Waiver of Replacement Reserve Account. Borrower shall be entitled to a credit against the monthly deposits of Replacement Reserve Funds under Section 7.3 above in an amount equal to monthly deposits in respect of Replacements made under the Mortgage Loan, provided that Lender receives evidence reasonably acceptable to it of the making of such deposits.
Waiver of Replacement Reserve Account. Borrower shall be relieved of its obligation to make any deposits of the Replacement Reserve Funds under Section 7.3.1 above, provided that (x) Mortgage Borrower and Property Owner are required to and do make the monthly deposits to the Replacement Reserve Fund (as defined in the Mortgage Loan Agreement) required under Section 7.3.1 of the Mortgage Loan Agreement, or (y) Senior Mezzanine Borrower is required and does make the monthly deposits to the Replacement Reserve Funds (as defined in the Senior Mezzanine Loan Agreement) required under Section 7.3.1 of the Senior Mezzanine Loan Agreement.
Waiver of Replacement Reserve Account. Borrower shall be relieved of its obligation to make any deposits of the Replacement Reserve Funds under Section 7.3.1 above and generally of all of its obligations and rights under this Section 7.3 (and Lender shall have no corresponding obligation to apply any of the Replacement Reserve Funds to the payment of any Replacements), unless (i) Lender has received notice of the non-payment of all Replacement Reserve Funds by Mortgage Borrower and Maryland Owner or, alternatively, (ii) in the case where Senior Mezzanine Borrower has established and is maintaining the Replacement Reserve Account, notice of the non-payment of all Replacement Reserve Funds by such Senior Mezzanine Borrower.
Waiver of Replacement Reserve Account. Borrower shall be relieved of its obligation to make deposits of the Replacement Reserve Funds under Section 7.3.1 above, provided that (a) Mortgage Borrower and Operating Lessee are required to and do make monthly deposits to a replacement and repairs escrow account under the Mortgage Loan and (b) Lender receives evidence acceptable to it of the making of such deposits and of the replacements and repairs to the Properties.
Waiver of Replacement Reserve Account. Borrower shall be relieved of its obligation to make any deposits of the Replacement Reserve Funds under Section 7.3.1 above, provided that (a)(i)(A) Mortgage Borrower and Baltimore Owner if and as required under Section 7.3.1 of the Mortgage Loan Agreement are required to and do make monthly deposits to the Replacement Reserve Account (as defined in the Mortgage Loan Agreement) under the Mortgage Loan or (B) Senior Mezzanine Borrower is required to and does make monthly deposits to the Replacement Reserve Account (as defined in the Senior Mezzanine Loan Agreement) under the Senior Mezzanine Loan and (ii) Lender receives evidence reasonably acceptable to it of the making of such deposits and of the replacements and repairs to the Properties or (b)(i) Mortgage Borrower and Baltimore Owner have delivered to the Mortgage Lender one or more Letters of Credit in lieu of the required Replacement Reserve Funds (as defined in the Mortgage Loan Agreement) and Lender receives evidence reasonably acceptable to it of such deliveries or (ii) such Senior Mezzanine Borrower has delivered one or more Letters of Credit in lieu of the required Replacement Reserve Funds (as defined in the Senior Mezzanine Loan Agreement) and Lender receives evidence reasonably acceptable to it of such deliveries.
Waiver of Replacement Reserve Account. Borrower shall be relieved of its obligation to make deposits of the Replacement Reserve Funds under Section 7.3.1 above, provided that (a) (i) Mortgage Borrower and Operating Lessee are required to and do make monthly deposits to a replacement and repairs escrow account under the Mortgage Loan or (ii) Mezzanine A Borrower is required to and does make monthly deposits to the Replacement Reserve Account (as defined under the Mezzanine A Loan Agreement) under the Mezzanine A Loan and (b) Lender receives evidence acceptable to it of the making of such deposits and of the replacements and repairs to the Properties.
Waiver of Replacement Reserve Account. Borrower shall be relieved of its obligation to make deposits of Replacement Reserve Funds under Section 7.3 above, provided that Mortgage Borrower is required to and does make the upfront and monthly deposits to the “Replacement Reserve Account” (as defined in the Mortgage Loan Agreement) required under Section 7.3.1 of the Mortgage Loan Agreement. Borrower shall, or shall cause Mortgage Borrower to, apply the Replacement Reserve Funds (as defined in the Mortgage Loan Agreement), as contemplated under Section 7.3 of the Mortgage Loan Agreement.
Waiver of Replacement Reserve Account. Borrower shall be relieved of its obligation to make any deposits of the Replacement Reserve Funds under Section 7.3.1 above, provided that (a)(i) Mortgage Borrower and Baltimore Owner if and as required under Section 7.3.1 of the Mortgage Loan Agreement are required to and does make monthly deposits to the Replacement Reserve Account (as defined in the Mortgage Loan Agreement) under the Mortgage Loan and (ii) Lender receives evidence reasonably acceptable to it of the making of such deposits and of the replacements and repairs to the Properties or (b) Mortgage Borrower and Baltimore Owner have delivered to the Mortgage Lender one or more Letters of Credit in lieu of the required Replacement Reserve Funds (as defined in the Mortgage Loan Agreement) and Lender receives evidence reasonably acceptable to it of such deliveries.
Waiver of Replacement Reserve Account. Borrower shall be relieved of its obligation to make deposits of Replacement Reserve Funds under Section 7.3 above, provided (a) that Mortgage Borrower is required to and does make the upfront and monthly deposits to the “Replacement Reserve Account” (as defined in the Mortgage Loan Agreement) required under Section 7.3.1 of the Mortgage Loan Agreement or (b) the Mezzanine A Borrower is required to and does make the upfront and monthly deposits to the “Replacement Reserve Account” (as defined in the Mezzanine A Loan Agreement) required under Section 7.3.1 of the Mezzanine A Loan Agreement. Borrower shall, or shall cause Mortgage Borrower to, (a) apply the Replacement Reserve Funds (as defined in the Mortgage Loan Agreement), as contemplated under Section 7.3 of the Mortgage Loan Agreement and (b) apply the Replacement Reserve Funds (as defined in the Mezzanine A Loan Agreement), as contemplated under Section 7.3 of the Mezzanine A Loan Agreement.
Waiver of Replacement Reserve Account. Borrower shall be relieved of its obligation to make any deposits of the Replacement Reserve Funds under Section 7.3.1 above, provided that (a)(i) the Xxxxxx Mortgage Borrower is required to and does make monthly deposits to a replacement and repairs escrow account under the Xxxxxx Mortgage Loan and (ii) Lender receives evidence reasonably acceptable to it of the making of such deposits and of the replacements and repairs to the Properties or (b) the Xxxxxx Mortgage Borrower has delivered to the Xxxxxx Lender one or more Letters of Credit in lieu of the required Replacement Reserve Funds and Lender receives evidence reasonably acceptable to it of such deliveries.
