FF&E Quarterly Reserve Deposit

FF&E Quarterly Reserve Deposit. On the applicable date of determination, an amount that is equal to the difference of (i) the product of (a) Gross Revenues for the calendar quarter that is two (2) calendar quarters prior to the applicable Due Date (the "Look-Back Quarter") based on the operating statements delivered to Lender in accordance with Section 2.1(a) hereof, multiplied by (b) four percent (4%), less (ii) the sum of (a) any FF&E expenditures incurred and paid for by Borrower and not reimbursed pursuant to Section 3.4... of Exhibit A to this Note as shown in the FF&E Reserve Deposit Certification in the form attached hereto as Exhibit C, (b) any carry forward credit amounts (amount of expenditures greater than the Maximum FF&E Disbursement (a "Carry Forward Credit")) from previous determination dates as certified by the Borrower in the FF&E Reserve Deposit Certification on each applicable Due Date, and (c) any amounts collected by Manager in respect of FF&E under, and as permitted by, the Management Agreement; provided such amounts are not duplicative or reimbursed pursuant to (a) above. pursuant to evidence reasonably satisfactory to Lender. The parties hereto agree that Exhibit G attached hereto is an example of the calculation of the FF&E Quarterly Reserve Deposit View More