Operating Expense Subaccount Sample Clauses
Operating Expense Subaccount. On each Payment Date during the continuance of a Cash Trap Period, a portion of Rents that have been deposited into the Deposit Account during the immediately preceding Interest Period in an amount equal to the monthly amount set forth in the Approved Operating Budget for the following month (plus any other amounts requested by Borrower for such month for payment of items constituting Approved Operating Expenses, which are not included in the Approved Operating Budget), shall be transferred into a Subaccount for the purpose of payment of Approved Operating Expenses for the month in which such Payment Date occurs (the "OPERATING EXPENSE SUBACCOUNT"). Provided no Event of Default has occurred and is continuing, Lender shall disburse funds held in the Operating Expense Subaccount to Borrower (or at Borrower's direction, to the Manager), within 5 Business Days after delivery by Borrower to Lender of a request therefor (but not more often than weekly), in increments of at least $1,000, provided (i) such disbursement is for an Approved Operating Expense; and (ii) such disbursement is accompanied by (A) an Officer's Certificate certifying (1) that such funds will be used to pay Approved Operating Expenses and a description thereof, (2) that all outstanding trade payables (other than those not yet due and payable or those to be paid from the requested disbursement or those constituting Permitted Indebtedness) have been paid in full, (3) that the same has not been the subject of a previous disbursement, and (4) that all previous disbursements have been or will be used to pay the previously identified Approved Operating Expenses, and (B) reasonably detailed documentation satisfactory to Lender as to the amount, necessity and purpose therefor. Notwithstanding anything to the contrary contained herein, to the extent that (i) Borrower has requested a disbursement of funds from the Operating Expense Subaccount in accordance with the foregoing provisions and (ii) at the time of such request, the funds that have been collected in the Operating Expense Subaccount are insufficient to cover the same, then Lender shall nonetheless disburse additional funds that are thereafter deposited into the Operating Expense Subaccount to Borrower (without any requirement for Borrower to submit an additional request therefor); provided that sufficient funds have been collected in the Deposit Account to make the payments required under clauses (i) - (v) of Section 3.11(a) on the next succe...
Operating Expense Subaccount. During a Cash Management Period, on each Payment Date, a portion of the Rents that have been deposited into the Deposit Account during the immediately preceding Interest Period in an amount equal to the monthly amount set forth in the Approved Operating Budget for the following month as being necessary for payment of Approved Operating Expenses at the Property for such month, shall be transferred into a Subaccount for the payment of Approved Operating Expenses (the “Operating Expense Subaccount”). Provided no Event of Default has occurred and is continuing, Lender shall disburse funds held in the Operating Expense Subaccount to Borrower, within fifteen (15) days after delivery by Borrower to Lender of a request therefor (but not more often than once per month), in increments of at least $1,000, provided (i) such disbursement is for an Approved Operating Expense; and (ii) such disbursement is accompanied by (A) an Officer’s Certificate certifying (1) that such funds will be used to pay Approved Operating Expenses and a description thereof, (2) that all outstanding trade payables (other than those to be paid from the requested disbursement or those constituting Permitted Indebtedness) that are due and payable have been paid in full, (3) that the same has not been the subject of a previous disbursement, and (4) that all previous disbursements have been or will be used to pay the previously identified Approved Operating Expenses, and (B) reasonably detailed documentation satisfactory to Lender as to the amount, necessity and purpose therefor.
Operating Expense Subaccount. During a Cash Management Period, Rents shall be transferred into a Subaccount (the "Operating Expense Subaccount") as provided in Section 11.09. Provided no Default or Event of Default has occurred and is continuing, the Lender shall disburse funds held in the Operating Expense Subaccount to the Borrower, within 15 days after delivery by Borrower to Lender of a request therefor (but not more often than once per month), in increments of at least $1,000, provided (i) such disbursement is for an Approved Operating Expense; and (ii) such disbursement is accompanied by (A) a certificate from a senior financial officer of the Borrower certifying (w) that such funds will be used to pay Approved Operating Expenses and a description thereof, (x) that all outstanding trade payables (other than those to be paid from the requested disbursement) have been paid in full, (y) that the same has not been the subject of a previous disbursement, and (z) that all previous disbursements have been or will be used to pay the previously identified Approved Operating Expenses, and (B) reasonably detailed documentation satisfactory to the Lender as to the amount, necessity and purpose therefor.
Operating Expense Subaccount. During a Cash Management Period, on each Payment Date, a portion of the Rents that have been deposited into the Deposit Account during the immediately preceding Interest Period in an amount equal to the monthly amount set forth in the Approved Operating Budget for the following month as being necessary for payment of Approved Operating Expenses at the Property for such month, shall be transferred into a Subaccount for the payment of Approved Operating Expenses (the “Operating Expense Subaccount”). Provided no Default or Event of Default has occurred and is continuing, on each Payment Date, Lender shall disburse to Borrower funds from the Operating Expense Subaccount in an amount equal to the monthly amount set forth in the Approved Operating Budget for the month in which such Payment Date occurs as being necessary for payment of Approved Operating Expenses at the Property for such month (plus any other amounts requested by Borrower for such month for payment of items constituting Approved Operating Expenses, which are not included in the Approved Operating Budget), which disbursement shall be made without any requirement for any Borrower request therefor or any Officer’s Certificate in connection therewith.
Operating Expense Subaccount. During a Cash Management Period, on each Payment Date, a portion of the Rents that have been deposited into the Deposit Account during the immediately preceding Interest Period in an amount equal to the monthly amount set forth in the Approved Operating Budget for the following month as being necessary for payment of Approved Operating Expenses at the Property for such month, shall be transferred into a Subaccount for the payment of Approved Operating Expenses (the “Operating Expense Subaccount”). Provided no Default or Event of Default has occurred and is continuing, and provided further that the balance of the funds on deposit in the Operating Expense Subaccount are sufficient to pay the Approved Operating Expenses then due, Lender shall disburse funds held in the Operating Expense Subaccount to Borrower on or before the twentieth (20th) day of each calendar month, provided that (i) such disbursement is for an Approved Operating Expense, and (ii) such funds shall be used to pay Approved Operating Expenses. Notwithstanding the foregoing, Lender shall have no liability in the event Cash Management Bank and/or Servicer fails to disburse funds to Borrower.