Common use of Disbursements from the FF&E Reserve Account Clause in Contracts

Disbursements from the FF&E Reserve Account. (a) The FF&E Reserve Account shall consist of three sub-accounts (such three sub-accounts, which shall each correspond to one Property, each being, a "FF&E Reserve Sub-Account"). The funds in each FF&E Reserve Sub-Account shall not be commingled with any other monies. (i) By no later than each Payment Date, the Borrowers and Operating Lessees shall deposit or monies shall be transferred in accordance with Section 9.4 hereof from the Holding Account into the FF&E Reserve Account in an amount equal to the Aggregate Monthly FF&E Reserve Amount, and such amount shall be allocated on each Payment Date to the FF&E Reserve Sub-Accounts such that an amount equal to the Monthly FF&E Reserve Amount for the corresponding Property shall be deposited into the corresponding Sub-Account. (ii) Upon the request of Borrowers and Operating Lessees, Lender will, within five (5) Business Days after the receipt of such request and the satisfaction of the other conditions set forth in this clause (ii), cause disbursements to Borrowers and Operating Lessees from the applicable FF&E Reserve Sub-Account to pay or to reimburse Borrowers and Operating Lessees for actual costs incurred in connection with capital expenditures relating to FF&E at the applicable Property (to the extent such expenditures are not prohibited hereunder and under the applicable Property Management Agreement), provided that (A) Lender has received invoices evidencing that the costs for which such disbursements are requested are due and payable and are in respect of capital expenditures relating to FF&E at the applicable Property, (B) Borrowers and Operating Lessees have applied any amounts previously received by them in accordance with this Section 9.2.16(a) for the expenses to which specific draws made hereunder relate and received any Lien waivers or other releases which would customarily be obtained with respect to the work in question, (C) the applicable Property Manager has theretofore disbursed for capital expenditures relating to FF&E at the applicable Property all amounts it originally reserved in the applicable Hotel Operating Account (or otherwise withheld from disbursement to the Operating Lessees) for such purpose pursuant to the related Property Management Agreement; and (D) Lender has received an Officer's Certificate confirming that the conditions in the foregoing clauses (A) through (C) have been satisfied and that the copies of invoices and evidence of Lien waivers (to the extent required above) attached to such Officer's Certificate are true, complete and correct.

Disbursements from the FF&E Reserve Account. (a) The Lender shall make disbursements from the FF&E Reserve Account to pay Borrower only for the FF&E Expenditures. (b) Lender shall, upon written request from Borrower and satisfaction of the requirements set forth in this Section 7.4.2, disburse to Borrower amounts from the FF&E Reserve Account to pay for the costs of FF&E Replacements or to reimburse Borrower therefor, upon completion of such FF&E Replacements (or, upon partial completion in the case of FF&E Replacements performed pursuant to Section 7.4.2(e) hereof) as reasonably determined by Lender. In no event shall Lender be obligated to disburse funds from the FF&E Reserve Account if a Default or an Event of Default exists. (c) Each request for disbursement from the FF&E Reserve Account shall consist of three sub-accounts (such three sub-accounts, which be in a form specified or reasonably approved by Lender and shall each correspond to one Property, each being, a "FF&E Reserve Sub-Account"). The funds in each FF&E Reserve Sub-Account shall not be commingled with any other monies. specify (i) By no later the specific FF&E Replacements for which the disbursement is requested, (ii) the quantity and price of each item purchased, if the FF&E Replacements includes the purchase or replacement of specific items, (iii) the price of all materials (grouped by type or category) used in any FF&E Replacements other than the purchase or replacement of specific items, and (iv) the cost of all contracted labor or other services applicable to such FF&E Replacements for which such request for disbursement is made. With each Payment Date, the Borrowers and Operating Lessees request Borrower shall deposit or monies shall be transferred certify that all FF&E Replacements has been performed in accordance with all applicable Legal Requirements of any applicable Governmental Authority having jurisdiction over the Property. Each request for disbursement shall include copies of invoices for all items or materials purchased and all contracted labor or services provided. Except as provided in Section 9.4 hereof 7.4.2(e) hereof, each request for disbursement from the Holding Account into the FF&E Reserve Account shall be made only after substantial completion of the FF&E Replacements for which disbursement is requested. Borrower shall provide Lender evidence of substantial completion of the subject FF&E Replacements satisfactory to Lender in its reasonable judgment. (d) As a condition to any disbursement, Lender may reasonably require Borrower to obtain lien waivers from each contractor, supplier, materialman, mechanic or subcontractor who receives payment in an amount equal to or greater than $50,000 for completion of its work or delivery of its materials. Any lien waiver delivered hereunder shall conform to the Aggregate Monthly requirements of applicable law and shall cover all work performed and materials supplied (including equipment and fixtures) for the Property by that contractor, supplier, subcontractor, mechanic or materialman through the date covered by the current reimbursement request (the release of lien shall be effective through the date covered by the previous release of funds request). (e) If (i) the cost of any FF&E Reserve AmountReplacements exceeds $50,000, (ii) the contractor performing such FF&E Replacements requires periodic payments pursuant to terms of a written contract, and (iii) Lender has approved in writing in advance such amount shall be allocated on each Payment Date to periodic payments in its reasonable judgment, a request for reimbursement from the FF&E Reserve Sub-Accounts such that an amount equal to the Monthly FF&E Reserve Amount for the corresponding Property shall Account may be deposited into the corresponding Sub-Account. (ii) Upon the request made after completion of Borrowers and Operating Lessees, Lender will, within five (5) Business Days after the receipt of such request and the satisfaction a portion of the other conditions set forth in this clause (ii), cause disbursements to Borrowers and Operating Lessees from the applicable FF&E Reserve Sub-Account to pay or to reimburse Borrowers and Operating Lessees for actual costs incurred in connection with capital expenditures relating to FF&E at the applicable Property (to the extent work under such expenditures are not prohibited hereunder and under the applicable Property Management Agreement)contract, provided that (A) Lender has received invoices evidencing that such contract requires payment upon completion of such portion of the costs for which such disbursements are requested are due and payable and are in respect of capital expenditures relating to FF&E at the applicable PropertyReplacements, (B) Borrowers the materials for which the request is made are on site at the Property and Operating Lessees are properly secured or have applied any amounts previously received by them been installed in accordance with this Section 9.2.16(a) for the expenses to which specific draws made hereunder relate and received any Lien waivers or other releases which would customarily be obtained with respect to the work in questionProperty, (C) the applicable Property Manager has theretofore disbursed all other conditions in this Agreement for capital expenditures relating to FF&E at the applicable Property all amounts it originally reserved in the applicable Hotel Operating Account (or otherwise withheld from disbursement to the Operating Lessees) for such purpose pursuant to the related Property Management Agreement; and have been satisfied, (D) Lender has received an Officer's Certificate confirming that the conditions funds remaining in the foregoing clauses FF&E Reserve Account are, in Lender’s reasonable judgment, sufficient to complete such FF&E Replacements and other FF&E Replacements when required, and (AE) through (C) if required by Lender, each contractor or subcontractor receiving payments under such contract shall provide a waiver of lien with respect to amounts which have been satisfied previously paid to that contractor or subcontractor. (f) Borrower shall not make a request for disbursement from the FF&E Reserve Account more frequently than twice in any calendar month and that (except in connection with the copies final disbursement) the total cost of invoices and evidence of Lien waivers (to the extent required above) attached to such Officer's Certificate are true, complete and correctall FF&E Replacements in any request shall not be less than $50,000.

Disbursements from the FF&E Reserve Account. (a) The FF&E Reserve Account shall consist of three sub-accounts (such three sub-accounts, which shall each correspond to one Property, each being, a "FF&E Reserve Sub-Account"). The funds in each FF&E Reserve Sub-Account shall not be commingled with any other monies. (i) By no later than each Payment Date, the Borrowers and Operating Lessees Obligor shall deposit or monies shall be transferred in accordance with Section 9.4 7.14 hereof from the Holding Account into the FF&E Reserve Account in an amount equal to the Aggregate Monthly FF&E Reserve Amount, and such amount shall be allocated on each Payment Date to . Funds in the FF&E Reserve Sub-Accounts such that an amount equal to the Monthly FF&E Reserve Amount for the corresponding Property Account shall not be deposited into the corresponding Sub-Accountcommingled with any other monies. (iib) Upon the request of Borrowers and Operating LesseesObligor, Lender Agent will, within five (5) Business Days after the receipt of such request and the satisfaction of the other conditions set forth in this clause (iib), cause disbursements to Borrowers and Operating Lessees Obligor from the applicable FF&E Reserve Sub-Account to pay or to reimburse Borrowers and Operating Lessees Obligor for actual costs incurred in connection with capital expenditures relating to FF&E at the applicable Property (to the extent such expenditures are not prohibited hereunder and under the applicable Property Management Agreement), provided that (A) Lender Agent has received invoices evidencing that the costs for which such disbursements are requested are due and payable and are in respect of capital expenditures relating to FF&E at the applicable Property, (B) Borrowers and Operating Lessees have Obligor has applied any amounts previously received by them it in accordance with this Section 9.2.16(a) 7.12 for the expenses to which specific draws made hereunder relate (or reimbursement for such expenses) and received any Lien waivers or other releases which would customarily be obtained with respect to the work in question, (C) the applicable Property Manager has theretofore disbursed for capital expenditures relating to FF&E at the applicable Property all amounts it originally reserved in the applicable Hotel Operating Account (or otherwise withheld from disbursement to the Operating LesseesObligor) for such purpose pursuant to the related Property Management Agreement; Agreement and (D) Lender Agent has received an Officer's ’s Certificate confirming that the conditions in the foregoing clauses (A) through (C) have been satisfied and that the copies of invoices and evidence of Lien waivers (to the extent required above) attached to such Officer's ’s Certificate are true, complete and correct.

Disbursements from the FF&E Reserve Account. (a) The FF&E Reserve Account shall consist of three two (2) sub-accounts (such three two (2) sub-accounts, which shall each correspond to one Property, each being, a "“FF&E Reserve Sub-Account"”). The funds in each FF&E Reserve Sub-Account shall not be commingled with any other monies. (i) By no later than each Payment Date, the Borrowers and Operating Lessees shall deposit or monies shall be transferred in accordance with Section 9.4 hereof from the Holding Account into the FF&E Reserve Account in an amount equal to the Aggregate Monthly FF&E Reserve Amount, and such amount shall be allocated on each Payment Date to the FF&E Reserve Sub-Accounts such that an amount equal to the Monthly FF&E Reserve Amount for the corresponding Property shall be deposited into the corresponding Sub-Account. (ii) Upon the request of Borrowers and Operating Lessees, Lender will, within five (5) Business Days after the receipt of such request and the satisfaction of the other conditions set forth in this clause (ii), cause disbursements to Borrowers and Operating Lessees from the applicable FF&E Reserve Sub-Account to pay or to reimburse Borrowers and Operating Lessees for actual costs incurred in connection with capital expenditures relating to FF&E at the applicable Property (to the extent such expenditures are not prohibited hereunder and under the applicable Property Management Agreement), provided that (A) Lender has received invoices evidencing that the costs for which such disbursements are requested are due and payable and are in respect of capital expenditures relating to FF&E at the applicable Property, (B) Borrowers and Operating Lessees have applied any amounts previously received by them in accordance with this Section 9.2.16(a) for the expenses to which specific draws made hereunder relate and received any Lien waivers or other releases which would customarily be obtained with respect to the work in question, (C) the applicable Property Manager has theretofore disbursed for capital expenditures relating to FF&E at the applicable Property all amounts it originally reserved in the applicable Hotel Operating Account (or otherwise withheld from disbursement to the Operating Lessees) for such purpose pursuant to the related Property Management Agreement; and (D) Lender has received an Officer's ’s Certificate confirming that the conditions in the foregoing clauses (A) through (C) have been satisfied and that the copies of invoices and evidence of Lien waivers (to the extent required above) attached to such Officer's ’s Certificate are true, complete and correct.