Common use of Payment of Capital Improvement Costs Clause in Contracts

Payment of Capital Improvement Costs. Not more frequently than once each Interest Accrual Period, and provided that no Default or Event of Default has occurred and is continuing, Borrowers may notify Lender in writing and request that Lender release to a Borrower or its designee funds from the Capital Reserve Sub-Account, to the extent funds are available therein, for payment of Capital Improvement Costs. Together with each such request, Borrowers shall furnish Lender or cause to be furnished to Lender copies of bills and other documentation as may be reasonably required by Lender to establish that such Capital Improvement Costs are reasonable (provided such Capital Improvement Costs shall be deemed reasonable if such Capital Improvement Costs are reflected in the Approved Budget), that the work relating thereto has been completed and that such amounts are then due or have been paid. Lender shall approve or disapprove such request, within ten (10) Business Days after Lender’s receipt of such request, provided such request shall be deemed approved if no response is received from Lender within twenty (20) Business Days after Lender’s receipt of such request and related documentation, and, if approved or deemed approved, Lender shall release the funds to each applicable Borrower or such Borrower’s designee within ten (10) Business Days after Lender’s approval. Notwithstanding anything herein to the contrary, with respect to each Marriott Property, so long as (A) Marriott is Manager of such Marriott Property, (B) no default has occurred and is continuing under the Management Agreement applicable to such Marriott Property beyond any applicable notice and cure periods set forth therein, and (C) Marriott is making all required payments as and when due pursuant to the Management Agreement and/or the Manager’s Subordination, this Section 2.11(e)(iii) shall only apply to the payment of Capital Improvement Costs not otherwise paid by Manager pursuant to the Management Agreement and/or the Manager’s Subordination.

Payment of Capital Improvement Costs. Not more frequently than once each Interest Accrual Period, and provided that no Default or Event of Default has occurred and is continuing, Borrowers may notify Lender in writing and request that Lender release to a Borrower or its designee funds from the Capital Reserve Sub-Account, to the extent funds are available therein, for payment of Capital Improvement Costs. Together with each such request, Borrowers shall furnish Lender or cause to be furnished to Lender copies of bills and other documentation as may be reasonably required by Lender to establish that such Capital Improvement Costs are reasonable (provided such Capital Improvement Costs shall be deemed reasonable if such Capital Improvement Costs are reflected in the Approved Budget), that the work relating thereto has been completed and that such amounts are then due or have been paid. Lender shall approve or disapprove such request, within ten (10) Business Days after Lender’s 's receipt of such request, provided such request shall be deemed approved if no response is received from Lender within twenty (20) Business Days after Lender’s 's receipt of such request and related documentation, and, if approved or deemed approved, Lender shall release the funds to each applicable Borrower or such Borrower’s 's designee within ten (10) Business Days after Lender’s 's approval. Notwithstanding anything herein to the contrary, with respect to each Marriott Property, so long as (A) Marriott is Manager of such Marriott each Individual Property, (B) no default has occurred and is continuing under the Management Agreement applicable to such Marriott each Individual Property beyond any applicable notice and cure periods set forth therein, and (C) Marriott is making all required payments as and when due pursuant to the Management Agreement and/or the Manager’s SubordinationAgreement, this Section 2.11(e)(iii) shall only apply to the payment of Capital Improvement Costs not otherwise paid by Manager pursuant to the Management Agreement and/or the Manager’s 's Subordination.

Payment of Capital Improvement Costs. Not more frequently than once each Interest Accrual Period, and provided that no Default or Event of Default has occurred and is continuing, Borrowers Borrower may notify Lender in writing and request that Lender release to a Borrower or its designee funds from the Capital Reserve Sub-Account, to the extent funds are available therein, for payment of Capital Improvement Costs. Together with each such request, Borrowers Borrower shall furnish Lender or cause to be furnished to Lender with copies of bills and other documentation as may be reasonably required by Lender to establish that such Capital Improvement Costs are reasonable (provided such Capital Improvement Costs shall be deemed reasonable if such Capital Improvement Costs are reflected in the Approved Budget)reasonable, that the work relating thereto has been completed and that such amounts are then due or have been paid. Lender shall approve or disapprove such request, request within ten (10) Business Days after Lender’s receipt of such request, provided such request shall be deemed approved if no response is received from Lender within twenty (20) Business Days after Lender’s 's receipt of such request and related documentation, and, if approved or deemed approved, Lender shall release the funds to each applicable Borrower or such Borrower’s 's designee within ten (10) Business Days after Lender’s 's approval. Notwithstanding anything herein Upon completion of the repairs and environmental remediation to the contraryFacilities itemized on Exhibit C hereto, Borrower may provide Lender with respect the documentation described in this paragraph and subject to each Marriott Property, so long as (A) Marriott is Manager of such Marriott Property, (B) no default has occurred and is continuing under the Management Agreement applicable to such Marriott Property beyond any applicable notice and cure periods terms set forth thereinin this paragraph, and (C) Marriott is making all required payments as and when due pursuant Lender shall release the remainder of the Initial Capital Reserve Amount, to the Management Agreement and/or the Manager’s Subordination, this Section 2.11(e)(iii) shall only apply extent such funds have not been released to the payment of Capital Improvement Costs not otherwise paid by Manager pursuant to the Management Agreement and/or the Manager’s SubordinationBorrower.

Payment of Capital Improvement Costs. Not more frequently than once each Interest Accrual Period, Period and provided that no Default or Event of Default has occurred and is continuing, Borrowers Borrower may notify Lender in writing and request that Lender release to a Borrower or its designee funds from out of the Capital Reserve Sub-Account, Account to the extent funds are available therein, therein for payment of Capital Improvement Costs. Together with each such request, Borrowers Borrower shall furnish Lender or cause to be furnished to Lender with copies of bills and other documentation as may be reasonably required by Lender to establish that such Capital Improvement Costs are reasonable reasonable, including, but not limited to, an Officer's Certificate stating that (provided such Capital Improvement Costs shall be deemed reasonable if such Capital Improvement Costs are reflected in the Approved Budget), that i) the work relating thereto has been completed and that such amounts are then due (or have been paid) and (ii) the released funds shall be used solely for the purpose of payment of such Capital Improvement Costs. Lender Upon Lender's approval (which shall approve or disapprove such requestnot be unreasonably withheld), which approval, if granted by Lender, shall be delivered within ten (10) Business Days after of Lender’s 's receipt of such request, provided such request shall be deemed approved if no response is received from Lender within twenty (20) Business Days after Lender’s receipt of such request and related documentation, and, if approved or deemed approved, Lender shall release the funds to each applicable Borrower or such Borrower’s its designee within ten (10) Business Days after days of Lender’s 's approval. Notwithstanding anything herein Lender's failure to approve or disapprove such request within such ten (10) day period shall be deemed to be the contrary, with respect to each Marriott Property, so long as (A) Marriott is Manager approval of such Marriott Property, (B) no default has occurred and is continuing under the Management Agreement applicable to such Marriott Property beyond any applicable notice and cure periods set forth therein, and (C) Marriott is making all required payments as and when due pursuant to the Management Agreement and/or the Manager’s Subordination, this Section 2.11(e)(iii) shall only apply to the payment of Capital Improvement Costs not otherwise paid by Manager pursuant to the Management Agreement and/or the Manager’s SubordinationLender.

Payment of Capital Improvement Costs. Not more frequently than once each Interest Accrual Period, and provided that no Default or Event of Default has occurred and is continuing, Borrowers may notify Lender in writing and request that Lender release to a Borrower or its designee funds from the Capital Reserve Sub-Account, to the extent funds are available therein, for payment of Capital Improvement Costs. Together with each such request, Borrowers shall furnish Lender or cause to be furnished to Lender copies of bills and other documentation as may be reasonably required by Lender to establish that such Capital Improvement Costs are reasonable (provided such Capital Improvement Costs shall be deemed reasonable if such Capital Improvement Costs are reflected in the Approved Budget), that the work relating 41 thereto has been completed and that such amounts are then due or have been paid. Lender shall approve or disapprove such request, within ten (10) Business Days after Lender’s receipt of such request, provided such request shall be deemed approved if no response is received from Lender within twenty (20) Business Days after Lender’s receipt of such request and related documentation, and, if approved or deemed approved, Lender shall release the funds to each applicable Borrower or such Borrower’s designee within ten (10) Business Days after Lender’s approval. Notwithstanding anything herein to the contrary, with respect to each Marriott Property, so long as (A) Marriott is Manager of such Marriott Property, (B) no default has occurred and is continuing under the Management Agreement applicable to such Marriott Property beyond any applicable notice and cure periods set forth therein, and (C) Marriott is making all required payments as and when due pursuant to the Management Agreement and/or the Manager’s Subordination, this Section 2.11(e)(iii) shall only apply to the payment of Capital Improvement Costs not otherwise paid by Manager pursuant to the Management Agreement and/or the Manager’s Subordination.

Payment of Capital Improvement Costs. Not more frequently than once each Interest Accrual Period, and provided that no Default or Event of Default has occurred and is continuing, Borrowers may notify Lender in writing and request that Lender release to a Borrower or its designee funds from the Capital Reserve Sub-Account, to the extent funds are available therein, for payment of Capital Improvement Costs. Together with each such request, Borrowers shall furnish Lender or cause to be furnished to Lender copies of bills and other documentation as may be reasonably required by Lender to establish that such Capital Improvement Costs are reasonable (provided such Capital Improvement Costs shall be deemed reasonable if such Capital Improvement Costs are reflected in the Approved Budget), that the work relating thereto has been completed and that such amounts are then due or have been paid. Lender 41 shall approve or disapprove such request, within ten (10) Business Days after Lender’s receipt of such request, provided such request shall be deemed approved if no response is received from Lender within twenty (20) Business Days after Lender’s receipt of such request and related documentation, and, if approved or deemed approved, Lender shall release the funds to each applicable Borrower or such Borrower’s designee within ten (10) Business Days after Lender’s approval. Notwithstanding anything herein to the contrary, with respect to each Marriott Property, so long as (A) Marriott is Manager of such Marriott Property, (B) no default has occurred and is continuing under the Management Agreement applicable to such Marriott Property beyond any applicable notice and cure periods set forth therein, and (C) Marriott is making all required payments as and when due pursuant to the Management Agreement and/or the Manager’s Subordination, this Section 2.11(e)(iii) shall only apply to the payment of Capital Improvement Costs not otherwise paid by Manager pursuant to the Management Agreement and/or the Manager’s Subordination.

Payment of Capital Improvement Costs. Not more frequently than once each Interest Accrual Period, and provided that no Default or Event of Default has occurred and is continuing, Borrowers Borrower may notify Lender in writing and request that Lender release to a Borrower or its designee funds from the Capital Reserve Sub-Account, to the extent funds are available therein, for payment of Capital Improvement Costs. Together with each such request, Borrowers Borrower shall furnish Lender or cause to be furnished to Lender copies of bills and other documentation as may be reasonably required by Lender to establish that such Capital Improvement Costs are reasonable (provided such Capital Improvement Costs shall be deemed reasonable if such Capital Improvement Costs are reflected in the Approved Budget), that the work relating thereto has been completed and that such amounts are then due or have been paid. Lender shall approve or disapprove such request, within ten (10) Business Days after Lender’s receipt of such request, provided such request shall be deemed approved if no response is received from Lender within twenty (20) Business Days after Lender’s receipt of such request and related documentation, and, if approved or deemed approved, Lender shall release the funds to each applicable Borrower or such Borrower’s designee within ten (10) Business Days after Lender’s approval. Notwithstanding anything herein to the contrary, with respect to each Marriott Property, so long as (A) Marriott Hyatt is Manager of such Marriott the Property, (B) no default has occurred and is continuing under the Management Agreement applicable to such Marriott Property beyond any applicable notice and cure periods set forth therein, and (C) Marriott Hyatt is making all required payments as and when due pursuant to the Management Agreement and/or the Manager’s Subordination, this Section 2.11(e)(iii) shall only apply to the payment of Capital Improvement Costs not otherwise paid by Manager pursuant to the Management Agreement and/or the Manager’s Subordination.

Payment of Capital Improvement Costs. Not more frequently than once each Interest Accrual Period, Period and provided that no Default or Event of Default has occurred and is continuingoccurred, Borrowers Borrower may notify Lender in writing and request that Lender release to a Borrower or its designee funds from out of the Capital Reserve Sub-Account, Sub- Account to the extent funds are available therein, therein for payment of Capital Improvement Costs. Together with each such request, Borrowers Borrower shall furnish Lender or cause to be furnished to Lender with copies of bills and other documentation as may be reasonably required by Lender to establish that such Capital Improvement Costs are reasonable (provided such Capital Improvement Costs shall be deemed reasonable if such Capital Improvement Costs are reflected in the Approved Budget)reasonable, that the work relating thereto has been completed and that such amounts are then due or have been paid. Lender Upon Lender's approval, which approval, if granted by Lender, shall approve or disapprove such request, be delivered within ten (10) Business Days after of Lender’s 's receipt of such request, provided such request shall be deemed approved if no response is received from Lender within twenty (20) Business Days after Lender’s receipt of such request and related documentation, and, if approved or deemed approved, Lender shall release the funds to each applicable Borrower or such Borrower’s its designee within ten five (105) days of Lender's approval. Notwithstanding the foregoing, the Initial Capital Reserve Amount shall be available only to pay the deferred maintenance costs set forth on Exhibit C attached hereto. Not more frequently than once each Interest Accrual Period and provided that no Event of Default has occurred, Borrower may notify Lender in writing and request that Lender release to Borrower or its designee funds from the Initial Capital Reserve Amount out of the Capital Reserve Sub-Account to the extent the Initial Capital Reserve Amount is available therein for payment of deferred maintenance costs set forth on Exhibit C. Together with each such request, Borrower shall furnish Lender with a certificate stating that an item of deferred maintenance listed on Exhibit C has been completed along with copies of bills and other documentation as may be reasonably required by Lender to establish that such deferred maintenance cost is reasonable, that the work relating thereto has been completed and that such amounts are then due or have been paid. Upon Lender's approval, which approval, if granted by Lender, shall be delivered within five (5) Business Days after of Lender’s 's receipt of such request, Lender shall release the funds to Borrower or its designee within five (5) days of Lender's approval. Notwithstanding anything herein to the contrary, with respect to each Marriott Property, so long Upon satisfactory completion as (A) Marriott is Manager determined by Lender of such Marriott Property, (B) no default has occurred and is continuing under the Management Agreement applicable to such Marriott Property beyond any applicable notice and cure periods set forth thereinall repairs identified on Exhibit C attached hereto, and (C) Marriott is making all required payments as and when due pursuant provided no Event of Default has occurred, Lender shall release to Borrower the Management Agreement and/or remainder, if any, of the Manager’s Subordination, this Section 2.11(e)(iii) shall only apply to Initial Capital Reserve Amount on deposit in the payment of Capital Improvement Costs not otherwise paid by Manager pursuant to the Management Agreement and/or the Manager’s SubordinationReserve Sub-Account.

Payment of Capital Improvement Costs. Not more ------------------------------------ frequently than once twice each Interest Accrual Period, and provided that no Default or Event of Default has occurred and is continuingoccurred, Borrowers Borrower may notify Lender in writing and request that Lender release to a Borrower or its designee funds from the Capital Reserve Sub-Account, to the extent funds are available therein, for payment of Capital Improvement Costs. Together with each such request, Borrowers Borrower shall furnish Lender or cause to be furnished to Lender with copies of bills and other documentation as may be reasonably required by Lender to establish that such Capital Improvement Costs are reasonable (provided such Capital Improvement Costs shall be deemed reasonable if such Capital Improvement Costs are reflected in the Approved Budget)reasonable, that the work relating thereto has been completed and that such amounts are then due or have been paid. Lender shall approve or disapprove such request, request within ten (10) Business Days after Lender’s receipt of such request, provided such request shall be deemed approved if no response is received from Lender within twenty (20) Business Days after Lender’s 's receipt of such request and related documentation, and, if approved or deemed approved, Lender shall release the funds to each applicable Borrower or such Borrower’s 's designee within ten (10) Business Days after Lender’s 's approval. Notwithstanding anything herein Upon completion of the repairs and environmental remediation to the contraryFacility itemized on Exhibit ------- C hereto, Borrower may provide Lender with respect the documentation described in this - paragraph and subject to each Marriott Property, so long as (A) Marriott is Manager of such Marriott Property, (B) no default has occurred and is continuing under the Management Agreement applicable to such Marriott Property beyond any applicable notice and cure periods terms set forth thereinin this paragraph, and (C) Marriott is making all required payments as and when due pursuant Lender shall release the remainder of the Initial Capital Reserve Amount, to the Management Agreement and/or the Manager’s Subordination, this Section 2.11(e)(iii) shall only apply extent such funds have not been released to the payment of Capital Improvement Costs not otherwise paid by Manager pursuant to the Management Agreement and/or the Manager’s SubordinationBorrower.