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.
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).
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”.
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.
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").
Deposits of FF&E Funds. Borrower shall deposit with or on behalf of Agent on each Payment Date, the lesser of (x) the applicable monthly amount recommended or required under the Hotel Management Agreement, as adjusted from time to time pursuant to the terms of the Hotel Management Agreement, and (y) the quotient of 4.00% of Hotel Revenue (excluding any Hotel Pass-Through Income) divided by twelve (12), for annual FF&E Expenditures and Capital Expenditures, which amounts shall be transferred into the FF&E Reserve Sub-Account. Notwithstanding the foregoing, Borrower shall have no obligation to make the deposits required under this Section 4.9(a) to the extent Hotel Manager is collecting and reserving funds for FF&E and Capital Expenditures in a segregated account for such purpose in accordance with the terms and conditions of the Hotel Management Agreement (a “Hotel Manager FF&E Reserve”).
