FF&E Reserve Fund. (a) Unless Borrower shall have delivered to Lender a Guaranty (FF&E), Borrower shall pay to Lender (or Servicer, as directed by Lender) on each Payment Date an amount equal to (i) one-twelfth of three percent (3%) of the amount of all Revenues for the full calendar year prior to the first (1st) day of the month in which such Payment Date occurs, less (ii) any amount spent during the previous calendar month by Borrower or Operating Company on behalf of Borrower in accordance with the Operating Lease on account of FF&E (other than from the FF&E Reserve Fund, it being understood that amounts expended on account of FF&E from the FF&E Reserve Fund shall not be included in any deductions required pursuant to the preceding subclause (i) and that any FF&E that is purchased through disbursements from the FF&E Reserve Fund may not be subsequently financed by Borrower or Operating Company). Notwithstanding anything to the contrary contained herein, in no event shall Borrower be required to maintain in the FF&E Reserve Account an amount in excess of the aggregate amount of all FF&E deposits required to be made in the preceding calendar year (as determined, for purposes of this sentence, utilizing the monthly formula set forth in the preceding sentence). In addition, notwithstanding anything to the contrary contained herein, for purposes of determining the amount of any required FF&E Reserve Fund deposits (and for purposes of calculating such amount, monthly, based on the formula set forth in the first sentence of this Section 7.3.1), Revenues shall include Revenue from the Hotel Component and the Casino Component but shall not include non-Hotel or Casino related Revenues (e.g., Rents from retail tenants).
(b) Amounts deposited by Borrower as described in this Section 7.3.1 shall hereinafter be referred to as the “FF&E Reserve Fund” and the account in which such amounts are held shall hereinafter be referred to as the “FF&E Reserve Account”.
FF&E Reserve Fund. On the date hereof, there is $1,137,914.51 currently on deposit in the FF&E Reserve Account. On the Closing Date, Borrower shall pay to Lender on the Closing Date an amount equal to $1,362,085.49 and on each Payment Date an amount equal to three percent (3%) of the amount of Gross Income from Operations for the Property from the second previous calendar month, provided that Borrower shall not be required to pay Lender any amount in excess of $8,000,000.00 under this Section 7.3.1 in any Fiscal Year (provided that such $8,000,000.00 amount shall be pro rated for the portion of the 2010 Fiscal Year falling between the date hereof and December 31, 2010. Amounts so deposited shall hereinafter be referred to as the “FF&E Reserve Fund” and the account in which such amounts are held shall hereinafter be referred to as the “FF&E Reserve Account”.
FF&E Reserve Fund. (a) Borrower shall pay to Lender on the Closing Date an initial deposit equal to $11,291.00 and on each Payment Date an amount equal to the FF&E Monthly Deposit for replacements and repairs to FF&E required to be made to the Property during the calendar year (collectively, the “FF&E Replacements”). Amounts deposited pursuant to this Section 7.3.1 shall hereinafter be referred to as the “FF&E Reserve Fund” and the account in which such amounts are held shall hereinafter be referred to as the “FF&E Reserve Account”. The FF&E Reserve Fund shall be held by Lender in an interest-bearing account with any interest on the funds in such account being deposited in such account and held for the benefit of Borrower.
(b) Borrower shall also pay to Lender on the Closing Date a deposit equal to $122,393.00 (the “Renovation Plan Deposit”) for replacements and repairs required under the Renovation Plan (the “Renovation Plan Replacements”). Amounts deposited pursuant to this Section 7.3.1(b) shall be FF&E Reserve Funds and shall be deposited into the FF&E Reserve Account. Notwithstanding the terms of this Section 7.3.1(b) to the contrary in lieu of funding the Renovation Plan Deposit the Borrower may instead secure a Letter of Credit for the same amount and maintain the same in place until such time as the Renovation Plan Replacements as completed.
(c) Borrower shall also pay to Lender on each Payment Date an amount equal to the PIP Monthly Deposit (if applicable), for replacements and repairs required under any Property Improvement Plan (other than the Renovation Plan) (the “PIP Replacements”, together with the FF&E Replacements and the Renovation Plan Replacements, collectively, the “Replacements”). Amounts deposited pursuant to this Section 7.3.1(c) shall be FF&E Reserve Funds and shall be deposited into the FF&E Reserve Account. Lender shall have the right to establish subaccounts within the FF&E Reserve Account to segregate amounts on deposit for the FF&E Replacements, amounts on deposit from the Renovation Plan Deposit and amounts on deposit for the PIP Replacements.
FF&E Reserve Fund. (a) The Trustee shall apply amounts from the FF&E Reserve Fund to the extent necessary to cure any deficiency in the Debt Service Account pursuant to Section 5.11.
(b) Unless an Event of Default (as defined in the Management Agreement) by the Manager has occurred and is continuing under the Management Agreement or the Management Agreement has been terminated, pursuant to the Cash Management Agreement, the Trustee shall make disbursements of moneys in the FF&E Reserve Fund pursuant to and in accordance with a Request of the Manager in substantially the form attached to this Trust Agreement as Exhibit G for the purposes of paying (i) for FF&E and Capital Expenses included in the Capital Budget, (ii) if funds in the Revenue Stabilization Fund are insufficient to make such payment, amounts reasonably determined by the Manager to be required to protect life, health or property from imminent danger or to comply with Applicable Laws, and (iii) FF&E and Capital Expenses not included in the Capital Budget with the prior written consent of the Asset Manager and the Authorized Commission Representative. If an Event of Default (as defined in the Management Agreement) by the Manager has occurred and is continuing under the Management Agreement, the Trustee shall make disbursements pursuant to and in accordance with a Request of the Manager (with the prior written consent of the Authorized Commission Representative and the Asset Manager in substantially the form attached to this Trust Agreement as Exhibit G for the purposes and in the manner described in the immediately preceding sentence; provided, that the Manager shall provide a weekly report summarizing all amounts paid out of the FF&E Reserve Fund during each week to the Trustee and the Commission.
FF&E Reserve Fund. (a) Borrower shall pay to Lender (or Servicer on behalf of Lender) on each Payment Date an amount equal to (1) (i) with respect to each Payment Date during the First Period, one-twelfth of three percent (3%) of the amount of all Revenues for the trailing twelve (12) month period preceding each such Payment Date, (ii) with respect to each Payment Date during the Second Period, one-twelfth of four percent (4%) of the amount of all Revenues for the trailing twelve (12) month period preceding each such Payment Date and (iii) with respect to each Payment Date during the Third Period and thereafter, one-twelfth of five percent (5%) of the amount of all Revenues for the trailing twelve (12) month period preceding each such Payment Date less (2) in each case any amount spent (other than from the FF&E Reserve Fund) during the previous calendar month (as applicable) by Borrower (or by Operating Company or Manager on behalf of Borrower) in accordance with the Operating Lease or the Management Agreement on account of FF&E or Routine Capital Improvements. It is specifically understood and agreed that amounts expended on account of FF&E and on account of any Routine Capital Improvements from the FF&E Reserve Fund shall not be included in any deductions required pursuant to subclause (2) of the preceding sentence and, in addition, that any FF&E that is purchased and any Routine Capital Improvements that are paid for using funds from the FF&E Reserve Fund may not be subsequently financed by Borrower or Operating Company. Notwithstanding anything to the contrary contained herein, in no event shall Borrower be required to maintain in the FF&E Reserve Account an amount in excess of the aggregate amount of all FF&E deposits required to be made in the trailing twelve (12) month period (as determined, for purposes of this sentence, utilizing the monthly formula set forth in the preceding sentence, as reduced pursuant to withdrawals thereunder to pay the Loan pursuant to Section 7.3.2(a)). In addition, notwithstanding anything to the contrary contained herein, for purposes of determining the amount of any required FF&E Reserve Fund deposits (and for purposes of calculating such amount, monthly, based on the formula set forth in the first sentence of this Section 7.3.1), Revenues shall include Revenue from the Hotel Component and the Casino Component but shall not include non-Hotel or Casino related Revenues (e.g., Rents from retail tenants).
(b) Amounts deposited by Borrower as ...
FF&E Reserve Fund. Approved FF&E Account.
FF&E Reserve Fund. Lender shall establish an Account for the purpose of reserving amounts in respect of expenditures for FF&E (the “FF&E Reserve Account”). Amounts deposited in the FF&E Reserve Account shall hereinafter be referred to as the “FF&E Reserve Fund”.
FF&E Reserve Fund. Borrower shall pay to Lender on each Payment Date an amount equal three percent (3%) of the amount of Gross Income from Operations for the Property from the second previous calendar month. Amounts so deposited shall hereinafter be referred to as the “FF&E Reserve Fund” and the account in which such amounts are held shall hereinafter be referred to as the “FF&E Reserve Account”.
FF&E Reserve Fund. Borrower shall pay to Lender on each Payment Date the FF&E Reserve Monthly Deposit for the replacement of FF&E and other replacements and repairs (which do not constitute routine repairs and maintenance), required to be made to the Properties during the calendar year (collectively, the "Replacements"). Amounts so deposited shall hereinafter be referred to as Borrower's "FF&E Reserve Fund".
FF&E Reserve Fund
