Common use of Posting of Security Clause in Contracts

Posting of Security. Any security delivered by Owner pursuant to paragraph (ii) or paragraph (iii) above shall be in cash or the form of security required for Material Alterations under Section 4.12.2 hereof (and if cash, shall be deposited into the Scheduled PIP Reserve Account and disbursed in accordance with Section 6.6.2 of the Mortgage Loan Agreement). If such security is in the form of a Letter of Credit or other non-cash security permitted under Section 4.12.2, then, in lieu of disbursements from the Scheduled PIP Reserve Account, Mortgage Lender shall grant approved reductions in the amount of such Letter of Credit or other security upon satisfaction of the same conditions that are applicable to disbursements of Scheduled PIP Reserve Funds from the Scheduled PIP Reserve Account in accordance with Section 6.5.2 of the Mortgage Loan Agreement. In no event shall there be any duplication of any reserve or security requirements by reason of the obligations under Section 6.5.1(a), paragraph (ii) above and paragraph (iii) above.

Posting of Security. Any security delivered by Owner pursuant to paragraph (ii) or paragraph (iii) above shall be in cash or the form of security required for Material Alterations under Section 4.12.2 hereof (and if cash, shall be deposited into the Scheduled PIP Reserve Account and disbursed in accordance with Section 6.6.2 of the Mortgage Loan Agreement). If such security is in the form of a Letter of Credit or other non-cash security permitted under Section 4.12.2, then, in lieu of disbursements from the Scheduled PIP Reserve Account, Mortgage Lender shall grant approved reductions in the amount of such Letter of Credit or other security upon satisfaction of the same conditions that are applicable to disbursements of Scheduled PIP Reserve Funds from the Scheduled PIP Reserve Account in accordance with Section 6.5.2 of the Mortgage Loan Agreement. In no event shall there be any duplication of any reserve or security requirements by reason of the obligations under Section 6.5.1(a), paragraph (ii) above and paragraph (iii) above. In the event that any such security is not required (or is waived) by Mortgage Lender or Mezzanine A Lender, then Lender shall have the right to hold such security in accordance with the foregoing provisions.

Posting of Security. Any security delivered by Owner pursuant to paragraph (ii) or paragraph (iii) above shall be in cash or the form of security required for Material Alterations under Section 4.12.2 hereof (and if cash, shall be deposited into the Scheduled Future PIP Reserve Account and disbursed in accordance with Section 6.6.2 of the Mortgage Loan Agreement). If such security is in the form of a Letter of Credit or other non-cash security permitted under Section 4.12.2, . then, in lieu of disbursements from the Scheduled Future PIP Reserve Account, Mortgage Lender shall grant approved reductions in the amount of such Letter of Credit or other security upon satisfaction of the same conditions that are applicable to disbursements of Scheduled Future PIP Reserve Funds from the Scheduled Future PIP Reserve Account in accordance with Section 6.5.2 6.6.2 of the Mortgage Loan Agreement. In no event shall there be any duplication of any reserve or security requirements by reason of the obligations under Section 6.5.1(a6.6.1(a), . paragraph (ii) above and paragraph (iii) above.

Posting of Security. Any security delivered by Owner pursuant to paragraph (ii) or paragraph (iii) above shall be in cash or the form of security required for Material Alterations under Section 4.12.2 hereof (and if cash, shall be deposited into the Scheduled Future PIP Reserve Account and disbursed in accordance with Section 6.6.2 of the Mortgage Loan Agreement). If such security is in the form of a Letter of Credit or other non-cash security permitted under Section 4.12.2, then, in lieu of disbursements from the Scheduled Future PIP Reserve Account, Mortgage Lender shall grant approved reductions in the amount of such Letter of Credit or other security upon satisfaction of the same conditions that are applicable to disbursements of Scheduled Future PIP Reserve Funds from the Scheduled Future PIP Reserve Account in accordance with Section 6.5.2 6.6.2 of the Mortgage Loan Agreement. In no event shall there be any duplication of any reserve or security requirements by reason of the obligations under Section 6.5.1(a6.6.1(a), paragraph (ii) above and paragraph (iii) above.