FF&E Cost definition
Examples of FF&E Cost in a sentence
Except as provided in this Section 1.1.2 with respect to required vendor’s deposits or in Section 1.1.2(e) hereof, each request for disbursement from the FF&E Reserve shall be made only after completion of the FF&E Cost Items for which disbursement is requested.
For this purpose each Credit Party constitutes and appoints Agent its true and lawful attorney in fact with full power of substitution to complete or undertake such FF&E Cost Items in the name of each Credit Party.
Borrower shall complete or cause Master Tenant to complete all FF&E Cost Items in a good and workmanlike manner as soon as practicable following the commencement of making each such FF&E Cost Items.
If the parties are unable to agree as to the amount of the Difference or the FF&E Cost, the same shall be determined by PRC's then independent public accountants, which determination shall be conclusive.
The unamortized Difference as of the Assignment and Assumption Effective Date shall be the "TI Adjustment"; the unamortized FF&E Cost as of the Assignment and Assumption Effective Date shall be the "FF&E Payment." The parties shall adjust the FF&E Cost from time to time as FF&E is added to or removed from the Premises using the procedure set forth in this Section.
With each request the applicable Credit Party, or Master Tenant, shall certify that all FF&E Cost Items for which such disbursement is requested have been or will be made in accordance with all applicable Legal Requirements of any Governmental Authority having jurisdiction over the Real Estate (or, in the case of a vendor’s required deposit, that such deposit is due and payable).
The Difference and the FF&E Cost shall be amortized over the portion of the initial Term remaining after the final certificate of occupancy for the Premises has been issued.
Expectation that the lease with a third party developer / owner will state that the developer / owner will fund 100% of the Cost and that Trilogy will fund 100% of the FF&E Cost.
Upon the occurrence and during the continuation of such an Event of Default, Agent may use the FF&E Funds (or any portion thereof) for any purpose, including completion of the FF&E Cost Items as provided in Section 1.1.3, or for any other repair or replacement to the Real Estate or toward payment of the Obligations in such order, proportion and priority as Agent may determine in its sole discretion.
Furniture, Fixtures and Equipment (FFE) Services (if requested) Fixed Fee Based on 6% of the FFE Cost Documented by ▇▇▇▇ and agreed upon by the Owner.