Capital Expenditure Account. A quarterly report detailing Borrower's use of the funds in the Capital Expenditure Account created pursuant to Section 4.25.
Capital Expenditure Account. Borrower shall establish a Capital Expenditure Account with the Bank upon the execution of this Agreement, and shall maintain the account until all amounts owed to the Bank have been repaid and the Bank shall have no remaining obligation to make further advances to the Borrower. Borrower shall deposit, or shall direct any tenant, lessor or manager to deposit, 4% of the total revenue from the Term Loan Properties into the Capital Reserve Account to be used solely for the purpose of maintenance and capital expenditures relating to properties owned by the Borrower. Until the occurrence of an Event of Default, or until otherwise notified by the Bank, Borrower may use the funds in the Capital Expenditure Account at its discretion for the purposes set forth herein.
Capital Expenditure Account. Spend four percent (4%) of the total revenue generated from the Hotels each year for the purpose of maintaining and repairing the Hotels and funding capital expenditures relating to the Hotels. Borrower shall submit quarterly reports to Bank, which explain with reasonable detail the capital expenditures made for the Hotels during that quarter. On an annual basis beginning with the first anniversary date of the Revolving Loan, the Bank will review the aggregate amount spent on such capital expenditures during the previous four (4)
Capital Expenditure Account. Manager shall direct the Enterprise to establish a Capital Expenditure reserve on the books of account of the Enterprise and/or establish a Capital Expenditure account at such bank as the Business Board and Manager shall agree (such reserve and/or account is hereinafter referred to as the “Capital Expenditure Account”). The funds in the Capital Expenditure Account shall be considered to be assets and funds of the Enterprise. All amounts in the Capital Expenditure Account shall be invested in Permitted Investments in accordance with Section 2.8(c) to the extent that availability of funds, when required, is not thereby impaired. Interest earned on amounts deposited in the Capital Expenditure Account shall be credited to the Capital Expenditure Account and shall be available for payment of expenditures for Capital Expenditures to the Facility. Subject to the terms of the Facility Loan, Manager shall draw on the Capital Expenditure Account to purchase those items included in the Annual Capital Budget approved by the Business Board or such emergency additions, repairs or replacements as shall be required to correct an Emergency Condition or to comply with operating standards.
Capital Expenditure Account. Borrower shall establish an interest-bearing Capital Expenditure Account with Marquette (for the benefit of both Marquette and Bremer) upon the execution of this Agreement, and shall maintain the account until all amounts owed to the Lender have been repaid. Borrower shall deposit, or shall direct any tenant, lessor or manager to deposit, 4% of the room revenue from the Multi-State Collateral into the Capital Reserve Account to be used solely for the purpose of maintenance and capital expenditures relating to properties owned by the Borrower. Until the occurrence of an Event of Default, or until otherwise notified by the Lender, Borrower may use the funds in the Capital Expenditure Account at its discretion for the purposes set forth herein.
Capital Expenditure Account. The Collateral Trustee shall deposit amounts into the Capital Expenditure Account from amounts on deposit in the Revenue Account as specified in Section 8.8(a)(iii), PROVIDED such amount shall in no event exceed the Capital Expenditure Maximum Balance.
Capital Expenditure Account. Commencing on the fifteenth (15th) day of the first full month of the first Lease Year and on every fifteenth (15th) day of each month to occur thereafter during the Term, Tenant shall deposit (the "Capital Expenditure Deposits") in an interest-bearing account (the "Capital Expenditure Account") under the sole dominion and control of Landlord (or any Facility Mortgagee) entitled "capital expenditure holdback account", an amount for each Leased Property equal to one-twelfth (1/12) of the product of (x) $300.00 in the case of each Facility for which the Primary Intended Use is "Senior Nursing Facility" or "Assisted Living Facility" or $500.00 in the case of each Facility for which the Primary Intended Use is "Hospital" (the "Per Bed Allocation"); and (y) the aggregate number of patient beds in such Leased Property. Landlord may reasonably increase the Per Bed Allocation by written notice to Tenant, which reasonable increase shall occur not more than once every two (2) years. The Capital Expenditure Account shall be maintained with a Lending Institution reasonably satisfactory to Landlord (or any Facility Mortgagee) and Tenant hereby grants to Landlord a first priority security interest in the Capital Expenditure Account pursuant to the Uniform Commercial Code (the "UCC") of the State which governs the protection of such security interest. The Capital Expenditure Account shall be used for funding repairs, replacements and capital improvements to be made on any Leased Property from time to time, but in no event shall the Capital Expenditure Account be used for funding repairs or additions to, or replacement of, any of Tenant's Personal Property. All such repairs, replacements and capital improvements funded by the Capital Expenditure Account shall be deemed to be a part of the Premises and be performed subject to the terms of Sections 11.1 and 11.2 relative to Alterations. On the express condition that no Event of Default then exists hereunder, Tenant may request, by written notice to Landlord, that Landlord disburse monies deposited in the Capital Expenditures Account for the purpose of making repairs, replacements and capital improvements on any Leased Property and Landlord shall disburse monies on account of such repairs, replacements and capital improvements promptly after the presentation of invoices therefor provided that: (i) such repairs, replacements and capital improvements are contemplated by the Annual Capital Expenditure Budget; (ii) such repairs,...
Capital Expenditure Account. In lieu of making the deposit (or any portion thereof) to the Capital Expenditure Funds required pursuant to this Section 6.4, Borrower may deliver to Lender a Letter of Credit in an amount equal to the amount that is otherwise required to be deposited into the Capital Expenditure Funds issued by a Approved Bank, which Letter of Credit shall be otherwise acceptable in form and substance to Lender and Borrower shall pay to Lender all of Lender’s reasonable out of pocket costs and expenses in connection therewith, including any fee charged by the Rating Agencies. Any such Letter of Credit shall be additional security for Borrower’s obligations under the Loan Documents. Lender shall have the right to draw in full upon any Letter of Credit: (A) if Lender has not received at least thirty (30) days prior to the date on which the then outstanding Letter of Credit is scheduled to expire, a notice from the issuing financial institution that it has renewed the applicable Letter of Credit; (B) upon receipt of notice from the issuing financial institution that the applicable Letter of Credit will be terminated; (C) ten (10) days after Lender has given notice to Borrower that the financial institution issuing the applicable Letter of Credit ceases to meet the rating requirement set forth in this Section 6.4; and (D) upon the occurrence of an Event of Default.
Capital Expenditure Account. On the Closing Date, the Borrower shall deposit into the Capital Expenditure Account the amount set forth in the schedule of "sources and uses" referred to in Section 4.1(l) to be deposited into the Capital Expenditure Account, PROVIDED such amount shall in no event exceed the Capital Expenditure Maximum Balance. In addition, the Borrower shall cause to be deposited directly into the Capital Expenditure Account any proceeds received from Jordan Telecommunications PLC in respect of progress payments to be made by Jordan Telecommunications PLC for the development of the landing in Aqaba, Jordan, PROVIDED in no event shall more than $20,000,000 be deposited into the Capital Expenditure Account pursuant to this sentence. The Collateral Trustee shall deposit amounts into the Capital Expenditure Account from amounts on deposit in the Presale Proceeds Account as specified in Section 8.9 and from amounts on deposit in the 115 Revenue Account as specified in Section 8.10(a)(iii).
Capital Expenditure Account. (a) Upon the delivery by the Borrower of a certificate to the Collateral Trustee and the Administrative Agent of any amount due and payable in respect of capital expenditures which are permitted by the terms of this Agreement to be paid from cash available in the Capital Expenditure Account, the Collateral Trustee shall distribute, from the cash available in the Capital Expenditure Account, (A) directly to each Person to which an amount in excess of $200,000 is due and payable, the amounts then due and owing identified in the certificate referred to above, and (B) to the Borrower for the benefit of the Persons entitled thereto, all other amounts then due and owing identified in such certificate.
(b) The Borrower may on any date (the "S&J SAVINGS DECLARATION DATE") deliver to the Administrative Agent and the Collateral Trustee a certificate setting forth in detail by budget category the aggregate capital expenditures the Borrower reasonably expects to incur pursuant to Section 6.16(b), and the amount, if any (THE "S&J EXPECTED SAVINGS AMOUNT"), by which $35,000,000 is in excess of such aggregate capital expenditures (whether as a result of the abandonment by the Borrower of any transaction contemplated by Section 6.16(b), the use or intended use of Capacity as non-cash consideration or otherwise). The Collateral Trustee shall distribute, from funds available in the Capital Expenditure Account, the amount (if any) by which the S&J Expected Savings Amount exceeds $5,000,000, to the Administrative Agent for the prepayment of principal of the Loans, together with accrued interest thereon. Within 60 days after the completion or abandonment of all transactions contemplated by Section 6.16(b), the Borrower shall deliver to the Administrative Agent and the Collateral Trustee a certificate setting forth the actual aggregate capital expenditures incurred in connection therewith, and the amount, if any (the "S&J ACTUAL SAVINGS AMOUNT"), by which $35,000,000 is in excess of such actual capital expenditures. If the S&J Actual Savings Amount is greater than the S&J Expected Savings Amount, the Collateral Trustee shall distribute, from funds available in the Capital Expenditure Account, to the Administrative Agent for the prepayment of principal of the Loans (with accrued interest thereon) the difference (if positive) between (i) the amount that would have been distributed to the Administrative Agent if the S&J Actual Savings Amount were used in the calculation on the S&J...
