Use of Senior and Subordinate FF&E Reserve Funds, Operating Expense Reserve Fund and Surplus Revenue Fund for Capital Expenses Sample Clauses

Use of Senior and Subordinate FF&E Reserve Funds, Operating Expense Reserve Fund and Surplus Revenue Fund for Capital Expenses. The Senior FF&E Reserve Fund and Subordinate FF&E Reserve Fund, subject to Section 2.19.4 of this Agreement, shall be used for the purposes of funding FF&E and Capital Expenses which are included in the Capital Budget or otherwise clearly and expressly authorized by this Agreement or pre-approved in writing by Owner. The Senior FF&E Reserve Fund and the Subordinate FF&E Reserve Fund shall also be available to pay Debt Service on the Senior Xxxx Xxxxx, and the Subordinate FF&E Reserve Fund shall also be available to pay Debt Service on the Subordinate Xxxx Xxxxx, to the extent set forth in Section 5.06 of the Indenture. However, the Senior FF&E Reserve Fund shall not be used for the purposes set forth in the first sentence of this Section 2.19.3 unless the Subordinate FF&E Reserve Fund is not sufficient to satisfy the matters described in such sentence. In addition to the purposes permitted under Section 5.16 of the Indenture and subject to the terms of the Indenture, Manager may use the Operating Expense Reserve Fund only for unbudgeted capital Emergency Expenses or to comply with Legal Requirements (and then only if the violation of such Legal Requirements would expose Manager to material risk of civil or criminal sanctions or would pose an imminent threat to Hotel or its employees, guests or other persons using or occupying any portion of the Hotel). If the Operating Expense Reserve Fund is not sufficient to satisfy the unbudgeted Emergency Expenses, then such expenditures shall be satisfied from the Surplus Revenue Fund, and if any insufficiency then remains, from the Subordinate FF&E Reserve Fund and then from the Senior FF&E Reserve Fund. In connection with any Emergency Expenses from the Senior FF&E Reserve Fund, the Subordinate FF&E Reserve Fund, the Operating Expense Reserve Fund, or the Surplus Revenue Fund, that were not specifically contemplated in the Capital Budget, Manager shall use good faith efforts to attempt to notify Owner prior to the time that the expenditures in question are made and shall in any event notify Owner in writing as soon as possible after such expenditures are made. The Surplus Revenue Fund shall not be used for Capital Expenses, except as permitted by the preceding provisions of this subsection or to satisfy Capital Expenses included in the Capital Budget and then only to the extent that such Capital Expenses exceed the balance of the Senior FF&E Reserve Fund and the Subordinate FF&E Reserve Fund.
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Related to Use of Senior and Subordinate FF&E Reserve Funds, Operating Expense Reserve Fund and Surplus Revenue Fund for Capital Expenses

  • 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.

  • Medical/Dental Expense Account The Employer agrees to allow insurance eligible employees to participate in a medical and dental expense reimbursement program to cover co- payments, deductibles and other medical and dental expenses or expenses for services not covered by health or dental insurance on a pre-tax basis as permitted by law or regulation, up to the maximum amount of salary reduction contributions allowed per calendar year under Section 125 of the Internal Revenue Code or other applicable federal law.

  • Allocation of Subordinate Reduction Amount to the Reference Tranches On each Payment Date prior to the Termination Date, after allocation of the Senior Reduction Amount and the Tranche Write-down Amount or Tranche Write-up Amount, if any, for such Payment Date as described above, the Subordinate Reduction Amount will be allocated to reduce the Class Notional Amount of each Class of Reference Tranche in the following order of priority, in each case until its Class Notional Amount is reduced to zero:

  • Operating Account To the extent funds are not required to be placed in a lockbox pursuant to any Loan Documents, Property Manager shall deposit all rents and other funds collected from the operation of the Property in a reputable bank or financial institution in a special trust or depository account or accounts for the Property maintained by Property Manager for the benefit of the Company (such accounts, together with any interest earned thereon, shall collectively be referred to herein as the “Operating Account”). Property Manager shall maintain books and records of the funds deposited in and withdrawals from the Operating Account. With funds from Company, Property Manager shall maintain the Operating Account so that an amount at least as great as the budgeted expenses for such month is in the Operating Account as of the first of each month. From the Operating Account, Property Manager shall pay the operating expenses of the Property and any other payments relative to the Property as required by this Agreement. If more than one account is necessary to operate the Property, each account shall have a unique name, except to the extent any Lender requires sub-accounts within any account. Within three (3) months after receipt by Property Manager, all rents and other funds collected in the Operating Account, after payment of all operating expenses, debt service and such amounts as may be determined by the Property Manager to be retained for reserves or improvements, shall be paid to the Company.

  • Reserve Funds Section 7.1.

  • 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.

  • Deposit Pay ment of The Fixed Reserve Price 5.1. E-Bidders must make deposit payment as required under the Conditions of Sale attached to Proclamation of Sale, i.e. 10% of the reserve price.

  • Unobligated and Unearned Funds and Allowable Costs In accordance with Section 215.971, Florida Statutes, the Grantee shall refund to the State of Florida any balance of unobligated funds which has been advanced or paid to the Grantee. In addition, funds paid in excess of the amount to which the recipient is entitled under the terms and conditions of the agreement must be refunded to the state agency. Further, the recipient may expend funds only for allowable costs resulting from obligations incurred during the specified agreement period. Expenditures of state financial assistance must be in compliance with the laws, rules, and regulations applicable to expenditures of State funds, including, but not limited to, the Reference Guide for State Expenditures.

  • Treatment of Passthru Payments and Gross Proceeds The Parties are committed to work together, along with Partner Jurisdictions, to develop a practical and effective alternative approach to achieve the policy objectives of foreign passthru payment and gross proceeds withholding that minimizes burden.

  • Allocation of Senior Reduction Amount to the Reference Tranches On each Payment Date prior to the Termination Date, after allocation of the Tranche Write-down Amount or Tranche Write-up Amount, if any, for such Payment Date as described above, the Senior Reduction Amount will be allocated to reduce the Class Notional Amount of each Class of Reference Tranche in the following order of priority, in each case until its Class Notional Amount is reduced to zero:

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