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 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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Examples of FF&E Reserve Fund in a sentence

  • In addition, notwithstanding anything to the contrary contained herein, for purposes of determining the amount of any required FF&E Reserve Fund deposits (and for purposes of calculating such amount, monthly, based on the formula set forth in the first sentence of this Section 7.3.1), Revenues shall include Revenue from the Hotel Component and the Casino Component but shall not include non-Hotel or Casino related Revenues (e.g., Rents from retail tenants).

  • Borrower shall be relieved of its obligation to make deposits of FF&E Reserve Fund under Section 7.3 above, provided that either (a)(i) Mortgage Borrower or Senior Mezzanine Borrower is required to and does make monthly deposits to a FF&E reserve account under the Mortgage Loan or Senior Mezzanine Loan, and (ii) Lender receives evidence acceptable to it of the making of such deposits or (b) an FF&E Guaranty is provided to Mortgage Lender.

  • It is specifically understood and agreed that amounts expended on account of FF&E and on account of any Routine Capital Improvements from the FF&E Reserve Fund shall not be included in any deductions required pursuant to subclause (2) of the preceding sentence and, in addition, that any FF&E that is purchased and any Routine Capital Improvements that are paid for using funds from the FF&E Reserve Fund may not be subsequently financed by Mortgage Borrower or Operating Company.

  • Borrower shall be relieved of its obligation to make deposits of FF&E Reserve Fund under Section 7.3 above, provided that either (a)(i) Mortgage Borrower or Senior Mezzanine Borrower is required to and does make monthly deposits to a FF&E reserve account under the Mortgage Loan or Senior Mezzanine Loan, and (ii) Lender receives evidence acceptable to it of the making of such deposits or (b) a Guaranty (FF&E) (as such term is defined in the Mortgage loan Agreement) is provided to Mortgage Lender.

  • Borrower shall be relieved of its obligation to make deposits of FF&E Reserve Fund under Section 7.3 above, provided that either (a) (i) Mortgage Borrower or Senior Mezzanine Borrower is required to and does make monthly deposits to a FF&E reserve account under the Mortgage Loan or Senior Mezzanine Loan, and (ii) Lender receives evidence acceptable to it of the making of such deposits or (b) an FF&E Guaranty is provided to Mortgage Lender.

  • All sums so expended by Lender, to the extent not from the FF&E Reserve Fund, shall be deemed to have been advanced under the Loan to Borrower and secured by the Mortgage.

  • Lender’s right to withdraw and apply the FF&E Reserve Fund shall be in addition to all other rights and remedies provided to Lender under this Agreement and the other Loan Documents.

  • Upon the occurrence and during the continuance of such an Event of Default, Lender may use the FF&E Reserve Fund (or any portion thereof) for any purpose related to the Property, including but not limited to completion of the Replacements as provided in Section 7.3.3, or for any other repair or replacement to the Property or toward payment of the Debt in such order, proportion and priority as Lender may determine in its sole discretion.

  • The FF&E Reserve Fund shall be held by Lender in an interest-bearing account with any interest on the funds in such account being deposited in such account and held for the benefit of Borrower.

  • Borrower shall be relieved of its obligation to make deposits of FF&E Reserve Fund under Section 7.3 above, provided that either (a) (i) Mortgage Borrower is required to and does make monthly deposits to a FF&E reserve account under the Mortgage Loan, and (ii) Lender receives evidence acceptable to it of the making of such deposits or (b) an FF&E Guaranty is provided to Mortgage Lender.


More Definitions of FF&E Reserve Fund

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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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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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 Escrow Fund, the Replacement Reserve Fund, the Required Repair Fund, the Initial Renovation Reserve Fund, the Interest Reserve Fund, the General Reserve Fund, any funds on deposit in the Construction Loan Reserve Account, any Shortfall Funds and any other escrow fund established pursuant to 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 means that Interest Reserve Account maintained by the Master Servicer pursuant to Section 5.1(a), which account shall be an Eligible Account.

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

  • Debt Service Reserve Account as defined in the Depositary Agreement.

  • FF&E Reserve means, for any Person or any Hotel Property at any time, a reserve equal to four percent (4%) of gross revenues from any Hotel Property owned by such Person or from such Hotel Property, as applicable, for the Rolling Period of the Parent most recently ended for which financial statements have been, or are required to be, delivered to the Banks hereunder.

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

  • Excess Reserve Fund Account The separate Eligible Account created and maintained by the Trustee pursuant to Sections 3.07(b) and 3.07(c) in the name of the Trustee for the benefit of the Regular Certificateholders and designated "Deutsche Bank, National Trust Company in trust for registered Holders of Morgan Stanley ABS Capital I Inc. Trust 2006-HE3, Mortgage Pass-Through Xxxxxfxxxxxx, Series 2006-HE3." Funds in the Excess Reserve Fund Account shall be held in trust for the Regular Certificateholders for the uses and purposes set forth in this Agreement. Amounts on deposit in the Excess Reserve Fund Account shall not be invested.

  • 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 3.05(g) in the name of the Trustee for the benefit of the Holders of the Offered Certificates and designated "The Bank of New York in trust for registered holders of CWALT, Inc., Alternative Loan Trust 2006-OC10, Mortgage Pass-Through Certificates, Series 2006-OC10." Funds in the Carryover Reserve Fund shall be held in trust for the Holders of the Offered Certificates 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.

  • Capital Reserve Fund means the reserve fund created and established by the Authority in

  • Excess Liquidation Proceeds Reserve Account The trust account or subaccount created and maintained by the Certificate Administrator pursuant to Section 3.05(c) of this Agreement in trust for the Certificateholders, which (subject to any changes in the identities of the Trustee and/or the Certificate Administrator) shall be entitled “Citibank, N.A., as Certificate Administrator, on behalf of Wilmington Trust, National Association, as Trustee, for the benefit of the registered Holders of Citigroup Commercial Mortgage Trust 2019-C7, Commercial Mortgage Pass-Through Certificates, Series 2019-C7, Excess Liquidation Proceeds Reserve Account.” Any such account shall be an Eligible Account.

  • 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 2005-3". 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 and Insurance Reserve Account, the Leasing Reserve Account or any other escrow account established by the Loan Documents.

  • 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 2013 Series C Bonds and as of each determination date, an amount equal to maximum annual debt service on the 2013 Series C 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, with respect to any Distribution Date, the lesser of (a) the amount on deposit in the Reserve Account on such date (before giving effect to any deposit to be made to the Reserve Account on such date) and (b) the Required Reserve Account Amount.