Common use of Disbursements from FF&E Reserve Clause in Contracts

Disbursements from FF&E Reserve. Tenant shall be entitled to use FF&E Reserve Funds solely for the purpose of paying for (or reimbursing Tenant for) the cost of Permitted FF&E Expenditures. So long as no Tenant Event of Default exists, Tenant shall be entitled (pursuant to the Tri-Party Agreement) to receive within ten (10) days of submitting a request in writing directly to Fee Mortgagee (with contemporaneous copy to Landlord) a disbursement of FF&E Reserve Funds from the FF&E Reserve to pay for Permitted FF&E Expenditures or a reimbursement for Permitted FF&E Expenditures, and any such request shall specify the amount of the requested disbursement and a general description of the type of Permitted FF&E Expenditures to be paid or reimbursed using such FF&E Reserve Funds, subject, with respect to the Fee Mortgage Documents entered into on the Commencement Date, to compliance by Tenant with the provisions of all applicable provisions of such Fee Mortgage Documents as in effect on the Commencement Date and, with respect to any Fee Mortgages entered into after the Commencement Date, compliance by Tenant with the corresponding provisions of such Fee Mortgage Documents to the extent Tenant is required to comply therewith pursuant to Article XXXI hereof. Tenant shall not make a request for disbursement from the FF&E Reserve (x) more frequently than once in any calendar month nor (y) in amounts less than Fifty Thousand and No/100 Dollars ($50,000.00). For the avoidance of doubt, any funds disbursed from the FF&E Reserve and spent on and/or as reimbursement for the costs of Capital Expenditures that constitute Permitted FF&E Expenditures shall be applied toward the Minimum Cap Ex Requirements. Any FF&E Reserve Funds remaining in the FF&E Reserve on the Expiration Date or on any earlier date that they are no longer required hereunder (including, without limitation, on the Trigger Date) shall be returned by Landlord or Fee Mortgagee to Tenant, provided that Landlord shall have the right to offset such payment by any amounts owed by Tenant to Landlord as of the Expiration Date.

Disbursements from FF&E Reserve. Tenant shall be entitled to use FF&E Reserve Funds solely for the purpose of paying for (or reimbursing Tenant for) the cost of Permitted FF&E Expenditures. So long as no Tenant Event of Default exists, Tenant shall be entitled (pursuant to the Tri-Party Agreement) to receive within ten (10) days of submitting a request in writing directly to Fee Mortgagee (with contemporaneous copy to Landlord) a disbursement of FF&E Reserve Funds from the FF&E Reserve to pay for Permitted FF&E Expenditures or a reimbursement for Permitted FF&E Expenditures, and any such request shall specify the amount of the requested disbursement and a general description of the type of Permitted FF&E Expenditures to be paid or reimbursed using such FF&E Reserve Funds, subject, with respect to the Fee Mortgage Documents entered into on the Commencement Datedate hereof, to compliance by Tenant with the provisions of all applicable provisions of such Fee Mortgage Documents as in effect on the Commencement Date date hereof and, with respect to any Fee Mortgages entered into after the Commencement Datedate hereof, compliance by Tenant with the corresponding provisions of such Fee Mortgage Documents to the extent Tenant is required to comply therewith pursuant to Article XXXI hereof. Tenant shall not make a request for disbursement from the FF&E Reserve (x) more frequently than once in any calendar month nor (y) in amounts less than Fifty Thousand and No/100 Dollars ($50,000.00). For the avoidance of doubt, any funds disbursed from the FF&E Reserve and spent on and/or as reimbursement for the costs of Capital Expenditures that constitute Permitted FF&E Expenditures shall be applied toward the Minimum Cap Ex Requirements. Any FF&E Reserve Funds remaining in the FF&E Reserve on the Expiration Date or on any earlier date that they are no longer required hereunder (including, without limitation, on the Trigger Date) shall be returned by Landlord or Fee Mortgagee to Tenant, provided that Landlord shall have the right to offset such payment by any amounts owed by Tenant to Landlord as of the Expiration Date.