FF&E Reserve Accounts Sample Clauses

FF&E Reserve Accounts. The Borrower shall cause each Subsidiary Guarantor or Operating Lessee to maintain a FF&E Reserve Account with respect to each Collateral Property, to pledge such FF&E Reserve Account to the Administrative Agent for its benefit and the benefit of the Lenders as Collateral, and to deposit funds therein and to withdraw funds therefrom on and subject to the following terms and conditions:
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FF&E Reserve Accounts. (a) Lender will establish and maintain (i) 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 in respect of the Hyatt Place (the “Hyatt Place FF&E Reserve Account”) and (ii) 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 in respect of the Hyatt Herald Square (the “Hyatt Herald Square FF&E Reserve Account”, and together with the Hyatt Place FF&E Reserve Account, individually or collectively as the context may require, the “FF&E Reserve Account”).
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FF&E Reserve Accounts. (a) The Borrower or the Operating Lessee shall deposit into the FF&E Reserve Account (which account is hereby pledged to Administrative Agent, for the benefit of Lenders, as additional collateral for the Loan), not later than the fifteenth (15th) day of each month during the term of the Loan an amount equal to the greater of (a) four percent (4%) of Gross Operating Revenues for the Property for the previous month and (b) the amount required to be deposited into the “Reserve Fund” for such month pursuant to the terms of the Franchise Agreement (the “FF&E Reserve”).
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FF&E Reserve Accounts. (a) (i) Within 30 days after the Effective Date, (x) the Borrower or its respective Subsidiary shall establish FF&E Reserve Accounts with respect to each Initial Hotel Property and (y) the Borrower or its respective Subsidiary shall take all actions as may be necessary, or in the reasonable opinion of the Administrative Agent desirable, to perfect the Collateral Agent's security interest in each FF&E Reserve Account (and all funds from time to time on deposit therein) with respect to the New York Marriott Financial Center and the San Francisco Marriott and (ii) within 30 days after each acquisition of a Borrowing Base Property, the Borrower or its respective Subsidiary shall establish an FF&E Reserve Account with respect to such Borrowing Base Property and shall take all actions as may be necessary, or in the reasonable opinion of the Administrative Agent desirable, to perfect the Collateral Agent's security interest in such FF&E Reserve Account (and all funds from time to time on deposit therein).
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FF&E Reserve Accounts. (a) Florida Co-Borrower shall, on the Effective Date, establish and maintain a segregated account of Florida Co-Borrower with the Reserve Account Bank, which account (the "Florida FF&E Reserve Account") shall be subject to an Account Control Agreement, and Florida Co-Borrower shall deposit into the Florida FF&E Reserve Account, within 45 days after the last day of each Fiscal Quarter, an amount equal to the Required FF&E Percentage of the Gross Revenues from the Opryland Hotel Florida for such Fiscal Quarter, and shall insure that the total deposits into the Florida FF&E Reserve Account for each calendar year are not less than the Required FF&E Percentage of the Gross Revenues from the Opryland Hotel Florida for such calendar year. Florida Co-Borrower shall invest all funds from time to time on deposit in the Florida FF&E Reserve Account solely in Cash Equivalent Investments.
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Related to FF&E Reserve Accounts

  • Reserve Accounts All reserves, escrows and deposit accounts required under the Loan Documents and all cash, checks, drafts, certificates, securities, investment property, financial assets, instruments and other property held therein from time to time and all proceeds, products, distributions or dividends or substitutions thereon and thereof;

  • Reserve Account (a) On the Closing Date, the Seller shall deposit the Specified Reserve Balance into the Reserve Account. Amounts held from time to time in the Reserve Account shall be held by the Trust Collateral Agent for the benefit of the Noteholders.

  • Debt Service Reserve Account The Debt Service Reserve Account shall have been funded (or credited with funds), to the extent required, in an amount equal to the Debt Service Reserve Required Amount in accordance with the Depositary Agreement.

  • Interest Reserve Account The Certificate Administrator shall establish and maintain the Interest Reserve Account in the Certificate Administrator’s name, on behalf of the Trustee, for the benefit of the Certificateholders. The Interest Reserve Account shall be established and maintained as a non-interest bearing Eligible Account. On each Master Servicer Remittance Date occurring in January (except during a leap year) or February (commencing in 2018) (unless, in either such case, the related Distribution Date is the final Distribution Date), the Master Servicer shall remit to the Certificate Administrator for deposit into the Interest Reserve Account, in respect of all the Mortgage Loans that accrue interest on the basis of a 360-day year and the actual number of days in the related month, an amount equal to one day’s interest at the related Net Mortgage Rate on the Stated Principal Balance of each such Mortgage Loan as of the close of business on the Distribution Date in the month preceding the month in which such Master Servicer Remittance Date occurs, to the extent a Monthly Payment or P&I Advance is made in respect thereof (all amounts so deposited in any consecutive January (if applicable) and February, “Withheld Amounts”). On or prior to the Master Servicer Remittance Date in March (or February if the final Distribution Date occurs in such month) of each calendar year (commencing in 2018), the Certificate Administrator shall transfer to the Lower-Tier REMIC Distribution Account the aggregate of all Withheld Amounts on deposit in the Interest Reserve Account.

  • Reserve Account Property (i) The Reserve Account and all proceeds thereof (other than the Investment Earnings thereon) including all cash, investments, investment property and other amounts held from time to time in the Reserve Account (whether in the form of deposit accounts, Physical Property, book-entry securities, Uncertificated Securities, Financial Assets or otherwise) and (ii) the Reserve Account Deposit and all proceeds thereof (other than the Investment Earnings thereon).

  • Disbursements from Replacement Reserve Account (a) Lender shall make disbursements from the Replacement Reserve Account to pay Borrower only for the costs of the Replacements. Lender shall not be obligated to make disbursements from the Replacement Reserve Account to reimburse Borrower for the costs of routine maintenance to the Property or for costs which are to be reimbursed from the Required Repair Fund (if any).

  • Reserve Account Draw Amount On or before two Business Days before a Payment Date, the Servicer will calculate the Reserve Account Draw Amount for the Payment Date and will direct the Indenture Trustee to withdraw from the Reserve Account and deposit the Reserve Account Draw Amount into the Collection Account on or before the Payment Date.

  • Reserve Funds Section 7.1.

  • RECONCILIATION OF RESERVE ACCOUNT Beginning Reserve Account Balance Reserve Account Deposits Made Reserve Account Draw Amount Ending Reserve Account Balance Change in Reserve Account Balance Specified Reserve Balance

  • Collateral Accounts Evidence that the Collateral Accounts have been established;

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