FF&E. Borrower shall cause Manager to reserve for FF&E on a monthly basis in accordance with the Management Agreement not less than an amount equal to the Monthly FF&E Reserve Amount, such reserves to be maintained in the Hotel Bank Accounts (as defined in the Management Agreement) (subject to disbursements therefrom as permitted by the Management Agreement), provided however, this Section 5.1.22 shall not affect Borrower’s obligations hereunder to set aside reserves for FF&E.
Appears in 2 contracts
Samples: Loan and Security Agreement (Strategic Hotels & Resorts, Inc), Loan and Security Agreement (Strategic Hotels & Resorts, Inc)
FF&E. Borrower Manager shall cause Manager to reserve for FF&E on a monthly basis in accordance with the terms of the Management Agreement not less than an amount equal to the Monthly FF&E Reserve Amount, ; such reserves to be are maintained in the Hotel Bank Accounts (as defined in the Management Agreement) (subject to disbursements therefrom as permitted by the Management Agreement), provided however, this Section 5.1.22 shall not affect Borrower’s obligations hereunder to set aside reserves for FF&E..
Appears in 1 contract
Samples: Loan and Security Agreement (Strategic Hotels & Resorts, Inc)
FF&E. Borrower shall cause Manager to reserve for FF&E on a monthly basis in accordance with the Management Agreement not less than an amount equal to four percent (4%) of gross revenues with respect to the Monthly FF&E Reserve AmountProperty, such reserves to be maintained in the Hotel Bank Accounts (as defined in the Management Agreement) (subject to disbursements therefrom as permitted by the Management Agreement), provided however, this Section 5.1.22 5.1.24 shall not affect Borrower’s obligations hereunder to set aside reserves for FF&E.
Appears in 1 contract
Samples: Loan and Security Agreement (Strategic Hotels & Resorts, Inc)
