Common use of Franchise Fee Reserve Accounts Clause in Contracts

Franchise Fee Reserve Accounts. Upon the request of Borrower, Administrative Agent will, within ten (10) Business Days after the receipt of such request and the satisfaction of the other conditions set forth in this Section, cause disbursements to Operating Lessee from the Franchise Fee Reserve Account, as applicable, to pay or to reimburse Borrower for actual costs incurred in connection with the Third-Party Franchise Fee (to the extent any such fee or expense is required to be paid under the related franchise agreement), provided that (A) Administrative Agent has received evidence of payment of the Third-Party Franchise Fee, or received invoices evidencing that the fees for which such disbursements are requested are due and payable, are in respect of the Third-Party Franchise Fee for the Property, and have not been previously paid; (B) any amounts previously disbursed pursuant to this paragraph have been properly applied; and (C) Administrative Agent has received an Officer’s Certificate confirming that the conditions in the foregoing clauses (A) and (B) have been satisfied and that the copies of invoices (to the extent required above) attached to such Officer’s Certificate are true, complete and correct. Subject to the terms of the Assignment of Management Agreement, in no event shall Administrative Agent be obligated to disburse funds from the Franchise Fee Reserve Account if an Event of Default exists.

Franchise Fee Reserve Accounts. Upon the request of Borrower, Administrative Agent will, within ten (10) Business Days after the receipt of such request and the satisfaction of the other conditions set forth in this SectionSection 16.6, cause disbursements to Operating Lessee from the Franchise Fee Reserve Account, as applicable, to pay or to reimburse Borrower for actual costs incurred in connection with the Third-Party Franchise Fee (to the extent any such fee or expense is required to be paid under the related franchise agreement), provided that (A) Administrative Agent has received evidence of payment of the Third-Party Franchise Fee, or received invoices evidencing that the fees for which such disbursements are requested are due and payable, are in respect of the Third-Party Franchise Fee for the Property, and have not been previously paid; (B) any amounts previously disbursed pursuant to this paragraph have been properly applied; and (C) Administrative Agent has received an Officer’s Certificate confirming that the conditions in the foregoing clauses (A) and (B) have been satisfied and that the copies of invoices (to the extent required above) attached to such Officer’s Certificate are true, complete and correct. Subject to the terms of the Assignment of Management Agreement, in no event shall Administrative Agent be obligated to disburse funds from the Franchise Fee Reserve Account if an Event of Default exists.

Franchise Fee Reserve Accounts. Upon the request of Borrower, Administrative Agent Lender will, within ten (10) Business Days after the receipt of such request and the satisfaction of the other conditions set forth in this Section, cause disbursements to Operating Lessee from the Franchise Fee Reserve Account, as applicable, to pay or to reimburse Borrower for actual costs incurred in connection with the Third-Party Franchise Fee (to the extent any such fee or expense is required to be paid under the related franchise agreement), provided that (A) Administrative Agent Lender has received evidence of payment of the Third-Party Franchise Fee, or received invoices evidencing that the fees for which such disbursements are requested are due and payable, are in respect of the Third-Party Franchise Fee for the Property, and have not been previously paid; (B) any amounts previously disbursed pursuant to this paragraph have been properly applied; and (C) Administrative Agent Lender has received an Officer’s 's Certificate confirming that the conditions in the foregoing clauses (A) and (B) have been satisfied and that the copies of invoices (to the extent required above) attached to such Officer’s 's Certificate are true, complete and correct. Subject to the terms of the Assignment of Management Agreement, in no event shall Administrative Agent Lender be obligated to disburse funds from the Franchise Fee Reserve Account if a Monetary Default or an Event of Default exists.