Disbursements from FF&E Reserve Account. (a) All disbursements from the FF&E Reserve Account shall be made solely for the purpose of reimbursing Borrower (or Operating Company for FF&E bought on behalf and in the name of Borrower in accordance with the Operating Lease, as directed by Borrower) for its costs and expenses incurred, or for paying costs to be incurred, in connection with the repair, replacement and/or upgrade of FF&E at the Properties. Provided no Event of Default shall have occurred and be continuing, Lender shall, within ten (10) days following request by Borrower, make disbursements from the FF&E Reserve Fund no more frequently than once in any thirty (30) day period, in amounts no less than $10,000 per disbursement (or a lesser amount if the total amount in the FF&E Reserve Account is less than $10,000, in which case only one disbursement of the amount remaining in the account shall be made), and upon delivery by Borrower (or Operating Company) of Lender’s standard form of draw request accompanied by copies of invoices for the amounts requested and, if required by Lender for requests in excess of $50,000 for a single item, receipts and releases from all parties furnishing materials and/or services in connection with the requested payment.
Disbursements from FF&E Reserve Account. (a) Borrower may at any time (and at the direction of Lender, Borrower shall direct Lender to) draw amounts from the FF&E Reserve Account that are in excess of the increased funding above three percent (3%) of Revenues for the preceding trailing twelve (12) month period that are made pursuant to Section 7.3.1(a) above to prepay the Mortgage Loan (and, notwithstanding any provision of this Agreement to the contrary, (i) any such prepayments shall be permitted hereunder and (ii) the Borrower shall not be obligated to re-deposit such amounts so withdrawn from the FF&E Reserve Account).
Disbursements from FF&E Reserve Account. (a) Lender shall make disbursements from the FF&E Reserve Account to pay Borrower only for the costs of the Replacements. The Renovation Plan Deposit shall be disbursed only for the costs of Renovation Plan Replacements in accordance with the Renovation Plan; provided that upon completion of the Renovation Plan Replacements in accordance with the Renovation Plan, any amounts remaining from the Renovation Plan Deposit may be used for FF&E Replacements or PIP Replacements. Lender shall not be obligated to make disbursements from the FF&E Reserve Account to reimburse Borrower for the costs of routine maintenance to the Property or replacements of inventory.
Disbursements from FF&E Reserve Account. Subject to the provisions of this Section 7.3 and provided that no Event of Default shall have occurred and be continuing, Borrower shall have the right from time to time to disbursement of funds from the FF&E Reserve Account solely to pay costs then payable, or to reimburse Borrower or Manager for costs previously paid (including prior to the date of this Agreement), using capital contributions or any other funds available to Borrower or Manager, as applicable, in connection with FF&E Expenditures at the Property (including, without limitation, the repair, replacement and/or upgrade thereof), or any other Approved Capital Expenditures (other than Major Capital Expenditures) at the Property. Lender shall, within ten (10) days following request by Borrower, make disbursements from the FF&E Reserve Fund, no more frequently than once in any thirty (30) day period, of no less than $10,000 per disbursement (or a lesser amount if the total amount in the FF&E Reserve Account is less than $10,000, in which case only one disbursement of the amount remaining in the account shall be made) upon delivery by Borrower of Lender’s standard form of draw request accompanied by copies of invoices for the amounts requested and, if required by Lender for requests in excess of $50,000 for a single item, receipts and releases from all parties furnishing materials and/or services in connection with the requested payment. Reimbursement may be for work that commenced and/or expenses incurred at any time prior to the reimbursement request.
Disbursements from FF&E Reserve Account. Lender shall disburse to Borrower the FF&E Reserve Fund from the FF&E Reserve Account from time to time upon satisfaction by Borrower of each of the following conditions: (a) Borrower shall submit a written request for payment to Lender at least ten (10) Business Days prior to the date on which Borrower requests such payment be made and specifies FF&E repairs to be paid, or to be reimbursed if Borrower has already paid; (b) on the date such request is received by Lender and on the date such payment is to be made, no Default or Event of Default shall exist and remain uncured; (c) Lender shall have received an Officers’ Certificate (i) stating that all FF&E repairs at the Property to be funded by the requested disbursement have been completed in good and workmanlike manner and, to the best of Borrower’s and the Owner Parties’ knowledge, in accordance with all Legal Requirements, such certificate to be accompanied by a copy of any license, permit or other approval by any Governmental Authority required to commence and/or complete the FF&E repairs, (ii) identifying each Person that supplied materials or labor in connection with the FF&E repairs performed at the Property with respect to the reimbursement to be funded by the requested disbursement, and (iii) stating that each such Person has been paid in full or will be paid in full upon such disbursement, such Officers’ Certificate to be accompanied by lien waivers for each contract or payment in excess of $10,000 or other evidence of payment satisfactory to Lender with respect to all disbursements from the FF&E Reserve Fund previously made by Lender; (d) at Lender’s option, a title search for the Property indicating that the Property is free from all Liens, claims and other encumbrances other than Permitted Encumbrances; and (e) Lender shall have received such other evidence as Lender shall reasonably request that the FF&E repairs to be funded by the requested disbursement have been completed and are paid for upon such disbursement to Borrower. Lender shall not be required to make disbursements from the FF&E Reserve Account unless such requested disbursement is in an amount greater than $25,000 (or a lesser amount if the total amount in the FF&E Reserve Account is less than $25,000, in which case only one disbursement of the amount remaining in the account shall be made). Lender shall not be obligated to make disbursements from the FF&E Reserve Account with respect to the Property in excess of the amount depos...
Disbursements from FF&E Reserve Account. All disbursements from the FF&E Reserve Account shall be made solely for the purpose of reimbursing Borrower for its costs and expenses incurred, or for paying costs to be incurred, in connection with the repair, replacement and/or upgrade of FF&E at the Property. Lender shall, within ten (10) days following request by Borrower, make disbursements from the FF&E Reserve Fund, no more frequently than once in any thirty (30) day period of no less than $10,000 per disbursement (or a lesser amount if the total amount in the FF&E Reserve Account is less than $10,000, in which case only one disbursement of the amount remaining in the account shall be made) upon delivery by Borrower of Lender’s standard form of draw request accompanied by copies of invoices for the amounts requested and, if required by Lender for requests in excess of $50,000 for a single item, receipts and releases from all parties furnishing materials and/or services in connection with the requested payment. Notwithstanding the foregoing, Borrower shall apply an amount equal to 75% of each monthly deposit into the FF&E Reserve Account to renovate 1,000 rooms (the “Additional Rooms”) in addition to the 608 rooms to be renovated as part of the Renovation Project, provided that:
Disbursements from FF&E Reserve Account. After the reserves for FF&E under the applicable Management Agreement have been expended, Lender shall make disbursements from the FF&E Reserve Account as requested by Borrower for payment of any FF&E or Capital Expenditures of a recurring nature, no more frequently than once in any thirty (30) day period and of no less than $5,000 per disbursement, upon delivery by Borrower of Lender’s standard form of draw request accompanied by copies of invoices for the amounts requested and, if required by Lender for requests in excess of $50,000 for a single item, lien waivers and releases from all parties furnishing materials and/or services in connection with the requested payment. Lender may require an inspection of the applicable Individual Property at Borrower’s expense prior to making a monthly disbursement in order to verify completion of replacements and repairs of items in excess of $100,000 for which reimbursement is sought.
Disbursements from FF&E Reserve Account. Lender shall (except after the occurrence of a Default) make disbursements from the FF&E Reserve Account as requested by Borrower, and approved by Lender in its sole discretion, no more frequently than once in any thirty (30) day period and of no less than $5,000.00 per disbursement, upon delivery by Borrower of Lender’s standard form of draw request accompanied by copies of paid invoices for the amounts requested and, if required by Lender for requests in excess of $100,000.00 for a single item, lien waivers and releases from all parties furnishing materials and/or services in connection with the requested payment. Lender may require an inspection of the Property at Borrower’s expense prior to making a monthly disbursement in order to verify completion of replacements and repairs of items in excess of $100,000.00 for which reimbursement is sought. Following the occurrence of a Default, Lender shall make disbursements from the FF&E Reserve Account as requested by Borrower only for repairs and replacements of FF&E which (i) are of an emergency nature as determined by Lender in its sole discretion or (ii) or were approved by Lender prior to the occurrence of the Default.
Disbursements from FF&E Reserve Account. (a) Lender shall make disbursements from the FF&E Reserve Account to reimburse Borrower only for the costs of the Replacements. Lender shall not be obligated to make disbursements from the FF&E Reserve Account to reimburse Borrower for the costs of routine maintenance to the Properties or for costs which are to be reimbursed from the Required Repair Fund.
Disbursements from FF&E Reserve Account. Lender shall make disbursements from the FF&E Reserve Account as provided in Section 7.3.1 following request by Borrower, and, if required by Lender for disbursements in excess of $100,000.00 for a single item, lien waivers and releases from all parties furnishing materials and/or services in connection with the requested payment. Lender may require an inspection of the Property at Borrower’s expense prior to making a monthly disbursement in order to verify completion of replacements and repairs of items in excess of $100,000.00 for which reimbursement is sought.
