Common use of Standing Reserves Clause in Contracts

Standing Reserves. At the time of disbursement of the Renovation Loan with respect to any Financed Property (or upon release of any Renovation Reserves, Leasing Commission Reserves or Debt Service Reserves with respect to any Non-Stabilized Property, to the extent the Standing Reserves for such Financed Property have not previously been deposited), the Borrowers shall pay to the Paying Agent (or such amounts shall be remitted from the proceeds of the Renovation Loan on such Property pursuant to Section 2.02(c)) for deposit into the Standing Reserves Account an amount equal to $1,500.00 for each Stabilized Property (the sums so deposited the “Standing Reserves”). During the continuance of an Event of Default, the Administrative Agent may, and at the direction of the Majority Lenders or pursuant to a Thirty-Three Percent Lender Instruction shall, direct the Paying Agent in writing to withdraw all or any portion of the Standing Reserves from the Standing Reserves Account and apply such funds either to pay (i) costs and expenses for maintenance or operation of the Properties (as determined by the Administrative Agent or any Servicing Agent in the exercise of their sole discretion acting in good faith) or (ii) the Allocated Loan Amount in respect of each Financed Property, pro rata to each Lender, in such proportion as between items (i) and (ii) above as the Administrative Agent may determine in its sole discretion. The right to direct the Paying Agent in writing to withdraw and apply Standing Reserves in accordance with the foregoing shall be in addition to all other rights and remedies provided to the Administrative Agent, the Collateral Agent or any Lenders under this Agreement and the other Loan Documents. Provided no Default or Event of Default shall exist and remain uncured, the Paying Agent shall disburse the balance of the Standing Reserves with respect to a Property to the Borrower Representative (as directed in writing by the Administrative Agent pursuant to Section 6.13(e)) upon the Refinancing or Transfer of such Property and the payment in full of the applicable Release Amount with respect to such Property.

Standing Reserves. At In connection with the disbursement of a Property Loan with respect to any Renovated Stabilized Property and at the time of disbursement of the Renovation Loan with respect to any Financed Non-Stabilized Property or Carry-Over Property (or upon release of any Renovation Reserves, Leasing Commission Reserves or Debt Service Reserves with respect to any Non-Stabilized Financed Property, to the extent the Standing Reserves for such Financed Property have not previously been deposited), the Borrowers shall pay to the Paying Agent (or such amounts shall be remitted from the proceeds of the Renovation Loan on such Property pursuant to Section 2.02(c)) for deposit into the Standing Reserves Account an amount equal to $1,500.00 for each Renovated Stabilized Property (the sums so deposited the “Standing Reserves”). During the continuance of an Event of Default, the Administrative Agent may, and at the direction of the Majority Lenders or pursuant to a Thirty-Three Percent Lender Instruction shall, direct the Paying Agent in writing to withdraw all or any portion of the Standing Reserves from the Standing Reserves Account and apply such funds either to pay (i) costs and expenses for maintenance or operation of the Properties (as determined by the Administrative Agent or any Servicing Agent in the exercise of their sole discretion acting in good faith) or (ii) the Allocated Loan Amount in respect of each Financed Property, pro rata to each Lender, in such proportion as between items (i) and (ii) above as the Administrative Agent may determine in its sole discretion. The right to direct the Paying Agent in writing to withdraw and apply Standing Reserves in accordance with the foregoing shall be in addition to all other rights and remedies provided to the Administrative Agent, the Collateral Agent or any Lenders under this Agreement and the other Loan Documents. Provided no Default or Event of Default shall exist and remain uncured, the Paying Agent shall disburse the balance of the Standing Reserves with respect to a Property to the Borrower Representative (as directed in writing by the Administrative Agent pursuant to Section 6.13(e)) upon the Refinancing or Transfer of such Property and the payment in full of the applicable Release Amount with respect to such Property.

Standing Reserves. At the time of disbursement of the Renovation Loan with respect to any Financed Property (or upon release of any Renovation Reserves, Leasing Commission Reserves or Debt Service Reserves with respect to any Non-Stabilized Property, to the extent the Standing Reserves for such Financed Property have not previously been deposited), the Borrowers shall pay to the Paying Agent (or such amounts shall be remitted from the proceeds of the Renovation Loan on such Property pursuant to Section 2.02(c)) for deposit into the Standing Reserves Account an amount equal to $1,500.00 1,500 for each Stabilized Property (the sums so deposited the “Standing Reserves”). During the continuance of an Event of Default, the Administrative Agent may, and at the direction of the Majority Lenders or pursuant to a Thirty-Three Percent Lender Instruction shall, direct the Paying Agent in writing to withdraw all or any portion of the Standing Reserves from the Standing Reserves Account and apply such funds either to pay (i) costs and expenses for maintenance or operation of the Properties (as determined by the Administrative Agent or any Servicing Agent in the exercise of their sole discretion acting in good faith) or (ii) the Allocated Loan Amount in respect of each Financed Property, pro rata to each Lender, in such proportion as between items (i) and (ii) above as the Administrative Agent may determine in its sole discretion. The right to direct the Paying Agent in writing to withdraw and apply Standing Reserves in accordance with the foregoing shall be in addition to all other rights and remedies provided to the Administrative Agent, the Collateral Agent or any Lenders under this Agreement and the other Loan Documents. Provided no Default or Event of Default shall exist and remain uncured, the Paying Agent shall disburse the balance of the Standing Reserves with respect to a Property to the Borrower Representative (as directed in writing by the Administrative Agent pursuant to Section 6.13(e)) upon the Refinancing or Transfer of such Property and the payment in full of the applicable Release Amount with respect to such Property.