Common use of Deposits of FF&E Reserve Funds Clause in Contracts

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”.

Deposits of FF&E Reserve Funds. (a) 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 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 Agreementoccurs, 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”.