If the Net Proceeds and the costs of completing the Restoration shall both be less than the Restoration Threshold, the Net Proceeds will be disbursed by ​ to ​ upon receipt, provided that all of the conditions set forth in [Section 6.4(b)(i)] are met and ​ delivers to ​ a written undertaking to expeditiously commence and to satisfactorily complete with due diligence the Restoration in accordance with the terms of this Agreement.

If the Net Proceeds are equal to or greater than the Restoration Threshold or the costs of completing the Restoration is equal to or greater than the Restoration Threshold, the Net Proceeds will be held by ​ and ​ shall make the Net Proceeds available for the Restoration in accordance with the provisions of this [Section 6.4].

The Net Proceeds shall be made available to ​ for Restoration upon the approval of ​ in its reasonable discretion that the following conditions are met or waived in writing by ​:

The Net Proceeds shall be held by ​ in an account at an institution acceptable to ​ and, until disbursed in accordance with the provisions of this [Section 6.4(b)], shall constitute additional security for the Debt and other obligations under the Loan Documents. The Net Proceeds (other than the Rent Loss Proceeds) shall be disbursed by ​ to, or as directed by, ​ from time to time during the course of the Restoration, upon receipt of evidence satisfactory to ​ that # all materials installed and work and labor performed (except to the extent that they are to be paid for out of the requested disbursement) in connection with the Restoration have been paid for in full, and # there exist no notices of pendency, stop orders, mechanic’s or materialman’s liens or notices of intention to file same, or any other liens or encumbrances of any nature whatsoever on the Property (excluding Permitted Encumbrances) which have not either been fully bonded to the satisfaction of ​ and discharged of record or in the alternative fully insured to the satisfaction of ​ by the title company issuing the Title Insurance Policy.