Common use of Release of Reserve Funds Clause in Contracts

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 Replacement Reserve Account to pay for the actual costs of any approved Replacements or (ii) the Leasing Reserve Account to the extent necessary to reimburse Borrower for the actual costs of Tenant Improvements and/or Leasing Commissions incurred, provided that (A) 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 (B) 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. Notwithstanding the preceding sentence, in no event shall Lender be required to (x) disburse funds from any of the Reserve Accounts if an Event of Default exists, or (y) disburse funds from the Replacement Reserve Account to pay for the costs of routine repairs or maintenance to the Property or for Tenant Improvements and Leasing Commissions.

Release of Reserve Funds. (a) Upon written request from Borrower and satisfaction of the requirements set forth in this AgreementSection 9.5, Lender shall disburse to Borrower amounts from (i) the Replacement Reserve Account to pay the extent necessary to reimburse Borrower for the actual costs of any approved Replacements Replacements, or (ii) the Leasing Reserve Account to the extent necessary to reimburse Borrower for the actual costs of Tenant Improvements and/or Leasing Commissions incurredincurred in connection with Leases entered into in accordance with the Loan Documents or those Leases entered into with FFIC, provided that (A) 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 (B) the amount of such Leasing Commissions are determined pursuant to arm's-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 from any of the Reserve Accounts if an Event of Default exists, or (y) disburse funds from the Replacement Reserve Account to pay reimburse Borrower for the costs of routine repairs or maintenance to the Property or for costs which are to be reimbursed from funds held for Tenant Improvements and Leasing Commissions.

Release of Reserve Funds. (a) Upon written request from Borrower and satisfaction of the requirements set forth in this AgreementSection 9.5, Lender shall disburse to Borrower amounts from (i) the Replacement Reserve Account to pay the extent necessary to reimburse Borrower for the actual costs of any approved Replacements Replacements, or (ii) the Leasing Reserve Account to the extent necessary to reimburse Borrower for the actual costs of Tenant Improvements and/or Leasing Commissions incurred, incurred in connection with Leases entered into in accordance with the Loan Documents provided that (A) 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 (B) 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 (x) disburse funds from any of the Reserve Accounts if an Event of Default exists, or (y) disburse funds from the Replacement Reserve Account to pay reimburse Borrower for the costs of routine repairs or maintenance to the Property or for Tenant Improvements and Leasing Commissions.