Release of Excess Cash Flow Reserve Fund. (a) So long as no Event of Default has occurred and is continuing and no Bankruptcy Action of Borrower has occurred and is continuing, Administrative Agent shall disburse funds then available in the Excess Cash Flow Reserve Account within three (3) Business Days of Borrower’s written request (provided that Borrower has not made a claim against such escrowed amounts or otherwise taken action to restrict Lender from applying such sums for the purpose of paying such items), to pay costs and expenses in connection with the ownership, management and/or operation of the Property to the extent such amounts are not otherwise paid in accordance with the Cash Management Agreement for (i) payment of shortfalls in the payment of Debt Service, (ii) payment of shortfalls in the required deposits into the Reserve Accounts (in each case, to the extent required in the Loan Agreement and the Cash Management Agreement), (iii) principal prepayments of the Loan at Borrower’s option, including any prepayment which is required to satisfy any Debt Yield test hereunder, (iv) payment of any Operating Expenses (including any Capital Expenditures), (v) payment of management fees due and payable under the Management Agreement, (vi) payment of emergency repairs and/or life-safety items, including any such repairs or items which are capital in nature, Administrative Agent hereby acknowledging that it shall endeavor to fund (or cause its Servicer to fund) such requests within one (1) Business Day of request by Borrower, provided further that any failure to fund such request within one (1) Business Day shall in no event create any liability for Administrative Agent hereunder; (vii) payment of Leasing Costs under Leases entered into pursuant to the terms of this Agreement or existing as of the Closing Date; (viii) costs associated with Interest Rate Protection Agreements with respect to the Loan, including Replacement Interest Rate Protection Agreements; (ix) payment of Sales and Occupancy Taxes; (x) payment of any shortfall of Net Proceeds with respect the costs of Restoration of an Individual Property after a Casualty or Condemnation incurred by, or on behalf of, Borrower in connection therewith; (xi) payment of any fees and costs which are due and payable in connection with the Loan; (xii) Required REIT Distributions, not to exceed $100,000 in any calendar year in the aggregate, and (xiii) such other items as may be approved in writing by the Requisite Lenders, as determined in the Requ...
Release of Excess Cash Flow Reserve Fund. Any Excess Cash Flow Reserve Funds remaining on deposit in the Excess Cash Flow Reserve Account on a Cash Sweep Cure Date shall be paid (a) if a “Cash Sweep Period” (as defined in the Senior Mezzanine Loan Agreement) is then continuing, to Senior Mezzanine Lender to be held by Senior Mezzanine Lender pursuant to the Senior Mezzanine Loan Agreement for the same purposes as those described in this Section 7.5, (b) if the Senior Mezzanine Loan is no longer outstanding, but a “Cash Sweep Period” as defined in the Junior Mezzanine Loan Agreement is then continuing, to Junior Mezzanine Lender to be held by Junior Mezzanine Lender pursuant to the Junior Mezzanine Loan Agreement for the same purposes as those described in this Section 7.5 or (c) if neither the Senior Mezzanine Loan nor the Junior Mezzanine Loan is then outstanding, to Borrower. Any Excess Cash Flow Reserve Funds remaining on deposit in the Excess Cash Flow Reserve Account after the Debt has been paid in full shall be paid (1) to Senior Mezzanine Lender to be held by Senior Mezzanine Lender pursuant to the Senior Mezzanine Loan Agreement for the same purposes as those described in this Section 7.5, (2) if the Senior Mezzanine Loan is no longer outstanding, but the Junior Mezzanine Loan is outstanding, to Junior Mezzanine Lender to be held by Junior Mezzanine Lender pursuant to the Junior Mezzanine Loan Agreement for the same purposes as those described in this Section 7.5, or (3) if neither the Senior Mezzanine Loan nor the Junior Mezzanine Loan is then outstanding, to Borrower.
Release of Excess Cash Flow Reserve Fund. (a) So long as no Event of Default has occurred and is continuing or any Bankruptcy Action of Borrower has occurred, Borrower will have access to the Excess Cash Flow Reserve Account for (i) payment of shortfalls in the payment of Debt Service, (ii) payment of shortfalls in the required deposits into the Reserve Accounts (in each case, to the extent required in the Loan Agreement and the Cash Management Agreement), (iii) principal prepayments of the Loan at Borrower’s option, (iv) payment of any Operating Expenses (including any budgeted Capital Expenditures) pursuant to the applicable Approved Annual Budget, (v) payment of management fees due and payable under the Management Agreement, and (vi) payments to a REIT owning an indirect interest in Borrower so such REIT can pay (and the REIT in fact uses such payments to pay) annual cash dividends equal to the sum of dividends accrued on its outstanding preferred stock in accordance with the terms thereof in the amount of $300,000.
Release of Excess Cash Flow Reserve Fund. Any Excess Cash Flow Reserve Funds remaining on deposit in the Excess Cash Flow Reserve Account on a Cash Sweep Cure Date shall be paid to Borrower.
