Release of FF&E Reserve Funds Sample Clauses

Release of FF&E Reserve Funds. (a) Lender shall direct Servicer to disburse the FF&E Reserve Funds to the applicable Borrower out of the FF&E Reserve Account upon satisfaction by such Borrower of each of the following conditions with respect to each such disbursement: (i) such disbursement is for an Approved FF&E Expense or an Approved Capital Expenditure; (ii) such Borrower shall submit a request for payment to Lender at least ten (10) days prior to the date on which such Borrower requests such payment be made, which request shall specify the Approved FF&E Expenses and/or the Approved Capital Expenditures to be paid; (iii) on the date such request is received by Lender and on the date such payment is to be made, no Event of Default shall exist and remain uncured; (iv) Lender shall have received an Officer’s Certificate from such Borrower (A) stating that the items to be funded by the requested disbursement are Approved FF&E Expenses and/or Approved Capital Expenditures, and a description thereof, (B) stating that all FF&E Work and all Capital Expenditures Work to be funded by the requested disbursement has been completed in a good and workmanlike manner and in accordance with all applicable Legal Requirements and the terms of the related Franchise Agreement, (C) identifying each Person that supplied materials or labor in connection with the Approved FF&E Expenses and/or the Approved Capital Expenditures to be funded by the requested disbursement, (D) stating that each such Person has been paid in full or will be paid in full upon such disbursement for work completed and/or materials furnished to date, (E) stating that the Approved FF&E Expenses and the Approved Capital Expenditures to be funded have not been the subject of a previous disbursement, and (F) stating that all previous disbursements of FF&E Reserve Funds have been used to pay the previously identified Approved FF&E Expenses and/or Approved Capital Expenditures; (v) Lender shall have received a copy of any license, permit or other approval required by any Governmental Authority in connection with the applicable FF&E Work or Capital Expenditures Work and not previously delivered to Lender; (vi) if the disbursement of FF&E Reserve Funds will exceed Twenty-Five Thousand and No/100 Dollars ($25,000.00) and if applicable, Lender shall have received, at Lender’s option, either (A) lien waivers or other evidence of payment satisfactory to Lender (or, in the case where such Person will be paid from the requested disbursement, such l...
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Release of FF&E Reserve Funds. (a) Lender shall, or shall direct Servicer to, disburse the FF&E Reserve Funds to (or at the direction of) Borrower out of the FF&E Reserve Account provided (i) such disbursement is for an Approved FF&E Expense and (ii) Borrower shall have satisfied (or caused the satisfaction of) each of the Reserve Disbursement Conditions with respect to each such disbursement. Lender shall not be required to disburse FF&E Reserve Funds more frequently than once each calendar month, and each disbursement of FF&E Reserve Funds must be in an amount not less than the Minimum Disbursement Amount (or a lesser amount if the total amount of FF&E Reserve Funds is less than the Minimum Disbursement Amount, in which case only one disbursement of the amount remaining in the account shall be made).
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Release of FF&E Reserve Funds. (a) Borrower shall have no right to withdraw funds directly from the FF&E Deposit Account. Provided that (i) no Manager Termination Event has occurred and (iii) the Pre-Approved Manager Conditions continue to be satisfied, Manager shall have the unrestricted right to withdraw FF&E Reserve Funds out of the FF&E Deposit Account subject to the terms of the FF&E Deposit and Control Agreement.
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Release of FF&E Reserve Funds. In the event that Borrower desires for FF&E to be paid for from the FF&E Reserve, or to be reimbursed from the FF&E Reserve for payment thereof, Borrower shall deliver to Lender a disbursement request therefor. Provided no Event of Default is continuing, Lender shall disburse FF&E Reserve Funds to pay or reimburse Borrower for FF&E expenses within ten (10) Business Days after the delivery by Borrower to Lender of a request therefor (but not more often than once per month) provided that such expenditure is consistent with the budget most recently submitted by Borrower pursuant to this Agreement, and Borrower delivers to Lender an Officer’s Certificate certifying that such funds are being requested to pay for or reimburse Borrower for FF&E expenditures. In making any FF&E payment from the FF&E Reserve, Lender may do so according to any xxxx, statement or estimate provided to Lender by Borrower, without inquiry into the accuracy of such xxxx, statement or estimate. Any FF&E Reserve Funds remaining after the Debt has been paid in full shall be returned to Borrower.
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Related to Release of FF&E Reserve Funds

  • Reserve Funds Section 7.1.

  • Reserve Fund (a) On the Closing Date, the Seller will deposit the Reserve Fund Initial Deposit into the Reserve Fund from the net proceeds of the sale of the Notes. The Reserve Fund shall be the property of the Issuer subject to the rights of the Indenture Trustee in the Reserve Fund Property.

  • Withdrawals From Escrow Account Withdrawals from the Escrow Account shall be made by the Seller only (a) to effect timely payments of ground rents, taxes, assessments, premiums for Primary Mortgage Insurance Policies, fire and hazard insurance premiums or other items constituting Escrow Payments for the related Mortgage, (b) to reimburse the Seller for any Servicing Advance made by Seller pursuant to Subsection 11.08 hereof with respect to a related Mortgage Loan, (c) to refund to any Mortgagor any funds found to be in excess of the amounts required under the terms of the related Mortgage Loan, (d) for transfer to the Custodial Account upon default of a Mortgagor or in accordance with the terms of the related Mortgage Loan and if permitted by applicable law, (e) for application to restore or repair of the Mortgaged Property, (f) to pay to the Mortgagor, to the extent required by law, any interest paid on the funds deposited in the Escrow Account, (g) to pay to itself any interest earned on funds deposited in the Escrow Account (and not required to be paid to the Mortgagor), (h) to the extent permitted under the terms of the related Mortgage Note and applicable law, to pay late fees with respect to any Monthly Payment which is received after the applicable grace period, (i) to withdraw suspense payments that are deposited into the Escrow Account, (j) to withdraw any amounts inadvertently deposited in the Escrow Account or (k) to clear and terminate the Escrow Account upon the termination of this Agreement.

  • Replacement Reserve Fund Borrower shall pay to Lender on the Closing Date and on each Payment Date one twelfth of the amount (the "REPLACEMENT RESERVE MONTHLY DEPOSIT") reasonably estimated by Lender in its sole discretion to be due for replacements and repairs required to be made to the Property during the calendar year (collectively, the "REPLACEMENTS"), which Replacement Reserve Monthly Deposit shall be in an amount equal to no less than $0.15 per year per square foot of gross leasable area. Amounts so deposited shall hereinafter be referred to as Borrower's "REPLACEMENT RESERVE FUND" and the account in which such amounts are held shall hereinafter be referred to as Borrower's "REPLACEMENT RESERVE ACCOUNT". Lender may reassess its estimate of the amount necessary for the Replacement Reserve Fund from time to time, and may increase the monthly amounts required to be deposited into the Replacement Reserve Fund upon thirty (30) days notice to Borrower if Lender determines in its reasonable discretion that an increase is necessary to maintain the proper maintenance and operation of the Property. Any amount held in the Replacement Reserve Account and allocated for the Property shall be retained by Lender in an interest bearing account, or, at the option of Lender, in an Eligible Account at an Eligible Institution; PROVIDED, HOWEVER, that, any interest earned on said account shall accrue in said account for the benefit of Borrower, but shall remain in and constitute part of the Replacement Reserve Fund, and shall be disbursed in accordance with the terms hereof. Notwithstanding anything to the contrary in this Section 7.3, Borrower shall not be required to make Replacement Reserve Monthly Deposits, provided that: (i) no Event of Default shall have occurred; and (ii) Borrower makes all necessary Replacements and otherwise maintains the Property to Lender's satisfaction. Upon notice from Lender following: (a) an Event of Default; or (b) the failure of Borrower to make necessary Replacements or otherwise maintain the Property to Lender's satisfaction, Borrower shall begin to deposit the Replacement Reserve Monthly Deposit into the Replacement Reserve Fund beginning on the Payment Date (as defined herein) immediately following the date of such notice.

  • Disbursements from Replacement Reserve Account (a) Lender shall make disbursements from the Replacement Reserve Account to pay Borrower only for the costs of the Replacements. Lender shall not be obligated to make disbursements from the Replacement Reserve Account to reimburse Borrower for the costs of routine maintenance to the Property or for costs which are to be reimbursed from the Required Repair Fund (if any).

  • Reserve Account (a) On the Closing Date, the Seller shall deposit the Specified Reserve Balance into the Reserve Account. Amounts held from time to time in the Reserve Account shall be held by the Trust Collateral Agent for the benefit of the Noteholders.

  • Permitted Withdrawals From Escrow Account Withdrawals from the Escrow Account or Accounts may be made by the Servicer only:

  • Debt Service Reserve Account The Debt Service Reserve Account shall have been funded (or credited with funds), to the extent required, in an amount equal to the Debt Service Reserve Required Amount in accordance with the Depositary Agreement.

  • Interest Reserve Account The Certificate Administrator shall establish and maintain the Interest Reserve Account in the Certificate Administrator’s name, on behalf of the Trustee, for the benefit of the Certificateholders. The Interest Reserve Account shall be established and maintained as a non-interest bearing Eligible Account. On each Master Servicer Remittance Date occurring in January (except during a leap year) or February (commencing in 2018) (unless, in either such case, the related Distribution Date is the final Distribution Date), the Master Servicer shall remit to the Certificate Administrator for deposit into the Interest Reserve Account, in respect of all the Mortgage Loans that accrue interest on the basis of a 360-day year and the actual number of days in the related month, an amount equal to one day’s interest at the related Net Mortgage Rate on the Stated Principal Balance of each such Mortgage Loan as of the close of business on the Distribution Date in the month preceding the month in which such Master Servicer Remittance Date occurs, to the extent a Monthly Payment or P&I Advance is made in respect thereof (all amounts so deposited in any consecutive January (if applicable) and February, “Withheld Amounts”). On or prior to the Master Servicer Remittance Date in March (or February if the final Distribution Date occurs in such month) of each calendar year (commencing in 2018), the Certificate Administrator shall transfer to the Lower-Tier REMIC Distribution Account the aggregate of all Withheld Amounts on deposit in the Interest Reserve Account.

  • Withdrawals From the Custodial Account The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:

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