Common use of Optional Disbursements Clause in Contracts

Optional Disbursements. (a) If any or all conditions precedent to making an Advance have not been satisfied on the date such Advance was requested to be made, Lender may, at its sole option (i) waive so many of such conditions precedent as it may elect, and/or (ii) disburse only that portion of the requested Advance for which all of the conditions precedent have been satisfied. To the extent Lender makes an Advance for which any of the conditions precedent have not been satisfied, the making of such Advance shall constitute a waiver of such unsatisfied conditions for such Advance (but not for any other Advance), unless otherwise set forth in a written notice from Lender to Borrower. (b) Upon the occurrence and during the continuance of an Event of Default, Lender shall have the right (but no obligation) to make any or all Advances directly to contractors or any other Person to whom payment is due with respect to any Approved Capital Expenses or Approved Leasing Expenses. The execution of this Agreement by Borrower shall, and hereby does, constitute an irrevocable direction and authorization to so disburse any such Advance. No further direction or authorization from Borrower shall be necessary or required for such direct disbursements and all such disbursements shall satisfy pro tanto the obligations of Lender hereunder and shall be secured by the applicable Loan Documents as fully as if made directly to Borrower, regardless of the disposition thereof by the payee. (c) Lender shall have the right (but not the obligation), by its own action (and without any request therefor by Borrower), to disburse to itself (or retain from) any Advance amounts to pay interest, fees and any other sums then due and payable to Lender pursuant to the Loan Documents, after Borrower’s failure to make such payments in accordance with the terms and provisions of the Loan Documents.

Optional Disbursements. (a) If any or all conditions precedent to making an Additional Advance have not been satisfied on the date such Additional Advance was requested to be made, Lender may, at its sole option (i) waive so many of such conditions precedent as it may elect, and/or (ii) disburse only that portion of the requested Additional Advance for which all of the conditions precedent have been satisfied. To the extent Lender makes an Additional Advance for which any of the conditions precedent have not been satisfied, the making of such Additional Advance shall constitute a waiver of such unsatisfied conditions for such Additional Advance (but not for any other Additional Advance), unless otherwise set forth in a written notice from Lender to Borrower. (b) Upon the occurrence and during the continuance of a Default or an Event of Default, Lender shall have the right (but no obligation) to make any or all Additional Advances directly to contractors or any other Person to whom payment is due with respect to any Approved Capital Expenses or Approved Leasing Renovation/Re-Branding Expenses. The execution of this Agreement by Borrower shall, and hereby does, constitute an irrevocable direction and authorization to so disburse any such Additional Advance. No further direction or authorization from Borrower shall be necessary or required for such direct disbursements and all such disbursements shall satisfy pro tanto the obligations of Lender hereunder and shall be secured by the applicable Loan Documents as fully as if made directly to Borrower, regardless of the disposition thereof by the payee. (c) Lender shall have the right (but not the obligation), by its own action (and without any request therefor by Borrower), to disburse to itself (or retain from) any Additional Advance amounts to pay interest, fees and any other sums then due and payable to Lender pursuant to the Loan Documents, after Borrower’s failure to make such payments in accordance with the terms and provisions of the Loan Documents.

Optional Disbursements. (a) If any or all conditions precedent to making an a Leasing Advance have not been satisfied on the date such Advance was requested to be made, Lender may, at its sole option (i) waive so many of such conditions precedent as it may elect, and/or (ii) disburse only that portion of the requested Leasing Advance for which all of the conditions precedent have been satisfied. To the extent Lender makes an a Leasing Advance for which any of the conditions precedent have not been satisfied, the making of such Leasing Advance shall constitute a waiver of such unsatisfied conditions for such Leasing Advance (but not for any other Leasing Advance), unless otherwise set forth in a written notice from Lender to BorrowerBorrowers. (b) Upon the occurrence and during the continuance of an Event of Default, Lender shall have the right (but no obligation) to make any or all Leasing Advances directly to contractors or any other Person to whom payment is due with respect to any Approved Capital Expenses or such Approved Leasing Expenses. The execution of this Agreement by Borrower Borrowers shall, and hereby does, constitute an irrevocable direction and authorization to so disburse any such Leasing Advance. No further direction or authorization from Borrower Borrowers shall be necessary or required for such direct disbursements and all such disbursements shall satisfy pro tanto PRO TANTO the obligations of Lender hereunder and shall be secured by the applicable Loan Documents as fully as if made directly to BorrowerBorrowers, regardless of the disposition thereof by the payee. (c) Lender shall have the right (but not the obligation), by its own action (and without any request therefor by BorrowerBorrowers), to disburse to itself (or retain from) any Leasing Advance amounts to pay interest, fees and any other sums then due and payable to Lender pursuant to the Loan Documents, after Borrower’s failure to make such payments in accordance with the terms and provisions of the Loan Documents.

Optional Disbursements. (a) If any or all conditions precedent to making an a Leasing Advance have not been satisfied on the date such Advance was requested to be made, Lender may, at its sole option (i) waive so many of such conditions precedent as it may elect, and/or (ii) disburse only that portion of the requested Leasing Advance for which all of the conditions precedent have been satisfied. To the extent Lender makes an a Leasing Advance for which any of the conditions precedent have not been satisfied, the making of such Leasing Advance shall constitute a waiver of such unsatisfied conditions for such Leasing Advance (but not for any other Leasing Advance), unless otherwise set forth in a written notice from Lender to Borrower. (b) Upon the occurrence and during the continuance of an Event of Default, Lender shall have the right (but no obligation) to make any or all Leasing Advances directly to contractors or any other Person to whom payment is due with respect to any Approved Capital Expenses or such Approved Leasing ExpensesExpenses (and Lender shall endeavor to provide notice thereof to Borrower). The execution of this Agreement by Borrower shall, and hereby does, constitute an irrevocable direction and authorization to so disburse any such Leasing Advance. No further direction or authorization from Borrower shall be necessary or required for such direct disbursements and all such disbursements shall satisfy pro tanto the obligations of Lender hereunder and shall be secured by the applicable Loan Documents as fully as if made directly to Borrower, regardless of the disposition thereof by the payee. (c) Lender shall have the right (but not the obligation), by its own action (and without any request therefor by Borrower), to disburse to itself (or retain from) any Leasing Advance amounts to pay interest, fees and any other sums then due and payable to Lender pursuant to the Loan Documents, after Documents (and Lender shall endeavor to provide notice thereof to Borrower’s failure to make such payments in accordance with the terms and provisions of the Loan Documents).