Disbursements Prior to Default Clause Samples
Disbursements Prior to Default. Borrower Parties shall not be permitted to make any withdrawals from the Capital/FF&E Reserve Account without the prior consent of Agent. From time to time, but no more frequently than once per month, Borrower Parties may submit to Agent a request for disbursement from the Capital/FF&E Reserve Account. Agent shall allow Borrower Parties to withdraw from the Capital/FF&E Reserve Account amounts to pay for Capital/FF&E Expenditures subject to satisfaction of the following conditions:
(A) at the time of making of the request and at the time a withdrawal is to be made, no Event of Default shall have occurred and be continuing;
(B) the Capital/FF&E Expenditures that are the subject of the disbursement request were identified in an Approved Capital/FF&E Expenditures Budget or are otherwise approved in writing by Agent;
(C) the Capital/FF&E Expenditures that are the subject of such request shall not be duplicative of any cost that is, has been or may be the subject of a previous or contemporaneous request for disbursement from any Account; and
(D) Borrower Parties shall have delivered to Agent a written request for the disbursement at least ten (10) Business Days prior to the date requested for the disbursement, which shall include a (x) certificate of a duly authorized officer of Borrowers certifying as to the matters set forth in the preceding clauses (A) through (C) above, (y) invoices or bills for the payment of the Capital/FF&E Expenditures which are the subject of such Capital/FF&E Expenditure Disbursement Request, and (z) the total amount of the requested disbursement.
Disbursements Prior to Default. So long as no Event of Default has occurred and is continuing, the applicable Obligor may withdraw funds from the applicable FF&E Reserve Account by submitting to Administrative Agent a request signed by a Responsible Officer of such Obligor stating the amount requested and the proposed uses for such funds. Withdrawals from the applicable FF&E Reserve Account shall be used solely for the purpose of funding Capital Expenditures with respect to the applicable Collateral Property in accordance with the Collateral Property Budget for such Collateral Property. Notwithstanding anything set forth in this SECTION 9.14 to the contrary, Administrative Agent shall have sole dominion and control over each FF&E Reserve Account.