FF&E Reserves definition

FF&E Reserves means, for any period and with respect to any Hotel Property, an amount equal to 4.0% of Gross Operating Revenues of such Hotel Property.

FF&E Reserves means, for any period and with respect to a Property, an amount equal to the greater of (a) 4.0% of total gross revenues for such Property for such period and (b) the aggregate amount of reserves in respect to furniture, fixtures and equipment required under any Property Management Agreement or Franchise Agreement applicable to such Properties for such period. If the term FF&E Reserves is used without reference to a specific Property, then the amount shall be determined on an aggregate basis with respect to all Properties of the Parent and its Subsidiaries and a proportionate share of all Properties of all Unconsolidated Affiliates.

FF&E Reserves means, for any period and with respect to any Hotel Property, an amount equal to the greater of (a) 4.0% of Gross Operating Revenues of such Hotel Property or (b) the amount of reserves required under the Management Agreement or Franchise Agreement for such Hotel Property.

Examples of FF&E Reserves in a sentence

• The Borrower shall cause to be maintained the FF&E Reserves pursuant to the terms of the Operating Leases.

• All House Cash and FF&E Reserves shall be available to the Purchaser at the Property at Closing.

• The Borrower shall cause the Operator to maintain FF&E Reserves in respect of each Hotel Facility, pursuant to the terms of the Operating Lease and/or Management Agreement relating thereto and shall direct the Operator to deliver to the Lender simultaneously with delivery to the Borrower or its Subsidiaries, copies of any reports, statements or other information required to be supplied to the Borrower or its Subsidiary under any Operating Lease or Management Agreement for any Hotel Facility.

• The Borrower shall not commingle, or permit the commingling of, other funds with the funds in the FF&E Reserves except to the extent permitted by the Management Agreement or Operating Lease, as applicable.

• The term “Purchased Working Capital” shall mean the agreed upon sum of one hundred thousand dollars ($100,000) which amount represents the Company’s good faith estimate of the Company’s current assets shown on the Hotel balance sheet (exclusive of any FF&E Reserves) less the Company’s current liabilities shown on the Hotel balance sheet at the close of business on the Closing Date.

More Definitions of FF&E Reserves

FF&E Reserves means, for any period and with respect to a Property, an amount equal to 4.0% of total gross revenues for such Property for such period. If the term FF&E Reserves is used without reference to a specific Property, then the amount shall be determined on an aggregate basis with respect to all Properties of the Parent and its Subsidiaries and a proportionate share of all Properties of all Unconsolidated Affiliates.

FF&E Reserves means, for any period and with respect to a Property, an amount equal to the greater of (a) 4.0% of total gross revenues for such Property for such period and (b) the aggregate amount of reserves in respect to furniture, fixtures and equipment required under any Property Management Agreement or Franchise Agreement applicable to such Property for such period. If the term FF&E Reserves is used without reference to a specific Property, then the amount shall be determined on an aggregate basis with respect to all Properties of the Parent and its Subsidiaries and the applicable Ownership Share of all Properties of all Unconsolidated Affiliates of the Parent.

FF&E Reserves means 4% of total revenues.

FF&E Reserves means, for any period and with respect to a Property, an amount equal to the greater of (a) 4.00% of total gross revenues for such Property for such period and (b) the aggregate amount of reserves in respect to furniture, fixtures and equipment required under any Property Management Agreement or Franchise Agreement applicable to such Property for such period. If the term FF&E Reserves is used without reference to a specific Property, then the amount shall be determined on an aggregate basis with respect to all Properties of the Parent Guarantor and its Subsidiaries and the applicable Ownership Share of all Properties of all Unconsolidated Affiliates of the Parent Guarantor.

FF&E Reserves means such reserves as may be established from time to time by the Administrative Agent in the Administrative Agent’s reasonable discretion with respect to Eligible FF&E (including, without limitation, (a) to reflect the impediments to the Administrative Agent’s ability to realize upon Eligible FF&E, (b) to reflect claims and liabilities that the Administrative Agent determines will need to be satisfied in connection with the realization upon the Eligible FF&E, (c) to reflect criteria, events, conditions, contingencies or risks which adversely affect the Eligible FF&E or (d) to reflect costs and expenses associated with the Eligible FF&E (including, without limitation, maintenance, utilities, insurance and security) and including any such costs and expenses that the Administrative Agent reasonably determines may need to be paid in connection with the realization upon the Eligible FF&E).

FF&E Reserves as defined in the Operating Agreements.

FF&E Reserves has the meaning ascribed to such term in Section 5.04.A “Final Statement” has the meaning ascribed to such term in Section 11.09.A.