Common use of FF&E Reserve Account Clause in Contracts

FF&E Reserve Account. In accordance with Section 3.1, and during any period when Manager is not reserving for FF&E or FF&E is not otherwise reserved pursuant to the terms of the Management Agreement, upon the request of Borrower, Administrative Agent will, within fifteen (15) Business Days (or such shorter time as may be appropriate in Administrative Agent’s reasonable discretion during emergency situations identified to Administrative Agent by Borrower in writing) after the receipt of such request and the satisfaction of the other conditions set forth in this Section, cause disbursements to Operating Lessee from the FF&E Reserve Account to pay or to reimburse Operating Lessee or Manager for actual costs incurred in connection with capital expenditures relating to FF&E at the Property of the type customarily utilized in hotel properties in Washington, D.C. similar to the Property (to the extent such expenditures are permitted hereunder), provided that (A) Administrative 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 property, (B) Operating Lessee has applied any amounts previously received by it in accordance with this Section 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 and (C) Administrative Agent has received an Officer’s Certificate confirming that the conditions in the foregoing clauses (A) and (B) 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. Subject to the terms of the Assignment of Management Agreement, in no event shall Administrative Agent be obligated to disburse funds from the FF&E Reserve Account if a monetary Default or an Event of Default exists.

FF&E Reserve Account. In accordance with Section 3.1, and during any period when Manager is not reserving for FF&E or FF&E is not otherwise reserved pursuant to the terms of the Management Agreement, upon the request of Borrower, Administrative Agent will, within fifteen ten (1510) Business Days (or such shorter time as may be appropriate in Administrative Agent’s reasonable discretion during emergency situations identified to Administrative Agent by Borrower in writing) after the receipt of such request and the satisfaction of the other conditions set forth in this Section, cause disbursements to Operating Lessee Borrower from the FF&E Reserve Account to pay or to reimburse Operating Lessee Borrower or Manager for actual costs incurred in connection with capital expenditures relating to FF&E at the Property of the type customarily utilized in hotel properties in Washington, D.C. New York similar to the Property (to the extent such expenditures are permitted hereunder), provided that (A) Administrative 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 property, (B) Operating Lessee Borrower has applied any amounts previously received by it in accordance with this Section 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 and (C) Administrative Agent has received an Officer’s Certificate confirming that the conditions in the foregoing clauses (A) and (B) 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. Subject to the terms of the Assignment of Management Agreement, in no event shall Administrative Agent be obligated to disburse funds from the FF&E Reserve Account if a monetary Default or an Event of Default exists.

FF&E Reserve Account. In accordance with Notwithstanding any provision in Section 3.1, and during any period when Manager is not reserving for FF&E or FF&E is not otherwise reserved pursuant 7.3 to the terms contrary, provided no Default or Event of the Management AgreementDefault shall have occurred and be continuing, upon the request of Borrower, Administrative Agent will, within fifteen (15) Business Days (or such shorter time as may be appropriate in Administrative Agent’s reasonable discretion during emergency situations identified Lender shall disburse up to Administrative Agent by Borrower in writing) after the receipt of such request and the satisfaction of the other conditions set forth in this Section, cause disbursements to Operating Lessee $2,000,000.00 from the FF&E Reserve Account to pay Fund for the purpose of advancing or to reimburse Operating Lessee or Manager reimbursing Borrower for actual costs and expenses incurred in connection with capital expenditures relating to FF&E the improvements made at the Property of the type customarily utilized in hotel properties in Washington, D.C. similar to the Property (to the extent such expenditures that are permitted hereunder)described on Exhibit A attached hereto and made a part hereof, provided that Borrower satisfies each of the following conditions in connection with any such disbursement request (Acollectively, the “Disbursement Conditions”): (a) Administrative Agent has received Borrower shall provide Lender with at least five (5) days prior written notice of each requested disbursement; (b) Borrower shall deliver to Lender invoices evidencing that the costs for which each such disbursements are disbursement is requested are due and payable (or have been paid by Borrower); (c) Borrower shall deliver to Lender an officer’s certificate confirming that all such costs have been previously paid by Borrower or will be paid from the proceeds of the requested disbursement; and are in respect (d) Lender may condition the making of capital expenditures relating to FF&E at the property, a requested disbursement on (Bi) Operating Lessee reasonable evidence establishing that Borrower has applied any amounts disbursements previously received by it in accordance with this Section for the expenses to for which specific draws made hereunder relate disbursements relate, (ii) reasonably satisfactory site inspections and received (iii) receipt of conditional lien releases and waivers from any Lien waivers or contractors, subcontractors and other releases which would customarily be obtained relevant parties with respect to the work in question costs for which each such disbursement is requested are due and payable (C) Administrative Agent has received an Officer’s Certificate confirming that the conditions in the foregoing clauses (A) and (B) or 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 correctpaid by Borrower). Subject to the terms of the Assignment of Management Agreement, in no event shall Administrative Agent be obligated to disburse Any funds disbursed from the FF&E Reserve Account Fund pursuant to this Section 2 shall be disbursed first from the Non-Room FF&E Funds to the extent that such amounts are available for such purpose, but if a monetary Default the Non-Room FF&E Funds are insufficient to fully fund any such disbursement request, then Room FF&E Funds shall be disbursed for the purpose hereunder. On or before September 30, 2009, Borrower shall deposit funds in the FF&E Reserve Fund in an amount equal to the aggregate amount disbursed after the date hereof, and to such September 30, 2009 date by Lender pursuant to this Section 2 and Borrower’s failure to so timely replenish the FF&E Reserve Fund by such amount in accordance with the terms hereof shall, without notice or any other action or right to cure, be an Event of Default existsunder the Loan Agreement and a “Specified Event” hereunder.

FF&E Reserve Account. In On each Payment Date from and after the Payment Date occurring in June, 2007, the Borrower shall deposit or monies shall be transferred in accordance with Section 3.1, and during any period when Manager is not reserving for 9.4 hereof from the Deposit Account into the FF&E or FF&E is not otherwise reserved pursuant Reserve Account in an amount equal to the terms of the Management Agreement, upon Monthly FF&E Reserve Amount. Upon the request of Borrower, Administrative Agent Lender will, within fifteen five (155) Business Days (or such shorter time as may be appropriate in Administrative Agent’s reasonable discretion during emergency situations identified to Administrative Agent by Borrower in writing) after the receipt of such request and the satisfaction of the other conditions set forth in this Section, cause disbursements to Operating Lessee Borrower from the FF&E Reserve Account to pay or to reimburse Operating Lessee or Manager Borrower for actual costs incurred in connection with capital expenditures relating to FF&E at the Property of the type customarily utilized in hotel properties in Washington, D.C. similar to the Property (to the extent such expenditures are permitted hereunderhereunder and under the Property Management Agreement, if applicable), provided that (A) Administrative Agent 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 propertyProperty, (B) Operating Lessee Borrower has applied any amounts previously received by it them in accordance with this Section 9.2.8 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 and question, (C) Administrative Agent if applicable, the Property Manager has theretofore disbursed for capital expenditures relating to FF&E at the Property all amounts it originally reserved for FF&E replacements under the applicable Property Management Agreement (or otherwise withheld from disbursement to the Borrower) for such purpose pursuant to the Property Management Agreement; and (D) Lender has received an Officer’s Certificate confirming that the conditions in the foregoing clauses (A) and through (BC) 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. Subject to the terms of the Assignment of Management Agreement, in no event shall Administrative Agent be obligated to disburse funds from the FF&E Reserve Account if a monetary Default or an Event of Default exists.

FF&E Reserve Account. In accordance with Section 3.1, and during any period when Manager is not reserving for FF&E or FF&E is not otherwise reserved pursuant to the terms of the Management Agreement, upon the request of Borrower, Administrative Agent will, within fifteen (15) Business Days (or such shorter time as may be appropriate in Administrative Agent’s reasonable discretion during emergency situations identified to Administrative Agent by Borrower in writing) after the receipt of such request and the satisfaction of the other conditions set forth in this SectionSection 16.5, cause disbursements to Operating Lessee from the FF&E Reserve Account to pay or to reimburse Operating Lessee or Manager for actual costs incurred in connection with capital expenditures relating to FF&E at the Property of the type customarily utilized in hotel properties in Washington, D.C. similar to the Property (to the extent such expenditures are permitted hereunder), provided that (A) Administrative 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 propertyProperty, (B) Operating Lessee has applied any amounts previously received by it in accordance with this Section 16.5 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 and (C) Administrative Agent has received an Officer’s Certificate confirming that the conditions in the foregoing clauses (A) and (B) 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. Subject to the terms of the Assignment of Management Agreement, in no event shall Administrative Agent be obligated to disburse funds from the FF&E Reserve Account if a monetary Default or an Event of Default exists.

FF&E Reserve Account. In (a) Lender will establish and maintain an Eligible Account (which may be a subaccount of the Cash Management Account) for the purpose of reserving amounts in respect of expenditures for FF&E (the “FF&E Reserve Account”). (b) No amounts shall be reserved in the FF&E Reserve Account for so long as (i) the Approved FF&E Account is maintained and funded in accordance with Section 3.1, and during any period when Manager is not reserving for FF&E or FF&E is not otherwise reserved pursuant to the terms of the Approved Management Agreement, upon (ii) Borrower shall deliver to Lender each month the bank statement for the Approved FF&E Account and a reconciliation thereof and (iii) promptly following Lender’s request, Borrower shall deliver invoices or other evidence that disbursements from the Approved FF&E Account have been made in accordance with the Approved Management Agreement. If the Approved Property Manager shall fail to maintain and fund the Approved FF&E Account in accordance with the Approved Management Agreement (any such failure, a “Manager FF&E Reserve Failure”), Borrower shall thereafter be required to fund the FF&E Reserve Account in accordance with this Agreement. (c) From and after the occurrence of a Manager FF&E Reserve Failure, on each Payment Date, there shall be deposited into the FF&E Reserve Account an amount equal to the Monthly FF&E Amount. (d) Upon the request of BorrowerBorrower at any time that no Event of Default is continuing (but not more often than once per calendar month), Administrative Agent will, within fifteen (15) Business Days (or such shorter time as may be appropriate in Administrative Agent’s reasonable discretion during emergency situations identified to Administrative Agent by Borrower in writing) after the receipt of such request and the satisfaction of the other conditions set forth in this Section, Lender shall cause disbursements to Operating Lessee Borrower from the FF&E Reserve Account to pay or to reimburse Operating Lessee or Manager for actual costs incurred in connection with capital expenditures relating to FF&E at the Property of the type customarily utilized in hotel properties in WashingtonAccount, D.C. similar to the Property (to the extent such of funds contained therein, to reimburse Borrower for expenditures in respect of FF&E that are permitted hereunder), consistent with the Approved Annual Budget; provided that that: (Ai) Administrative Agent has received Borrower shall deliver to Lender invoices evidencing that the costs for which such disbursements are requested are due and payable payable; (ii) Borrower shall deliver to Lender an Officer’s Certificate confirming that all such costs have been previously paid by Borrower or will be paid from the proceeds of the requested disbursement and are in respect that all conditions precedent to such disbursement required by the Loan Documents have been satisfied; (iii) Lender may condition the making of capital expenditures relating to FF&E at the property, a requested disbursement on (B1) Operating Lessee reasonable evidence establishing that Borrower has applied any amounts previously received by it in accordance with this Section for the expenses to which specific draws made hereunder relate relate, (2) a reasonably satisfactory site inspection, and received (3) receipt of lien releases and waivers from any Lien waivers or other releases which would customarily be obtained contractors, subcontractors and others with respect to the work in question and such amounts; and (Civ) Administrative Agent has received an Officer’s Certificate confirming that the conditions Notwithstanding anything contained in the foregoing clauses (A) and (B) have been satisfied and that the copies of invoices and evidence of Lien waivers (Hyatt PIP to the extent required above) attached to such Officer’s Certificate are truecontrary, complete and correct. Subject to the terms of the Assignment of Management Agreement, in no event amount shall Administrative Agent be obligated to disburse funds disbursed from the FF&E Reserve Account if a monetary Default for the payment of expenditures in connection with any Hyatt PIP Work or an Event of Default existsthe Hyatt PIP Elevator Work.