Deposits of FF&E Reserve Funds. Borrowers shall deposit with Lender on each Monthly Payment Date an amount equal to four percent (4.0%) of the Gross Revenue generated by the Properties for the second calendar month preceding the month in which such Payment Date occurs, for the repair and replacement of the furniture, fixtures and equipment at, in or used in the operation of the Properties (the “FF&E Work”) and for Capital Expenditures Work that may be incurred following the date hereof, which amounts shall be transferred into an Account established at the Deposit Bank to hold such funds (the “FF&E Reserve Account”). Amounts deposited from time to time into the FF&E Reserve Account pursuant to this Section 6.5.1 are referred to herein as the “FF&E Reserve Funds”.
Deposits of FF&E Reserve Funds. (a) Borrower shall deposit or cause to be deposited with or on behalf of Lender on or before each Monthly Payment Date, an amount equal to the greater of (i) four percent (4.0%) of the Adjusted Operating Income for the Properties for the calendar month which is two calendar months prior to the calendar month in which such Monthly Payment Date occurs and (ii) the amounts actually required (and not waived) by a Franchisor pursuant to a Franchise Agreement, for the repair and replacement of FF&E and Routine Capital Expenditures (collectively, the “FF&E Work”), which amounts shall be transferred into an Account established for such purposes (such account, the “FF&E Reserve Account”). Amounts deposited from time to time into the FF&E Reserve Account pursuant to this Section 6.8.1 are referred to herein as the “FF&E Reserve Funds”.
(b) Notwithstanding the foregoing, provided that Borrower and Operating Lessee are maintaining the applicable Individual Property in accordance with the requirements of the Management Agreement (as determined by the applicable Manager) and the Loan Documents (as reasonably determined by Lender), to the extent funds for FF&E Work for the applicable Individual Property are reserved for in a Manager-Held Reserve for FF&E Work for such period pursuant to and in accordance with the Management Agreement (and provided that Lender shall have a security interest in such Manager-Held Reserve), then the amount of the monthly deposit into the FF&E Reserve Account shall be reduced on a dollar-for-dollar basis by such amount so reserved.
Deposits of FF&E Reserve Funds. Borrower shall deposit or cause to be deposited with or on behalf of Lender on each Monthly Payment Date, an amount equal to four percent (4.0%) of the Gross Revenue for the Property for the prior month (“Monthly FF&E Amount”) for the repair and replacement of the furniture, fixtures and equipment at or in or used in the operation of the Property (the “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 Reserve Account”). Amounts deposited from time to time into the FF&E Reserve Account pursuant to this Section 6.5.1 are referred to herein as the “FF&E Reserve Funds”. Lender may reassess its estimate of the amount necessary for FF&E Work from time to time, and may require Borrower to increase (or cause Master Tenant to increase) the monthly deposits required pursuant to this Section 6.5.1 upon thirty (30) days’ notice to Borrower if (i) Lender determines in its reasonable discretion that an increase is necessary to maintain proper operation of the Property, or (ii) Franchisor imposes or requires any capital improvement or other property improvement plan under the Franchise Agreement (any such capital improvement or other property improvement plan, an “Additional PIP” and the work necessary to perform any such capital improvements or other property improvements, the “Additional PIP Work”).
Deposits of FF&E Reserve Funds. Borrower shall deposit or cause to be deposited with or on behalf of Lender (a) any remaining Scheduled PIP Reserve Funds disbursed pursuant to the last sentence of Section 6.5.2 and (b) on or before each Monthly Payment Date, an amount equal to four percent (4.0%) of the Adjusted Operating Income for the Properties for the calendar month which is two calendar months prior to the calendar month in which such Monthly Payment Date occurs, for the repair and replacement of FF&E and Routine Capital Expenditures (collectively, the “FF&E Work”), which amounts shall be transferred into an Account established for such purposes (such account, the “FF&E Reserve Account”). Amounts deposited from time to time into the FF&E Reserve Account pursuant to this Section 6.8.1 are referred to herein as the “FF&E Reserve Funds”.
Deposits of FF&E Reserve Funds. Borrowers shall deposit with or on behalf of Lender on each Monthly Payment Date an amount equal to four percent (4.0%) of the Rents for each Property for the prior month for Approved Capital Expenditures and the repair and replacement of the FF&E (such Approved Capital Expenditures and FF&E, collectively the “FF&E Work”) that may be incurred following the date hereof, which amounts shall be transferred into an Account established (the “FF&E Reserve Account”). Lender may from time to time reassess its estimate of the required monthly amount necessary for the FF&E Work and, upon notice to Borrowers, Borrowers shall be required to deposit with or on behalf of Lender each month such reassessed amount, which shall be transferred into the FF&E Reserve Account. Amounts deposited from time to time into the FF&E Reserve Account pursuant to this Section 6.9.1 are referred to herein as the “FF&E Reserve Funds”.
Deposits of FF&E Reserve Funds. Borrower shall deposit with Lender on each Monthly Payment Date, an amount equal to one-twelfth of an amount equal to (i) from the Closing Date until the Monthly Payment Date in April, 2021, two (2.0%), (ii) from the Monthly Payment Date in May, 2021 through and including the Monthly Payment Date in April, 2022, three percent (3.0%) and (iii) from and after the Monthly Payment Date in May, 2022, four percent (4.0%) of the annual Gross Revenue for the Property as determined by Lender for annual Capital Expenditures and the repair and replacement of the furniture, fixtures and equipment at or in or used in the operation of the Property (the "FF&E Work") that may be incurred following the date hereof, which amounts shall be transferred into an Account established by or on behalf of Lender to hold such funds (the "FF&E Reserve Account"). Lender may from time to time reassess its estimate of the required monthly amount necessary for the FF&E Work and, upon notice to Borrower, Borrower shall be required to deposit with or on behalf of Lender each month such reassessed amount, which shall be transferred into the FF&E Reserve Account. Amounts deposited from time to time into the FF&E Reserve Account pursuant to this Section 6.5.1 are referred to herein as the "FF&E Reserve Funds".
Deposits of FF&E Reserve Funds. Borrower shall deposit with or on behalf of Lender on each Payment Date an amount equal to the greater of (x) four percent (4.0%) of the Rents for the Property for the prior month and (y) the monthly FF&E reserve required under Section 11.2B of the Franchise Agreement (the “FF&E Reserve Monthly Deposit”) for the repair and replacement of the FF&E (such FF&E, collectively, the “FF&E Work”) that may be incurred following the date hereof, which amounts shall be transferred into an Account established for such purpose (the “FF&E Reserve Account”). Amounts deposited from time to time into the FF&E Reserve Account pursuant to this Section 7.6.1 shall hereinafter be referred to as the “FF&E Reserve Funds”. At Lender’s option, the FF&E Reserve Account shall be maintained as a Subaccount of the Cash Management Account or be an account maintained by Servicer either at Servicer or at an Eligible Institution.
Deposits of FF&E Reserve Funds. Borrower shall deposit with or on behalf of Lender on each Monthly Payment Date an amount equal to four percent (4.0%) of the Rents for the Property for the second preceding month for Approved Capital Expenditures and the repair and replacement of the FF&E (such Approved Capital Expenditures and FF&E, collectively, “FF&E Work”) that may be incurred following the date hereof, which amounts shall be transferred into an Account established (the “FF&E Reserve Account”). Lender may from time to time reassess its estimate of the required monthly amount necessary for the budgeted FF&E Work and, upon notice to Borrower, Borrower shall be required to deposit with or on behalf of Lender each month such reassessed amount, which shall be transferred into the FF&E Reserve Account. Amounts deposited from time to time into the FF&E Reserve Account pursuant to this Section 6.9.1 are referred to herein as the “FF&E Reserve Funds”. Notwithstanding the foregoing, for so long as the Accor Management Agreement (or another Management Agreement with a Qualified Hotel Manager) is in full force and effect and Borrower or Operating Tenant is making such payments into the Replacement Reserve under the Accor Management Agreement (or into a replacement reserve pursuant to another Management Agreement with a Qualified Hotel Manager), the foregoing payments and disbursement conditions set forth herein shall be suspended.
Deposits of FF&E Reserve Funds. Borrower shall deposit with or on behalf of Lender five (5%) percent of the previous month’s Gross Revenue (the “Monthly FF&E Deposit”) and such payments shall be held in escrow (the “FF&E Reserve Fund”) and disbursed in accordance with the provisions set forth in this Section 3.3. Notwithstanding anything to the contrary contained in this paragraph, the Borrower shall only be required to escrow with Lender the amount by which the required Monthly FF&E Deposit amount exceeds the amount that the Manager is escrowing into a FF&E reserve fund pursuant to the terms and conditions of the Management Agreement, and provided that the Manager, the bank at which the account is maintained and Lender enter into a control agreement satisfactory to Lender.
Deposits of FF&E Reserve Funds. Commencing on the subsequent Interest Payment Date after the opening of the Hotel, Borrower shall deposit with or on behalf of Agent on each Interest Payment Date until the Loan is paid in full an amount equal to FF&E Monthly Amount (the “FF&E Reserve Monthly Deposits”) for the purpose of funding the repair and replacement of the FF&E (“FF&E Work”) that may be incurred following the date hereof, which amounts shall be transferred into a Reserve Account (the “FF&E Reserve Account”). Amounts deposited from time to time into the FF&E Reserve Account pursuant to this Section 19.1 are referred to herein as the “FF&E Reserve Funds”.
