Release of Reserve Funds. (a) Upon written request from Borrower and satisfaction of the requirements set forth in this Agreement, Lender shall disburse to Borrower amounts from (i) the Required Construction Account to the extent necessary to reimburse Borrower for the actual costs of the applicable Required Construction and (ii) the Leasing Reserve Account to the extent necessary to reimburse Borrower for the actual costs of Tenant Improvements and/or Leasing Commissions incurred in connection with a replacement Lease, provided, (A) such replacement Lease was entered into in accordance with the terms of the Loan Documents, (B) such replacement Lease covers all of the applicable Vacated Anchor Space, (C) such Leasing Commissions are reasonable and customary for properties similar to the Property and the portion of the Property leased for which such Leasing Commissions are due, and (D) the amount of such Leasing Commissions are determined pursuant to arm's-length transactions between Borrower and any leasing agent to which a Leasing Commission is due, and excluding any Leasing Commissions which shall be due any member, general partner or shareholder of Borrower or any affiliate of Borrower. Notwithstanding the preceding sentence, in no event shall Lender be required to disburse funds (i) from any of the Reserve Accounts if an Event of Default exists, (ii) that would cause the amount of funds remaining in the Required Construction Account after such disbursement (other than with respect to the final disbursement) to be less than the then current estimated cost of completing all of the remaining Required Construction or (iii) from the Leasing Reserve Account for any Vacated Anchor Space in excess of the applicable Individual Anchor Tenant Funds. Provided no Event of Default has occurred and is continuing, Lender shall release any remaining applicable Individual Anchor Tenant Funds to Borrower upon receipt of proof of payment in full of all Leasing Commissions and Tenant Improvements relating to the applicable Vacated Anchor Space and receipt by Lender of a written estoppel reasonably acceptable to Lender from the replacement tenant for the applicable Vacated Anchor Space which shall state, among other things, that the Tenant Improvements have been completed in a manner satisfactory to such replacement Tenant and that the replacement Lease is in full force and effect.
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Release of Reserve Funds. (ag) Upon written request from Borrower and satisfaction of the requirements set forth in this Agreement, Lender shall disburse to Borrower within thirty (30) days amounts from (i) the Required Construction Repair Account to the extent necessary to pay for or reimburse Borrower for the actual costs of each Required Repair (but not exceeding one hundred twenty-five percent (125%) of the applicable original estimated cost of such Required Construction and Repair as set forth on Schedule 9.1, unless Lender has agreed to reimburse Borrower for such excess cost pursuant to Section 9.7(f)), (ii) the Leasing FF&E Reserve Account to the extent necessary to pay for or reimburse Borrower for the actual costs of Tenant Improvements and/or Leasing Commissions incurred in connection with a replacement Lease, provided, any approved Replacements or (Aiii) such replacement Lease was entered into in accordance with the terms of the Loan Documents, (B) such replacement Lease covers all of the applicable Vacated Anchor Space, (C) such Leasing Commissions are reasonable and customary for properties similar Environmental Reserve Account to the Property and extent necessary to pay for or reimburse Borrower for the portion actual costs of the Property leased for which such Leasing Commissions are dueany Mitigation Work, and (D) the amount of such Leasing Commissions are determined pursuant to arm's-length transactions between Borrower and any leasing agent to which a Leasing Commission is due, and excluding any Leasing Commissions which shall be due any member, general partner Further Investigations or shareholder of Borrower or any affiliate of BorrowerMitigation Monitoring. Notwithstanding the preceding sentencesentence or anything contained herein to the contrary, in no event shall Lender be required to (w) disburse funds (i) from any of the Reserve Accounts if an Event of Default exists, (ii) that amounts which would cause the amount of funds remaining in the Required Construction Repair Account after such any disbursement (other than with respect to the final disbursement) to be less than one hundred twenty-five percent (125%) of the then current estimated cost of completing all of the remaining Required Construction or (iii) from the Leasing Reserve Account Repairs for any Vacated Anchor Space in excess of the applicable Individual Anchor Tenant Funds. Provided no Property, (x) disburse funds from any of the Reserve Accounts if an Event of Default has occurred and is continuingexists, Lender shall release (y) disburse funds from the FF&E Reserve Account to reimburse Borrower for the costs of routine repairs or maintenance to any Individual Property or for costs which are to be reimbursed from funds held in the Required Repair Account, or (z) disburse any amounts which would cause the amount of funds remaining applicable Individual Anchor Tenant Funds to Borrower upon receipt of proof of payment in full of all Leasing Commissions and Tenant Improvements relating the Environmental Reserve Account after any disbursement (other than with respect to the applicable Vacated Anchor Space and receipt by Lender of a written estoppel reasonably acceptable final disbursement) to Lender from the replacement tenant for the applicable Vacated Anchor Space which shall state, among other things, that the Tenant Improvements have been completed in a manner satisfactory to such replacement Tenant and that the replacement Lease is in full force and effect.be less than one hundred twenty-five percent (125%)
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Release of Reserve Funds. (a) Upon Within ten (10) days following written request from Borrower and satisfaction of the requirements set forth in this Agreement, Lender shall disburse to Borrower amounts from (i) the Required Construction Repair Account to the extent necessary to reimburse Borrower for for, or disburse an amount to Borrower equal to, the actual costs of each Required Repair (but not exceeding 125% of the applicable original estimated cost of such Required Construction and Repair as set forth on Schedule I, unless Lender has agreed to reimburse Borrower for, or disburse an amount to Borrower equal to, such excess cost pursuant to Section 9.05(f)) or (ii) the Replacement Reserve Account to the extent necessary to reimburse Borrower for, or disburse an amount to Borrower equal to, the actual costs of any approved Replacements, or (iii) the Leasing Reserve Account to the extent necessary to reimburse Borrower for for, or disburse an amount to Borrower equal to, the actual costs of Tenant Improvements and/or Leasing Commissions incurred in connection with a replacement Lease, provided, (A) such replacement Lease was Leases entered into in accordance with the terms of the Loan Documents, provided that (B) such replacement Lease covers all of the applicable Vacated Anchor Space, (CA) such Leasing Commissions are reasonable and customary for properties similar to the Property and the portion of the Property leased for which such Leasing Commissions are due, and (DB) the amount of such Leasing Commissions are determined pursuant to arm'sarm’s-length transactions between Borrower and any leasing agent to which a Leasing Commission is due, and excluding any Leasing Commissions which shall be due any member, general partner or shareholder of Borrower or any affiliate Affiliate of BorrowerBorrower (other than Leasing Commissions payable to Market Center Management Company, Ltd., a Texas limited partnership). Notwithstanding the preceding sentence, in no event shall Lender be required to (x) disburse funds (i) from any of the Reserve Accounts if an Event of Default exists, (ii) that amounts which would cause the amount of funds remaining in the Required Construction Repair Account after such any disbursement (other than with respect to the final disbursement) to be less than 125% of the then current estimated cost of completing all remaining Required Repairs for the Property, (y) disburse funds from any of the remaining Required Construction or (iii) from the Leasing Reserve Account for any Vacated Anchor Space in excess of the applicable Individual Anchor Tenant Funds. Provided no Accounts if an Event of Default has occurred and is continuing, Lender shall release any remaining applicable Individual Anchor Tenant Funds or (z) disburse funds from the Replacement Reserve Account to reimburse Borrower upon receipt for the costs of proof of payment routine repairs or maintenance to the Property or for costs which are to be reimbursed from funds held in full of all Leasing Commissions and the Required Repair Account or for Tenant Improvements relating to the applicable Vacated Anchor Space and receipt by Lender of a written estoppel reasonably acceptable to Lender from the replacement tenant for the applicable Vacated Anchor Space which shall state, among other things, that the Tenant Improvements have been completed in a manner satisfactory to such replacement Tenant and that the replacement Lease is in full force and effectLeasing Commissions.
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Release of Reserve Funds. (a) Upon written request from Borrower and satisfaction of the requirements set forth in this Agreement, Lender shall disburse to Borrower amounts from (i) the Required Construction Repair Account to the extent necessary to pay for or reimburse Borrower for the actual costs of each Required Repair (but not exceeding 125% of the applicable original estimated cost of such Required Construction and Repair as set forth on Schedule 9.1, unless Lender has agreed to reimburse Borrower for such excess cost pursuant to Section 9.5(f)), (ii) the Replacement Reserve Account to the extent necessary to pay for or reimburse Borrower for the actual costs of any approved Replacements or (iii) the Leasing Reserve Account to the extent necessary to pay for or reimburse Borrower for the actual costs of Tenant Improvements and/or Leasing Commissions incurred in connection with a replacement Lease, provided, (A) such replacement Lease was Leases entered into in accordance with the terms of the Loan Documents, provided that (B) such replacement Lease covers all of the applicable Vacated Anchor Space, (CA) such Leasing Commissions are reasonable and customary for properties similar to the Property and the portion of the Property leased for which such Leasing Commissions are due, and (DB) the amount of such Leasing Commissions are determined pursuant to arm'sarm’s-length transactions between Borrower and any leasing agent to which a Leasing Commission is due, and excluding any Leasing Commissions which shall be due any member, general partner or shareholder of Borrower or any affiliate Affiliate of Borrower. Notwithstanding the preceding sentence, in no event shall Lender be required to (x) disburse funds (i) from any of the Reserve Accounts if an Event of Default exists, (ii) that amounts which would cause the amount of funds remaining in the Required Construction Repair Account after such any disbursement (other than with respect to the final disbursement) to be less than 125% of the then current estimated cost of completing all remaining Required Repairs for the Property, (y) disburse funds from any of the remaining Required Construction or (iii) from the Leasing Reserve Account for any Vacated Anchor Space in excess of the applicable Individual Anchor Tenant Funds. Provided no Accounts if an Event of Default has occurred and is continuingexists, Lender shall release any remaining applicable Individual Anchor Tenant Funds or (z) disburse funds from the Replacement Reserve Account to reimburse Borrower upon receipt for the costs of proof of payment routine repairs or maintenance to the Property or for costs which are to be reimbursed from funds held in full of all Leasing Commissions and the Required Repair Account or for Tenant Improvements relating to the applicable Vacated Anchor Space and receipt by Lender of a written estoppel reasonably acceptable to Lender from the replacement tenant for the applicable Vacated Anchor Space which shall state, among other things, that the Tenant Improvements have been completed in a manner satisfactory to such replacement Tenant and that the replacement Lease is in full force and effectLeasing Commissions.
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Release of Reserve Funds. (a) Upon written request from Borrower and satisfaction of the requirements set forth in this Agreement, Lender shall disburse to Borrower amounts from (i) the Required Construction Repair Account to the extent necessary to pay for or reimburse Borrower for the actual costs of each Required Repair (but not exceeding one hundred twenty-five percent (125%) of the applicable original estimated cost of such Required Construction and Repair as set forth on Schedule 9.1, unless Lender has agreed to reimburse Borrower for such excess cost pursuant to Section 9.9(f)), (ii) the Replacement Reserve Account to the extent necessary to pay for or reimburse Borrower for the actual costs of any approved Replacements, or (iii) the Leasing Reserve Account to the extent necessary to pay for or reimburse Borrower for the actual costs of Tenant Improvements and/or Leasing Commissions incurred in connection with a replacement Lease, provided, (A) such replacement Lease was Leases entered into in accordance with the terms of the Loan Documents, or (Biv) the T-Mobile Reserve Account with respect to such replacement Lease covers all Tenant Improvements consisting of the applicable Vacated Anchor SpaceT-Mobile Work and T-Mobile Parking Structure and/or Leasing Commissions related to the T-Mobile Lease, provided that (CA) such Leasing Commissions are reasonable and in an amount that is customary for properties similar to the applicable Individual Property and the portion of the applicable Individual Property leased for which such Leasing Commissions are due, and (DB) the amount of such Leasing Commissions are determined pursuant to arm's-length arm’s‑length transactions between Borrower and any leasing agent to which a Leasing Commission is due, and excluding any Leasing Commissions which shall be due any member, general partner or shareholder of Borrower or any affiliate of Borrower. Notwithstanding the preceding sentence, in no event shall Lender be required to (x) disburse funds (i) from any of the Reserve Accounts if an Event of Default exists, (ii) that amounts which would cause the amount of funds remaining in the Required Construction Repair Account after such any disbursement (other than with respect to the final disbursement) to be less than one hundred twenty-five percent (125%) of the then current estimated cost of completing all remaining Required Repairs for the Properties, (y) disburse funds from any of the remaining Required Construction Reserve Accounts if an Event of Default exists, or (iiiz) disburse funds from the Leasing Replacement Reserve Account to reimburse Borrower for any Vacated Anchor Space the costs of routine repairs or maintenance to the Properties or for costs which are to be reimbursed from funds held in excess of the applicable Individual Anchor Required Repair Account or for Tenant Funds-109- Improvements and Leasing Commissions. Provided Lender shall disburse such Reserve Funds to Borrower in accordance with this Section 9.9 so long as such funds remain in the respective Reserve Accounts and no Event of Default has occurred and is continuing. Borrower shall have paid all invoices with respect to which a disbursement is requested or, at the request of Borrower, if Borrower is requesting a payment rather than a reimbursement of all such costs, Lender shall release any remaining applicable Individual Anchor Tenant Funds issue joint checks, payable to Borrower upon receipt of proof of and the contractor (or a direct payment in full of all Leasing Commissions and Tenant Improvements relating to the applicable Vacated Anchor Space and receipt by Lender of a written estoppel reasonably acceptable to Lender from the replacement tenant for the applicable Vacated Anchor Space which shall state, among other things, that the Tenant Improvements have been completed in a manner satisfactory directly to such replacement Tenant and that contractor), supplier, materialman, mechanic, subcontractor or other party to whom payment is due. In the replacement Lease is in full force and effectcase of payments made by joint check or direct payment, Lender may require a conditional waiver of lien from each Person receiving payment prior to Lender’s disbursement.
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Samples: Loan Agreement (Griffin Capital Essential Asset REIT, Inc.)
Release of Reserve Funds. (a) Upon written request from Borrower and satisfaction of the requirements set forth in Section 9.4 and 9.5 of this Agreement, Lender shall disburse to Borrower amounts from (i) the Required Construction Repair Account to the extent necessary to pay for or reimburse Borrower for the actual costs of each Required Repair (but not exceeding one hundred ten percent (110%) of the applicable original estimated cost of such Required Construction and Repair as set forth on Schedule I, unless Lender has agreed to reimburse Borrower for such excess cost pursuant to Section 9.5(f)), (ii) the Leasing Replacement Reserve Account to the extent necessary to pay for or reimburse Borrower for the actual costs of Tenant Improvements and/or Leasing Commissions incurred in connection with a replacement Leaseany Replacements, providedor (iii) the Room Split Reserve Account to the extent necessary to pay for the actual costs of Room Split Work or to reimburse Borrower therefor, (A) upon completion of such replacement Lease was entered into in accordance with the terms of the Loan Documents, (B) such replacement Lease covers all of Room Split Work or the applicable Vacated Anchor Spaceportion thereof as set forth in the Room Split Budget (but subject to Non-Discretionary Expenses, (C) such Leasing Commissions are reasonable Permitted Variances and customary for properties similar to the Property and the portion of the Property leased for which such Leasing Commissions are due, and (D) the amount of such Leasing Commissions are determined pursuant to arm's-length transactions between Borrower and any leasing agent to which a Leasing Commission is due, and excluding any Leasing Commissions which shall be due any member, general partner or shareholder of Borrower or any affiliate of Borrowerother variances approved by Lender in writing). Notwithstanding the preceding sentence, in no event shall Lender be required to (w) disburse funds (i) from any of the Reserve Accounts if an Event of Default exists, (ii) that amounts which would cause the amount of funds remaining in the Required Construction Repair Account after such any disbursement (other than with respect to the final disbursement) to be less than one hundred ten percent (110%) of the then current estimated cost of completing all remaining Required Repairs for the Property, (x) disburse funds from any of the remaining Required Construction or (iii) from the Leasing Reserve Account for any Vacated Anchor Space in excess of the applicable Individual Anchor Tenant Funds. Provided no Accounts if an Event of Default has occurred and is continuing, Lender shall release any remaining applicable Individual Anchor Tenant Funds or (y) disburse funds from the Replacement Reserve Account to pay for or reimburse Borrower upon receipt for the costs of proof of payment in full of all Leasing Commissions and Tenant Improvements relating routine repairs or maintenance to the applicable Vacated Anchor Space and receipt by Lender of a written estoppel reasonably acceptable Property or for costs which are to Lender be paid for or reimbursed from funds held in the replacement tenant for the applicable Vacated Anchor Space which shall state, among other things, that the Tenant Improvements have been completed in a manner satisfactory to such replacement Tenant and that the replacement Lease is in full force and effectRequired Repair Account.
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