FF&E Allocations Sample Clauses
The FF&E Allocations clause defines how funds or budgets are designated for Furniture, Fixtures, and Equipment within a project or contract. It typically outlines the specific amount or percentage of the overall budget that is reserved for purchasing and installing these items, and may detail the process for approving expenditures or reallocating unused funds. This clause ensures that adequate resources are set aside for essential furnishings and equipment, preventing budget shortfalls and clarifying financial responsibilities between parties.
FF&E Allocations. All FF&E Facilities may only be used to pay Project Costs allocated pursuant to the Project Budget for any Active Project to the “FF&E” Line Item Category set forth in the Project Budget for such Active Project and Project Costs allocated to Eligible FF&E Equipment for any other Project. Exhibit L-1 shall be deemed updated concurrently with each Advance Date to include the items of Eligible FF&E Equipment that have been acquired under the FF&E Facilities and now comprise part of the FF&E Component indicated on Appendix XIII of the corresponding Advance Request. The Company shall have the right from time to time to add or remove items of Eligible FF&E Equipment included in the description of the FF&E Component for any Project on Exhibit L-1 (so long as, after giving effect to such addition or removal, the Projects shall be capable of being completed substantially in accordance with their respective Plans and Specifications, the Company shall be In Balance and the items so added or removed fall within the “FF&E” Line Item Category of the Project Budget for such Project and no such addition or removal shall modify the Company’s obligation to substantially complete the Projects substantially in accordance with the Plans and Specifications) to accurately reflect the items of Eligible FF&E Equipment comprising the FF&E Component being funded by the FF&E Facilities relating to such Project under the “FF&E” Line Item Category. Items of Eligible FF&E Equipment that, from time to time, do not comprise part of the FF&E Component for any Project identified on Exhibit L-1 shall constitute part of the Resort Component and may be funded in accordance with Sections 2.5.1 and 2.5.2.
FF&E Allocations. LCR shall from time to time add items of Eligible FF&E to the description of the FF&E Component on Exhibit T-6 to accurately reflect the items of Eligible FF&E being funded entirely (other than costs related to transportation, installation and sales taxes) by the proceeds of draws under the FF&E Financings. Notwithstanding any other provision hereof, items of Eligible FF&E that have not been financed entirely (other than costs related to transportation, installation and sales taxes) by the proceeds of draws under the FF&E Financings and therefore do not comprise part of the FF&E Component shall constitute part of the Phase II Hotel/Casino Component and may be funded in accordance with the provisions of Sections 2.5.1(d) and 2.5.2.