FF&E Reserve Amount definition

FF&E Reserve Amount has the meaning set forth in Section 17.3 hereof.
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FF&E Reserve Amount means, as applied to any Hotel with respect to any fiscal period of the Partnership, an amount equal to four percent (4%) of the aggregate gross revenue derived from such Hotel. Schedule 4 Ashford Hospitality Limited Partnership/Marriott Crystal City Gateway Agreement of Purchase and Sale
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FF&E Reserve Amount means, for any calendar month, an amount equal to the greater of (a) four percent (4.0%) of Actual Operating Revenue of the Hotel Unit for such calendar month or (b) the amount of the “Reserve Fund Contribution” (as defined in the Hotel Management Agreement) required to be deposited by Borrower into the Hotel Manager FF&E Reserve pursuant to the Hotel Management Agreement for such month.
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Examples of FF&E Reserve Amount in a sentence

  • Borrower shall cause Manager to reserve for FF&E on a monthly basis in accordance with the Management Agreement not less than an amount equal to the Monthly FF&E Reserve Amount, such reserves to be maintained in the Hotel Bank Accounts (as defined in the Management Agreement) (subject to disbursements therefrom as permitted by the Management Agreement), provided however, this Section 5.1.22 shall not affect Borrower’s obligations hereunder to set aside reserves for FF&E.

  • In the event that any Property is released pursuant to Section 2.2, Section 2.4 or Section 7.1(l) subsequent to a determination of the Monthly FF&E Reserve Amount, the Monthly FF&E Reserve Amount shall be appropriately adjusted in accordance with the definition thereof.

  • In addition to the foregoing, on each Payment Date from and after the Payment Date occurring in December, 2005, the Borrower shall deposit or monies shall be transferred in accordance with Section 9.4 hereof from the Deposit Account into the FF&E Reserve Account in an amount equal to the aggregate of (i) the Monthly FF&E Reserve Amount and (ii) any Monthly FF&E Reserve Amount (or portion thereof) from a prior Payment Date that was not deposited in the FF&E Reserve Account, if any.

  • Manager shall reserve for FF&E on a monthly basis in accordance with the terms of the Management Agreement not less than an amount equal to the Monthly FF&E Reserve Amount; such reserves are maintained in the Hotel Bank Accounts (as defined in the Management Agreement) (subject to disbursements therefrom as permitted by the Management Agreement).

  • Lender will, in accordance with Section 3.1.6 hereof, instruct the Cash Management Bank to transfer from the Holding Account the Monthly FF&E Reserve Amount to the FF&E Reserve Account.

  • In the event that any Mortgaged Property is released pursuant to Section 2.2 or Section 7.1(k) subsequent to a determination of the Monthly FF&E Reserve Amount, the Monthly FF&E Reserve Amount shall be appropriately adjusted in accordance with the definition thereof.

  • Provided no Event of Default has occurred and is continuing, Lender shall make disbursements (but no more frequently than one each calendar month and, other than any final disbursement, the total amount of any request shall not be less than $25,000) from the FF&E Reserve Account (but not in an amount more than the FF&E Reserve Amount on deposit from time to time) to reimburse Borrower or Manager or to provide funds to Borrower or Manager for the acquisition or replacement of FF&E.

  • If and to the extent Approved Property Manager fails to reserve such funds, then Borrower shall deposit into the FF&E Reserve Account the difference between the monthly reserves in respect of FF&E under the Approved Property Management Agreement and the Monthly FF&E Reserve Amount.

  • On a monthly basis, Borrowers or Operating Lessee shall, or shall cause Manager to, deposit into the “FF&E Reserve” under the Management Agreement (the “Manager FF&E Reserve”) the FF&E Reserve Amount.

  • On each Payment Date, Administrative Agent, at the direction of the Required Lenders given at least two Business Days prior to each such Payment Date, shall deposit into the FF&E Reserve Account from amounts on deposit in the Cash Management Account an amount equal to the Monthly FF&E Reserve Amount.


More Definitions of FF&E Reserve Amount

FF&E Reserve Amount means, for any calendar month, an amount equal to the following percentages of Gross Revenues for such calendar month:
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FF&E Reserve Amount means, for any calendar month, an amount equal to the greater of (a) four percent (4.0%) of Actual Operating Revenue of the Hotel Unit for such calendar month or (b) the amount of the “Reserve Fund Contribution” (as defined in the Hotel Management Agreement) required to
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Related to FF&E Reserve Amount

  • Interest Reserve Amount With respect to each Mortgage Loan that is an Interest Reserve Loan (or the related successor REO Mortgage Loan), for any Distribution Date that occurs during February of any year or during January of any year that is not a leap year, an amount equal to one day’s interest accrued at the related Net Mortgage Rate on the related Stated Principal Balance as of the end of the Collection Period related to such Distribution Date, but prior to giving effect to the application of any amounts due on the Due Date occurring in such Collection Period, to the extent that a Monthly Payment is Received by the Trust with respect to such Interest Reserve Loan for the related Due Date in the same month as such Distribution Date on or before the related Master Servicer Remittance Date or a P&I Advance is made under this Agreement with respect to such Interest Reserve Loan by such Distribution Date. For purposes of calculating Interest Reserve Amounts, the Net Mortgage Rate for each Interest Reserve Loan shall be the Net Mortgage Rate in effect (including as a result of any step-up provision) under the original terms of such Interest Reserve Loan in effect as of the Closing Date, without regard to any modifications, extensions, waivers or amendments of such Interest Reserve Loan subsequent to the Closing Date (whether entered into by the applicable Master Servicer, the applicable Special Servicer, the Non-Trust Master Servicer or the Non-Trust Special Servicer or in connection with any bankruptcy, insolvency or other similar proceeding involving the related Borrower).

  • Reserve Amount means, for any Payment Date, the amount of cash or other immediately available funds in the Reserve Account on that Payment Date, after giving effect to all deposits to and withdrawals from the Reserve Account on such Payment Date.

  • Requisite Reserve Amount As of any date with respect to any Series (or Class within such Series), the amount, if any, required to be maintained in the Reserve Account, if any, for such Series or Class as specified in or determined pursuant to the related Supplement.

  • Required Reserve Amount means, with respect to any Payment Date, 0.25% (or such other higher percentage as may be determined by the Depositor, in its sole discretion, on or prior to the Closing Date) of the difference of the Aggregate Starting Principal Balance less the Yield Supplement Overcollateralization Amount as of the Cutoff Date of all Receivables transferred to the Trust.

  • FF&E Reserve Account shall have the meaning set forth in Section 7.3 hereof.