Common use of Release of Scheduled PIP Reserve Funds Clause in Contracts

Release of Scheduled PIP Reserve Funds. Provided no Event of Default is continuing, Lender shall direct Servicer to disburse Scheduled PIP Reserve Funds for payment of Approved Scheduled PIP Expenses within ten (10) days after the delivery by Borrower to Lender of a request therefor (but not more often than once each calendar month), provided that: (i) such disbursement is for Approved Scheduled PIP Expenses; (ii) Lender has received invoices evidencing that the 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 Scheduled PIP Expenses; (iii) Borrower has applied any amounts previously received by it in accordance with this Section for the Approved Scheduled PIP Expenses to which specific draws made hereunder relate and received any lien waivers or other releases (with respect to any expenses greater than $10,000) which would customarily be obtained with respect to the work in question; (iv) the total remaining estimated cost of completing the PIP Work for the applicable Individual Property is not in excess of the amount of the Approved Scheduled PIP Budget for such Individual Property less the aggregate amount of all prior disbursements of Scheduled PIP Reserve Funds and other payments by Borrower for Approved Scheduled PIP Expenses 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 comparable to the provisions governing security in Section 4.34(e)(iv)), the release and/or reduction of which shall be governed by the procedures outlined therein), and (v) the request for the disbursement is accompanied by an Officer’s Certificate from Borrower stating that (A) the conditions in the foregoing clauses (ii), (iii) and (iv) have been satisfied, (B) that the Approved Scheduled PIP Expenses to be funded by such disbursement have been completed in a good and workmanlike manner and in accordance with all applicable Legal Requirements, (C) that 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 in all material respects, to the Borrower’s knowledge, and (D) upon such disbursement to Borrower, the Approved Scheduled PIP Expenses to be funded by the requested disbursement will be paid promptly in accordance with the invoices and lien waivers (where applicable) presented. Lender shall not be required to disburse Scheduled PIP Reserve Funds more frequently than once each calendar month. Provided no Event of Default is continuing, Lender shall direct Servicer to disburse any remaining Scheduled PIP Reserve Funds to (x) the Future PIP Reserve Account if the Approved Flagging Budget has scheduled Approved Future PIP Expenses that have not yet been completed or (y) to the extent the foregoing clause (x) is not applicable, to the FF&E Reserve Account within ten (10) days after the delivery by Borrower to Lender of a request therefor, such request to be accompanied by an Officer’s Certificate from Borrower stating that all Scheduled PIP for all Individual Properties set forth on Schedule XVIII has been fully paid for and completed in a good, workmanlike and Lien-free manner in accordance with all Legal Requirements.

Release of Scheduled PIP Reserve Funds. Provided no Event of Default is continuingcontinuing and no Enforcement has occurred, Lender shall direct Servicer to disburse Scheduled PIP Reserve Funds for payment of Approved Scheduled PIP Expenses within ten (10) days after the delivery by Borrower to Lender of a request therefor (but not more often than once each calendar month), provided that: (i) such disbursement is for Approved Scheduled PIP Expenses; (ii) Lender has received invoices evidencing that the 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 Scheduled PIP Expenses; (iii) Borrower has applied any amounts previously received by it in accordance with this Section for the Approved Scheduled PIP Expenses to which specific draws made hereunder relate and received any lien waivers or other releases (with respect to any expenses greater than $10,000) which would customarily be obtained with respect to the work in question; (iv) the total remaining estimated cost of completing the PIP Work for the applicable Individual Property is not in excess of the amount of the Approved Scheduled PIP Budget for such Individual Property less the aggregate amount of all prior disbursements of Scheduled PIP Reserve Funds and other payments by Borrower for Approved Scheduled PIP Expenses 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 comparable to the provisions governing security in Section 4.34(e)(iv)), the release and/or reduction of which shall be governed by the procedures outlined therein)intentionally omitted, and (v) the request for the disbursement is accompanied by an Officer’s Certificate from Borrower stating that (A) the conditions in the foregoing clauses (ii), (iii) and (iviii) have been satisfied, (B) that the Approved Scheduled PIP Expenses to be funded by such disbursement have been completed in a good and workmanlike manner and in accordance with all applicable Legal Requirements, (C) that 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 in all material respects, to the Borrower’s knowledge, and (D) upon such disbursement to Borrower, the Approved Scheduled PIP Expenses to be funded by the requested disbursement will be paid promptly in accordance with the invoices and lien waivers (where applicable) presented. Lender shall not be required to disburse Scheduled PIP Reserve Funds more frequently than once each calendar month. Provided no Event of Default is continuing, Lender shall direct Servicer to disburse any remaining Scheduled PIP Reserve Funds to Borrower (x) or if an Event of Default or Mezzanine Loan Default is continuing, then with respect to the Future Scheduled PIP Reserve Account if the Approved Flagging Budget has scheduled Approved Future PIP Expenses that have not yet been completed Funds remitted during an Event of Default or (y) to the extent the foregoing clause (x) is not applicableTrigger Period, to the FF&E Reserve Account Cash Collateral Account) within ten (10) days after of the delivery by earliest to occur of (x) Borrower to Lender of a request therefor, such request to be accompanied by delivering an Officer’s Certificate from Borrower stating that all Approved Scheduled PIP for all Individual Properties set forth on Schedule XVIII has Expenses have been fully paid for and completed in a good, workmanlike and Lien-free manner in accordance with all Legal Requirements, (y) Borrower delivering an Officer’s Certificate from Borrower stating the Borrower or Operating Lessee has spent $67,000,000 or more on Approved Scheduled PIP Expenses, and (z) regardless of whether an Event of Default or Mezzanine Loan Default exists, repayment of the Loan and the Mezzanine Loan in full.

Release of Scheduled PIP Reserve Funds. Provided no Event of Default is continuingcontinuing and no Enforcement has occurred, Lender shall direct Servicer to disburse Scheduled PIP Reserve Funds for payment of Approved Scheduled PIP Expenses within ten (10) days after the delivery by Borrower to Lender of a request therefor (but not more often than once each calendar month), provided that: (i) such disbursement is for Approved Scheduled PIP Expenses; (ii) Lender has received invoices evidencing that the 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 Scheduled PIP Expenses; (iii) Borrower has applied any amounts previously received by it in accordance with this Section for the Approved Scheduled PIP Expenses to which specific draws made hereunder relate and received any lien waivers or other releases (with respect to any expenses greater than $10,000) which would customarily be obtained with respect to the work in question; (iv) the total remaining estimated cost of completing the PIP Work for the applicable Individual Property is not in excess of the amount of the Approved Scheduled PIP Budget for such Individual Property less the aggregate amount of all prior disbursements of Scheduled PIP Reserve Funds and other payments by Borrower for Approved Scheduled PIP Expenses 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 comparable to the provisions governing security in Section 4.34(e)(iv)), the release and/or reduction of which shall be governed by the procedures outlined therein)intentionally omitted, and (v) the request for the disbursement is accompanied by an Officer’s Certificate from Borrower stating that (A) the conditions in the foregoing clauses (ii), (iii) and (iviii) have been satisfied, (B) that the Approved Scheduled PIP Expenses to be funded by such disbursement have been completed in a good and workmanlike manner and in accordance with all applicable Legal Requirements, (C) that 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 in all material respects, to the Borrower’s knowledge, and (D) upon such disbursement to Borrower, the Approved Scheduled PIP Expenses to be funded by the requested disbursement will be paid promptly in accordance with the invoices and lien waivers (where applicable) presented. Lender shall not be required to disburse Scheduled PIP Reserve Funds more frequently than once each calendar month. Provided no Event of Default is continuing, Lender shall direct Servicer to disburse any remaining Scheduled PIP Reserve Funds to Borrower (x) or if an Event of Default or Mezzanine Loan Default is continuing, then with respect to the Future Scheduled PIP Reserve Account if the Approved Flagging Budget has scheduled Approved Future PIP Expenses that have not yet been completed Funds remitted during an Event of Default or (y) to the extent the foregoing clause (x) is not applicableTrigger Period, to the FF&E Reserve Account Cash Collateral Account) within ten (10) days after of the delivery by earliest to occur of (x) Borrower to Lender of a request therefor, such request to be accompanied by delivering an Officer’s Certificate from Borrower stating that all Approved Scheduled PIP for all Individual Properties set forth on Schedule XVIII has Expenses have been fully paid for and completed in a good, workmanlike and Lien-free manner in accordance with all Legal Requirements, (y) intentionally omitted, and (z) regardless of whether an Event of Default or Mezzanine Loan Default exists, repayment of the Loan in full.

Release of Scheduled PIP Reserve Funds. Provided no Event of Default is continuingcontinuing and no Enforcement has occurred, Lender shall direct Servicer to disburse Scheduled PIP Reserve Funds for payment of Approved Scheduled PIP Expenses within ten (10) days after the delivery by Borrower to Lender of a request therefor (but not more often than once each calendar month), provided that: (i) such disbursement is for Approved Scheduled PIP Expenses; (ii) Lender has received invoices evidencing that the 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 Scheduled PIP Expenses; (iii) Borrower has applied any amounts previously received by it in accordance with this Section for the Approved Scheduled PIP Expenses to which specific draws made hereunder relate and received any lien waivers or other releases (with respect to any expenses greater than $10,000) which would customarily be obtained with respect to the work in question; (iv) the total remaining estimated cost of completing the PIP Work for the applicable Individual Property is not in excess of the amount of the Approved Scheduled PIP Budget for such Individual Property less the aggregate amount of all prior disbursements of Scheduled PIP Reserve Funds and other payments by Borrower for Approved Scheduled PIP Expenses 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 comparable to the provisions governing security in Section 4.34(e)(iv)), the release and/or reduction of which shall be governed by the procedures outlined therein)intentionally omitted, and (v) the request for the disbursement is accompanied by an Officer’s Certificate from Borrower stating that (A) the conditions in the foregoing clauses (ii), (iii) and (iviii) have been satisfied, (B) that the Approved Scheduled PIP Expenses to be funded by such disbursement have been completed in a good and workmanlike manner and in accordance with all applicable Legal Requirements, (C) that 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 in all material respects, to the Borrower’s knowledge, and (D) upon such disbursement to Borrower, the Approved Scheduled PIP Expenses to be funded by the requested disbursement will be paid promptly in accordance with the invoices and lien waivers (where applicable) presented. Lender shall not be required to disburse Scheduled PIP Reserve Funds more frequently than once each calendar month. Provided no Event of Default is continuing, Lender shall direct Servicer to disburse any remaining Scheduled PIP Reserve Funds to (x) the Future PIP Reserve Account if the Approved Flagging Budget has scheduled Approved Future PIP Expenses that have not yet been completed or (y) to the extent the foregoing clause (x) is not applicable, to the FF&E Reserve Account Borrower within ten (10) days after of the delivery by earliest to occur of (x) Borrower to Lender of a request therefor, such request to be accompanied by delivering an Officer’s Certificate from Borrower stating that all Approved Scheduled PIP for all Individual Properties set forth on Schedule XVIII has Expenses have been fully paid for and completed in a good, workmanlike and Lien-free manner in accordance with all Legal Requirements, (y) Borrower delivering an Officer’s Certificate from Borrower stating the Borrower or Operating Lessee has spent $125,000,000 or more on Approved Scheduled PIP Expenses, and (z) repayment of the Loan in full.