FF&E Reserves. An FF&E Reserve has been established in respect of each of the Hotels and the Borrower or its Subsidiaries or Eligible Joint Ventures have made any contributions to such FF&E Reserve as required by the terms of the Operating Lease and/or the Management Agreement relating thereto.
FF&E Reserves. If Operating Agreement(s) for multiple Hotels do not separately allocate Base Payments to such Hotels, then Base Payments shall be reasonably allocated among such Hotels (where necessary) in a manner satisfactory to the Administrative Agent.
FF&E Reserves. (a) Each Borrower shall deposit or cause to be deposited into its respective FF&E Reserve Account (which account is hereby pledged to Administrative Agent, for the benefit of Lenders, as additional collateral for the Loan, subject to the terms of the applicable Management Agreement and Management Agreement Assignment/Subordination), not later than the twentieth (20th) day of each month during the term of the Loan an amount equal to the greater of (i) four percent (4%) of Gross Operating Revenues for the Property for the previous month, and (ii) the amount required to be deposited into any FF&E reserve for such month pursuant to the terms of any applicable Franchise Agreement and/or Management Agreement (each an “FF&E Reserve”).
FF&E Reserves. Borrower or Operating Lessee shall deposit, or shall cause Manager to deposit into the FF&E Reserve Account, monthly in accordance with the provisions of the Management Agreement, an amount equal to the actual amount of reserves required to be deposited for FF&E pursuant to the Management Agreement (or any Franchise Agreement, if applicable). Funds on deposit in the FF&E Reserve Account may be (a) applied by Manager for payment of FF&E Expenses in accordance with the Management Agreement and otherwise approved annual capital budgets for the Property, and (b) used for additional capital expenditures which are not budgeted but which are approved by Manager and by Lender in the exercise of Lender’s reasonable discretion.
FF&E Reserves. A. Management Company shall establish a separate escrow reserve account for each Hotel ("FF&E Reserve") to cover the cost of the following ("FF&E Replacements"):
FF&E Reserves. (a) Borrower shall not be required to make deposits into an escrow account with Lender for Capital Expenses and/or FF&E Expenses, provided that Mortgage Borrower is required to and does make monthly deposits for Capital Expenses and FF&E Expenses under the Mortgage Loan Documents. In the event that either (x) Mortgage Borrower does not (or is not required to) make such deposits, or (y) Borrower breaches its obligations under clause (b) of this Section 3.4 (beyond the expiration of all applicable notice and cure periods), Borrower shall be obligated to make such deposits to Lender substantially in accordance with the provisions of the Mortgage Loan Agreement.
FF&E Reserves. Pursuant to Section 12.1(b) of the Contribution Agreement, the Operating Partnership shall be entitled to retain the amount of all FF&E Reserves at Closing without any adjustment to the Exchange Amount. The relevant Contributors shall, following the Closing, execute such instruments as the Operating Partnership shall reasonably request to confirm that as of the Closing the Contributors have no further interest in the FF&E Reserves, provided that such instruments do not create any additional cost or liability to the Contributors that is not paid by the Operating Partnership.
FF&E Reserves. Operating Partnership shall be entitled to retain ------------- the amount of all FF&E Reserves at Closing without any adjustment to the Exchange Amount.
FF&E Reserves. If Lease(s) for multiple Hotels do not separately allocate Base Rent to such Hotels, then Base Rent shall be reasonably allocated among such Hotels (where necessary) in a manner satisfactory to Agent.
FF&E Reserves. Borrower shall deposit, or shall cause Manager to deposit, monthly into the FF&E Reserve Account an amount equal to the greater of (a) (i) prior to January 1, 2017, two percent (2.0%) of Gross Operating Revenues, (ii) on or after January 1, 2017 but prior to January 1, 2018, three percent (3.0%) of Gross Operating Revenues, and (iii) on or after January 1, 2018, four percent (4.0%) of Gross Operating Revenues or (b) the actual amount of reserves required to be deposited for FF&E under the Franchise Agreement. Within ten (10) business days following submission in writing of a request therefor by Borrower, Lender shall provide to Borrower from the FF&E Reserve Account (to the extent of funds available therein) funds sufficient to pay FF&E Expenses, provided that such request is accompanied by invoices evidencing such FF&E Expenses sufficient to permit Lender to determine that such funds are being disbursed to pay FF&E Expenses and a certification by Borrower that such funds will be used to pay FF&E Expenses.
