FF&E Reserve Contribution definition

FF&E Reserve Contribution means the contribution required to be made pursuant to Section 8.02 of the Management Agreement.
View Source
FF&E Reserve Contribution helps maintain the future level of the residences Furniture, Fixtures and Equipment to brand standards. Hotel Operator shall, on a monthly basis, deduct from the Gross Room Rental Revenue from the Unit an amount equal to three percent (3%) for the first year of operation of the hotel and rental program and five percent (5%) from the second year of operation of the hotel and rental program and thereon, of the Gross Room Revenue derived from the rental of the Unit during the preceding month. Each monthly FF&E Reserve Contribution amount shall be deposited into an account for maintenance, upgrades, additions, repairs and replacements to the Unit and its FF&E package, Operating Supplies and Operating Equipment (the “FF&E Fund”). If this Agreement is terminated or expires, any amounts remaining in the FF&E Fund shall be returned to Unit Owner within thirty (30) days following the date of expiration or termination. If Unit Owner sells its Unit and the purchaser assumes this Agreement, any amounts remaining in the FF&E Fund at the time of such sale shall be transferred to the purchaser of the Unit automatically, without any further action by Unit Owner or purchaser.
View Source

Examples of FF&E Reserve Contribution in a sentence

  • Take-Over Date: One year after Divestiture Date Term Expiration Date: January 31, 2011 Base Management Fee: Zero (i.e. no Base Management Fee) [subject to adjustment per the Settlement Agreement] Initial FF&E Reserve Balance: $660,000* FF&E Reserve Contribution: Five percent of Gross Revenues *Figure determined as of January 1, 1998.

  • Take-Over Date: Divestiture Date Term Expiration Date: August 28, 2014 Base Management Fee: Two and 85/100 percent (2.85%) of Gross Revenues [subject to adjustment per the Settlement Agreement] Initial FF&E Reserve Balance: $26,000* FF&E Reserve Contribution: Five percent of Gross Revenues * Figure determined as of January 1, 1998.

  • EXHIBIT A-1 Name and Location of Hotel: Pittsburgh Airport Marriott ▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇ Submanager: Marriott Hotel Services, Inc Take-Over Date: One Year after Divestiture Date Term Expiration Date: September 2, 2011 Base Management Fee: Two and 85/100 percent (2.85%) of Gross Revenues [subject to adjustment per the Settlement Agreement] Initial FF&E Reserve Balance: $18,000* FF&E Reserve Contribution: Five percent of Gross Revenues * Figure determined as of January 1, 1998.