Common use of Lender Requirements Clause in Contracts

Lender Requirements. (a) Upon the written demand of Landlord, if required by a Facility Mortgagee, Tenant shall make deposits for Capital Expenditures to Landlord or a Facility Mortgagee, as directed by Landlord (any such amount, the “Requested Capex Deposit Amount”), in escrow on the same day Base Rent is due, or such later date as directed by a Facility Mortgagee, in an amount required to satisfy the requirements of the Facility Mortgagee; provided, however, that Tenant shall only be required to make deposits up to a maximum of $400 per unit per Facility per calendar year (the “Tenant Capex Threshold”). (b) If the Requested Capex Deposit Amount exceeds Tenant Capex Threshold (such excess amount, the “Excess Capex Amount”) and Landlord funds such Excess Capex Amount, then: (i) if Landlord uses the Security Deposit to fund the Excess Capex Amount, which Landlord may do in its discretion, (A) Tenant shall have no obligation to replenish the Security Deposit on account of any such deposits made by Landlord, (B) Tenant shall elect at the conclusion of each Elapsed Period, by delivering notice to Landlord, to treat any Excess Capex Amount actually spent on a Facility as Capital Expenditures for the purpose of Article 7 and (C) Landlord shall, subject to the terms of this Lease, be obligated to return to Tenant (I) the full amount of the Security Deposit paid to Tenant pursuant to this Lease less (II) any Excess Capex Amounts which have been treated as Capital Expenditures under (B) above; and (ii) if Landlord funds the Excess Capex Amount out of funds other than the Security Deposit, which Landlord may do in its discretion, any such Excess Capex Amount spent on the Facilities shall not be considered Capital Expenditures except to the extent Tenant, in its discretion, reimburses Landlord for the funding of such amounts.

Lender Requirements. Notwithstanding any provision of Section 27 to the contrary, in the event any of Landlord's lender(s) having a lien on the Premises so require, Landlord shall have the right to carry the Property Insurance on the Insured Premises required or permitted of Tenant pursuant to Section 14.1.2 hereof and any other type of insurance that any such lender may require, and Landlord shall treat the expenses thereof as Operating Expenses, subject, however, to the provisions of Section 8.2.3. Landlord shall deliver prior written notice to Tenant of Landlord's election to carry said Property Insurance. If Landlord delivers such notice to Tenant, Landlord shall carry the Property Insurance, and Tenant shall be relieved of its obligation to carry such Property Insurance, unless and until Landlord shall provide Tenant with at least thirty (a30) Upon days notice of rescission of its election under this Section 27.7, in which event this Section 27.5 shall not apply unless and until Landlord provides Tenant with another notice of its election. If Tenant does not exercise Tenant's Casualty Loss Termination Right pursuant to the provisions of Section 27.5, then with respect to any loss which is not a Tenant Insured Loss and which is covered by or is required to be covered by the Property Insurance that Landlord carries or is required to carry pursuant to this Section 27.7, the following shall apply: Landlord shall use its reasonable best efforts to obtain, within ninety (90) days following such loss, the written demand agreement of the Landlord's lender that any proceeds available from Property Insurance carried by Landlord with respect to the Insured Premises (or the amount that Landlord is liable to pay due to any failure by Landlord to carry such Property Insurance) may be disbursed for use by Tenant for the restoration of the Insured Premises in accordance with the foregoing provisions of this Section 27, if required by If the loss is a Facility MortgageeLandlord Insured Loss, Tenant shall make deposits for Capital Expenditures pay to Landlord or a Facility Mortgagee, as directed by Landlord (any such amount, the “Requested Capex Deposit Amount”), in escrow on the same day Base Rent is due, or such later date as directed by a Facility Mortgagee, in an amount required to satisfy the requirements greater of the Facility Mortgagee; provided, however, that Tenant shall only be required to make deposits up to a maximum of $400 per unit per Facility per calendar year (the “Tenant Capex Threshold”). (b) If the Requested Capex Deposit Amount exceeds Tenant Capex Threshold (such excess amount, the “Excess Capex Amount”) and Landlord funds such Excess Capex Amount, then: (i) if the deductible portion of the Property Insurance carried by Landlord uses the Security Deposit with respect to fund the Excess Capex Amount, which Landlord may do in its discretion, (A) Tenant shall have no obligation to replenish the Security Deposit on account of any such deposits made by Landlordloss (other than earthquake (DIC) insurance) up to $25,000 and as to earthquake (DIC) insurance, (B) Tenant shall elect at the conclusion of each Elapsed Period, by delivering notice up to Landlord, to treat any Excess Capex Amount actually spent on a Facility as Capital Expenditures for the purpose of Article 7 and (C) Landlord shall, subject to the terms of this Lease, be obligated to return to Tenant (I) the full amount 15% of the Security Deposit paid to Tenant pursuant to this Lease less (II) any Excess Capex Amounts which have been treated as Capital Expenditures under (B) above; and replacement value of the Insured Premises, or (ii) if Landlord funds the Excess Capex Amount out of funds other than the Security Deposit, such higher deductible amount as to which Landlord may do and Tenant have agreed in its discretion, any such Excess Capex Amount spent on the Facilities shall not be considered Capital Expenditures except to the extent Tenant, in its discretion, reimburses Landlord for the funding of such amountswriting.

Lender Requirements. Each Person that is a Lender on the Closing Date (each such Lender being a "CLOSING DATE LENDER"), at its own expense, either (i) shall have provided Issuing Lenders with evidence satisfactory to Issuing Lenders that such Closing Date Lender has long term senior unsecured debt ratings in effect on the Closing Date of (a) Upon the written demand of Landlordif such Closing Date Lender is not a DIP Lender, if required by a Facility Mortgagee"A2" or better from Moody's and "A" or better from S&P, Tenant shall make deposits for Capital Expenditures to Landlord and (x) xx xxxx Closing Date Lendxx xx x DIP Lender, "Baa3" or a Facility Mortgagee, as directed by Landlord (any such amount, the “Requested Capex Deposit Amount”), in escrow on the same day Base Rent is duebetter from Moody's and "BBB-" or better from S&P, or (ii) shall have delivered tx Xxxxxng Lenders, at such later date as directed Closing Date Lender's option, either (a) evidence satisfactory to Issuing Lenders that the Letter of Credit Commitment of such Closing Date Lender is irrevocably guaranteed or similarly supported pursuant to arrangements (and by a Facility MortgageePersons) reasonably satisfactory to Administrative Agent and Issuing Lenders, in an amount required to satisfy the requirements of the Facility Mortgagee; provided, however, that Tenant shall only be required to make deposits up to a maximum of $400 per unit per Facility per calendar year (the “Tenant Capex Threshold”). or (b) If cash collateral supporting the Requested Capex Deposit Amount exceeds Tenant Capex Threshold maximum amount of the Letter of Credit Commitment of such Closing Date Lender pursuant to documentation and arrangements reasonably satisfactory to Administrative Agent and Issuing Lenders. Each Lender, by delivering to Agents a signed counterpart to this Agreement, shall be deemed (unless such excess amountLender indicates otherwise in writing to Agents and Company) to have acknowledged receipt of, and to have consented to, approved and be satisfied with, the “Excess Capex Amount”documents, agreements, instruments or information which require approval, consent or satisfaction of the Lenders or Requisite Lenders, as applicable, in order for the conditions precedent contained in this subsection 4.1 to be satisfied. Notwithstanding anything in this Section 4 to the contrary, it is understood and agreed that the conditions of subsection 4.1A(i) and Landlord funds such Excess Capex Amount, then: shall be deemed satisfied notwithstanding (i) if Landlord uses failure to deliver all of the Security Deposit to fund the Excess Capex Amountcertificates or other evidence of good standing described in subsection 4.1A(i), so long as (a) Administrative Agent is notified which Landlord may do certificates or other evidence shall not have been delivered and, in its sole discretion, (A) Tenant shall have no obligation agrees that such certificates or other evidence may be delivered with respect to replenish the Security Deposit on account of any such deposits made by Landlordrelevant Persons after the Closing Date, (Bb) Tenant shall elect at failure to deliver all of the conclusion certificates or other evidence of each Elapsed Period, by delivering notice to Landlord, to treat any Excess Capex Amount actually spent good standing described in subsection 4.1A(i) on a Facility as Capital Expenditures for the purpose of Article 7 and (C) Landlord shall, subject or prior to the terms date which is 90 days after the Closing Date shall constitute an immediate Event of this LeaseDefault on such date (unless such failure is due to failure to pay franchise taxes full payment of which has been tendered by such date), be obligated to return to Tenant (I) the full amount of the Security Deposit paid to Tenant pursuant to this Lease less (II) any Excess Capex Amounts which have been treated as Capital Expenditures under (B) above; and or (ii) if Landlord funds failure to deliver all or any portion of the Excess Capex Amount out of funds other than the Security Deposit, which Landlord may do title insurance-related documents and instruments described in its discretion, any such Excess Capex Amount spent on the Facilities shall not be considered Capital Expenditures except subsection 4.1N with respect to the extent TenantReal Property Asset located in Lassen County, in its discretionCalifornia, reimburses Landlord for the funding provided, that failure to deliver all of such amountsdocuments and instruments with respect to such property on or prior to the date which is 360 days after the Closing Date shall constitute an immediate Event of Default on such date.