Replacement Reserve Monthly Deposit definition

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

Replacement Reserve Monthly Deposit shall have the meaning set forth in Section 9.2(b) hereof.

Replacement Reserve Monthly Deposit shall have the meaning set forth in the Mortgage Loan Agreement.

Examples of Replacement Reserve Monthly Deposit in a sentence

• Upon notice from Lender following: (a) an Event of Default; or (b) the failure of Borrower to make necessary Replacements or otherwise maintain the Property to Lender's satisfaction, Borrower shall begin to deposit the Replacement Reserve Monthly Deposit into the Replacement Reserve Fund beginning on the Payment Date (as defined herein) immediately following the date of such notice.

• Borrower shall pay to Lender on the Closing Date and on each Payment Date one twelfth of the amount (the "REPLACEMENT RESERVE MONTHLY DEPOSIT") reasonably estimated by Lender in its sole discretion to be due for replacements and repairs required to be made to the Property during the calendar year (collectively, the "REPLACEMENTS"), which Replacement Reserve Monthly Deposit shall be in an amount equal to no less than $0.15 per year per square foot of gross leasable area.

• Borrower shall pay to Lender on the Closing Date and on each Payment Date one twelfth of the amount (the “Replacement Reserve Monthly Deposit”) reasonably estimated by Lender in its sole discretion to be due for replacements and repairs required to be made to the Property during the calendar year (collectively, the “Replacements”), which Replacement Reserve Monthly Deposit shall be in an amount equal to no less than $0.15 per year per square foot of gross leasable area.

• Upon notice from Lender following: (a) an Event of Default; or (b) the failure of Borrower to make necessary Replacements and otherwise maintain the Property to Lender’s satisfaction, or the failure of Anchor Tenant to maintain the Property as required pursuant to the Anchor Tenant Lease, as applicable, Borrower shall begin to deposit the Replacement Reserve Monthly Deposit into the Replacement Reserve Fund beginning on the Payment Date (as defined herein) immediately following the date of such notice.

• Amounts so deposited shall hereinafter be referred to as “Replacement Reserve Funds.” Lender may, in its reasonable discretion, adjust the Replacement Reserve Monthly Deposit from time to time to an amount sufficient to maintain the proper maintenance and operation of the Property.

More Definitions of Replacement Reserve Monthly Deposit

Replacement Reserve Monthly Deposit means, for each date of determination, one twelfth (1/12) of the amount equal to the Aggregate Square Footage multiplied by Twenty Cents ($0.20).

Replacement Reserve Monthly Deposit means an amount equal to (i) four percent (4.0%) of Net Revenue from guest rooms and Borrower-managed food and beverage operations for the calendar month that is two (2) calendar months prior to the calendar month in which the applicable deposit to the Replacement Reserve Fund is to be made and (ii) one half of one percent (0.5%) of all other Net Revenue (other than non-recurring items) for the calendar month that is two (2) calendar months prior to the calendar month in which the applicable deposit to the Replacement Reserve Account is to be made.

Replacement Reserve Monthly Deposit means the positive number obtained by subtracting:

Replacement Reserve Monthly Deposit means the greater of (i) such amounts as are required under the Franchise Agreements to be reserved for furniture, fixtures and equipment, (ii) such amounts as are required under the Management Agreements to be reserved for furniture, fixtures and equipment and (iii)(1) until the end of the calendar year in which the Closing Date occurs, the amount of the Initial Replacement Reserve Monthly Deposit, and (2) thereafter, the quotient obtained by dividing (A) the aggregate Gross Income from Operations for the Properties still subject to the Lien of a Security Instrument for the preceding calendar year (as reflected in Borrower's annual operating statements as approved and accepted by Lender) multiplied by four percent (4%) by (B) twelve (12). The Replacement Reserve Monthly Deposit shall be adjusted annually and shall be effective for the Replacement Reserve Monthly Deposit due on the Payment Date first occurring after the appropriate financial statements have been delivered to Lender as required herein.

Replacement Reserve Monthly Deposit has the meaning assigned in Schedule 2.6(a).

Replacement Reserve Monthly Deposit means the amount set forth on Schedule IV.

Replacement Reserve Monthly Deposit means, for each date of determination, one-twelfth (1/12th) of the amount equal to the Aggregate Square Footage multiplied by twenty cents ($0.20).