Common use of Release of Completion Reserve Clause in Contracts

Release of Completion Reserve. The Paying Agent on behalf of the Administrative Agent shall disburse to one or more Property Operating Accounts (as directed in writing by the Administrative Agent) the Completion Reserve from the Completion Reserve Account if the Maturity Date is extended for the Extension Term and upon satisfaction of each of the following conditions: (i) on or following the second anniversary of the Closing Date less than two percent (2%) by number of all Financed Properties are Non-Stabilized Properties, (ii) the Borrower Representative shall submit a written request for release to the Administrative Agent at least ten (10) days prior to the date on which the Borrower Representative requests such release be made, and (iii) on the date such request is received by Administrative Agent and on the date such payment is to be made, no Default or Event of Default shall exist and remain uncured.

Release of Completion Reserve. The Paying Agent on behalf of the Administrative Agent shall disburse to one or more Property Operating Accounts (as directed in writing by the Administrative Agent) the Completion Reserve from the Completion Reserve Account if the Maturity Date is extended for the Extension Term and upon satisfaction of each of the following conditions: (i) on or following the second first anniversary of the Closing Date less than two percent (2%) by number of all Financed Properties are Non-Stabilized Properties or Carry-Over Properties, (ii) the Borrower Representative shall submit a written request for release to the Administrative Agent at least ten (10) days prior to the date on which the Borrower Representative requests such release be made, and (iii) on the date such request is received by Administrative Agent and on the date such payment is to be made, no Default or Event of Default shall exist and remain uncured.