Replacement of FF&E Clause Samples

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Replacement of FF&E. From time to time, City and County will jointly determine if City-owned furnishings, fixtures and equipment need repair or replacement, or, if applicable, a schedule for replacing City-owned furnishings, fixtures and equipment. The City shall carry out, and bear the cost of, such repair or replacement as soon as is practically and fiscally possible.
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Replacement of FF&E. On or before one hundred twenty (120) ------------------- days after the end of each Fiscal Year that ends during the Term (for purposes of this Section 10.2, the "Subject Fiscal Year"), Tenant shall deposit, into a reserve account to be maintained as a separate interest bearing account with a bank or banks reasonably acceptable to Landlord (the "FF&E Reserve Account"), an amount equal to (A) the positive result, if any, of (I) three percent (3%) of the Operating Revenues for the subject Fiscal Year minus (II) the amount actually expended by Tenant during the Subject Fiscal Year to repair and/or replace FF&E, Fixtures, Fixed Asset Supplies and/or Operating Equipment at any one or more of the Hotels (individually or collectively, the "Renovations"), minus (B) with respect to each Fiscal Year prior to the Subject Fiscal Year, if any, the aggregate amount, if any, by which Tenant's expenditures for Renovations in each such prior Fiscal Year exceeded three percent (3%) of the Operating Revenues for that Fiscal Year, less the portion of such amount which has previously been taken into account in determining the amount to be deposited into the FF&E Reserve Account in and with respect to Fiscal Years prior to the Subject Fiscal Year, if any. Tenant shall be entitled to withdraw funds from such FF&E Reserve Account without Landlord's prior written approval; provided that Tenant shall deliver to Landlord an annual auditor's statement, with reasonable supporting detail, within one hundred twenty (120) days of the end of each Fiscal Year, of all amounts expended for Renovations during such Fiscal Year, including all amounts withdrawn from the FF&E Reserve Account.
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Related to Replacement of FF&E

  • Replacement of Note 2.1 In the event that this Note is mutilated, destroyed, lost or stolen, Payor shall, at its sole expense, execute, register and deliver a new Note, in exchange and substitution for this Note, if mutilated, or in lieu of and substitution for this Note, if destroyed, lost or stolen. In the case of destruction, loss or theft, Payee shall furnish to Payor indemnity reasonably satisfactory to Payor, and in any such case, and in the case of mutilation, Payee shall also furnish to Payor evidence to its reasonable satisfaction of the mutilation, destruction, loss or theft of this Note and of the ownership thereof. Any replacement Note so issued shall be in the same outstanding principal amount as this Note and dated the date to which interest shall have been paid on this Note or, if no interest shall have yet been paid, dated the date of this Note. 2.2 Every Note issued pursuant to the provisions of Section 2.1 above in substitution for this Note shall constitute an additional contractual obligation of the Payor, whether or not this Note shall be found at any time or be enforceable by anyone.

  • Replacement of Notes Upon receipt by the Company at the address and to the attention of the designated officer (all as specified in Section 18(iii)) of evidence reasonably satisfactory to it of the ownership of and the loss, theft, destruction or mutilation of any Note (which evidence shall be, in the case of an Institutional Investor, notice from such Institutional Investor of such ownership and such loss, theft, destruction or mutilation), and (a) in the case of loss, theft or destruction, of indemnity reasonably satisfactory to it (provided that if the holder of such Note is, or is a nominee for, an original Purchaser or another holder of a Note with a minimum net worth of at least $50,000,000 or a Qualified Institutional Buyer, such Person’s own unsecured agreement of indemnity shall be deemed to be satisfactory), or (b) in the case of mutilation, upon surrender and cancellation thereof, within ten Business Days thereafter, the Company at its own expense shall execute and deliver, in lieu thereof, a new Note, dated and bearing interest from the date to which interest shall have been paid on such lost, stolen, destroyed or mutilated Note or dated the date of such lost, stolen, destroyed or mutilated Note if no interest shall have been paid thereon.

  • Replacement of Lost Investments In the event of a loss of Investments for which the Custodian is responsible under the terms of this Agreement, the Custodian shall replace such Investment, or in the event that such replacement cannot be effected, the Custodian shall pay to the Fund the fair market value of such Investment based on the last available price as of the close of business in the relevant market on the date that a claim was first made to the Custodian with respect to such loss, or, if less, such other amount as shall be agreed by the parties as the date for settlement.

  • Replacement of Key Personnel The Engineer must notify the State in writing as soon as possible, but no later than three business days after a project manager or other key personnel is removed from association with this contract, giving the reason for removal.

  • Replacement of the L/C Issuer The L/C Issuer may be replaced at any time by written agreement between the Borrower, the Administrative Agent, the replaced L/C Issuer and the successor L/C Issuer. The Administrative Agent shall notify the Lenders of any such replacement of the L/C Issuer. At the time any such replacement shall become effective, the Borrower shall pay all unpaid fees accrued for the account of the replaced L/C Issuer pursuant to Section 2.03(m). From and after the effective date of any such replacement, (i) the successor L/C Issuer shall have all the rights and obligations of an L/C Issuer under this Agreement with respect to Letters of Credit to be issued by it thereafter and (ii) references herein to the term “L/C Issuer” shall be deemed to include such successor or any previous L/C Issuer, or such successor and all previous L/C Issuer, as the context shall require. After the replacement of the L/C Issuer hereunder, the replaced L/C Issuer shall remain a party hereto and shall continue to have all the rights and obligations of an L/C Issuer under this Agreement with respect to Letters of Credit issued by it prior to such replacement, but shall not be required to issue additional Letters of Credit.