Repairs and Equipment Reserve. A. Management Company shall establish, in respect of each Fiscal Year from and after the Management Commencement Date, a reserve escrow account in the name of TRS (“Reserve”) in a bank approved by TRS. All disbursements and withdrawals from the Reserve shall be made by representatives of Management Company whose signatures have been authorized. The Reserve shall be in an amount equal to the greater of: (i) four percent (4%) of Gross Revenues; or (ii) the amount required under the Franchise Agreement for the Hotel or by any Qualified Lender. The Reserve shall be held in a bank, savings and loan association, or other financial institution designated by TRS to cover cost of:
Repairs and Equipment Reserve. 40 8.03 Building Alterations, Improvements, Renewals, and Replacements....43 8.04 Liens.............................................................44
Repairs and Equipment Reserve. A. Manager shall establish, on a consolidated basis (or on such other basis as may be reasonably required by lenders providing financing to Lessee or Owner with respect to the Inns), an escrow reserve account ("Repairs and Equipment Reserve" or the "Reserve"), in a bank or similar institution reasonably acceptable to both Manager and Lessee, to cover the cost of:
Repairs and Equipment Reserve. A. Management Company shall establish, in respect of each Fiscal Year from and after the Management Commencement Date, a reserve escrow account in the name of Owner ("Reserve") in a bank approved by Owner. All disbursements and withdrawals from the Reserve shall be made by representatives of Management Company whose signatures have been authorized. The Reserve shall be in an amount equal to the greater of: (i) % of Gross Revenues or (ii) the amount required --- under the Franchise Agreement for the Hotel or by any Qualified Lender, in a bank, savings and loan association or other financial institution designated by Owner to cover the cost of:
Repairs and Equipment Reserve. A. Tenant shall, on behalf of Landlord and in Landlord's name but with Tenant having the sole authority to make withdrawals or transact other business with respect thereto, establish and maintain, on a consolidated basis, an escrow reserve account (the "Repair and Equipment Reserve" or the "Reserve") in a bank designated by Landlord. The Reserve shall be used to cover the cost of FF&E Replacements consisting of:
Repairs and Equipment Reserve. A. Management Company shall establish, in respect of each Fiscal Year from and after the Management Commencement Date, a reserve escrow account in the name of each respective Owner (each account is referred to as “Reserve”, collectively, the “Reserves”) in a bank approved by Owners. For so long as Owner of the Hotel Facility is an Affiliate of First American, the Reserves shall be deposited in bank accounts at First American, as further described in Section 9.02. All disbursements and withdrawals from the Reserves shall be made by representatives of Management Company whose signatures have been authorized. Each Reserve shall be in an amount equal to the greater of: three percent (3%) of Gross Revenues of the Hotel Facility and Conference Center Facility, respectively, for the period beginning on February 15th after the Fiscal Year containing the Management Commencement Date and ending on the last day of the second full Fiscal Year; four percent (4%) of Gross Revenues of the Hotel Facility and Conference Center Facility, respectively, during the third and fourth full Fiscal Year after the Management Commencement Date; and, unless otherwise agreed to by Owners pursuant to Section 11.2.1.1 of the Operating Agreement and approved by Management Company, five percent (5%) of Gross Revenues of the Hotel Facility and Conference Center Facility, respectively, during the fifth full Fiscal Year after the Management Commencement Date and for each Fiscal Year thereafter throughout the term of this Agreement; or exclusively with regard to the Hotel Facility, the amount required by any Qualified Lender, to cover the cost of:
Repairs and Equipment Reserve. A. Manager shall establish and maintain, on a consolidated basis, an escrow reserve account ("Repairs and Equipment Reserve" or the "Reserve") in a bank designated by Owner and reasonably satisfactory to Manager (or in a liquid investment account such as a money market account, as determined by Manager in its reasonable judgment after consulting with Owner) to cover the cost of FF&E Replacements consisting of:
Repairs and Equipment Reserve. A. Tenant shall, on behalf of Landlord, establish an escrow account ("Repairs and Equipment Reserve" or the "Reserve") in a bank selected by Tenant, subject to Landlord's approval, which shall be funded as set forth in subsection B hereof, to cover the cost of:
Repairs and Equipment Reserve. A. Management Company shall establish an escrow reserve account (the "Repairs and Equipment Reserve" or the "Reserve") in a bank designated by Management Company to cover the cost of:
Repairs and Equipment Reserve. A. The Management Company shall establish, in respect of each Fiscal Year during the term of this Agreement, a reserve account on the Hotel's books of account ("Repairs and Equipment Reserve" or the "Reserve") to cover the expenditures for:
