Potential Mortgagor Obligations Sample Clauses

Potential Mortgagor Obligations. If the Mortgagors elect to ------------------------------- transfer all of the Mortgaged Properties to a transferee permitted by Section 19.1, but not otherwise affirmed by Rating Confirmation, then, on or before such transfer, the Mortgagors (or such Transferee Mortgagor) will be required to deliver to the Mortgagee a Credit Facility or Eligible Collateral in the amount of the sum of (i) $2,500,000 to secure Potential Mortgagor Obligations, provided, that such amount shall be reduced from time to time (in such amounts as are proposed by the Mortgagors based upon the amount of work then performed or waived in respect of Potential Mortgagor Obligations and the amount of any such Potential Mortgagor Obligations that has then lapsed by the terms of the documents giving rise thereto, and approved or disapproved by the Mortgagee, in its reasonable discretion based upon the recommendation of the Servicer), plus (ii) if such transfer will be completed before January 1, 1999 and, as of the completion of such transfer, Westroads Mall still will be a Mortgaged Property and the Mortgagors will not have completed the environmental remediation required under Section 10.13 of the Indenture, an amount equal to the cost to complete such remediation as estimated by the environmental consultant then supervising such remediation, plus (iii) if such transfer will be completed before the second anniversary of the date of this Mortgage, $2,296,061 to secure the cost of completing the deferred maintenance and other capital items required under Section 10.13 of the Indenture, provided, that such amount shall be reduced to reflect amounts actually expended by the Mortgagors on such required deferred maintenance and other capital items through the date of such transfer. Any Credit Facility or Eligible Collateral delivered to the Mortgagee in satisfaction of this Section 19.6 shall (a) be held by the Mortgagee in escrow, if cash, in an Eligible Account (in which case the Mortgagee shall invest such cash in the same manner as is described in Section 6.14 of the Indenture with respect to the Payment Account), (b) serve as additional security for the Secured Obligations and (c) be reduced and released or disbursed to the Mortgagors from time to time upon receipt by the Mortgagee of at least five (5) Business Days' prior notice of such request accompanied by an Officer's Certificate confirming that (x) no Event of Default has occurred and is continuing and (y) the sum requested is justl...