Tenant Improvement Funds. The Manager may, but shall not be required to, collect and administer tenant improvement allowances and similar amounts, if any, received from landlords with respect to the New Franchised Restaurant Leases. Any such amounts received from landlords shall be collected and maintained in one or more accounts in the name of the Manager, and will be utilized by the Manager for improvements, renovations or other capital expenditures in respect of real property subject to New Franchised Restaurant Leases or, to the extent any such funds represent a reimbursement of such expenditures previously made by the Manager, may be retained by the Manager. The Manager shall not make or permit or cause any other Person to make or permit any borrowings to be made or Liens to be levied against any such accounts or the funds therein. The Manager shall administer such amounts in accordance with the Managing Standard.
Tenant Improvement Funds. The Manager shall be responsible for collecting and administering tenant improvement allowances and similar amounts received from landlords with respect to the Franchised Restaurant Leases. Any such amounts received from landlords shall be collected and maintained in one or more accounts in the name of the Manager, and will be utilized by the Manager for improvements, renovations or other capital expenditures in respect of real property subject to Franchised Restaurant Leases or, to the extent any such funds represent a reimbursement of such expenditures previously made by the Manager, may be retained by the Manager. The Manager shall administer such amounts in accordance with the Managing Standard.
Tenant Improvement Funds. Commencing on the Closing Date, Borrower shall deposit with or on behalf of Lender an amount equal to $270,000.00 which amount shall be transferred into an Account (the “Tenant Improvement Account”) which shall be the subject of the Account Control Agreement. Amounts deposited from time to time into the Tenant Improvement Account pursuant to this Section 6.5 are referred to herein as the “Tenant Improvement Funds”. Provided no Event of Default is continuing, Lender shall disburse Tenant Improvement Funds to Borrower out of the Tenant Improvement Account, within five (5) days after the later of (a) receipt by Lender of all items required to be delivered pursuant to the Loan Documents as a condition to payment of any portion of the Tenant Improvement Funds (including, without limitation, any third party reports or inspection summaries required by Lender in associated with such request), and (b) delivery by Borrower to Lender of a request therefor (but not more often than once per month), in increments of at least $10,000.00 (or a lesser amount if the total amount in the Tenant Improvement Account is less than $10,000.00, in which case only one disbursement of the amount remaining in the account shall be made) provided that: (i) such disbursement is for a tenant improvement of the Project approved by Lender (an “Approved Tenant Improvement Expenditure”);
