Release of Excess Cash Flow Reserve Funds. Upon the occurrence of a Cash Sweep Event Cure, all Excess Cash Flow Reserve Funds shall be deposited into the Lockbox Account to be disbursed in accordance with Section 2.7.1 hereof. Any Excess Cash Flow Reserve Funds remaining after the Debt has been paid in full shall be paid to Borrower.
Release of Excess Cash Flow Reserve Funds. 7.5.2 (a) During a Debt Yield Trigger Period, so long as no Event of Default has occurred and is continuing, upon written request of any Individual Borrower or Individual Operating Lessee, Lender shall disburse within five (5) Business Days of such Individual Borrower’s or Individual Operating Lessee’s request and no more frequently than bimonthly, Excess Cash Flow Reserve Funds for (i) payment of any Operating Expenses (including management fees and other fees, charges or costs, payable to Manager under the Management Agreement), (ii) emergency repairs and/or life safety issues (including any Capital Expenditures) at any Individual Property, (iii) Capital Expenditures set forth in the Approved Annual Budget or otherwise reasonably approved by Lender (after application of amounts then on deposit in the Replacement Reserve), (iv) Hotel Taxes and Custodial Funds, (v) subject to Lender’s approval, payment of the cost of Replacements not otherwise paid for under Section 7.3 hereof, (vi) intentionally omitted, (vii) any fees and costs payable by Borrower subject to and in compliance with the Loan Documents (including the payment of any Yield Maintenance Premiums), (viii) voluntary prepayment of the Loan in accordance with Section 2.4.1 hereof, or (ix) legal fees arising in connection with any Individual Property or the applicable Individual Borrower’s or Individual Operating Lessee’s ownership or leasing (as applicable) and operation thereof; provided, that Excess Cash Flow shall not be used for legal fees in connection with (A) the enforcement of Borrower’s or Operating Lessee’s rights under the Loan Documents or (B) any defense of any enforcement by Lender of its rights under the Loan Documents, (x) audit, accounting and tax expenses arising in connection with any Individual Property or the applicable Individual Borrower’s or Individual Operating Lessee’s ownership or leasing (as applicable) and operation thereof, (xi) payment of shortfalls in the payment of Debt Service and any other amounts due and owing to Lender under the Loan Documents, (xii) intentionally omitted, (xiii) costs associated with existing Leases or any new Leases entered into pursuant to the terms of this Agreement, including costs related to tenant improvement allowances, leasing commissions and Tenant-related Capital Expenditures (after application of amounts then on deposit in the Replacement Reserve Account), (xiv) principal prepayments of the Loan in the amount necessary to satisfy a D...
Release of Excess Cash Flow Reserve Funds. During the continuance of a Cash Sweep Period caused solely by a DSCR Trigger Event or an Event of Default (other than an Event of Default under Section 8.1(a)(i) hereof), upon the written request of Borrower, Lender shall disburse Excess Cash Flow Reserve Funds to the applicable subaccount of the Cash Management Account to cover any shortfalls in deposits required by Section 3.6(j) of the Cash Management Agreement (including refunds of advance deposits) on a Payment Date, provided however, that (a) Lender shall release such Excess Cash Flow Reserve Funds only to the extent such funds are available in the Excess Cash Flow Reserve Account, (b) such funds shall not be used to pay for or reimburse incentive management fees for a Manager who is an Affiliate of Borrower, (c) with respect to administrative, legal and similar items, Lender shall only release funds equal to 2.0% above the amount set forth in the Approved Annual Budget for such items and (d) Borrower has provided Lender with (x) the actual operating statement for the prior month which evidences such shortfall, (y) an Officer’s Certificate showing the calculation of and representing the amount of such shortfall and certifying that such information is true, correct, accurate and complete and (z) any other evidence which Lender shall reasonably request. Lender shall make any such approved disbursements as requested by Borrower not more than once per calendar month. In no event shall disbursements from the Excess Cash Flow Reserve Fund result in any disbursement of funds from the Cash Management Account to Borrower. Upon the occurrence of a Cash Sweep Event Cure, all Excess Cash Flow Reserve Funds shall be deposited into the Lockbox Account to be disbursed in accordance with the Lockbox Agreement. Any Excess Cash Flow Reserve Funds remaining after the Debt has been paid in full shall be paid to Borrower.
Release of Excess Cash Flow Reserve Funds. Provided no Lockbox Event Period is ongoing, all Excess Cash Flow Reserve Funds shall be disbursed on the last Business Day of each calendar quarter after the Funding Date (the “Quarterly Disbursement Date”) as follows (provided, however, that, at the election of Borrower, the Quarterly Disbursement Date for the items in clauses (a)(i) and (ii) and clauses (b)(i) and (ii) below for the final Fiscal Quarter of each Fiscal Year shall be January 15th of the year following such Fiscal Quarter):
Release of Excess Cash Flow Reserve Funds. (a) Prior to the Anticipated Repayment Date and during a DSCR Trigger Period, so long as (x) no Event of Default has occurred and is continuing and (y) no OpCo Trigger Event has occurred and is continuing, upon written request of Borrower, Lender shall disburse within three (3) Business Days of Borrower’s request and no more frequently than bimonthly, Excess Cash Flow Reserve Funds for:
Release of Excess Cash Flow Reserve Funds. Upon the occurrence of a Cash Sweep Event Cure, all Excess Cash Flow Reserve Funds shall be deposited into the Cash Management Account to be disbursed in accordance with the Cash Management Agreement. Any Excess Cash Flow Reserve Funds remaining after the Debt has been paid in full shall be paid (a) to Mezzanine Lender to be held by Mezzanine Lender pursuant to the Mezzanine Loan Agreement for purposes similar to those described in this Section 7.5, or (b) if the Mezzanine Loan is not then outstanding, then to Borrower
Release of Excess Cash Flow Reserve Funds. Provided no other Cash Sweep Event has occurred, upon the occurrence of a DSCR Cure Event following the occurrence of a DSCR Trigger Event, all Excess Cash Flow Reserve Funds shall be disbursed to Borrower. Any Excess Cash Flow Reserve Funds remaining after the Debt has been paid in full shall be paid to Borrower.
Release of Excess Cash Flow Reserve Funds. During a Cash Sweep Period caused solely by a DSCR Trigger Event, Lender shall, upon Borrower’s or Master Tenant’s request, make Master Tenant’s Excess Cash Flow available for the payment of payroll, utilities and food services for up to six (6) consecutive months (but in any event, not more than twelve (12) months in the aggregate during the term of the Loan) to the extent that there is insufficient current cash flow from the Property for the payment of same, provided that (a) the total amount disbursed to Borrower or Master Tenant, as applicable, for each such expenditure shall not exceed 110% of the proportionate monthly amount set forth in the Approved Annual Budget and (b) no Event of Default then exists. Upon the occurrence of a Cash Sweep Event Cure, all Excess Cash Flow Reserve Funds shall be deposited into the Cash Management Account to be disbursed in accordance with the Cash Management Agreement. Any Excess Cash Flow Reserve Funds remaining after the Debt has been paid in full or the Loan has been defeased shall be paid to Borrower or Master Tenant, as either of them may direct.
Release of Excess Cash Flow Reserve Funds. Upon the occurrence of a Cash Sweep Event Cure, all Excess Cash Flow Reserve Funds shall be deposited into the Senior Mezzanine Loan Cash Management Account to be disbursed in accordance with the Cash Management Agreement. Any Excess Cash Flow Reserve Funds remaining after the Debt has been paid in full shall be paid (i) to Junior Mezzanine Lender to be held by Junior Mezzanine Lender pursuant to the Junior Mezzanine Loan Agreement for purposes similar to those described in this Section 7.6, or (ii) if the Junior Mezzanine Loan is not then outstanding, then to Borrower.
Release of Excess Cash Flow Reserve Funds. On no more than two occasions during the term of the Loan, Lender shall, upon Borrower’s or Master Lessee’s request, make Excess Cash Flow Reserve Funds available for the payment of payroll, utilities and food services for up to two consecutive months to the extent that there is insufficient current cash flow from the Property for the payment of same, provided that (a) the total amount disbursed to Borrower or Master Lessee, as applicable, for each such expenditure shall not exceed 110% of the amount set forth in the Approved Annual Budget and (b) no Event of Default then exists. Upon the occurrence of a Cash Sweep Event Cure, all Excess Cash Flow Reserve Funds shall be deposited into the Cash Management Account to be disbursed in accordance with the Cash Management Agreement. Any Excess Cash Flow Reserve Funds remaining after the Debt has been paid in full or the Loan has been defeased shall be paid to Borrower or Master Lessee, as either of them may direct.
