Common use of Reserve Estimates Clause in Contracts

Reserve Estimates. Manager shall prepare and deliver to Tenant and Landlord for their review, at the same time the Annual Operating Projection is submitted, an estimate for each Hotel (each, a “Reserve Estimate”) of the Reserve expenditures necessary during the forthcoming Fiscal Year for (1) replacements, renewals, and additions to the FF&E of such Hotel and (2) repairs, renovations, additions, alterations, improvements, renewals or replacements to such Hotel of the nature described in Section 5.03.B, for the forthcoming Fiscal Year. Manager agrees to take reasonable steps to ensure that, at Tenant’s or Landlord’s request, qualified personnel from Manager’s staff are available to explain each proposed Reserve Estimate with respect to expenditures described in Section 5.03.B(3). A meeting (or meetings) for such purpose shall be held, at Tenant’s or Landlord’s request, within a reasonable period of time after the submission to Tenant or Landlord of the applicable Reserve Estimate. Any disputes as to items in each Reserve Estimate for expenditures described in Section 5.03.B(3) shall be resolved as set forth in Sections 5.07.C and 5.07.D hereof. Such expenditures shall be funded from the applicable Reserve to the extent funds are available therefor or from funds provided under Section 5.07 hereof.

Reserve Estimates. Manager shall prepare and deliver to Tenant and Landlord for their review, at the same time the Annual Operating Projection is submitted, an estimate for each the Hotel (each, a “Reserve Estimate”) of the Reserve expenditures necessary during the forthcoming Fiscal Year for (1) replacements, renewals, and additions to the FF&E of such the Hotel and (2) repairs, renovations, additions, alterations, improvements, renewals or replacements to such the Hotel of the nature described in Section 5.03.B, for the forthcoming Fiscal Year. Manager agrees to take reasonable steps to ensure that, at Tenant’s or Landlord’s request, qualified personnel from Manager’s staff are available to explain each proposed Reserve Estimate with respect to expenditures described in Section 5.03.B(3). A meeting (or meetings) for such purpose shall be held, at Tenant’s or Landlord’s request, within a reasonable period of time after the submission to Tenant or Landlord of the applicable Reserve Estimate. Any disputes as to items in each Reserve Estimate for expenditures described in Section 5.03.B(3) shall be resolved as set forth in Sections 5.07.C and 5.07.D hereof. Such expenditures shall be funded from the applicable Reserve to the extent funds are available therefor or from funds provided under Section 5.07 hereof.

Reserve Estimates. Manager shall prepare and deliver to Tenant and Landlord on or before December 1 of each Fiscal Year for their review, at the same time the Annual Operating Projection is submitted, review an estimate for each Hotel (each, a “"Reserve Estimate”") of the Reserve expenditures necessary during the forthcoming ensuing Fiscal Year for (1) replacements, renewals, and additions to the FF&E of such Hotel and (2) repairs, renovations, additions, alterations, improvements, renewals or replacements to such Hotel of the nature described in Section 5.03.B, for the forthcoming succeeding Fiscal Year. Manager agrees to take reasonable steps to ensure that, at Tenant’s 's or Landlord’s 's request, qualified personnel from Manager’s 's staff are available to explain each proposed Reserve Estimate with respect to expenditures described in Section 5.03.B(3)5.03.B.3. A meeting (or meetings) for such purpose shall be held, at Tenant’s 's or Landlord’s 's request, within a reasonable period of time after the submission to Tenant or Landlord of the applicable described in each Reserve Estimate. Any disputes as to items in each Reserve Estimate for expenditures described in Section 5.03.B(3) 5.03.B.3 shall be resolved as set forth in Sections 5.07.C 5.07.D and 5.07.D 5.07.E hereof. Such expenditures shall be funded from the applicable Reserve to the extent funds are available therefor or from funds provided under Section 5.07 hereof.

Reserve Estimates. Manager shall prepare and deliver to Tenant and Landlord for their review, at the same time the Annual Operating Projection is submitted, an estimate for each Hotel (each, a “Reserve Estimate”) of the Reserve expenditures necessary during the forthcoming Fiscal Year for (1) replacements, renewals, and additions to the FF&E of such Hotel and (2) repairs, renovations, additions, alterations, improvements, renewals or replacements to such Hotel of the nature described in Section 5.03.B, for the forthcoming Fiscal Year. Manager agrees to take reasonable steps to ensure that, at Tenant’s or Landlord’s request, qualified personnel from Manager’s staff are available to explain each proposed Reserve Estimate with respect to expenditures described in Section 5.03.B(3). A meeting (or meetings) for such purpose shall be held, at Tenant’s or Landlord’s request, within a reasonable period of time after the submission to Tenant or Landlord of the applicable described in each Reserve Estimate. Any disputes as to items in each Reserve Estimate for expenditures described in Section 5.03.B(3) shall be resolved as set forth in Sections 5.07.C and 5.07.D hereof. Such expenditures shall be funded from the applicable Reserve to the extent funds are available therefor or from funds provided under Section 5.07 hereof.