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:
Appears in 5 contracts
Samples: Management Agreement (American Realty Capital Hospitality Trust, Inc.), Management Agreement (American Realty Capital Hospitality Trust, Inc.), Management Agreement (American Realty Capital Hospitality Trust, Inc.)
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:
Appears in 1 contract
Samples: Management Agreement (American Realty Capital Hospitality Trust, Inc.)
