Ffe Reserve Funds Sample Clauses

Ffe Reserve Funds. Borrower shall deposit with Lender on the Closing Date one-twelfth of the amount of the Approved FF&E Budget (the “FF&E Reserve Deposit”). The amount of the FF&E Reserve Deposit shall be recalculated annually during the term of the Loan, as of January 1 of each year (or as soon thereafter as Gross Income from Operations for the preceding year shall be determined to Lender’s reasonable satisfaction) such that the FF&E Reserve Deposit shall be equal to four (4%) percent of the prior year’s Gross Income from Operations divided by twelve (12). Amounts so deposited shall hereinafter be referred to as Borrower’s “FF&E Reserve Funds” and the account in which such amounts are held shall hereinafter be referred to as Borrower’s “FF&E Reserve Account.” Within thirty (30) days following the end of each calendar quarter, Borrower shall provide to Lender a preliminary report with respect to the expenditures made by or on behalf of Borrower with respect to the Property for FF&E during such calendar quarter. In the event that the lesser of (a) the Approved Annual FF&E Budget for such calendar quarter (provided such Approved Annual FF&E Budget is not less than four (4%) percent of the Gross Income from Operations for such quarter) or (b) four (4%) percent of the actual Gross Income from Operations for such quarter, exceeds the actual expenditures made by Borrower for FF&E for such quarter, Borrower shall deposit an amount equal to any such difference in the FF&E Reserve Account to be held as FF&E Reserve Funds to be disbursed pursuant to the provisions of this Section 7.3. Notwithstanding the foregoing, the amount of any such deposit required to be made by Borrower shall be reduced by the amount of any actual expenditure made by Borrower for any FF&E completed prior to the calendar quarter in which such FF&E was scheduled to be made pursuant to the Approved Annual FF&E Budget. If the actual expenditures made by Borrower for FF&E exceeds the lesser of (x) the Approved Annual FF&E Budget for such calendar quarter (provided such Approved Annual FF&E Budget is not less than four (4%) percent of the Gross Income from Operations for such quarter) or (b) four (4%) percent of the actual Gross Income from Operations for such quarter, Lender shall reimburse Borrower for such excess to the extent that funds are available from the FF&E Reserve Account within fifteen (15) days from Borrower’s request. To the extent there are not sufficient funds in the FF&E Reserve Account to reimburs...
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Ffe Reserve Funds. (a) Beginning on the Monthly Payment Date occurring on December 9, 2019 and on each Monthly Payment Date thereafter, Borrower shall deposit into an Eligible Account held by Lender or Servicer (the “FF&E Reserve Account”) for FF&E costs, an amount equal to 1/12th of 4% of the greater of (i) gross revenues for the Property in the preceding calendar year or (ii) the projected gross revenues for the Property for the current calendar year according to the most recently submitted Annual Budget (the “FF&E Reserve Monthly Deposit”). Amounts deposited pursuant to this Section 7.3 are referred to herein as the “FF&E Reserve Funds”. Lender may reassess its estimate of the amount necessary for FF&E costs from time to time, and may require Borrower to increase the monthly deposits required pursuant to this Section 7.3 upon thirty (30) days’ notice to Borrower if Lender determines in its reasonable discretion that an increase is necessary to maintain proper operation of the Property.
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Ffe Reserve Funds. (a) Borrower shall deposit with Lender on each Monthly Payment Date an amount equal to the FF&E Reserve Monthly Deposit for the costs and expenses of replacement and maintenance of the Property, Improvements and Personal Property, including furniture, furnishings, fixtures and equipment for the hotel on the Property as set forth in a budget as approved by Lender, or such other costs and expenses as reasonably approved by Lender, relating to the replacement and maintenance of the Property, Improvements and Personal Property, including furniture, furnishings, fixtures and equipment that may be incurred following the date hereof to fully equip (collectively, the “FF&E Work”). Amounts deposited pursuant to this Section 8.8 are referred to herein as the “FF&E Reserve Funds”. Based on the annual operating statements for the Property, the FF&E Reserve Monthly Deposit shall be one-twelfth of four percent (4.0%) of the Operating Income for the prior fiscal year. All FF&E Reserve Funds shall be held by Lender or Servicer in an Eligible Account (the “FF&E Reserve Account”).
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Ffe Reserve Funds. (i) On each Monthly Payment Date, Borrower shall deposit into an Eligible Account held by Lender or Servicer (the “FF&E Reserve Account”) the FF&E Reserve Monthly Deposit. As used above, the term “
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Ffe Reserve Funds. Following a DSCR Failure and for so long as a DSCR Failure continues, Borrower shall pay to Lender on each Payment Date, for deposit in an FF&E Reserve Account (“FF&E Reserve Account”), the sum of $70,833.00 (the “FF&E Reserve Monthly Deposit”) for the repair and replacement of the FF&E until the amount in the FF&E Reserve Account equals $2,550,000.00 (“Target Escrow Balance”), provided, however, that if the Target Escrow Balance is achieved but funds are subsequently disbursed so that the balance in the FF&E Reserve Account is less than the Target Escrow Balance, Borrower shall be required to resume paying the FF&E Reserve Monthly Deposit on each Payment Date until the Target Escrow Balance has again been achieved. Amounts deposited in the FF&E Reserve Account shall hereinafter be referred to as the “FF&E Reserve Funds”. Lender may reassess its estimate of the amount necessary for the FF&E Reserve Funds from time to time, and may increase the monthly amounts required to be deposited into the FF&E Reserve Account upon thirty (30) days notice to Borrower if Lender determines in its reasonable discretion that an increase is necessary to maintain the proper maintenance and operation of the Property.
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Ffe Reserve Funds. (a) On each Monthly Payment Date, Borrower shall deposit with Agent or Agent the FF&E Reserve Monthly Deposit. As used above, the term “FF&E Reserve Monthly Deposit” shall mean, with respect to the corresponding Monthly Payment Date, an amount equal to the greater of (i) the FF&E Payment and (ii) the amount of the deposit (if any) then required by the Franchisor on account of FF&E under the Franchise Agreement. As used herein, the term “FF&E Payment” shall mean, with respect to the corresponding Monthly Payment Date, an amount equal to 1/12 of four percent (4%) of the greater of (x) the annual gross revenues for the hotel related operations at the Property for the immediately preceding calendar year as reasonably determined by Agent and (y) the projected annual gross revenues for the hotel related operations at the Property for the calendar year in which such Monthly Payment Date occurs as set forth in the Approved Annual Budget; provided, that, notwithstanding anything herein to the contrary, if, as of any applicable date of determination, no Approved Annual Budget exists for the applicable calendar year, the amount of the FF&E Payment shall be determined by Agent in its reasonable discretion. The FF&E Reserve Monthly Deposit shall be determined by Agent and readjusted by Agent at such time as Agent may reasonably determine (provided that to the extent no Event of Default then
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Ffe Reserve Funds. Borrower shall, and shall cause IDOT Guarantor to, pay to Lender on each Payment Date an amount (the “FF&E Reserve Monthly Deposit”) reasonably estimated by Lender in its sole discretion to be due for the repair and replacement of the FF&E at, in or used in the operation of the Property which amount shall not exceed four percent (4%) of the monthly Gross Income from Operations for each Individual Property less the amount of monthly reserves for FF&E held under the applicable Management Agreement. Amounts so deposited shall hereinafter be referred to as Borrower’s “FF&E Reserve Funds” and the account in which such amounts are held shall hereinafter be referred to as Borrower’s “FF&E Reserve Account.”
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Ffe Reserve Funds 
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Related to Ffe Reserve Funds

  • Reserve Funds Section 7.1.

  • Reserve Fund (a) On the Closing Date, the Seller will deposit the Reserve Fund Initial Deposit into the Reserve Fund from the net proceeds of the sale of the Notes. The Reserve Fund shall be the property of the Issuer subject to the rights of the Indenture Trustee in the Reserve Fund Property.

  • 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.

  • 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.

  • Replacement Reserve Fund Borrower shall pay to Lender on the Closing Date and on each Payment Date one twelfth of the amount (the "REPLACEMENT RESERVE MONTHLY DEPOSIT") reasonably estimated by Lender in its sole discretion to be due for replacements and repairs required to be made to the Property during the calendar year (collectively, the "REPLACEMENTS"), which Replacement Reserve Monthly Deposit shall be in an amount equal to no less than $0.15 per year per square foot of gross leasable area. Amounts so deposited shall hereinafter be referred to as Borrower's "REPLACEMENT RESERVE FUND" and the account in which such amounts are held shall hereinafter be referred to as Borrower's "REPLACEMENT RESERVE ACCOUNT". Lender may reassess its estimate of the amount necessary for the Replacement Reserve Fund from time to time, and may increase the monthly amounts required to be deposited into the Replacement Reserve Fund upon thirty (30) days notice to Borrower if Lender determines in its reasonable discretion that an increase is necessary to maintain the proper maintenance and operation of the Property. Any amount held in the Replacement Reserve Account and allocated for the Property shall be retained by Lender in an interest bearing account, or, at the option of Lender, in an Eligible Account at an Eligible Institution; PROVIDED, HOWEVER, that, any interest earned on said account shall accrue in said account for the benefit of Borrower, but shall remain in and constitute part of the Replacement Reserve Fund, and shall be disbursed in accordance with the terms hereof. Notwithstanding anything to the contrary in this Section 7.3, Borrower shall not be required to make Replacement Reserve Monthly Deposits, provided that: (i) no Event of Default shall have occurred; and (ii) Borrower makes all necessary Replacements and otherwise maintains the Property to Lender's satisfaction. Upon notice from Lender following: (a) an Event of Default; or (b) the failure of Borrower to make necessary Replacements or otherwise maintain the Property to Lender's satisfaction, Borrower shall begin to deposit the Replacement Reserve Monthly Deposit into the Replacement Reserve Fund beginning on the Payment Date (as defined herein) immediately following the date of such notice.

  • 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.

  • Carryover Reserve Fund (a) On the Closing Date, the Trustee shall establish and maintain in its name, in trust for the benefit of the Holders of the Certificates, the Carryover Reserve Fund and shall deposit $1,000 therein. The Carryover Reserve Fund shall be an Eligible Account, and funds on deposit therein shall be held separate and apart from, and shall not be commingled with, any other moneys, including without limitation, other moneys held by the Trustee pursuant to this Agreement.

  • 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.

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