FF&E Reserve Monthly Deposit definition

FF&E Reserve Monthly Deposit shall have the meaning set forth in Section 9.2(b) hereof.
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FF&E Reserve Monthly Deposit shall have the meaning set forth in the Loan Agreement.
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FF&E Reserve Monthly Deposit shall be an amount equal to $35,615.00.
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Examples of FF&E Reserve Monthly Deposit in a sentence

  • Borrower shall deposit with Lender on each Monthly Payment Date the FF&E Reserve Monthly Deposit for annual FF&E Expenditures approved by Lender, which approval shall not be unreasonably withheld or delayed.

  • Based on the annual operating statements for the Property, the FF&E Reserve Monthly Deposit shall be one-twelfth of four percent (4.0%) of the Operating Income for the prior fiscal year.

  • If (i) FF&E Subsidiary fails to comply with the requirements for the “Capital Fund” as set forth in the Management Agreement, or (ii) Manager waives such requirements, Lender, in its sole and absolute discretion, may require Borrower to pay to Lender, or cause the Lockbox Bank to make the appropriate deposit as provided in Article III hereof, on or prior to each Payment Date an amount equal to the FF&E Reserve Monthly Deposit (said amounts, as so deposited, hereinafter called the “FF&E Reserve Fund”).

  • The FF&E Reserve Monthly Deposit shall be (A) initially determined for the balance of the calendar year 2016 as of the Closing Date and (B) thereafter adjusted and determined by Lender (in accordance with this Section 8.9(a)) annually on the Monthly Payment Date in January, 2017 and on each Monthly Payment Date falling in each subsequent January thereafter.

  • Borrower shall pay to Lender on each Payment Date the FF&E Reserve Monthly Deposit for the replacement of FF&E and other replacements and repairs (which do not constitute routine repairs and maintenance), required to be made to the Properties during the calendar year (collectively, the "Replacements").

  • No! There is no documented agreement and these stakeholders see it as their Corporate Social Responsibility.


More Definitions of FF&E Reserve Monthly Deposit

FF&E Reserve Monthly Deposit means, with respect to the corresponding Monthly Payment Date, an amount equal to the greater of (1) the FF&E Payment and (2) the amount of the deposit (if any) then required by the Franchisor on account of FF&E under the Franchise Agreement. As used herein, the term “FF&E Payment” shall mean, with respect to the corresponding Monthly Payment Date, an amount equal to (I) with respect to the Seattle Property, 1/12 of 4% of the greater of (x) the annual gross revenues for the hotel related operations at the Seattle Property for the immediately preceding calendar year as reasonably determined by Lender and (y) the projected annual gross revenues for the hotel related operations at the Seattle Property for the calendar year in which such Monthly Payment Date occurs as set forth in the applicable Approved Annual Budget; provided, that, notwithstanding anything herein to the contrary, if, as of any applicable date of determination, no Approved Annual Budget exists for the applicable calendar year, the amount of the required under this subsection (y) shall be determined by Lender in its reasonable discretion and (II) with respect to the SLC Property, 1/12 of 6.5% of the greater of (x) the annual gross revenues for the hotel related operations at the SLC Property for the immediately preceding calendar year as reasonably determined by Lender and (y) the projected annual gross revenues for the hotel related operations at the SLC Property for the calendar year in which such Monthly Payment Date occurs as set forth in the applicable Approved Annual Budget; provided, that, notwithstanding anything herein to the contrary, if, as of any applicable date of determination, no Approved Annual Budget exists for the applicable calendar year, the amount of the required under this subsection (y) shall be determined by Lender in its reasonable discretion. The FF&E Reserve Monthly Deposit shall be (A) initially determined for the balance of the calendar year 2016 as of the Closing Date and (B) thereafter adjusted and determined by Lender (in accordance with this Section 8.9(a)) annually on the Monthly Payment Date in January, 2017 and on each Monthly Payment Date falling in each subsequent January thereafter. Notwithstanding anything herein to the contrary, Lender may require Borrower to increase the monthly deposits required pursuant to this Section upon thirty (30) days’ notice to Borrower if (1) based on a change in Legal Requirements or other extraordinary circumstances, Lende...
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FF&E Reserve Monthly Deposit means one-twelfth of the amount equal to the annual amounts required to be expended and/or reserved under the Hotel Management Agreement or the Management Agreement for FF&E for the Property, provided that if there is no such reserve under the Hotel Management Agreement or the Management Agreement, then an amount equal to four percent (4%) of the Gross Income from Operations for the prior calendar month.
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FF&E Reserve Monthly Deposit means, one-twelfth of the positive number, if any, obtained by subtracting (i) the Actual Amount from (ii) the FF&E Factor.
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FF&E Reserve Monthly Deposit shall have the meaning set forth in Section 4.2 hereof. “FIRRMA” shall have the meaning set forth in the definition of “DPA” hereof. “Fixed Rate” means, for any Interest Accrual Period, a rate per annum equal to the greater of (a) the Prime Rate in effect on the applicable Interest Determination Date, and (b) the NYFRB Rate in effect on such Interest Determinations Date. Any change in the Substitute Base Rate due to a change in the Prime Rate or the NYFRB Rate shall be effective from and including the effective date of such change in the Prime Rate or the NYFRB Rate. For the avoidance of doubt, if the Fixed Rate as determined above would be less than three and three-quarters percent (3.75%) per annum, such rate shall be deemed to be three and three-quarters percent (3.75%) per annum. “Flood Insurance Acts” shall have the meaning set forth in Section 9.1 hereof. “Food License” means any licenses or permits required by any Governmental Authority in order to operate any food or beverage service or establishment at the Property, including, without limitation, in-room dining at the Hotel. “Franchise Agreement” shall mean, individually and/or collectively, as the context may require, (i) that certain Franchise Agreement, dated as of November 8, 2016, by and between
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FF&E Reserve Monthly Deposit means, with respect to the corresponding Monthly Payment Date, an amount equal to the greater of (i) the FF&E Payment and (ii) the amount of the deposit (if any) then required by the Franchisor on account of FF&E under the Franchise Agreement. As used herein, the term “FF&E Payment” shall mean, with respect to the corresponding Monthly Payment Date, an amount equal to 1/12 of four percent (4%) of the greater of (x) the annual gross revenues for the hotel related operations at the Property for the immediately preceding calendar year as reasonably determined by Agent and (y) the projected annual gross revenues for the hotel related operations at the Property for the calendar year in which such Monthly Payment Date occurs as set forth in the Approved Annual Budget; provided, that, notwithstanding anything herein to the contrary, if, as of any applicable date of determination, no Approved Annual Budget exists for the applicable calendar year, the amount of the FF&E Payment shall be determined by Agent in its reasonable discretion. The FF&E Reserve Monthly Deposit shall be determined by Agent and readjusted by Agent at such time as Agent may reasonably determine (provided that to the extent no Event of Default then
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Related to FF&E Reserve Monthly Deposit

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

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

  • 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.

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

  • 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 [*];

  • Initial Reserve Account Deposit Amount means an amount equal to $1,030,941.16.

  • 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.

  • Initial Reserve Account Deposit means $3,250,000.

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

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

  • 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.

  • Reserve Account Deposit Cash or Eligible Investments having a value of at least $2,635,875.59.

  • 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.

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

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

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

  • 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.

  • 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.

  • Reserve Account Deposit Amount means, with respect to any Distribution Date, the lesser of (x) the excess of (i) the Specified Reserve Balance over (ii) the amount on deposit in the Reserve Account on such Distribution Date, after taking into account the amount of any Reserve Account Withdrawal Amount on such Distribution Date and (y) the amount remaining in the Collection Account after taking into account the distributions therefrom described in clauses (i) through (xviii) of Section 5.7(a).

  • 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.

  • Reserve Draw Amount shall have the meaning specified in subsection 4.12(c).

  • 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.

  • Reserve Account Initial Deposit means cash or Eligible Investments having a value of at least $____________.

  • Targeted Accumulation Reserve Subaccount Deposit means, with respect to any Distribution Date during the Accumulation Reserve Funding Period, an amount equal to (i) [0.5]% of the Outstanding Dollar Principal Amount of the Class C( - ) Notes as of the close of business on the last day of the related Due Period or (ii) any other amount designated by the Calculation Agent on behalf of the Issuer.]

  • 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.

  • Required Reserve Account Amount means, with respect to any Distribution Date on or after the Reserve Account Funding Date, an amount equal to (1) 0.50% of the Class A Invested Amount as of the preceding Distribution Date (after giving effect to all changes therein on such date) or (2) any other percentage (which may be 0%) of the Class A Invested Amount designated by the Transferors, provided that if such percentage is less than the percentage specified in clause (1) above, the Transferors shall have received the prior written consent of the Collateral Interest Holder and written notice from each Rating Agency that the Rating Agency Condition shall have been satisfied with respect to such designation and shall have delivered copies of each such written notice to the Servicer and the Trustee.