FF&E Reserve Fund definition

FF&E Reserve Fund shall have the meaning set forth in Section 7.3 hereof.
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FF&E Reserve Fund and the account in which such amounts are held shall hereinafter be referred to as the “FF&E Reserve Account”.
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FF&E Reserve Fund shall have the meaning set forth in the Mortgage Loan Agreement.
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Examples of FF&E Reserve Fund in a sentence

  • 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 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.

  • Owner shall use commercially reasonable efforts to cause Trustee (subject to and in accordance with the provisions in the Indenture) to set aside (or Owner, after the Bonds are no longer Outstanding, shall set aside) from Gross Operating Revenues on a monthly basis (in arrears) the Required Monthly FF&E Fund Deposit Amount into the Senior FF&E Reserve Fund.

  • To the extent amounts in the Senior FF&E Reserve Fund or Subordinate FF&E Reserve Fund are not expended in an Operating Year, such amounts shall be accumulated for expenditure in future years, but any such amounts shall not be credited against the amount of the Senior FF&E Reserve Fund or Subordinate FF&E Reserve Fund contribution for the next Operating Year.

  • 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.

  • Owner may, at any time and from time to time at Owner’s option after the fifth Operating Year, direct the Trustee (subject to and in accordance with the provisions in the Indenture) to set aside (or Owner may set aside, after the Bonds are no longer Outstanding) the Supplemental Monthly FF&E Deposit into the Subordinate FF&E Reserve Fund.

  • Any amounts expended by Owner under this Section 2.19.4 either to repair the defective condition or to seek remedial action from Developer or other third party shall be paid out of the Surplus Revenue Fund, but if the Surplus Revenue Fund is not sufficient, the insufficiency shall be paid out of the following funds in the following order of priority: the Subordinate FF&E Reserve Fund, the Senior FF&E Reserve Fund and the Operating Expense Reserve Fund.

  • 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.

  • 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.


More Definitions of FF&E Reserve Fund

FF&E Reserve Fund means all amounts on deposit from time to time in the FF&E Reserve Account.
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FF&E Reserve Fund means the Furniture, Fixtures and Equipment reserve fund for the Hotel Business set up as per Section 9;
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FF&E Reserve Fund and the account in which such amounts are held shall hereinafter be referred to as Borrower’s “FF&E Reserve Account”. Notwithstanding the foregoing, Borrower shall not be obligated to make the FF&E Reserve Monthly Deposit required to be made hereunder unless and until the occurrence, and during the continuance of, a Cash Management Period, provided (i) that Borrower submits to Lender, on a quarterly basis, a certificate setting forth the type and cost of FF&E Replacements that were made at the Property during the immediately preceding calendar quarter and (ii) that Borrower, on a semi-annual basis delivers to Lender receipts for payment or other documentary evidence reasonably satisfactory to Lender (x) that Borrower has spent at least the Required FF&E Amount for the FF&E Replacements at the Property during the immediately preceding calendar year or (y) that Borrower has deposited into the FF&E Reserve Account the amount equal to the difference between the Required FF&E Amount and the amount spent for the FF&E Replacements at the Property during the immediately preceding calendar year.
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FF&E Reserve Fund means, so long as any Bonds remain outstanding, the FF&E Reserve Fund established by Section 5.02 of this Trust Agreement.
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Related to FF&E Reserve Fund

  • FF&E Reserve Account shall have the meaning set forth in Section 7.3 hereof.

  • Reserve Fund means the account designated as such, and established and maintained pursuant to Section 4.01.

  • Reserve Funds means, collectively, the Tax and Insurance Reserve Fund, the Replacement Reserve Fund, the Required Repair Fund, the Rollover Reserve Fund, the Ground Lease Reserve Fund, the Excess Cash Flow Reserve Fund and any other escrow fund established by the Loan Documents.

  • Debt Service Reserve Fund means the fund by that name established pursuant to the Second Resolution.

  • Replacement Reserve Fund shall have the meaning set forth in Section 7.3.1 hereof.

  • Cash Reserve Account means an Eligible Deposit Account established in the name of the Trust and designated as the Cash Reserve Account for the purposes hereof, the balance of which shall be subject to the control of the Trust for the benefit of the Trust and the Seller and applied in accordance with the terms hereof, which account shall bear interest and shall initially be account number [*], maintained at [*];

  • Interest Reserve Account As defined in Section 3.4(d).

  • Expense Reserve Account The trust account established pursuant to Section 10.3(d).

  • Debt Service Reserve Account shall have the meaning given to it in the Depository Agreement.

  • FF&E Reserve shall have the meaning given such term in Section 5.1.2(a).

  • Replacement Reserve Account shall have the meaning set forth in Section 7.3.1 hereof.

  • Series Reserve Account means the Reserve Account for the Series of Bonds established in the Reserve Fund by Supplemental Indenture in an amount equal to the Series Reserve Account Requirement for such Series of Bonds.

  • Carryover Reserve Fund The separate Eligible Account created and initially maintained by the Trustee pursuant to Section 4.07 in the name of the Trustee for the benefit of the Certificateholders and designated "The Bank of New York in trust for registered Holders of CWABS, Inc., Asset-Backed Certificates, Series 2006-22". Funds in the Carryover Reserve Fund shall be held in trust for the Certificateholders for the uses and purposes set forth in this Agreement.

  • Reserve Account means the account designated as such, established and maintained pursuant to Section 5.07.

  • Principal Reserve Fund The separate Eligible Account created and initially maintained by the Trustee pursuant to Section 3.08 in the name of the Trustee for the benefit of the Certificateholders and designated "The Bank of New York in trust for registered Holders of CWABS, Inc., Asset-Backed Certificates, Series 2006-22". Funds in the Principal Reserve Fund shall be held in trust for the Certificateholders for the uses and purposes set forth in this Agreement.

  • Liquidity Reserve Account shall have the meaning set forth in Section 8.2(A)(iii).

  • Required Reserve Fund Amount With respect to any Distribution Date on which the Net Excess Spread is less than 0.25%, the amount, if any by which (a) the product of 1.00% and the Pool Balance for such date exceeds (b) the amount on deposit in the Basis Risk Reserve Fund immediately prior to such date. With respect to any Distribution Date on which the Net Excess Spread is equal to or greater than 0.25%, the amount, if any, by which (i) $1,000 exceeds (ii) the amount on deposit in the Basis Risk Reserve Fund immediately prior to such date. Provided, however, that on any Distribution Date on which the Class Principal Amount of each Class of LIBOR Certificates has been reduced to zero, the Required Reserve Fund Amount shall be zero.

  • Reserve Accounts means the Tax Account, the Insurance Account, the Replacement Reserve Account, the Immediate Repair Account, the Leasing Reserve Account, the Excess Cash Flow Account, the Operating Expense Account, the Ground Rent Account and any other escrow account established by this Agreement or the other Loan Documents (but specifically excluding the Cash Management Account, the Restricted Account and the Debt Service Account).

  • Replacement Reserve Monthly Deposit shall have the meaning set forth in Section 7.3.1 hereof.

  • Basis Risk Reserve Fund A fund created as part of the Trust Fund pursuant to Section 5.06 of this Agreement but which is not an asset of any of the REMICs.

  • Required Reserve Fund Deposit With respect to any Distribution Date on which the Net Excess Spread is less than 0.25%, the amount, if any by which (a) the product of 1.00% and the Aggregate Pool Balance for such date exceeds (b) the amount on deposit in the Basis Risk Reserve Fund immediately prior to such date. With respect to any Distribution Date on which the Net Excess Spread is equal to or greater than 0.25%, the amount, if any, by which (i) $1,000 exceeds the amount on deposit in the Basis Risk Reserve Fund immediately prior to such date; provided, however, that on any Distribution Date on which the Class Principal Amount of each Class of Offered Certificates, the Class B1 Certificates and the Class B2 Certificates has been reduced to zero, the Required Reserve Fund Deposit shall be zero.

  • Debt Service Reserve Fund Requirement means, with respect to the 2023 Series B Bonds and as of each determination date, an amount equal to maximum annual debt service on the 2023 Series B Bonds Outstanding from time to time and, with respect to any other Series of Bonds, the amount set forth in the Related Series Indenture.

  • Available Reserve Account Amount means, for any Transfer Date, an amount equal to the lesser of (a) the amount on deposit in the Reserve Account (exclusive of Investment Earnings on such date and before giving effect to any deposit to, or withdrawal from, the Reserve Account made or to be made with respect to such date) and (b) the Required Reserve Account Amount, in each case on such Transfer Date.

  • Reserve Account Draw Amount means, for any Payment Date, an amount equal to the lesser of (a) the Available Funds Shortfall Amount, if any, for such Payment Date and (b) the amount of cash or other immediately available funds on deposit in the Reserve Account (excluding any net investment earnings) on such Payment Date; provided, however, that if such Payment Date is the Redemption Date, the “Reserve Account Draw Amount” shall mean an amount equal to the amount of cash or other immediately available funds on deposit in the Reserve Account on the Redemption Date.