FF&E Deficiency definition

FF&E Deficiency means the amount, if any, by which 4% of the gross room revenues of the Consolidated Group during the preceding four fiscal quarters, on a rolling basis, exceeds the actual expenditures by the Consolidated Group for FF&E replacements or capital items at the Consolidated Group's Properties during the same period.
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FF&E Deficiency means the amount, if any, as of each Measurement Date, by which the cumulative amount of Required Room Reserves accrued commencing January 1, 1999, and continuing during the term of the Loan, exceeds the accrued cumulative expenditures by the Borrower for the replacement and enhancement of FF&E located within the Borrowing Base Hotels.
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Examples of FF&E Deficiency in a sentence

  • The Borrower in the Borrowing Base Value Certificate shall certify as to which Borrowing Base Hotels constitute Non-Stabilized Borrowing Base Hotels and which Borrowing Base Hotels constitute Stabilized Borrowing Base Hotels and shall certify as to the amount of the FF&E Deficiency for all such Borrowing Base Hotels in the aggregate.

  • The maximum amount of credit available to be drawn upon from time to time under this Agreement, determined as of each Measurement Date and being effective as set out in Section 2.01(c), but in no event to exceed the Facility Limit (the "Maximum Advance"), is the product of (a) 55% and (b) the sum of (i) Total Cost of each Non-Stabilized Borrowing Base Hotel, and (ii) the Capitalized Value of each Stabilized Borrowing Base Hotel less (iii) the FF&E Deficiency.

Related to FF&E Deficiency

  • Advance Deficiency As defined in Section 4.01(b).

  • Performing Note Deficiency means any time that less than 65% of the then aggregate outstanding principal amount of all Equipment Notes are Performing Equipment Notes.

  • Borrowing Base Deficiency means, at any date on which the same is determined, the amount, if any, that (a) the aggregate Covered Debt Amount as of such date exceeds (b) the Borrowing Base as of such date.

  • Mental deficiency means mental deficiency as defined by appropriate clinical authorities to such extent that a person so afflicted is incapable of managing himself and his affairs, but shall not include mental illness as defined herein.

  • Significant deficiency means a shortcoming in the system that materially affects the ability of officials of the Department of Defense to rely upon information produced by the system that is needed for management purposes.