Deposits of FF&E Funds Sample Clauses

Deposits of FF&E Funds. On the Closing Date, Borrower shall deposit with Cash Management Bank the amount of Seventeen Million Five Hundred Sixty-Four Thousand Seven Hundred Twenty-Five and No/100 Dollars ($17,564,725) and Borrower shall thereafter deposit or, as applicable, shall cause the related Manager to deposit with Lender reserves for FF&E Expenses, at the times and in the amounts required under each of the Management Agreements and Hotel Leases or, with respect to the Marriott Marquis, the Adjusted FF&E Amount (as defined in the related Deposit Account Agreement) (such amounts so deposited shall hereinafter be referred to as the “FF&E Funds”). On or before February 1 in the years 2000, 2001 and 2002, Borrower shall deliver to Lender an Officer’s Certificate setting forth the amount of FF&E Expenses for the prior calendar year. Borrower shall deposit additional FF&E Funds in the amount by which the sum of such FF&E Expenses and the deposits of General Repair Funds and FF&E Funds made during such period is less than (i) Thirty Million and No/100 Dollars ($30,000,000) with respect to 1999, (ii) Fifteen Million and No/100 Dollars ($15,000,000) with respect to 2000, and (iii) Twenty Million and No/100 Dollars ($20,000,000) with respect to 2001.
Sample 1Sample 2
AutoNDA by SimpleDocs
Deposits of FF&E Funds. Borrower and/or Security Guarantor shall deposit with Agent on each Monthly Payment Date an amount equal to (i) two percent (2.00%) of the Operating Income from the DR Property for such period and (ii) four percent (4.00%) of the Operating Income from the Jamaica Property for such period. Amounts deposited pursuant to this Section 6.4.1 are referred to herein as the “FF&E Funds.” Notwithstanding any of the foregoing to the contrary, for so long as (x) no monetary Event of Default shall have occurred and be continuing and (y) each Individual Property is managed by Manager pursuant to a Management Agreement which requires Manager to reserve for FF&E Expenditures, Agent shall waive the requirement to escrow for the payment of FF&E Expenditures required under this Section 6.4; provided that the following conditions are met: (i) no event of default under the Management Agreement shall have occurred and be continuing and the Management Agreement is in full force and effect, (ii) Manager is not a debtor in proceeding under any state or federal bankruptcy or insolvency laws or the liquidation of its assets or property, (iii) Manager is obligated under the terms of the Management Agreement to reserve for FF&E Expenditures in amounts at least equal to the amount required to be reserved under this Section 6.4, and Manager is actually reserving for all FF&E Expenditures, and such FF&E Expenditures are paid when due and payable and otherwise in accordance with the terms hereof, and (iv) Manager is otherwise performing its obligations in a timely manner under the Management Agreement and, if reasonably requested by Agent in writing, Borrower timely provides to Agent reasonable evidence of such performance by Manager (which evidence may be in the form of copies or receipts for the payment of FF&E Expenditures and/or bank statements or other evidence as to Manager’s reserving of amounts for FF&E Expenditures at least equal to the amount required to be reserved under this Section 6.4).
Sample 1
Deposits of FF&E Funds. Borrower shall deposit or cause to be deposited with or on behalf of Lender on each Monthly Payment Date, an amount equal to the greater of (i) one-twelfth of four percent (4%) of the Gross Revenue generated during the twelve (12) month period ending on the last day of the most recent calendar quarter for which Borrower has furnished financial statements pursuant to Section 4.1.7(c) hereof and (ii) the amount, if any, required to be reserved under the Franchise Agreement, the Intermediate Management Agreement, the Property Management Agreement, the Beverage Concession Agreement and the Beverage Management Agreement for FF&E Work, which amounts shall be transferred by or at the direction of Lender into an Account established to hold such funds (the “FF&E Account”). Amounts deposited from time to time into the FF&E Account pursuant to this Section 6.5.1 are referred to herein as the “FF&E Funds”.
Sample 1
Deposits of FF&E Funds. Borrower shall deposit or cause to be deposited with or on behalf of Lender on each Monthly Payment Date, an amount equal to the greater of (i) one-twelfth of four percent (4%) of the greater of (A) the Gross Revenue generated during the twelve (12) month period ending on the last day of the most recent calendar quarter for which Borrower has furnished financial statements pursuant to Section 4.1.7(c) hereof and (B) the Gross Revenue projected in the then-effective Approved Annual Budget for the twelve (12) month period to which such Approved Annual Budget relates; provided, however, in the event that the Annual Budget has not been approved by Lender under Section 4.1.7(e) for the applicable period in which Monthly Payment Date occurs and/or Borrower has failed to timely deliver the financial statements required pursuant to this Agreement, Lender shall determine the amount of Gross Revenue in its sole and absolute discretion, and (ii) the amount, if any, required to be reserved under the Franchise Agreement, the Intermediate Management Agreement, the Property Management Agreement, the Beverage Concession Agreement and the Beverage Management Agreement for FF&E Work, which amounts shall be transferred by or at the direction of Lender into an Account established to hold such funds (the “FF&E Account”). Amounts deposited from time to time into the FF&E Account pursuant to this Section 6.5.1 are referred to herein as the “FF&E Funds”. Lender may reassess its estimate of the amount necessary for FF&E Work from time to time, and may require Borrower to increase the monthly deposits required pursuant to this Section 6.5.1 upon thirty (30) days’ notice to Borrower if Lender determines in its reasonable discretion that an increase is necessary to maintain proper operation of the Property (provided, however, that so long as no Event of Default then exists, no such increase shall cause the annual payments under this Section 6.5.1 to exceed an amount equal to five percent (5%) of Gross Revenue in any twelve-month period unless required by any Franchise Agreement.
Sample 1
Deposits of FF&E Funds. On each Debt Service Payment Date Borrower shall deposit, or shall cause the Manager to deposit, with Lender reserves for FF&E Expenditures in an amount equal to five percent (5%) of the Gross Revenues for the second full calendar month prior to the Debt Service Payment Date in question (e.g., 5% of Gross Revenues for September, 2000 will be deposited during the month of November, 2000 in accordance with the Cash Management Agreement)(such amounts so deposited shall hereinafter be referred to as the "FF&E FUNDS").
Sample 1

Related to Deposits of FF&E Funds

  • Deposits to Special Accounts Except as otherwise provided in the Lock-Box Agreement, the Seller will not deposit or otherwise credit, or cause or permit to be so deposited or credited, to any Lock-Box Account cash or cash proceeds other than Collections in respect of the Collateral.

  • Deposits of Tax Funds Borrower shall deposit with Lender on the Monthly Payment Date an amount (the "MONTHLY TAX DEPOSIT") equal to one-twelfth of the Taxes that Lender estimates will be payable during the next ensuing twelve (12) months in order to accumulate with Lender sufficient funds to pay all such Taxes at least ten (10) days prior to their respective due dates (such amounts so deposited shall hereinafter be referred to as the "TAX FUNDS"). If at any time Lender reasonably determines that the Tax Funds will not be sufficient to pay the Taxes, Lender shall notify Borrower of such determination and Borrower shall increase its monthly payments to Lender by the amount that Lender estimates is sufficient to make up the deficiency at least ten (10) days prior to the respective due dates for the Taxes; provided that if Borrower receives notice of any deficiency after the date that is ten (10) days prior to the date that Taxes are due, Borrower will deposit such amount within two (2) Business Day after its receipt of such notice.

  • Collection Accounts Section 3.11 Withdrawals from the Collection Accounts..................... Section 3.12 Investment of Funds in the Collection Accounts and the Distribution Account......................................... Section 3.13 Maintenance of Hazard Insurance and Errors and Omissions and Fidelity Coverage........................................ Section 3.14 Enforcement of Due-on-Sale Clauses; Assumption Agreements.... Section 3.15

  • Establishment of Custodial Accounts; Deposits in Custodial Accounts The Seller shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts. The creation of any Custodial Account shall be evidenced by a Custodial Account Letter Agreement in the form of Exhibit 7. The Seller shall deposit in the Custodial Account on a daily basis, and retain therein the following payments and collections received by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:

  • Reserve Accounts All reserves, escrows and deposit accounts required under the Loan Documents and all cash, checks, drafts, certificates, securities, investment property, financial assets, instruments and other property held therein from time to time and all proceeds, products, distributions or dividends or substitutions thereon and thereof;

  • Cash Accounts, Deposits and Money Movements Subject to the terms and conditions set forth in this Section 7, the Fund hereby authorizes the Custodian to open and maintain, with itself or with Subcustodians, cash accounts in United States Dollars, in such other currencies as are the currencies of the countries in which the Fund maintains Investments or in such other currencies as the Fund shall from time to time request by Instruction.

  • Withdrawals From the Custodial Account The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:

  • Collection Account (a) On the Closing Date, the Master Servicer shall open and shall thereafter maintain a segregated account held in trust (the “Collection Account”), entitled “Collection Account, Aurora Loan Services LLC, as Master Servicer, in trust for the benefit of the Holders of Structured Asset Investment Loan Trust Mortgage Pass-Through Certificates, Series 2005-5.” The Collection Account shall relate solely to the Certificates issued by the Trust Fund hereunder, and funds in such Collection Account shall not be commingled with any other monies.

  • Deposits to the Collection Account On behalf of the Trust Fund, the Master Servicer shall deposit or cause to be deposited in the clearing account (which account must be an Eligible Account) in which it customarily deposits payments and collections on mortgage loans in connection with its mortgage loan servicing activities on a daily basis, and in no event more than one Business Day after the Master Servicer's receipt thereof, and shall thereafter deposit in the Collection Account, in no event more than two Business Days after the deposit of such funds into the clearing account, as and when received or as otherwise required hereunder, and retain therein, the following payments and collections received or made by it subsequent to the Cut-off Date with respect to the Mortgage Loans, or payments (other than Principal Prepayments) received by it on or prior to the Cut-off Date but allocable to a Due Period subsequent thereto:

  • Custodial Accounts The Master Servicer shall cause to be established and maintained by each Servicer under the Master Servicer's supervision the Custodial Account for P&I, Buydown Fund Accounts (if any) and special Custodial Account for Reserves and shall deposit or cause to be deposited therein daily the amounts related to the Mortgage Loans required by the Selling and Servicing Contracts to be so deposited. Proceeds received with respect to individual Mortgage Loans from any title, hazard, or FHA insurance policy, VA guaranty, Primary Insurance Policy or other insurance policy (other than any Special Primary Insurance Policy) covering such Mortgage Loans shall be deposited first in the Custodial Account for Reserves if required for the restoration or repair of the related Mortgaged Property. Otherwise, Insurance Proceeds (other than proceeds from any Special Primary Insurance Policy) shall be deposited in the Custodial Account for P&I, and shall be applied to the balances of the related Mortgage Loans as payments of interest and principal. The Master Servicer is hereby authorized to make withdrawals from and to issue drafts against the Custodial Accounts for P&I and the Custodial Accounts for Reserves for the purposes required or permitted by this Agreement. Each Custodial Account for P&I and each Custodial Account for Reserves shall bear a designation clearly showing the respective interests of the applicable Servicer, as trustee, and of the Master Servicer, in substantially one of the following forms:

Time is Money Join Law Insider Premium to draft better contracts faster.