Common use of Operating Expense Subaccount Clause in Contracts

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 Upon the occurrence and during the continuance of an Event of Default, a Cash Management Period, portion of the Rents received by each Borrower shall be transferred into a Subaccount for that Borrower (the "Operating Expense Subaccount") OPERATING EXPENSE SUBACCOUNTS" as provided in Section 11.093.9. Provided no Default or Event of Default has occurred and is continuing, the Lender shall disburse funds held in the Operating Expense Subaccount Subaccounts, to the Borrowerrespective Borrowers, within 15 days after delivery by the applicable Borrower to Lender of a request therefor (but not more often than once per monthweek), 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 an Officer's Certificate 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 disbursementdisbursement or those constituting Permitted Indebtedness) 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, Rents ---------------------------- shall be transferred into a Subaccount (the "Operating Expense Subaccount") as provided in Section 11.093.10. 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 an Officer's Certificate certifying that, to the best of the Borrower certifying Borrower's knowledge, (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 disbursementdisbursement or those constituting Permitted Indebtedness) 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, Rents shall be transferred into a Subaccount (the "“Operating Expense Subaccount"”) as provided in Section 11.093.10. 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 ten (10) 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 an Officer’s Certificate 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 disbursementdisbursement or those constituting Permitted Indebtedness) 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.