Examples of FF&E Replacements in a sentence
The amounts so paid into the Reserve Account shall be recorded on the Hotels' books of account as "Reserve for FF&E Replacements." Except as expressly provided herein, any expenditures for Capital Replacements during any Fiscal Year which have been approved in the yearly Capital Replacements Budget may be made without Owner's further approval and, to the extent available, may be made by Manager from the Reserve Account.
Therefore, five percent (5%) of Gross Revenues shall be paid over in cash in each calendar month after the Effective Date into a Reserve Fund (as hereinafter defined) to pay for Capital Improvements and FF&E Replacements.
It is recognized that expenditures for Capital Improvements and FF&E Replacements are incapable of precise calculation in advance.
Manager shall establish a reserve for Capital Improvements and FF&E Replacements on the books of account for the Hotel and the cash amounts required for such reserve shall be placed into an interest-bearing account (the "Reserve Fund") established in the Hotel's name at the bank at which the Bank Account(s) are established, with Manager's designees being the only authorized signatories on said account.
Owner shall cooperate fully with Manager in establishing appropriate procedures and timetables for Owner to undertake Capital Improvements and FF&E Replacements.
Any expenditures for Capital Improvements and FF&E Replacements during any calendar year which have been included in an approved Capital Budget or FF&E Budget may be made without Owner's or Fee Owner's additional approval and, to the extent available, shall be made by Manager from the Reserve Fund (including accrued interest and unused accumulations from prior calendar years).
Borrower shall cause Mortgage Loan Borrower and Maryland Owner to complete all such FF&E Replacements in a good and workmanlike manner as soon as commercially reasonable after commencing to make each such Replacement.
Borrower shall assign to Lender all rights and claims Borrower may have against all persons or entities supplying labor or materials in connection with the FF&E Replacements; provided, however, that Lender may not pursue any such right or claim unless an Event of Default has occurred and remains uncured.
The Borrower and the Manager agree that funds on deposit in the FF&E Account (including Earnings thereon) may only be used for the purpose of payment of the costs of FF&E Replacements (as defined in the Management Agreement) as contemplated by Section 7.02 of the Management Agreement and by the Assignment.
Borrowers shall complete all FF&E Replacements in a good and workmanlike manner as soon as practicable following the commencement of making each such FF&E Replacement.