FF&E Budget definition

FF&E Budget has the meaning set forth in Section 8.5.

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FF&E Budget means each annual budget prepared by the Manager and approved by Owner as part of the Annual Plan, reflecting the estimated costs and expenses for all FF&E which in the reasonable opinion of Manager are necessary or customary in order to operate the Project during the applicable Operating Year in accordance with the terms of this Agreement and the Operating Standards.

FF&E Budget shall have the meaning ascribed to it in Section 5.02.D.

Examples of FF&E Budget in a sentence

• Upon the Owner’s approval of the Proposed Annual Plan or the resolution of any dispute in connection therewith, the Proposed Annual Plan shall be deemed to be the “Approved Annual Plan”, the Proposed Operating Budget shall be deemed to be the “Operating Budget”, the Proposed Capital Budget shall be deemed to be the “Capital Budget”, and the Proposed FF&E Budget shall be deemed to be the “FF&E Budget”.

• Borrower shall deposit with Lender on the Closing Date one-twelfth of the amount of the Approved FF&E Budget (the “FF&E Reserve Deposit”).

• Any expenditures for Capital Improvements and FF&E Replacements during any calendar year which have been included in an approved Capital Budget or FF&E Budget may be made without Owner's or Fee Owner's additional approval and, to the extent available, shall be made by Manager from the Reserve Fund (including accrued interest and unused accumulations from prior calendar years).

• In lieu of funding monthly into the Reserve Fund as contemplated above, Owner shall have the right, but not the obligation, to deposit into the Reserve Fund, on or about the commencement of each year, the full amount set forth in the Capital Budget and FF&E Budget.

• Seller is the record and beneficial owner of, and upon consummation of the transactions contemplated hereby, free and clear of all Liens (other than Liens under Indebtedness to be released on or prior to the Closing), and at the Closing, Seller will transfer to Buyer, and Buyer will acquire, good and valid title to, the Interests, free and clear of all Liens, other than restrictions on transfer that may be imposed by federal or state securities laws.

• With each Quarterly Statement, Manager shall also submit to Owner a detailed request for funds to cover the cost of replacements, renewals and additions to the Resort FF&E and Special Capital Expenditures in accordance with the FF&E Budget.

• Without limiting the terms, provisions and limitations contained in this Note and in the other Loan Documents (including, without limitation, ▇▇▇▇▇▇'s right to approve disbursements to Borrower from the FF&E Reserve in accordance with the Approved FF&E Budget), the budgets and business plans provided to Lender under this paragraph are for ▇▇▇▇▇▇'s information only and are not subject to ▇▇▇▇▇▇'s prior approval (nor shall any changes thereto be subject to ▇▇▇▇▇▇'s prior approval).

• Manager shall, not less than forty-five (45) days prior to the commencement of each fiscal year, submit to Owner, for Owner's approval, a recommended "FF&E Budget" for the FF&E Replacements (as herein defined) required to operate the Hotel in accordance with the standards referred to in the License Agreement.

• Such Letter of Credit shall constitute additional collateral for the Loan and Lender shall have the right to draw down upon such Letter of Credit and apply the proceeds thereof for purposes set forth in the Approved FF&E Budget if Borrower fails to do so within a reasonable time after notice from Lender, or Lender may apply such sums as otherwise provided in this Agreement following an Event of Default.

• Such Letter of Credit shall constitute additional collateral for the Loan and Lender shall have the right to draw down upon such Letter of Credit and apply the proceeds thereof for the purposes set forth in the Approved FF&E Budget if Borrower fails to do so within a reasonable time after notice from Lender, or Lender may apply such sums as otherwise provided in this Agreement following an Event of Default.

More Definitions of FF&E Budget

FF&E Budget means each annual budget prepared by the Manager and approved by Owner as part of the Annual Plan, reflecting the estimated costs and expenses for all FF&E which in the reasonable opinion of Manager are necessary or customary in order to operate the Project during the applicable Operating Year in accordance with the terms of this Agreement and the Operating Standards. Governmental Authority shall mean the United States of America, State of California, County of Riverside, City of Palm Springs and any political or other subdivision of any of the foregoing, and any agency, department, commission, board, bureau, court or instrumentality of any of them which now or hereafter has jurisdiction over the Owner, the Manager, any part of the Project or operation or management of the Project. Governmental Permits shall mean all certificates, licenses and permits from any Governmental Authority required to evidence full compliance by Owner or Manager with all Legal Requirements or required to evidence conformance of the Project with all Legal Requirements. Gross Revenues in respect of any period shall mean all revenues, receipts and income of every kind derived directly or indirectly during such period from all or any part of the Project, as finally determined on an accrual basis in accordance with the Uniform System of Accounts and generally accepted accounting principles consistently applied, including but not limited to (i) all rentals and charges for guest rooms, suites, meeting rooms, conference rooms, ballrooms and other public rooms, including but not limited to all charges for room reservations and deposits not refunded to guests; (ii) all sales of food and beverages, whether served on or off the premises, including but not limited to all charges for room service, banquets and catering fees; (iii) all sales or leases of miscellaneous and sundry merchandise and services including but not limited to laundry, valet, garage, parking, telephone, telex, check room, vault and other miscellaneous services, cover and minimum charges for guest entertainment, fees charged for the temporary use of facilities at the Project, all sales through vending machines and all other receipts from business conducted by, through or under Manager at, in, on, about or from the Project; (iv) all business interruption insurance awards received in respect of the Project; (v) Condemnation awards for temporary use of the Project; and (vi) all rentals, fees, commissions, concessions and other...

FF&E Budget means each annual budget prepared by the Manager which shall be approved by Owner in its sole and absolute discretion (subject to Section 5) as part of the Annual Plan, reflecting the estimated costs and expenses for all FF&E, which in the reasonable opinion of Manager are necessary or customary in order to operate the Hotel during the applicable Fiscal Year in accordance with the terms of this Agreement and the Operating Standards.

FF&E Budget means the budget attached as Exhibit "B" itemizing the FF&E to be purchased and installed and its cost.

FF&E Budget has the meaning ascribed to it in Section 3.1

FF&E Budget means the annual budget for the FF&E expenditures to be made at the Property, prepared and approved in accordance with the Management Agreement, as such budget may be modified from time to time.