Common use of Deposits of Capital Expenditure Funds Clause in Contracts

Deposits of Capital Expenditure Funds. On each Monthly Payment Date, Borrower shall deposit with Lender an amount equal to Four Thousand Seven Hundred Eighty-Four and 00/100 Dollars ($4,784.00) (the “Monthly Capital Expenditure Deposit”) for annual Capital Expenditures set forth in the Approved Annual Budget or otherwise approved by Lender, which approval shall not be unreasonably withheld or delayed. Amounts deposited pursuant to this Section 6.4.1 are referred to herein as the “Capital Expenditure Funds” and the account in which such amounts are held by Lender shall hereinafter be referred to as the “Capital Expenditure Account.” Lender may reassess its estimate of the amount necessary for Capital Expenditures from time to time and may require Borrower to increase the monthly deposits required pursuant to this Section 6.4.1 upon thirty (30) days’ notice to Borrower if Lender determines in its reasonable discretion that an increase is necessary for proper maintenance and operation of the Property. Notwithstanding any provisions of Section 6.4.1(a) hereof to the contrary, provided and on condition that each of the Capital Expenditure Reserve Waiver Conditions Precedent are satisfied and remain satisfied at all times, Borrower shall not be required to make the initial deposit to the Capital Expenditure Account on account of Capital Expenditures or make the Monthly Capital Expenditure Deposit on account of Capital Expenditures as provided herein. If at any time any or all of the Capital Expenditure Reserve Waiver Conditions Precedent are no longer met, Borrower shall immediately begin and shall continue to fund the Capital Expenditure Account on account of Capital Expenditures as provided herein.

Deposits of Capital Expenditure Funds. On the Closing Date, Borrower shall deposit with Lender an amount equal to Zero and No/100 Dollars ($0.00) and, on each Monthly Payment Date, Borrower shall deposit with Lender an amount equal to Four One Thousand Seven Three Hundred Eighty-Four Eighty and 00/100 66/100 Dollars ($4,784.001,380.66) (the “Monthly Capital Expenditure Deposit”) for annual Capital Expenditures set forth in the Approved Annual Budget or otherwise approved by Lender, which approval shall not be unreasonably withheld or delayed. Amounts deposited pursuant to this Section 6.4.1 are referred to herein as the “Capital Expenditure Funds” and the account in which such amounts are held by Lender shall hereinafter be referred to as the “Capital Expenditure Account.” Lender may reassess its estimate of the amount necessary for Capital Expenditures from time to time and may require Borrower to increase the monthly deposits required pursuant to this Section 6.4.1 upon thirty (30) days’ notice to Borrower if Lender determines based on a current property condition report, or otherwise determines in its it reasonable discretion that an increase is necessary for proper maintenance and operation of the Property. Notwithstanding any provisions of Section 6.4.1(a) hereof to the contrary, provided and on condition that each of the Capital Expenditure Reserve Waiver Conditions Precedent are satisfied and remain satisfied at all timesprovided, Borrower shall not be required to make the initial deposit to the Capital Expenditure Account on account of Capital Expenditures or make however, if Lender increases the Monthly Capital Expenditure Deposit without obtaining and relying on account of Capital Expenditures as provided herein. If at any time any or all of the Capital Expenditure Reserve Waiver Conditions Precedent are no longer meta current property condition report, Borrower shall immediately begin have the right, at its own expense, to obtain a property condition report certified to Lender from an engineering firm acceptable to Lender in its reasonable discretion, and Lender shall continue to fund the require a Monthly Capital Expenditure Account on account Deposit equal to the greater of (A) the Monthly Capital Expenditures as provided hereinExpenditure Deposit prior to reassessment, and (B) the Monthly Capital Expenditure Deposit suggested by Borrower's property condition report.

Deposits of Capital Expenditure Funds. On each Monthly Payment the Closing Date, Borrower shall deposit with Lender an amount equal to Four Two Million Six Hundred Sixty-Two Thousand and Seven Hundred EightySixty-Four and 00/100 Seven 05/100 Dollars ($4,784.002,262,767.05) to be used to pay for the cost of Capital Expenditures required to be performed under the Franchise Agreement, as more particularly described in the section of the Product Improvement Plan attached hereto as Schedule II, which Capital Expenditures are hereby approved by the Lender subject to the provisions of this Section 6.4.1 (the “Monthly Capital Expenditure DepositPIP Repairs”) for annual Capital Expenditures set forth in the Approved Annual Budget or otherwise approved by Lender, which approval shall not be unreasonably withheld or delayed). Amounts deposited pursuant to this Section 6.4.1 are referred to herein as the “Capital Expenditure Funds” and ”. In lieu of making the account in which such amounts are held by Lender shall hereinafter be referred deposit (or any portion thereof) to as the “Capital Expenditure Account.” Lender may reassess its estimate of the amount necessary for Capital Expenditures from time to time and may require Borrower to increase the monthly deposits Funds required pursuant to this Section 6.4.1 6.4, Borrower may deliver to Lender a Letter of Credit in an amount equal to the amount that is otherwise required to be deposited into the Capital Expenditure Funds issued by a Approved Bank, which Letter of Credit shall be otherwise acceptable in form and substance to Lender and Borrower shall pay to Lender all of Lender’s reasonable out of pocket costs and expenses in connection therewith, including any fee charged by the Rating Agencies. Any such Letter of Credit shall be additional security for Borrower’s obligations under the Loan Documents. Lender shall have the right to draw in full upon any Letter of Credit: (A) if Lender has not received at least thirty (30) days’ days prior to the date on which the then outstanding Letter of Credit is scheduled to expire, a notice from the issuing financial institution that it has renewed the applicable Letter of Credit; (B) upon receipt of notice from the issuing financial institution that the applicable Letter of Credit will be terminated; (C) ten (10) days after Lender has given notice to Borrower if Lender determines that the financial institution issuing the applicable Letter of Credit ceases to meet the rating requirement set forth in its reasonable discretion that this Section 6.4; and (D) upon the occurrence of an increase is necessary for proper maintenance and operation Event of the Property. Notwithstanding any provisions of Section 6.4.1(a) hereof to the contrary, provided and on condition that each of the Capital Expenditure Reserve Waiver Conditions Precedent are satisfied and remain satisfied at all times, Borrower shall not be required to make the initial deposit to the Capital Expenditure Account on account of Capital Expenditures or make the Monthly Capital Expenditure Deposit on account of Capital Expenditures as provided herein. If at any time any or all of the Capital Expenditure Reserve Waiver Conditions Precedent are no longer met, Borrower shall immediately begin and shall continue to fund the Capital Expenditure Account on account of Capital Expenditures as provided hereinDefault.

Deposits of Capital Expenditure Funds. On Borrower shall deposit with or on behalf of Lender on each Monthly Payment Date, Borrower shall deposit with Lender an amount equal to Four Thousand Seven Hundred Eightyone-Four and 00/100 Dollars twelfth of the product of (i) $4,784.00750 multiplied by (ii) the number of Properties to which the Loan is applicable, in order to accumulate sufficient funds, for annual Capital Expenditures, which amounts shall be transferred into an Account (the “Monthly Capital Expenditure DepositAccount”) for annual Capital Expenditures set forth in the Approved Annual Budget or otherwise approved by Lender, which approval shall not be unreasonably withheld or delayed). Amounts deposited from time to time into the Capital Expenditure Account pursuant to this Section 6.4.1 are referred to herein as the “Capital Expenditure Funds” ”. So long as no Event of Default has occurred and is continuing, Borrower may request that Lender perform an analysis to determine the account in which such amounts are held by Lender shall hereinafter be referred to as the “Capital Expenditure Account.” Lender may reassess its estimate of the amount necessary for Capital Expenditures from time to time and may require Borrower to increase the monthly deposits required pursuant to this Section 6.4.1 upon thirty (30) days’ notice to Borrower if Lender determines in its reasonable discretion that an increase is necessary for proper maintenance and operation of the Property. Notwithstanding any provisions of Section 6.4.1(a) hereof to the contrary, provided and on condition that each adequacy of the Capital Expenditure Reserve Waiver Conditions Precedent are satisfied Funds. Lender may, in its sole discretion, perform such analysis to determine the adequacy of the Capital Expenditure Funds and remain satisfied at all times, Borrower shall not be potentially make such adjustments to the amount required to be funded by Borrower as Lender may reasonably require based on the overall age and condition of the Properties and other relevant metrics with respect to the Properties (excluding, for the avoidance of doubt, general market conditions to the extent not disproportionately affecting the Properties). If, in its sole discretion, Lender concludes that to the reserves on deposit are adequate to maintain the Properties, Lender may suspend Borrower’s obligation to make the initial deposit additional deposits to the Capital Expenditure Account on account of Capital Expenditures or make the Monthly Capital Expenditure Deposit on account of Capital Expenditures as Account; provided herein. If that, at any time following any or all such suspension, Lender may reinstate Borrower’s obligation to make the deposits contemplated in the first sentence of the Capital Expenditure Reserve Waiver Conditions Precedent are no longer met, Borrower shall immediately begin and shall continue to fund the Capital Expenditure Account on account of Capital Expenditures as provided hereinthis Section 6.4.1.

Deposits of Capital Expenditure Funds. (a). On each Monthly Payment Date, Borrower shall deposit with Lender an amount equal to Four Twenty-Nine Thousand Seven Three Hundred EightyThirty-Four Three and 00/100 33/100 Dollars ($4,784.0029,333.33) (the “Monthly Capital Expenditure Deposit”) for annual Capital Expenditures set forth in the Approved Annual Budget or otherwise approved by Lender, which approval shall not be unreasonably withheld or delayed. Amounts deposited pursuant to this Section 6.4.1 are referred to herein as the “Capital Expenditure Funds” and the account in which such amounts are held by Lender shall hereinafter be referred to as the “Capital Expenditure Account.” Lender may reassess its estimate of the amount necessary for Capital Expenditures from time to time and may require Borrower to increase the monthly deposits required pursuant to this Section 6.4.1 upon thirty (30) days’ notice to Borrower if Lender determines in its reasonable discretion that an increase is necessary for proper maintenance and operation of the Property. Notwithstanding any provisions of Section 6.4.1(a) hereof to the contrary, provided and on condition that each of the Capital Expenditure Reserve Waiver Conditions Precedent are satisfied and remain satisfied at all times, Borrower shall not be required to make the initial deposit to the Capital Expenditure Account on account of Capital Expenditures or make the Monthly Capital Expenditure Deposit on account of Capital Expenditures as provided herein. If at any time any or all of the Capital Expenditure Reserve Waiver Conditions Precedent are no longer met, Borrower shall immediately begin and shall continue to fund the Capital Expenditure Account on account of Capital Expenditures as provided herein.