Common use of Release of FF&E Reserve Funds Clause in Contracts

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 lien waivers or other evidence of payment satisfactory to Lender shall be delivered to Lender as a condition precedent to the next disbursement from the FF&E Reserve Account) or (B) a title search for the applicable Property indicating that such Property is free from all Liens, claims and other encumbrances not previously approved by Lender; and (vii) Lender shall have received such other evidence as Lender shall reasonably request to demonstrate that the FF&E Work and/or the Capital Expenditures Work to be funded by the requested disbursement has been completed and is paid for or will be paid upon such disbursement to the applicable Borrower. Lender shall not be required to disburse FF&E Reserve Funds more frequently than once each calendar month, on the same day of such month as any other Reserve Funds are being disbursed in accordance with the terms hereof. The insufficiency of any balance in the FF&E Reserve Account shall not relieve Borrowers from their obligation to fulfill all preservation and maintenance covenants in the Loan Documents. Any FF&E Reserve Funds remaining in the FF&E Reserve Account after the Obligations have been paid in full shall be returned to Borrowers.

Release of FF&E Reserve Funds. (a) Provided no Event of Default is continuing, and subject to the last sentence of this Section 6.8.2, Lender shall direct Servicer to disburse the FF&E Reserve Funds to the applicable Borrower out of the FF&E Reserve Account upon satisfaction Account, within ten (10) days after the delivery by such Borrower to Lender of a request therefor (but not more often than once each calendar month), in increments of the following conditions with respect to each such disbursementat least $10,000, provided that: (i) such disbursement is for an Approved FF&E Expense or an Approved Capital ExpenditureExpense; (ii) such Borrower shall submit a request Lender has received invoices evidencing that the costs for payment to Lender at least ten (10) days prior to the date on which such disbursements are requested are due and payable (other than for costs and expenses less than or equal to $10,000) and are in respect of Approved FF&E Expenses; (iii) Borrower requests such payment be made, which request shall specify has applied any amounts previously received by it in accordance with this Section for the Approved FF&E Expenses and/or to which specific draws made hereunder relate and received any lien waivers or other releases (with respect to any Approved FF&E Expense greater than $10,000) which would customarily be obtained with respect to 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 uncuredwork in question; (iv) with respect to disbursements of PIP Dedicated FF&E Reserve Funds, the total remaining estimated New/Renewal Flagging Costs for the applicable Individual Property is not in excess of the amount of the New/Renewal Flagging Costs set forth in the Approved Flagging Budget for such Individual Property less the aggregate amount of all prior disbursements of PIP Dedicated FF&E Reserve Funds and other payments by Borrower for New/Renewal Flagging Costs for such Individual Property (provided, if the condition set forth in this clause (iv) is not met, Borrower shall be permitted to post cash or other forms of security with Lender shall have received comparable to the provisions governing security in Section 4.34(e)(iv)); and (v) the request for the disbursement is accompanied by an Officer’s Certificate from such Borrower stating that (A) stating the conditions in the foregoing clauses (ii), (iii) and (iv) have been satisfied, (B) that the items Approved FF&E Expenses to be funded by the requested such 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 have been completed in a good and workmanlike manner and in accordance with all applicable Legal Requirements and the terms of the related Franchise AgreementRequirements, (C) identifying each Person that supplied materials or labor in connection with the copies of invoices and evidence of lien waivers (to the extent required above) attached to such Officer’s Certificate are true, complete and correct to the Borrower’s knowledge, and (D) upon such disbursement to Borrower, 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 lien waivers or other evidence of payment satisfactory to Lender shall be delivered to Lender as a condition precedent to the next disbursement from the FF&E Reserve Account) or (B) a title search for the applicable Property indicating that such Property is free from all Liens, claims and other encumbrances not previously approved by Lender; and (vii) Lender shall have received such other evidence as Lender shall reasonably request to demonstrate that the FF&E Work and/or the Capital Expenditures Work to be funded by the requested disbursement has been completed and is paid for or will be paid upon such disbursement to promptly in accordance with the applicable Borrowerinvoices and lien waivers (where applicable) presented. Lender shall not be required to disburse FF&E Reserve Funds more frequently than once each calendar month, on and Lender shall not be required to make disbursements from the same day of FF&E Reserve Account unless such month as any other Reserve Funds are being disbursed requested disbursement is in accordance with an amount greater than $10,000 (or a lesser amount if the terms hereof. The insufficiency of any balance total amount in the FF&E Reserve Account shall not relieve Borrowers from their obligation to fulfill all preservation and maintenance covenants is less than $10,000, in which case only one disbursement of the amount remaining in the Loan Documentsaccount shall be made). Any Further, (a) the portion of FF&E Reserve Funds remaining that are PIP Dedicated FF&E Reserve Funds shall not be available for disbursement for Approved FF&E Expenses other than New/Renewal Flagging Costs in the amount of and for the purpose for which such PIP Dedicated FF&E Reserve Account after Funds are to be made available pursuant to Section 4.34(e) (subject to reallocations as set forth herein) and (b) the Obligations have been paid portion of FF&E Reserve Funds that are not PIP Dedicated FF&E Reserve Funds shall not be available for Flagging Costs (until such time, if at all, such funds are dedicated to New/Renewal Flagging Costs by application of an Available FF&E Credit in full shall be returned to Borrowersaccordance with Section 4.34(e)).

Release of FF&E Reserve Funds. (a) Lender Provided no Event of Default is continuing, Agent shall direct Servicer to disburse the FF&E Reserve Funds to the applicable Borrower out of the FF&E Reserve Account, within ten (10) days after the delivery by Borrower to Agent of a request therefor (but not more often than once per month), in increments of at least $10,000 (or a lesser amount if the total amount in the FF&E Reserve Account upon satisfaction by such Borrower of each is less than $10,000, in which case only one disbursement of the following conditions with respect to each such disbursementamount remaining in the account shall be made) provided that: (i) such disbursement is for an Approved FF&E Expense or an Approved Capital Expenditure; (ii) such Borrower shall submit a the request for payment to Lender at least ten disbursement is accompanied by (10A) 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 (A1) stating that the items to be funded by the requested disbursement are Approved FF&E Expenses and/or Approved Capital ExpendituresExpenditure, and a description thereof, (B2) stating that all Approved FF&E Work and all Capital Expenditures Work Expenditure (or the relevant portions thereof) to be funded by the requested disbursement has have been completed in a good and workmanlike manner and in accordance with all applicable Legal Requirements and (unless such request is for the terms payment 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 a deposit required 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 dateadvance), (E3) stating that the Approved FF&E Expenses and the Approved Capital Expenditures Expenditure to be funded have not been the subject of a previous disbursement, and (F4) 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; Expenditure, and (v5) Lender shall stating that all outstanding trade payables related to the related FF&E Work (other than those to be paid from the requested disbursement) have received been paid in full, (B) a copy of any license, permit or other approval required by any Governmental Authority in connection with the applicable Approved FF&E Work or Capital Expenditures Work Expenditure and not previously delivered to Lender; Agent, if applicable (viC) if the disbursement copies 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) appropriate lien waivers or other evidence of payment satisfactory to Lender Agent, (orD) at Agent’s option, in the case where such Person will be paid from the requested disbursement, such lien waivers or other evidence of payment satisfactory to Lender shall be delivered to Lender as a condition precedent to the next disbursement from the FF&E Reserve Account) or (B) a title search for the applicable Property indicating that such the Property is free from all Liens, claims and other encumbrances not previously approved by Lender; and Agent, (viiE) Lender shall have received such other evidence as Lender Agent shall reasonably request to demonstrate that the Approved FF&E Work and/or the Capital Expenditures Work Expenditure to be funded by the requested disbursement has have been completed and is are paid for or will be paid upon such disbursement to Borrower and (iii) if such disbursement request is for $50,000 or more, Agent shall have (if it desires) verified (by an inspection conducted at Borrower’s expense) performance of the applicable Borrower. Lender shall not be required to disburse work associated with such Approved FF&E Reserve Funds more frequently than once each calendar month, on the same day of such month as any other Reserve Funds are being disbursed in accordance with the terms hereof. The insufficiency of any balance in the FF&E Reserve Account shall not relieve Borrowers from their obligation to fulfill all preservation and maintenance covenants in the Loan Documents. Any FF&E Reserve Funds remaining in the FF&E Reserve Account after the Obligations have been paid in full shall be returned to BorrowersExpenditure.

Release of FF&E Reserve Funds. (a) Provided no Event of Default is continuing, Lender shall direct Servicer to disburse the FF&E Reserve Funds to the applicable Borrower out of the FF&E Reserve Account, within ten (10) days after the delivery by Borrower to Lender of a request therefor (but not more often than once per month), in increments of at least $10,000 (or a lesser amount if the total amount in the FF&E Reserve Account upon satisfaction by such Borrower of each is less than $10,000, in which case only one disbursement of the following conditions with respect to each such disbursementamount remaining in the account shall be made) provided that: (i) such disbursement is for an Approved FF&E Expense or an Approved Capital Expenditure; (ii) such Borrower shall submit a the request for payment to Lender at least ten disbursement is accompanied by (10A) 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 (A1) stating that the items to be funded by the requested disbursement are Approved FF&E Expenses and/or Approved Capital ExpendituresExpenditure, and a description thereof, (B2) stating that all Approved FF&E Work and all Capital Expenditures Work Expenditure (or the relevant portions thereof) to be funded by the requested disbursement has have been completed in a good and workmanlike manner and in accordance with all applicable Legal Requirements and the terms of the related Franchise AgreementRequirements, (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, (E3) stating that the Approved FF&E Expenses and the Approved Capital Expenditures Expenditure to be funded have not been the subject of a previous disbursement, and (F4) 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; Expenditure and (v5) Lender shall stating that all outstanding trade payables (other than those to be paid from the requested 80 disbursement or those constituting Permitted Indebtedness) have received been paid in full, (B) a copy of any license, permit or other approval required by any Governmental Authority in connection with the applicable Approved FF&E Work or Capital Expenditures Work Expenditure and not previously delivered to Lender; , (viC) if the disbursement copies 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) appropriate lien waivers or other evidence of payment satisfactory to Lender Lender, (orD) at Lender’s option if the FF&E Work is susceptible to the filing of a mechanic’s or materialman’s lien, in the case where such Person will be paid from and the requested disbursementdisbursement is in excess of $75,000, such lien waivers or other evidence of payment satisfactory to Lender shall be delivered to Lender as a condition precedent to the next disbursement from the FF&E Reserve Account) or (B) a title search for the applicable Property indicating that such the Property is free from all Liens, claims and other encumbrances not previously approved by Lender; and , (viiE) Lender shall have received such other evidence as Lender shall reasonably request to demonstrate that the Approved FF&E Work and/or the Capital Expenditures Work Expenditure to be funded by the requested disbursement has have been completed and is are paid for or will be paid upon such disbursement to the applicable Borrower. Borrower and (iii) if such disbursement request is for $50,000 or more, Lender shall not be required to disburse have (if it desires) verified (by an inspection conducted at Borrower’s expense) performance of the work associated with such Approved FF&E Reserve Funds more frequently than once each calendar month, on the same day of such month as any other Reserve Funds are being disbursed in accordance with the terms hereof. The insufficiency of any balance in the FF&E Reserve Account shall not relieve Borrowers from their obligation to fulfill all preservation and maintenance covenants in the Loan Documents. Any FF&E Reserve Funds remaining in the FF&E Reserve Account after the Obligations have been paid in full shall be returned to BorrowersExpenditure.

Release of FF&E Reserve Funds. (a) Provided no Event of Default is continuing and no Enforcement has occurred, and subject to the last sentence of this Section 6.8.2, Lender shall direct Servicer to disburse the FF&E Reserve Funds to the applicable Borrower out of the FF&E Reserve Account upon satisfaction Account, within ten (10) days after the delivery by such Borrower to Lender of a request therefor (but not more often than once each calendar month), in increments of the following conditions with respect to each such disbursementat least $10,000, provided that: (i) such disbursement is for an Approved FF&E Expense or for an Approved Capital ExpenditureScheduled PIP Expense; provided that disbursement from the FF&E Reserve Account for Approved Scheduled PIP Expenses shall be limited to $7,500,000 per annum (the “Available FF&E Credit”) but shall be without duplication of amounts disbursed for Schedule PIPs from the Scheduled PIP Reserve Account and/or the Cash Collateral Account; (ii) such Borrower shall submit a request Lender has received invoices evidencing that the costs for payment to Lender at least ten (10) days prior to the date on which such disbursements are requested are due and payable (other than for costs and expenses less than or equal to $10,000) and are in respect of Approved FF&E Expenses; (iii) Borrower requests such payment be made, which request shall specify has applied any amounts previously received by it in accordance with this Section for the Approved FF&E Expenses and/or to which specific draws made hereunder relate and received any lien waivers or other releases (with respect to any Approved FF&E Expense greater than $10,000) which would customarily be obtained with respect to 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 uncuredwork in question; (iv) Lender shall have received intentionally omitted; and (v) the request for the disbursement is accompanied by an Officer’s Certificate from such Borrower stating that (A) stating the conditions in the foregoing clauses (ii), (iii) and (iv) have been satisfied, (B) that the items Approved FF&E Expenses to be funded by the requested such 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 have been completed in a good and workmanlike manner and in accordance with all applicable Legal Requirements and the terms of the related Franchise AgreementRequirements, (C) identifying each Person that supplied materials or labor in connection with the copies of invoices and evidence of lien waivers (to the extent required above) attached to such Officer’s Certificate are true, complete and correct to the Borrower’s knowledge, and (D) upon such disbursement to Borrower, 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 lien waivers or other evidence of payment satisfactory to Lender shall be delivered to Lender as a condition precedent to the next disbursement from the FF&E Reserve Account) or (B) a title search for the applicable Property indicating that such Property is free from all Liens, claims and other encumbrances not previously approved by Lender; and (vii) Lender shall have received such other evidence as Lender shall reasonably request to demonstrate that the FF&E Work and/or the Capital Expenditures Work to be funded by the requested disbursement has been completed and is paid for or will be paid upon such disbursement to promptly in accordance with the applicable Borrowerinvoices and lien waivers (where applicable) presented. Lender shall not be required to disburse FF&E Reserve Funds more frequently than once each calendar month, on and Lender shall not be required to make disbursements from the same day of FF&E Reserve Account unless such month as any other Reserve Funds are being disbursed requested disbursement is in accordance with an amount greater than $10,000 (or a lesser amount if the terms hereof. The insufficiency of any balance total amount in the FF&E Reserve Account shall not relieve Borrowers from their obligation to fulfill all preservation and maintenance covenants is less than $10,000, in which case only one disbursement of the Loan Documents. Any FF&E Reserve Funds amount remaining in the FF&E Reserve Account after the Obligations have been paid in full account shall be returned to Borrowersmade).

Release of FF&E Reserve Funds. (a) Lender shall direct Servicer to disburse make disbursements from the FF&E Reserve Funds to for the applicable cost of Approved FF&E Expenditures incurred by 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: (ia) such disbursement is for an Approved FF&E Expense or an Approved Capital Expenditure; (ii) such Borrower shall submit a Lender’s standard form of draw request for payment to Lender at least ten (10) days Business 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 paidpaid and shall be accompanied by copies of paid invoices for the amounts requested; (iiib) on the date such request is received by Lender and on the date such payment is to be made, no Default or Event of Default shall exist and remain uncured; and (ivc) Lender shall have received (i) an Officer’s Certificate from such Borrower (A) stating that the items to be funded by the requested disbursement are for Approved FF&E Expenses and/or Approved Capital Expenditures, and a description thereof, (B) stating that all Approved FF&E Work and all Capital Expenditures Work to be funded by the requested disbursement has have been completed in a good and workmanlike manner and in accordance with all applicable Legal Requirements and and, to the terms of extent applicable, 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 datedisbursement, (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 Expenditures, and (G) stating that all outstanding trade payables relating to the Approved Capital ExpendituresFF&E Expenditures (other than those to be paid from the requested disbursement) have been paid in full; (vii) Lender shall have received a copy of any license, permit or other approval required by any Governmental Authority required in connection with the applicable Approved FF&E Work or Capital Expenditures Work and not previously delivered to Lender; (viiii) if the disbursement required by Lender for requests in excess of FF&E Reserve Funds will exceed Twenty-Five Fifty Thousand and No/100 Dollars ($25,000.0050,000.00) and if applicablein the aggregate, Lender shall have received, at Lender’s option, either (A) lien waivers or other evidence of payment satisfactory to Lender (or, and releases from all parties furnishing materials and/or services in the case where such Person will be paid from connection with the requested disbursementpayment; (iv) at Lender’s option, such lien waivers or other evidence of payment satisfactory to Lender shall be delivered to Lender as a condition precedent to the next disbursement from the FF&E Reserve Account) or (B) a title search for the applicable Property indicating that such the Property is free from all Liens, claims and Liens other encumbrances not previously approved by Lenderthan Permitted Encumbrances; and (viiv) Lender shall have received such other evidence as Lender shall reasonably request to demonstrate that the Approved FF&E Work and/or the Capital Expenditures Work to be funded by the requested disbursement has been completed and is paid for or will be paid upon such disbursement to the applicable Borrower. Lender shall not be required make disbursements as requested by Borrower on a monthly basis in increments of no less than Twenty Five Thousand and No/100 Dollars ($25,000.00) per disbursement. Lender may require an inspection of the Property or any portion thereof at Borrower’s expense prior to disburse FF&E Reserve Funds more frequently than once each calendar month, on the same day making a monthly disbursement in order to verify completion of such month as any other Reserve Funds are being disbursed improvements in accordance with the terms hereof. The insufficiency excess of any balance in the FF&E Reserve Account shall not relieve Borrowers from their obligation to fulfill all preservation Twenty-Five Thousand and maintenance covenants in the Loan Documents. Any FF&E Reserve Funds remaining in the FF&E Reserve Account after the Obligations have been paid in full shall be returned to BorrowersNo/100 Dollars ($25,000.00) for which reimbursement is sought.

Release of FF&E Reserve Funds. (a) Provided no Event of Default is continuing, Lender shall direct Servicer to disburse the FF&E Reserve Funds to the applicable Borrower Borrowers out of the FF&E Reserve Account, within ten (10) days after the delivery by Borrowers to Lender of a request therefor (but not more often than once per month), in increments of at least $10,000 (or a lesser amount if the total amount in the FF&E Reserve Account upon satisfaction by such Borrower of each is less than $10,000, in which case only one disbursement of the following conditions with respect to each such disbursementamount remaining in the account shall be made) provided that: (i) such disbursement is for an Approved FF&E Expense or an Approved Capital Expenditure; (ii) such Borrower shall submit a the request for payment to Lender at least ten disbursement is accompanied by (10A) 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 Borrowers (A1) stating that the items to be funded by the requested disbursement are Approved FF&E Expenses and/or Approved Capital ExpendituresExpenditure, and a description thereof, (B2) stating that all Approved FF&E Work and all Capital Expenditures Work Expenditure (or the relevant portions thereof) to be funded by the requested disbursement has have been completed in a good and workmanlike manner and in accordance with all applicable Legal Requirements and the terms of the related Franchise AgreementRequirements, (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, (E3) stating that the Approved FF&E Expenses and the Approved Capital Expenditures Expenditure to be funded have not been the subject of a previous disbursement, and (F4) 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; Expenditure, and (v5) Lender shall stating that all outstanding trade payables (other than those to be paid from the requested disbursement or those constituting Permitted Indebtedness) have received been paid in full, (B) a copy of any license, permit or other approval required by any Governmental Authority in connection with the applicable Approved FF&E Work or Capital Expenditures Work Expenditure and not previously delivered to Lender; , (viC) if the disbursement copies 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) appropriate lien waivers or other evidence of payment reasonably satisfactory to Lender Lender, (orD) at Lender’s option, for disbursement requests in the case where such Person will be paid from the requested disbursementexcess of $50,000, such lien waivers or other evidence of payment satisfactory to Lender shall be delivered to Lender as a condition precedent to the next disbursement from the FF&E Reserve Account) or (B) a title search for the applicable Property indicating that such the applicable Property is free from all Liens, claims and other encumbrances not previously approved by Lender; and Lender or otherwise constituting a Permitted Encumbrance, (viiE) Lender shall have received such other evidence as Lender shall reasonably request to demonstrate that the Approved FF&E Work and/or the Capital Expenditures Work Expenditure to be funded by the requested disbursement has have been completed and is are paid for or will be paid upon such disbursement to the applicable Borrower. Borrowers and (iii) if such disbursement request is for $50,000 or more, Lender shall not be required to disburse have (if it desires) verified (by an inspection conducted at Borrowers’ expense) performance of the work associated with such Approved FF&E Reserve Funds more frequently than once each calendar month, on the same day of such month as any other Reserve Funds are being disbursed in accordance with the terms hereof. The insufficiency of any balance in the FF&E Reserve Account shall not relieve Borrowers from their obligation to fulfill all preservation and maintenance covenants in the Loan Documents. Any FF&E Reserve Funds remaining in the FF&E Reserve Account after the Obligations have been paid in full shall be returned to BorrowersExpenditure.

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 Pool 2 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 lien waivers or other evidence of payment satisfactory to Lender shall be delivered to Lender as a condition precedent to the next disbursement from the FF&E Reserve Account) or (B) a title search for the applicable Property indicating that such Property is free from all Liens, claims and other encumbrances not previously approved by Lender; and (vii) Lender shall have received such other evidence as Lender shall reasonably request to demonstrate that the FF&E Work and/or the Capital Expenditures Work to be funded by the requested disbursement has been completed and is paid for or will be paid upon such disbursement to the applicable Borrower. Lender shall not be required to disburse FF&E Reserve Funds more frequently than once each calendar month, on the same day of such month as any other Reserve Funds are being disbursed in accordance with the terms hereof. The insufficiency of any balance in the FF&E Reserve Account shall not relieve Borrowers from their obligation to fulfill all preservation and maintenance covenants in the Loan Documents. Any FF&E Reserve Funds remaining in the FF&E Reserve Account after the Obligations have been paid in full shall be returned to Borrowers.

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 Pool 1 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 lien waivers or other evidence of payment satisfactory to Lender shall be delivered to Lender as a condition precedent to the next disbursement from the FF&E Reserve Account) or (B) a title search for the applicable Property indicating that such Property is free from all Liens, claims and other encumbrances not previously approved by Lender; and (vii) Lender shall have received such other evidence as Lender shall reasonably request to demonstrate that the FF&E Work and/or the Capital Expenditures Work to be funded by the requested disbursement has been completed and is paid for or will be paid upon such disbursement to the applicable Borrower. Lender shall not be required to disburse FF&E Reserve Funds more frequently than once each calendar month, on the same day of such month as any other Reserve Funds are being disbursed in accordance with the terms hereof. The insufficiency of any balance in the FF&E Reserve Account shall not relieve Borrowers from their obligation to fulfill all preservation and maintenance covenants in the Loan Documents. Any FF&E Reserve Funds remaining in the FF&E Reserve Account after the Obligations have been paid in full shall be returned to Borrowers.

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 ExpenditureExpense; (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; , and (iv) Lender shall have received (1) an Officer’s '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 ExpendituresExpenses, and a description thereof, (B) stating that all Approved FF&E Work and all Capital Expenditures Work Expenses to be funded by the requested disbursement has have been completed in a good and workmanlike manner and in accordance with all applicable Legal Requirements and the terms of the related Franchise AgreementRequirements, (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 datedisbursement, (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; Expenses, and (vG) Lender shall stating that all outstanding trade payables (other than those to be paid from the requested disbursement or those constituting Permitted Indebtedness) have received been paid in full, (2) a copy of any license, permit or other approval required by any Governmental Authority in connection with the applicable Approved FF&E Work or Capital Expenditures Work Expenses 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 (A3) lien waivers or other evidence of payment satisfactory to Lender Lender, (or4) at Lender's option, in the case where such Person will be paid from the requested disbursement, such lien waivers or other evidence of payment satisfactory to Lender shall be delivered to Lender as a condition precedent to the next disbursement from the FF&E Reserve Account) or (B) a title search for the applicable Property indicating that such the Property is free from all Liens, claims and other encumbrances not previously approved by Lender; , and (vii5) Lender shall have received such other evidence as Lender shall reasonably request to demonstrate that the Approved FF&E Work and/or the Capital Expenditures Work Expenses to be funded by the requested disbursement has have been completed and is are paid for or will be paid upon such disbursement to the applicable Borrower. Lender shall not be required to disburse FF&E Reserve Funds more frequently than once each calendar month, on and Lender shall not be required to make disbursements from the same day of FF&E Reserve Account unless such month as any other Reserve Funds are being disbursed requested disbursement is in accordance with an amount greater than $10,000 (or a lesser amount if the terms hereof. The insufficiency of any balance total amount in the FF&E Reserve Account shall not relieve Borrowers from their obligation to fulfill all preservation and maintenance covenants is less than $10,000, in which case only one disbursement of the Loan Documents. Any FF&E Reserve Funds amount remaining in the FF&E Reserve Account after the Obligations have been paid in full account shall be returned to Borrowersmade).

Release of FF&E Reserve Funds. (a) Provided no Event of Default is continuing and no Enforcement has occurred, and subject to the last sentence of this Section 6.8.2, Lender shall direct Servicer to disburse the FF&E Reserve Funds to the applicable Borrower out of the FF&E Reserve Account upon satisfaction Account, within ten (10) days after the delivery by such Borrower to Lender of a request therefor (but not more often than once each calendar month), in increments of the following conditions with respect to each such disbursementat least $10,000, provided that: (i) such disbursement is for an Approved FF&E Expense or for an Approved Capital ExpenditureScheduled PIP Expense; provided that disbursement from the FF&E Reserve Account for Approved Scheduled PIP Expenses shall be limited to $10,000,000 per annum (the “Available FF&E Credit”) but shall be without duplication of amounts disbursed for Schedule PIPs from the Scheduled PIP Reserve Account or the Cash Collateral Account; (ii) such Borrower shall submit a request Lender has received invoices evidencing that the costs for payment to Lender at least ten (10) days prior to the date on which such disbursements are requested are due and payable (other than for costs and expenses less than or equal to $10,000) and are in respect of Approved FF&E Expenses; (iii) Borrower requests such payment be made, which request shall specify has applied any amounts previously received by it in accordance with this Section for the Approved FF&E Expenses and/or to which specific draws made hereunder relate and received any lien waivers or other releases (with respect to any Approved FF&E Expense greater than $10,000) which would customarily be obtained with respect to 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 uncuredwork in question; (iv) Lender shall have received intentionally omitted; and (v) the request for the disbursement is accompanied by an Officer’s Certificate from such Borrower stating that (A) stating the conditions in the foregoing clauses (ii), (iii) and (iv) have been satisfied, (B) that the items Approved FF&E Expenses to be funded by the requested such 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 have been completed in a good and workmanlike manner and in accordance with all applicable Legal Requirements and the terms of the related Franchise AgreementRequirements, (C) identifying each Person that supplied materials or labor in connection with the copies of invoices and evidence of lien waivers (to the extent required above) attached to such Officer’s Certificate are true, complete and correct to the Borrower’s knowledge, and (D) upon such disbursement to Borrower, 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 lien waivers or other evidence of payment satisfactory to Lender shall be delivered to Lender as a condition precedent to the next disbursement from the FF&E Reserve Account) or (B) a title search for the applicable Property indicating that such Property is free from all Liens, claims and other encumbrances not previously approved by Lender; and (vii) Lender shall have received such other evidence as Lender shall reasonably request to demonstrate that the FF&E Work and/or the Capital Expenditures Work to be funded by the requested disbursement has been completed and is paid for or will be paid upon such disbursement to promptly in accordance with the applicable Borrowerinvoices and lien waivers (where applicable) presented. Lender shall not be required to disburse FF&E Reserve Funds more frequently than once each calendar month, on and Lender shall not be required to make disbursements from the same day of FF&E Reserve Account unless such month as any other Reserve Funds are being disbursed requested disbursement is in accordance with an amount greater than $10,000 (or a lesser amount if the terms hereof. The insufficiency of any balance total amount in the FF&E Reserve Account shall not relieve Borrowers from their obligation to fulfill all preservation and maintenance covenants is less than $10,000, in which case only one disbursement of the Loan Documents. Any FF&E Reserve Funds amount remaining in the FF&E Reserve Account after the Obligations have been paid in full account shall be returned to Borrowersmade).

Release of FF&E Reserve Funds. (a) During any period of time in which Borrower is required to deposit the Monthly FF&E Deposit with or on behalf of Lender, Lender shall direct Servicer make disbursements to disburse the FF&E Reserve Funds to the applicable Borrower out of from the FF&E Reserve Account for FF&E Work 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 ExpenditureExpense; (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; , and (iv) Lender shall have received (1) 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 ExpendituresExpenses, and a description thereof, (B) stating that all Approved FF&E Work and all Capital Expenditures Work Expenses to be funded by the requested disbursement has have been completed in a good and workmanlike manner and in accordance with all applicable Legal Requirements and the terms of the related Franchise AgreementApplicable Law, (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 datedisbursement, (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; Expenses, (v2) Lender shall have received a copy of any license, permit or other approval to the extent required by any Governmental Authority in connection with the applicable Approved FF&E Work or Capital Expenditures Work Expenses and not previously delivered to Lender; , (vi3) if the disbursement upon Lender’s request for any Approved FF&E Expense item in excess 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 (which may be conditioned on payment of the requested amount) or other evidence of payment satisfactory to Lender (or, in the case where such Person will be paid from the requested disbursement, such lien waivers or other evidence of payment satisfactory to Lender shall be delivered to Lender as a condition precedent to the next disbursement from the FF&E Reserve Accountextent such request is for reimbursement, (4) or (B) at Lender’s option, a title search for the applicable Property indicating that such the Property is free from all Liens, claims and other encumbrances not previously approved by Lender; , provided that Lender shall not request such a title search more than two (2) times in any calendar year, and (vii5) Lender shall have received such other evidence as Lender shall reasonably request to demonstrate that the Approved FF&E Work and/or the Capital Expenditures Work Expenses to be funded by the requested disbursement has have been completed and is are paid for or will be paid upon such disbursement to the applicable Borrower. Lender shall not be required to disburse FF&E Reserve Funds more frequently than once each calendar month, on the same day of such month as any other Reserve Funds are being disbursed in accordance with the terms hereof. The insufficiency of any balance in the FF&E Reserve Account shall not relieve Borrowers from their obligation to fulfill all preservation and maintenance covenants in the Loan Documents. Any FF&E Reserve Funds remaining in the FF&E Reserve Account after the Obligations have been paid in full shall be returned to Borrowers.

Release of FF&E Reserve Funds. (a) Provided no Event of Default is continuing and no Enforcement has occurred, and subject to the last sentence of this Section 6.8.2, 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 Account, within ten (10) days prior after the delivery by Borrower to Lender of a request therefor (but not more often than once each calendar month), in increments of at least $10,000, provided that: (i) intentionally omitted; (ii) Lender has received invoices evidencing that the date on costs for which such disbursements are requested are due and payable (other than for costs and expenses less than or equal to $10,000) and are in respect of Approved FF&E Expenses; (iii) Borrower requests such payment be made, which request shall specify has applied any amounts previously received by it in accordance with this Section for the Approved FF&E Expenses and/or to which specific draws made hereunder relate and received any lien waivers or other releases (with respect to any Approved FF&E Expense greater than $10,000) which would customarily be obtained with respect to 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 uncuredwork in question; (iv) Lender shall have received intentionally omitted; and (v) the request for the disbursement is accompanied by an Officer’s Certificate from such Borrower stating that (A) stating the conditions in the foregoing clauses (ii), (iii) and (iv) have been satisfied, (B) that the items Approved FF&E Expenses to be funded by the requested such 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 have been completed in a good and workmanlike manner and in accordance with all applicable Legal Requirements and the terms of the related Franchise AgreementRequirements, (C) identifying each Person that supplied materials or labor in connection with the copies of invoices and evidence of lien waivers (to the extent required above) attached to such Officer’s Certificate are true, complete and correct to the Borrower’s knowledge, and (D) upon such disbursement to Borrower, 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 lien waivers or other evidence of payment satisfactory to Lender shall be delivered to Lender as a condition precedent to the next disbursement from the FF&E Reserve Account) or (B) a title search for the applicable Property indicating that such Property is free from all Liens, claims and other encumbrances not previously approved by Lender; and (vii) Lender shall have received such other evidence as Lender shall reasonably request to demonstrate that the FF&E Work and/or the Capital Expenditures Work to be funded by the requested disbursement has been completed and is paid for or will be paid upon such disbursement to promptly in accordance with the applicable Borrowerinvoices and lien waivers (where applicable) presented. Lender shall not be required to disburse FF&E Reserve Funds more frequently than once each calendar month, on and Lender shall not be required to make disbursements from the same day of FF&E Reserve Account unless such month as any other Reserve Funds are being disbursed requested disbursement is in accordance with an amount greater than $10,000 (or a lesser amount if the terms hereof. The insufficiency of any balance total amount in the FF&E Reserve Account shall not relieve Borrowers from their obligation to fulfill all preservation and maintenance covenants is less than $10,000, in which case only one disbursement of the Loan Documents. Any FF&E Reserve Funds amount remaining in the FF&E Reserve Account after the Obligations have been paid in full account shall be returned to Borrowersmade).