Common use of Release of Leasing Commission Reserves Clause in Contracts

Release of Leasing Commission Reserves. The Administrative Agent shall instruct the Paying Agent in writing to remit to the Borrower Representative the Leasing Commission Reserves with respect to Non-Stabilized Properties as provided below, from the Leasing Commission Reserves Account, subject to Section 6.13(e) and upon satisfaction by the Loan Parties of each of the following conditions: (i) such Non-Stabilized Properties shall have converted to Stabilized Properties, (ii) the Borrower Representative shall submit to the Administrative Agent a written Reserve Release Request for payment which Reserve Release Request shall specify the Non-Stabilized Properties as to which the disbursement of the Leasing Commissions Reserves is requested; provided that, if a Renovation Loan is being requested in respect of such Non-Stabilized Property, a Reserve Release Request for the release of the Leasing Commissions Reserve for such Non-Stabilized Property shall be submitted at the same time as a Borrowing Request is being submitted in respect of such Non-Stabilized Properties in accordance with Section 2.02(a)(ii), (iii) on the date such request is received by the Administrative Agent and on the date such payment is to be made, no Default or Event of Default shall exist and remain uncured, (iv) the Administrative Agent shall have received a certificate of a Responsible Officer of Equity Owner stating that the Completion Requirements have been met, such certificate to be accompanied by a copy of the Eligible Lease, (v) the Administrative Agent shall have received such other evidence as the Administrative Agent shall reasonably request in order to confirm the facts stated in the aforesaid officer’s certificate. Any Leasing Commission Reserves with respect to any Property released under this Section 6.03(b) shall (i) first be disbursed by the Paying Agent at the written direction of the Administrative Agent to (x) the Standing Reserves Account pursuant to Section 6.07 to the extent the Standing Reserves required for such Property have not previously been funded, (y) the Tax Reserves Account pursuant to Section 6.05 to the extent the Tax Reserves in respect of such Property on deposit in the Tax Reserve Account on such date are not in compliance with the requirements of Section 6.05, and (z) the Insurance Reserves Account pursuant to Section 6.06 to the extent the Insurance Reserves in respect of such Property on deposit in the Insurance Reserves Account on such date are not in compliance with the requirements of Section 6.06; in such proportion as between the items (x), (y) and (z) above as the Administrative Agent shall determine in its sole discretion, and (ii) thereafter, the entire remaining amount of the Leasing Commission Reserves for such Properties will be released by the Paying Agent at the written direction of the Administrative Agent to the Borrower Representative.