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”.
Appears in 4 contracts
Samples: Loan Agreement (Ashford Hospitality Trust Inc), Loan Agreement (Ashford Hospitality Trust Inc), Loan Agreement (Ashford Hospitality Trust Inc)
