Common use of Payment of Capital Expenses Clause in Contracts

Payment of Capital Expenses. From time to time (but not more often than once per month, Lender shall disburse funds held in the Capital Reserve Fund to Borrower or, as directed by Manager, within fifteen (15) days after the delivery by Borrower or Manager, as applicable, to Lender of a request therefor, in increments of at least $1,000 provided (i) no Event of Default shall have occurred and be continuing; (ii) such disbursement is for an Approved Capital Expense; (iii) Lender shall have (if it desires) verified (by an inspection conducted at Borrower's expense) performance of the work associated with such Approved Capital Expense; and (iv) the request for disbursement is accompanied by (A) an Officer's Certificate certifying (v) the amount of funds to be disbursed, (w) that such funds will be used to pay (or reimburse Borrower or Manager, as applicable, for) Approved Capital Expenses and a description thereof, (x) that all outstanding trade payables (other than those to be paid from the requested disbursement or those otherwise permitted to be outstanding under Section 6.1.8 and 6.2.8) have been paid in full, (y) that the same has not been the subject of a previous dis bursement, and (z) that all previous disbursements have been used to pay the previously identified Approved Capital Expenses, and (B) reasonably detailed documentation as to the amount, necessity and purpose therefor.

Payment of Capital Expenses. From time to time (but not more often than once per month, Lender shall disburse funds Funds held in the Capital Reserve Fund may be used for Approved Capital Expenses. From time to time, Borrower ormay send a request for disbursement of funds in the Capital Reserve Fund, as directed by Manager, within fifteen but not more than one (151) days after the delivery by Borrower or Manager, as applicabletime per month and, to the extent there are sufficient funds available in the Capital Reserve Fund, such disbursements shall be made by Lender of a request therefor, in increments of at least $1,000 provided so long as (ia) no Event of Default shall have occurred and be continuing; (iib) such disbursement expenditure is for an Approved Capital Expense; (iii) Lender shall have (if it desires) verified (by an inspection conducted at Borrower's expense) performance of the work associated with such Approved Capital Expense; and (ivc) the request for disbursement is accompanied by (Ai) an Officer's Certificate certifying (vA) the amount of funds to be disbursed, (wB) that such funds will be used to pay (or reimburse Borrower or Manager, as applicable, for) Approved Capital Expenses and a description thereof, (xC) that the same has not been the subject of a previous disbursement, (D) that all outstanding trade payables (other than those to be paid from the requested disbursement or those otherwise permitted to be outstanding under Section 6.1.8 and 6.2.86.1(i) hereof) have been paid in full, (y) that the same has not been the subject of a previous dis bursement, full and (zE) that all previous disbursements have been used to pay the previously identified Approved Capital Expenses, Expenses and (Bii) reasonably detailed documentation as to the amount, necessity and purpose therefor.

Payment of Capital Expenses. From time to time (but not more often than once per month, Lender shall disburse funds Funds held in the Capital Reserve Fund may be used for Approved Capital Expenses. From time to time, Borrower ormay send a request for disbursement of funds in the Capital Reserve Fund, as directed by Manager, within fifteen but not more than two (152) days after the delivery by Borrower or Manager, as applicabletimes per month and, to the extent there are sufficient funds available in the Capital Reserve Fund, such disbursements shall be made by Lender of a request therefor, in increments of at least $1,000 provided so long as (iA) no Event of Default shall have occurred and be continuing; (iiB) such disbursement expenditure is for an Approved Capital Expense; (iii) Lender shall have (if it desires) verified (by an inspection conducted at Borrower's expense) performance of the work associated with such Approved Capital Expense; and (ivC) the request for disbursement is accompanied by (A1) an Officer's Certificate certifying (v) the amount of funds to be disbursed, (w) that such funds will be used to pay (or reimburse Borrower or Manager, as applicable, for) Approved Capital Expenses and a description thereof, (x) that all outstanding trade payables (other than those to be paid from the requested disbursement or those otherwise permitted to be outstanding under Section 6.1.8 and 6.2.86.1(i) hereof) have been paid in full, (y) that the same has not been the subject of a previous dis bursementdisbursement, and (z) that all previous disbursements have been used to pay the previously identified Approved Capital Expenses, (2) at Lender's option, copies of appropriate lien waivers or other evidence of payment satisfactory to Lender, and (B3) reasonably detailed documentation as to the amount, necessity and purpose therefor.

Payment of Capital Expenses. From time to time (but not --------------------------- more often than once per month), Lender shall disburse funds held in the Capital Reserve Fund to Borrower or, as directed by ManagerBorrower, within fifteen (15) days after the delivery by Borrower or Manager, as applicable, to Lender of a request therefor, in increments of at least $1,000 provided (i) no Event of Default shall have occurred and be continuing; (ii) such disbursement is for an Approved Capital Expense; (iii) Lender shall have (if it desires) verified (by an inspection conducted at Borrower's expense) performance of the work associated with such Approved a Capital Expense; and (iviii) the request for disbursement is accompanied by (A) an Officer's Certificate from the appropriate Borrower certifying (v) the amount of funds to be disbursed, (w) that such funds will be used to pay (or reimburse Borrower or Manager, as applicable, for) Approved Capital Expenses and a description thereof, (x) that all outstanding trade payables (other than those to be paid from the requested disbursement or those otherwise permitted to be outstanding under Section 6.1.8 and 6.2.86.8) have been paid in full, (y) that the same has not been the subject of a previous dis bursementdisbursement, and (z) that all previous disbursements have been used to pay the previously identified Approved Capital Expenses, and (B) reasonably detailed documentation as to the amount, necessity and purpose therefor.

Payment of Capital Expenses. From time to time (but not more often than once per month), Lender shall disburse funds held in the Capital Reserve Fund to Borrower or, as directed by ManagerBorrower, within fifteen (15) 15 days after the delivery by Borrower or Manager, as applicable, to Lender of a request therefor, in increments of at least $1,000 provided (i) no Event of Default shall have occurred and be continuing; (ii) such disbursement is for a Capital Expense (provided that during the continuance of a Lockbox Event, such disbursement shall only be for an Approved Capital Expense); (iii) Lender shall shall, within such 15 day period, have (if it desires) verified (by an inspection inspection, which during the continuance of an Event of Default or a Lockbox Event, shall be conducted at Borrower's expense) performance of the work associated with such Capital Expense or Approved Capital Expense, as the case may be; and (iv) the request for disbursement is accompanied by (A) an Officer's Certificate certifying (v) the amount of funds to be disbursed, (w) that such funds will be used to pay (Capital Expenses or reimburse Borrower or ManagerApproved Capital Expenses, as applicablethe case may be, for) Approved Capital Expenses and a description thereof, (x) that all outstanding trade payables (other than those to be paid from the requested disbursement or those otherwise permitted to be outstanding under Section 6.1.8 and 6.2.86.8) have been paid in full, (y) that the same has not been the subject of a previous dis bursementdisbursement, and (z) that all previous disbursements have been used to pay the previously identified Capital Expenses or Approved Capital Expenses, as the case may be, and (B) reasonably detailed documentation as to the amount, necessity and purpose therefor.