Common use of Repairs and Equipment Reserve Clause in Contracts

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:

Appears in 1 contract

Samples: Stock Purchase and Rights Agreement (Sandalwood Lodging Investment Corp)

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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:

Appears in 1 contract

Samples: Management Agreement (Highland Hospitality Corp)

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) 4% 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:

Appears in 1 contract

Samples: Management Agreement (Eagle Hospitality Properties Trust, Inc.)

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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:

Appears in 1 contract

Samples: Management Agreement (Highland Hospitality Corp)

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