Release of Excess Cash Flow Reserve Funds. Upon the occurrence of a Cash Sweep Event Cure, all Excess Cash Flow Reserve Funds shall be deposited into the Lockbox Account to be disbursed in accordance with Section 2.7.1 hereof. Any Excess Cash Flow Reserve Funds remaining after the Debt has been paid in full shall be paid to Borrower.
Release of Excess Cash Flow Reserve Funds. (a) During a Debt Yield Trigger Period, so long as no Event of Default has occurred and is continuing and no Bankruptcy Action of Borrower has occurred, upon written request of Borrower, Lender shall disburse within three (3) Business Days of Borrower’s request and no more frequently than bimonthly, Excess Cash Flow Reserve Funds for (i) payment of any Operating Expenses (including management fees, franchise fees and other fees, charges or costs, payable to Manager under the Management Agreement or Franchisor under the Franchise Agreement), (ii) emergency repairs and/or life safety issues (including any Capital Expenditures) at any Individual Property which Lender will endeavor to fund within one (1) Business Day of Borrower’s request therefor, (iii) Capital Expenditures and Replacements and PIP Work (after application of amounts then on deposit in the Replacements Reserve Account), (iv) Hotel Taxes and Custodial Funds, (v) costs incurred in connection with the purchase of any FF&E, (vi) costs incurred in connection with the purchase of any Interest Rate Cap Agreement or Replacement Interest Rate Cap Agreement required under the Loan Documents or the Mezzanine Loan Documents, (vii) voluntary prepayment of the Loan in accordance with Section 2.4.1 or Section 6.4(f) hereof or of the Mezzanine Loans (if any) in accordance with Section 2.4.1 or Section 6.4 of the Mezzanine Loan Agreement (provided that any prepayments of the Mezzanine Loans must be on a pro rata basis with the Loan), (viii) legal, audit, tax and accounting (including actual costs incurred by LXR Luxury Resorts or another affiliate of Borrower for back-office accounting and payments to Prospect Advisors for certain management services related to the Property), in an aggregate annual amount not to exceed the lesser of (x) one percent (1%) of Gross Income from Operations and (y) $2,000,000; provided that Excess Cash Flow shall not be used for expenses in connection with (A) the enforcement of any Borrower’s, Operating Lessee’s or Mezzanine Borrower’s rights under the Loan Documents or the Mezzanine Loan Documents, as applicable or (B) any defense of any enforcement by Lender or Mezzanine Lender of its rights under the Loan Documents or Mezzanine Loan Documents, as applicable, (ix) reserved, (x) costs of Restoration in excess of available Net Proceeds, (xi) Debt Service and Mezzanine Debt Service, (xii) any fees and costs payable by Borrower or Mezzanine Borrowers, including to Lender or Mezzanine...
Release of Excess Cash Flow Reserve Funds. Provided no Lockbox Event Period is ongoing, all Excess Cash Flow Reserve Funds shall be disbursed on the last Business Day of each calendar quarter after the Funding Date (the “Quarterly Disbursement Date”) as follows (provided, however, that, at the election of Borrower, the Quarterly Disbursement Date for the items in clauses (a)(i) and (ii) and clauses (b)(i) and (ii) below for the final Fiscal Quarter of each Fiscal Year shall be January 15th of the year following such Fiscal Quarter):
Release of Excess Cash Flow Reserve Funds. During the continuance of a Cash Sweep Period caused solely by a DSCR Trigger Event or an Event of Default (other than an Event of Default under Section 8.1(a)(i) hereof), upon the written request of Borrower, Lender shall disburse Excess Cash Flow Reserve Funds to the applicable subaccount of the Cash Management Account to cover any shortfalls in deposits required by Section 3.6(j) of the Cash Management Agreement (including refunds of advance deposits) on a Payment Date, provided however, that (a) Lender shall release such Excess Cash Flow Reserve Funds only to the extent such funds are available in the Excess Cash Flow Reserve Account, (b) such funds shall not be used to pay for or reimburse incentive management fees for a Manager who is an Affiliate of Borrower, (c) with respect to administrative, legal and similar items, Lender shall only release funds equal to 2.0% above the amount set forth in the Approved Annual Budget for such items and (d) Borrower has provided Lender with (x) the actual operating statement for the prior month which evidences such shortfall, (y) an Officer’s Certificate showing the calculation of and representing the amount of such shortfall and certifying that such information is true, correct, accurate and complete and (z) any other evidence which Lender shall reasonably request. Lender shall make any such approved disbursements as requested by Borrower not more than once per calendar month. In no event shall disbursements from the Excess Cash Flow Reserve Fund result in any disbursement of funds from the Cash Management Account to Borrower. Upon the occurrence of a Cash Sweep Event Cure, all Excess Cash Flow Reserve Funds shall be deposited into the Lockbox Account to be disbursed in accordance with the Lockbox Agreement. Any Excess Cash Flow Reserve Funds remaining after the Debt has been paid in full shall be paid to Borrower.
Release of Excess Cash Flow Reserve Funds. Upon the occurrence of a Cash Sweep Event Cure, all Excess Cash Flow Reserve Funds shall be deposited into the Mezzanine Collection Account to be disbursed to Borrower in accordance with the Mezzanine Cash Management Agreement. Any Excess Cash Flow Reserve Funds remaining after the Debt has been paid in full shall be paid to Borrower.
Release of Excess Cash Flow Reserve Funds. (a) Upon the occurrence of a Cash Sweep Event Cure, provided no other Cash Sweep Event has occurred, all Excess Cash Flow Reserve Funds shall be paid (i) if a Mezzanine Loan Default is continuing, to Mezzanine Lenders to be held by Mezzanine Lenders pursuant to the Mezzanine Loan Agreements for the purposes described therein, or (ii) if the Mezzanine Loans are no longer outstanding or if there does not then exist a Cash Sweep Period and all amounts due and payable to Mezzanine Lenders have been paid, to Borrower. Any Excess Cash Flow Reserve Funds remaining after the Debt has been paid in full shall be paid (x) to the most senior Mezzanine Lender to be held by such Mezzanine Lender pursuant to the applicable Mezzanine Loan Agreement for the same purposes as those described therein or (y) if the Mezzanine Loans are no longer outstanding, to Borrower.
Release of Excess Cash Flow Reserve Funds. (a) Prior to the Anticipated Repayment Date and during a DSCR Trigger Period, so long as (x) no Event of Default has occurred and is continuing and (y) no OpCo Trigger Event has occurred and is continuing, upon written request of Borrower, Lender shall disburse within three (3) Business Days of Borrower’s request and no more frequently than bimonthly, Excess Cash Flow Reserve Funds for:
Release of Excess Cash Flow Reserve Funds. During a Cash Sweep Period caused solely by a DSCR Trigger Event, Lender shall, upon Borrower’s or Master Tenant’s request, make Master Tenant’s Excess Cash Flow available for the payment of payroll, utilities and food services for up to six (6) consecutive months (but in any event, not more than twelve (12) months in the aggregate during the term of the Loan) to the extent that there is insufficient current cash flow from the Property for the payment of same, provided that (a) the total amount disbursed to Borrower or Master Tenant, as applicable, for each such expenditure shall not exceed 110% of the proportionate monthly amount set forth in the Approved Annual Budget and (b) no Event of Default then exists. Upon the occurrence of a Cash Sweep Event Cure, all Excess Cash Flow Reserve Funds shall be deposited into the Cash Management Account to be disbursed in accordance with the Cash Management Agreement. Any Excess Cash Flow Reserve Funds remaining after the Debt has been paid in full or the Loan has been defeased shall be paid to Borrower or Master Tenant, as either of them may direct.
Release of Excess Cash Flow Reserve Funds. Provided no other Cash Sweep Event has occurred, upon the occurrence of a DSCR Cure Event following the occurrence of a DSCR Trigger Event, all Excess Cash Flow Reserve Funds shall be disbursed to Borrower. Any Excess Cash Flow Reserve Funds remaining after the Debt has been paid in full shall be paid to Borrower.
Release of Excess Cash Flow Reserve Funds. Upon the occurrence of a Cash Sweep Event Cure, all Excess Cash Flow Reserve Funds shall be deposited into the Senior Mezzanine Loan Cash Management Account to be disbursed in accordance with the Cash Management Agreement. Any Excess Cash Flow Reserve Funds remaining after the Debt has been paid in full shall be paid (i) to Junior Mezzanine Lender to be held by Junior Mezzanine Lender pursuant to the Junior Mezzanine Loan Agreement for purposes similar to those described in this Section 7.6, or (ii) if the Junior Mezzanine Loan is not then outstanding, then to Borrower.
