FF&E Reserve Fund. (a) Unless Borrower shall have delivered to Lender a Guaranty (FF&E), Borrower shall pay to Lender (or Servicer, as directed by Lender) on each Payment Date an amount equal to (i) one-twelfth of three percent (3%) of the amount of all Revenues for the full calendar year prior to the first (1st) day of the month in which such Payment Date occurs, less (ii) any amount spent during the previous calendar month by Borrower or Operating Company on behalf of Borrower in accordance with the Operating Lease on account of FF&E (other than from the FF&E Reserve Fund, it being understood that amounts expended on account of FF&E from the FF&E Reserve Fund shall not be included in any deductions required pursuant to the preceding subclause (i) and that any FF&E that is purchased through disbursements from the FF&E Reserve Fund may not be subsequently financed by Borrower or Operating Company). Notwithstanding anything to the contrary contained herein, in no event shall Borrower be required to maintain in the FF&E Reserve Account an amount in excess of the aggregate amount of all FF&E deposits required to be made in the preceding calendar year (as determined, for purposes of this sentence, utilizing the monthly formula set forth in the preceding sentence). In addition, notwithstanding anything to the contrary contained herein, for purposes of determining the amount of any required FF&E Reserve Fund deposits (and for purposes of calculating such amount, monthly, based on the formula set forth in the first sentence of this Section 7.3.1), Revenues shall include Revenue from the Hotel Component and the Casino Component but shall not include non-Hotel or Casino related Revenues (e.g., Rents from retail tenants).
FF&E Reserve Fund. (a) Borrower shall pay to Lender (or Servicer on behalf of Lender) on each Payment Date an amount equal to (1)(i) with respect to each Payment Date during the First Period, one-twelfth of three percent (3%) of the amount of all Revenues for the trailing twelve (12) month period preceding each such Payment Date, (ii) with respect to each Payment Date during the Second Period, one-twelfth of four percent (4%) of the amount of all Revenues for the trailing twelve (12) month period preceding each such Payment Date and (iii) with respect to each Payment Date during the Third Period and thereafter, one-twelfth of five percent (5%) of the amount of all Revenues for the trailing twelve (12) month period preceding each such Payment Date less (2) in each case any amount spent (other than from the FF&E Reserve Fund) during the previous calendar month (as applicable) by Mortgage Borrower (or by Operating Company or Manager on behalf of Mortgage Borrower) in accordance with the Operating Lease or the Management Agreement on account of FF&E or Routine Capital Improvements. It is specifically understood and agreed that amounts expended on account of FF&E and on account of any Routine Capital Improvements from the FF&E Reserve Fund shall not be included in any deductions required pursuant to subclause (2) of the preceding sentence and, in addition, that any FF&E that is purchased and any Routine Capital Improvements that are paid for using funds from the FF&E Reserve Fund may not be subsequently financed by Mortgage Borrower or Operating Company. Notwithstanding anything to the contrary contained herein, in no event shall Borrower be required to maintain in the FF&E Reserve Account an amount in excess of the aggregate amount of all FF&E deposits required to be made in the trailing twelve (12) month period (as determined, for purposes of this sentence, utilizing the monthly formula set forth in the preceding sentence, as reduced pursuant to withdrawals thereunder to pay the Loan pursuant to Section 7.3.2(a)). In addition, notwithstanding anything to the contrary contained herein, for purposes of determining the amount of any required FF&E Reserve Fund deposits (and for purposes of calculating such amount, monthly, based on the formula set forth in the first sentence of this Section 7.3.1), Revenues shall include Revenue from the Hotel Component and the Casino Component but shall not include non-Hotel or Casino related Revenues (e.g., Rents from retail tenants).
FF&E Reserve Fund. On the date hereof, there is $1,137,914.51 currently on deposit in the FF&E Reserve Account. On the Closing Date, Borrower shall pay to Lender on the Closing Date an amount equal to $1,362,085.49 and on each Payment Date an amount equal to three percent (3%) of the amount of Gross Income from Operations for the Property from the second previous calendar month, provided that Borrower shall not be required to pay Lender any amount in excess of $8,000,000.00 under this Section 7.3.1 in any Fiscal Year (provided that such $8,000,000.00 amount shall be pro rated for the portion of the 2010 Fiscal Year falling between the date hereof and December 31, 2010. Amounts so deposited shall hereinafter be referred to as the “FF&E Reserve Fund” and the account in which such amounts are held shall hereinafter be referred to as the “FF&E Reserve Account”.
FF&E Reserve Fund. (a) Borrower shall pay to Lender on the Closing Date an initial deposit equal to $16,396.00 and on each Payment Date an amount equal to the FF&E Monthly Deposit for replacements and repairs to FF&E required to be made to the Property during the calendar year (collectively, the “FF&E Replacements”). Amounts deposited pursuant to this Section 7.3.1 shall hereinafter be referred to as the “FF&E Reserve Fund” and the account in which such amounts are held shall hereinafter be referred to as the “FF&E Reserve Account”. The FF&E Reserve Fund shall be held by Lender in an interest-bearing account with any interest on the funds in such account being deposited in such account and held for the benefit of Borrower.
FF&E Reserve Fund. Approved FF&E Account.
FF&E Reserve Fund. Lender shall establish an Account for the purpose of reserving amounts in respect of expenditures for FF&E (the “FF&E Reserve Account”). Amounts deposited in the FF&E Reserve Account shall hereinafter be referred to as the “FF&E Reserve Fund”.
FF&E Reserve Fund. Borrower shall pay to Lender on each Payment Date an amount equal three percent (3%) of the amount of Gross Income from Operations for the Property from the second previous calendar month. Amounts so deposited shall hereinafter be referred to as the “FF&E Reserve Fund” and the account in which such amounts are held shall hereinafter be referred to as the “FF&E Reserve Account”.
FF&E Reserve Fund. Borrower shall pay to Lender on each Payment Date the FF&E Reserve Monthly Deposit for the replacement of FF&E and other replacements and repairs (which do not constitute routine repairs and maintenance), required to be made to the Properties during the calendar year (collectively, the "Replacements"). Amounts so deposited shall hereinafter be referred to as Borrower's "FF&E Reserve Fund".
FF&E Reserve Fund. (a) The Trustee shall apply amounts from the FF&E Reserve Fund to the extent necessary to cure any deficiency in the Debt Service Account pursuant to Section 5.11.
FF&E Reserve Fund
