable judgment.
(d) Borrower shall pay all invoices in connection with the Replacements with respect to whic...
Disbursements from Replacement Reserve Account. (a) Lender shall make disbursements from the Replacement Reserve Account to pay Borrower only for the costs of the Replacements. Lender shall not be obligated to make disbursements from the Replacement Reserve Account to reimburse Borrower for the costs of routine maintenance to an Individual Property or for costs which are to be reimbursed from the Required Repair Fund.
Disbursements from Replacement Reserve Account. (a) Administrative Agent shall disburse to Borrower the Replacement Reserve Funds (or applicable portion thereof) upon satisfaction by Borrower of each of the following conditions:
(i) Borrower shall submit a request for payment to Administrative Agent at least ten (10) days prior to the date on which Borrower requests that such payment be made, which request for payment shall specify the Replacements for which payment is requested;
(ii) on the date such request is received by Administrative Agent and on the date such payment is to be made, no Event of Default shall be continuing;
(iii) such request shall be accompanied by an Officer’s Certificate (A) stating that all Replacements (or, in the case of periodic payments approved by Administrative Agent pursuant to Section 7.3.2(c) below, the applicable portion of such Replacements) at the applicable Individual Property to be funded by the requested disbursement have been or will be completed in good and workmanlike manner and in accordance with all applicable Legal Requirements, such Officer’s Certificate to be accompanied by copies of paid invoices or copies of invoices to be paid, as applicable, in each case with respect to invoices in excess of $25,000 and any licenses, permits or other approvals by any Governmental Authority required in connection with the applicable Replacements (or portion thereof, in the case of approved periodic payments), (B) identifying each contractor that supplied materials or labor in connection with the Replacements (or portion thereof, in the case of approved periodic payments) to be funded by the requested disbursement, and (C) stating that each such contractor has been or will have been paid in full upon such disbursement (or, in any case in which Borrower has requested that Administrative Agent issue joint checks payable to Borrower and such contractor, that each such contractor will be paid in full with the funds to be so disbursed);
(iv) if the costs of the applicable Replacements exceed the Reserve Threshold or in any case in which Borrower has requested that Administrative Agent issue joint checks payable to Borrower and the contractor that supplied materials or labor in connection with the Replacements (or portion thereof, in the case of approved periodic payments), such request is accompanied by (X) lien waivers or other evidence of payment reasonably satisfactory to Administrative Agent, (Y) at Administrative Agent’s request, a title search for the applicable Individ...
Disbursements from Replacement Reserve Account. Provided that a Event of Default shall have not occurred and be continuing, Borrower, or at Borrower’s direction, Operating Lessee or Manager, shall be entitled to disbursements from the Replacement Reserve Account to pay, or to reimburse Borrower, Manager or Operating Lessee for, the costs of Replacements as such costs are incurred.
Disbursements from Replacement Reserve Account. (a) Lender shall make disbursements from the Replacement Reserve Account to pay Borrower for the costs of the Replacements upon satisfaction of the requirements set forth in this Section 7.3.
Disbursements from Replacement Reserve Account. Provided, no Event of Default has occurred and is continuing, Lender shall promptly make disbursements from the Replacement Reserve Fund as requested by Borrower, and approved by Lender (which approval shall not be unreasonably withheld or delayed), no more frequently than once in any thirty (30) day period of no less than $5,000.00 upon delivery by Borrower of Lender’s standard form of draw request accompanied by copies of paid invoices for the amounts requested and, if required by Lender for requests in excess of $10,000.00 for a single item, lien waivers and releases from all parties furnishing materials and/or services in connection with the requested payment. Lender may require an inspection of the Property at Borrower’s expense prior to making a monthly disbursement in order to verify completion of replacements and repairs of items in excess of $10,000.00 for which reimbursement is sought.
Disbursements from Replacement Reserve Account. Lender shall make disbursements from the Replacement Reserve Fund as requested by Borrowers, and approved by Lender in its reasonable discretion, no more frequently than once in any thirty (30) day period of no less than $5,000.00 upon delivery by Borrowers of Lender's standard form of draw request accompanied by copies of paid invoices for the amounts requested and, if required by Lender for requests in excess of $50,000.00 for a single item, lien waivers and releases from all parties furnishing materials and/or services in connection with the requested payment. Lender may require an inspection of the Property at Borrowers' expense prior to making a monthly disbursement in order to verify completion of replacements and repairs of items in excess of $50,000.00 for which reimbursement is sought.
Disbursements from Replacement Reserve Account. From time to time, Lender (or its Servicer) shall instruct Cash Management Bank to disburse funds on deposit in the Replacement Reserve Account for the purposes set forth in and in accordance with Section 7.4 of this Agreement.
Disbursements from Replacement Reserve Account. Trustee shall make disbursements from the Replacement Reserve Fund as requested by Issuers, and approved by Trustee, no more frequently than once in any thirty (30) day period of no less than $5,000.00 upon delivery by Issuers of Trustee’s standard form of draw request accompanied by copies of paid invoices for the amounts requested or invoices showing payments due, together with such evidence as Trustee shall reasonably request that the Replacements to be reimbursed or funded by the requested disbursement have been completed in good and workmanlike manner and in accordance with all applicable Legal Requirements, and, if required by Trustee for requests in excess of $10,000.00 for a single item, releases from all parties furnishing materials and/or services in connection with the requested payment. Trustee may require an inspection of the Property at Issuers’ expense prior to making a monthly disbursement in order to verify completion of replacements and repairs of items in excess of $10,000.00 for which reimbursement is sought; provided that Trustee may not require such inspection more frequently than twice during any calendar year unless the average monthly disbursement from the Replacement Reserve Fund during the trailing twelve (12) month period exceeds $250,000 (at which time Trustee may require such inspections prior to making any monthly disbursement from the Replacement Reserve Fund).
Disbursements from Replacement Reserve Account. Lender shall make disbursements from the Replacement Reserve Fund as requested by Borrower, and approved by Lender in its reasonable discretion, no more frequently than once in any thirty (30) day period of no less than $5,000.00 upon delivery by Borrower of Lender’s standard form of draw request accompanied by copies of paid invoices for the amounts requested and, if required by Lender for requests in excess of $10,000.00 for a single item, lien waivers and releases or other evidence of payment reasonably satisfactory to Lender from all parties furnishing materials and/or services in connection with the requested payment. Lender may require an inspection of the Property at Borrower’s expense prior to making a monthly disbursement in order to verify completion of replacements and repairs of items in excess of $25,000.00 for which reimbursement is sought.
