FF&E Reserve. On or prior to the Closing Date, Lender or Servicer on behalf of Lender shall establish and maintain with Lock Box Bank an account for the purpose of creating a reserve for replacements of FF&E at or in, or used in connection with, the Properties (the "REPLACEMENTS") in accordance with the applicable CapEx/FF&E Budget approved by Lender (said funds, together with any interest thereon and additions thereto, the "FF&E RESERVE"). The FF&E Reserve shall be held in an Eligible Account entitled "FF&E Reserve Account for the benefit of Xxxxxxx Xxxxx Mortgage Lending, Inc., as secured party" which account shall be under the sole dominion and control of Lender, subject to the terms of the Cash Management Agreement. Pursuant to the Cash Management Agreement, the Borrowers shall deposit monthly, on each Payment Date commencing with the Payment Date in July 2004, an amount equal to 4.0% of the Operating Revenues generated from the Properties for the prior calendar month (such amount, the "MONTHLY FF&E PAYMENT"). Funds held in the FF&E Reserve may be withdrawn by the Borrowers, subject in all instances to the terms of the Cash Management Agreement, only in accordance with the approved CapEx/FF&E Budget, and no funds held in the FF&E Reserve shall be used in connection with the Required Capital Improvements. Upon and at all times after the occurrence and during the continuance of an Event of Default, no draws will be permitted from the FF&E Reserve other than Replacements subject, in each instance, to Manager's compliance with the FF&E reporting requirements set forth in Section 5.1(A)(v)(d).
FF&E Reserve. (a) Upon execution of this Agreement, Tenant has established a reserve account (the "FF&E Reserve") in a bank designated by Tenant and approved by Landlord. The purpose of the FF&E Reserve is to cover the cost of:
FF&E Reserve. Tenant shall cause Manager to establish and maintain a reserve account (the "FF&E RESERVE") in accordance with the terms of the Management Agreement and to deposit into such account during each Fiscal Year monies for the account of Landlord (which amounts shall be funds of Landlord for all purposes and shall be credited against the Rent obligation of Tenant pursuant to Section 3.1.6(f)) in the amount required to be maintained pursuant to the Management Agreement and in accordance with established custom of Manager prior to the Commencement Date. Landlord shall be responsible for the payment of all amounts required to be paid by "Owner" (as defined in the Management Agreement) pursuant to the Management Agreement to fund the FF&E Reserve, including, without limitation, any deficits therein, and for paying for all FF&E necessary for the continued operation of the Facility in accordance with First Class Operating Standards, subject to the provisions of Schedule 22.2. Tenant shall ------------- make no expenditure for replacement of FF&E in excess of the amounts in the FF&E Reserve without first obtaining the written approval of Landlord (unless Tenant makes such expenditures from its own funds without any right to reimbursement hereunder). In the event Tenant funds any amounts required to be funded by Landlord for FF&E pursuant hereto or by "Owner" pursuant to the Management Agreement which Landlord has approved, Tenant shall receive a reimbursement in accordance with Section 3.1.6(f) hereof. Any additions to or replacements of furniture, fixtures, and equipment located at the Leased Property shall become part of the FF&E which is owned by Landlord, subject to the limitations set forth in Schedule 22.2 hereof. Throughout the Term of this Lease, Tenant shall, at its ------------- sole cost and expense but subject to the terms hereof and of the Management Agreement, cause all of the items of FF&E to be in proper working order and in good condition (ordinary wear and tear excepted).
FF&E Reserve. 11.1. During each Fiscal Year there shall be allocated and paid on a monthly basis to the FF&E Reserve Account from Total Revenues an amount equal to four percent (4%) of Total Revenues for such Fiscal Year. Notwithstanding the foregoing, Operator agrees that to the extent a Mortgagee requires Owner to cause a portion of Total Revenues to be maintained in a separate FF&E reserve account or equivalent thereof (“Lender Reserve Account”), the sums held in the Lender Reserve Account will be included in determining the amount of Total Revenues necessary to be deposited in the FF&E Reserve Account in accordance with the terms hereof.
FF&E Reserve. A. Manager shall establish a reserve account (the “FF&E Reserve”), in a bank or similar institution reasonably acceptable to both Manager and Owner, to cover the cost of:
FF&E Reserve. 11.1. If and to the extent directed by Owner, during each Fiscal Year there shall be allocated and paid on a monthly basis to the FF&E Reserve Account from Total Revenues or other funds provided by Owner an amount equal to a minimum of four percent (4%) of Total Revenues for such month.
FF&E Reserve. Innisfree will establish for and on behalf of the Owners a reserve in the following amounts: Amount to be Reserved Each Operating Year Expressed Operating Year as a Percentage of Gross Revenue in that Year 1 1% 2 2% 3 3% 4 4% 5 and subsequent 5% Operating Years The FF&E Reserve will be held by Innisfree, for and on behalf of the Owners, in a separate account from the Hotel Bank Account, as a reserve for Capital Expenditures for the repair and replacement of the Hotel Premises and for the repair and replacement of any Furniture, Fixtures and Equipment in accordance with Section 9.3. Innisfree will, for and on behalf of the Owners, keep the Hotel Premises and the Furniture, Fixtures and Equipment in substantially the same condition, quality and scope they were in as of the Commencement Date, normal wear and tear excepted, and the Owners hereby authorize Innisfree to use the FF&E Reserve only for such purposes. Innisfree will be under no obligation to use its own funds for such purpose. The Owners acknowledge and agree that the FF&E Reserve will be for the benefit of all of the Units collectively and not for each individual Unit separately and that the cost of maintaining and replacing the Furniture, Fixtures and Equipment will be shared by all of the Owners during the Term in accordance with their respective Percentage Interests. The FF&E Reserve, at all times during the Term and after termination or expiry of this Agreement, shall remain the property of the Owners.
FF&E Reserve. (a) Upon execution of this Lease, Lessee has established a reserve account (the "FF&E Reserve") in a bank designated by Lessee and approved by Lessor. The purpose of the FF&E Reserve is to cover the cost of: (i) replacements and renewals of the Hotel's Furniture and Equipment and Fixtures; (ii) certain routine repairs and maintenance to any Hotel building which are normally capitalized under GAAP such as exterior and interior repainting, resurface building walls, floors, roofs and parking areas, and replacing folding walls and the like; and (iii) major repairs, alterations, improvements to the Hotel's buildings, structure, roof, or exterior facade, or to its mechanical, electrical, heating, ventilating, air conditioning, plumbing or vertical transportation systems. Lessee agrees that it will, from time to time, execute such reasonable documentation as may be requested by Lessor and any Lessor mortgagee to assist Lessor and such Lessor mortgagee in establishing or perfecting Lessor mortgagee's security interest in Lessor's residual interest in the funds which are in the FF&E Reserve; provided, however, that no such documentation shall contain any amendment to or modification of any of the provisions of this Lease. It is acknowledged and agreed, that during the Term, funds in the FF&E Reserve are the property of Lessee.
FF&E Reserve. A. Manager shall establish a book reserve account (the "FF&E Reserve") that will reflect additions (plus accrued interest based upon rates earned by other operating accounts maintained by the Resort) each Calendar Quarter, to cover the cost of:
FF&E Reserve. A. Submanager shall establish a reserve account (the "FF&E Reserve"), in a bank or similar institution reasonably acceptable to both Submanager and Primary Manager, to cover the cost of: (i) replacements, renewals and additions to the FF&E at the Hotel; and (ii) Special Capital Expenditures. Withdrawals from the FF&E Reserve shall be made solely by representatives of Submanager whose signatures have been authorized. Primary Manager covenants that, as of the Take-Over Date, the dollar amount in the FF&E Reserve shall be no less than the Initial FF&E Reserve Balance. If Primary Manager fails to provide the dollar amount in the FF&E Reserve in an amount no less than the Initial FF&E Reserve Balance as required under this Section 5.02.A, Submanager shall have the right (after first giving Primary Manager ten (10) days written notice thereof) to deduct the required amounts from Gross Revenues. In addition, Primary Manager covenants that the Five-Year Plan attached hereto as Exhibit "B-1" shall be implemented, subject to any mutually-approved changes, as Special Capital Expenditures from the FF&E Reserve.
