Capital Expenditure Fund Sample Clauses

Capital Expenditure Fund. Commencing in Lease Year twenty (20) and extending through Lease Year twenty-five (25), Lessee shall set aside an amount equal to twenty percent (20%) per year of Average Repair Costs into a separate reserve account (until 100% of Average Repair Costs is deposited), in order to fund capital expenditures for the Premises (“CapEx Fund”), which is required to be capitalized as an improvement to the Premises. The CapEx Fund may be used beginning in Lease Year twenty-one (21). The CapEx Fund shall be applied toward major repairs and improvements, including, but not limited to, substantial mechanical and structural purchases, upgrades, improvements, or repairs; the CapEx Fund shall not be applied to minor repairs due to regular wear and tear. The CapEx Fund accrued from Lease Years twenty (20) through twenty-five (25) must be spent in the manner specified above on or before Lease Year forty (40). In the event Lessee exercises its First Renewal Term, commencing in Lease Year forty (40) and extending through Lease Year forty-five (45), the CapEx Fund shall be replenished in the manner specified above. The CapEx Fund accrued from Lease Years forty (40) through forty-five (45) must be spent in the manner specified above on or before Lease Year sixty (60). In the event Lessee exercises its Second Renewal Term, commencing in Lease Year sixty (60) and extending through Lease Year sixty-five (65), the CapEx Fund shall be replenished in the manner specified above. The CapEx Fund accrued from Lease Years sixty (60) through sixty-five (65) must be spent in the manner specified above on or before the termination of the Lease. Lessee shall maintain financial accounting and “scope of work” records together with any corresponding documentation of amounts placed and amounts used from the CapEx Fund, which shall be subject to review by Lessor, in the manner specified above in sections 4.6 and 4.7 of this Lease.
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Capital Expenditure Fund. (a) SPE shall lend to the Partnership ("Capital Expenditure Commitment"), up to an aggregate amount of $7.5 million, to finance expenditures for capital assets or acquisitions of properties which the Partnership (with the consent of both Partners) proposes to acquire or develop ("Capital Expenditure Loans"), and for no other purposes. The Partnership shall not be entitled to reborrow the Capital Expenditure Loans when repaid. Capital Expenditure Loans shall bear interest at the rate of 1/2% above the prime rate from time to time as established by Bank of America or such other bank as may be determined by the Management Committee. Each Capital Expenditure Loan shall be repayable in 120 equal consecutive monthly installments together with interest with the first such installment of principal and interest due on the first day of the month next following the date that the Theatre Property which is the subject of such loan is opened (in the case of new construction or other development) or acquired (in the case of an acquisition). In the event S&J ceases to be a Partner, the Capital Expenditure Commitment shall automatically terminate at the time of such cessation, and SPE shall not be obligated to make any future Capital Expenditure Loans. (b) Each Capital Expenditure Loan shall be evidenced by a Loan Agreement, a Promissory Note of the Partnership and secured by a Security Agreement of each Partner's interest in the Partnership and by all of the assets of the Partnership, all such instruments to be in form and substance satisfactory to SPE and shall be subject to the provisions of Section 17.7. (c) After the Capital Expenditure Commitment shall have been exhausted, the Management Committee shall meet to discuss in good faith the method of financing further capital expenditures and acquisitions.
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Capital Expenditure Fund. 19 3.9 Application of Capital Expenditure Fund............19
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Capital Expenditure Fund. Lessor shall establish and maintain an account to provide a reserve for the Capital Expenditures costs at the Facility and each other facility covered by a Percentage Lease. Such Account shall be funded with an initial balance of $3,500,000 upon or prior to the execution of this Percentage Lease Agreement. In addition, Lessor shall deposit in such account a quarterly amount equal to four per cent (4%) of the sum of (i) the Room and Other Revenues plus (ii) the Food and Beverage Revenues for each such Facility. Subject to the provisions of Section 19.1(a), such account shall be used to defer the costs of Capital Expenditures at all such Facilities; provided that Lessor, in its reasonable discretion, shall be entitled to use such funds for other purposes if adequate reserves remain for the purpose of Capital Expenditures at all such Facilities.
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Capital Expenditure Fund. (a) On the Series F Closing Date, $14,946,000 shall be delivered to the Depositary Agent and deposited in the Capital Expenditure Fund from the net proceeds of the sale of the Series F Securities. All Equity Contributions received by the Depositary Agent pursuant to Section 2(d) of the Equity Commitment Agreement shall be deposited into the Capital Expenditure Fund. (b) Amounts held in the Capital Expenditure Fund shall be applied solely for the payment (or reimbursement to the extent the same shall have been previously paid or satisfied by the relevant Guarantor) of costs (including any interest paid) incurred in connection with the modification, improvement, reworking, maintenance and replacement from time to time of xxxxx, pipelines, gathering systems, equipment, facilities and other capital expenditures in connection with or located at the Partnership Projects (other than the Zinc Project and the Region 2/Turbo Project) or the Salton Sea Projects (other than Salton Sea Unit V) (collectively, the "Permitted Capital Expenditures") and for the payment of Permitted Capital Expenditures reasonably expected to be incurred during the 30-day period following an applicable Disbursement Date. All monies shall be withdrawn in accordance with the disbursement procedure hereinafter described in this Section 3.14. (c) As a condition precedent to any withdrawal and transfer from the Capital Expenditure Fund there shall be filed with the Depositary Agent, with respect to each Disbursement Date on which any such withdrawal and transfer is requested to be made, an appropriately completed requisition in the form attached hereto as Exhibit E (a "Capital Expenditure Requisition") signed by an Authorized Representative of the relevant Guarantor and dated not more than five (5) days prior to, and received by the Depositary Agent not less than three (3) Business Days prior to, such Disbursement Date (as such date is set forth in such Capital Expenditure Requisition). (d) On the Disbursement Date referred to in clause (c) of this Section 3.14, or as soon thereafter as possible following receipt of the Capital Expenditure Requisition referred to in such clause, the Depositary Agent shall make payments in accordance with such Capital Expenditure Requisition. The Depositary Agent may conclusively rely on any Capital Expenditure Requisition in making any disbursements under this clause (d).
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Capital Expenditure Fund. 17 3.8 Application of Capital Expenditure Fund........................................ 18 3.9 Unbudgeted Capital Expenditures................................................ 18 3.10 Agent Method for Purchases of Capital Expenditures........................................................ 18 ARTICLE IV........................................................................................... 20
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Capital Expenditure Fund. Lessor shall establish and maintain an account to provide a reserve for the Capital Expenditures costs at the Facility and each other facility covered by a Percentage Lease. Such Account shall be funded with an initial balance of _____________________ and 00/100 Dollars ($_________) upon or prior to the execution of this Percentage Lease Agreement. In addition, Lessor shall deposit in such account a quarterly amount equal to four percent (4%) of the Room and Other Revenues for each such Facility.
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Capital Expenditure Fund 
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Related to Capital Expenditure Fund

  • Capital Expenditures The Issuer shall not make any expenditure (by long-term or operating lease or otherwise) for capital assets (either realty or personalty).

  • Capital Expenditure Make or incur any Capital Expenditure if, after giving effect thereto, the aggregate amount of all Capital Expenditures by Borrower in any fiscal year would exceed the amount set forth on the Schedule;

  • Maximum Capital Expenditures The Parent and the Borrower will, and will cause each Consolidated Subsidiary to, not make Capital Expenditures on a consolidated basis that exceed $30,000,000 in any fiscal year (the “Base Capital Expenditure Amount”). Notwithstanding anything to the contrary, the Base Capital Expenditure Amount shall be increased by the following amounts: (i) to the extent that the aggregate amount of Capital Expenditures made by the Parent and its Consolidated Subsidiaries in any fiscal year is less than the Base Capital Expenditure Amount, the amount of such difference may be carried forward and used to make Capital Expenditures in succeeding fiscal years, provided that in any fiscal year, the amount permitted to be applied to make Capital Expenditures pursuant to this clause (i) shall in no event exceed an amount equal to 75% of the unused portion of the Base Capital Expenditure Amount for such fiscal year (without giving effect to any prior adjustments), (ii) if no Default or Event of Default has occurred and is continuing, or would result after giving effect thereto, the Parent and its Consolidated Subsidiaries may make additional Capital Expenditures to the extent that the amount of such excess is deducted from the Base Capital Expenditure Amount in succeeding fiscal years, provided that in any fiscal year, the amount permitted to be applied to make Capital Expenditures pursuant to this clause (ii) shall in no event exceed an amount equal to 25% of the Base Capital Expenditure Amount (without giving effect to any prior adjustments) and (iii) the Base Capital Expenditure Amount shall exclude any Capital Expenditures that are funded with the Available Credits; provided that, at the time of such Capital Expenditures, the Borrower shall deliver a certificate of a Financial Officer stating the portion of Capital Expenditures that is being made from the Available Credit, and setting forth a calculation of the Available Credit immediately before and immediately after such Capital Expenditures.

  • Expenditure Limit The Contractor shall notify the County of Orange assigned Deputy Purchasing Agent in writing when the expenditures against the Contract reach 75 percent of the dollar limit on the Contract. The County will not be responsible for any expenditure overruns and will not pay for work exceeding the dollar limit on the Contract unless a change order to cover those costs has been issued.

  • Excluded Expenditures The Recipient undertakes that the proceeds of the Financing shall not be used to finance Excluded Expenditures. If the Association determines at any time that an amount of the Financing was used to make a payment for an Excluded Expenditure, the Recipient shall, promptly upon notice from the Association, refund an amount equal to the amount of such payment to the Association. Amounts refunded to the Association upon such request shall be cancelled.

  • Consolidated Capital Expenditures (i) Company will not, and will not permit any of its Subsidiaries to, make or commit to make Consolidated Capital Expenditures in any Fiscal Year, beginning with the Fiscal Year ending December 31, 2003, except Consolidated Capital Expenditures which do not aggregate in excess of the corresponding amount set forth below opposite such Fiscal Year: Fiscal Year ending December 31, 2003 $ 5,000,000 Fiscal Year ending December 31, 2004 $ 5,000,000 Fiscal Year ending December 31, 2005 and each Fiscal Year thereafter $ 7,000,000 provided that (a) if the aggregate amount of Consolidated Capital Expenditures actually made in any such Fiscal Year shall be less than the limit with respect thereto set forth above (before giving effect to any increase therein pursuant to this proviso) (the “Base Amount”), then the amount of such shortfall (up to an amount equal to 50% of the Base Amount for such Fiscal Year, without giving effect to this proviso) may be added to the amount of such Consolidated Capital Expenditures permitted for the immediately succeeding Fiscal Year and any such amount carried forward to a succeeding Fiscal Year shall be deemed to be used prior to Company and its Subsidiaries using the amount of capital expenditures permitted by this section in such succeeding Fiscal Year, without giving effect to such carryforward and (b) for any Fiscal Year (or portion thereof) following any acquisition of a business (whether through the purchase of assets or of shares of capital stock) permitted under subsection 6.7, the Base Amount for such Fiscal Year (or portion) shall be increased, for each such acquisition, by an amount equal to the product of (A) the lesser of (x) $5,000,000 and (y) 4% of revenues of the business acquired in such acquisition for the period of four Fiscal Quarters most recently ended on or prior to the date of such business acquisition multiplied by (B) (x) in the case of any partial Fiscal Year, a fraction, the numerator of which is the number of days remaining in such Fiscal Year after the date of such business acquisition and the denominator of which is 365 (or 366 in a leap year), and (y) in the case of any full Fiscal Year, 1. (ii) The parties acknowledge and agree that the permitted Consolidated Capital Expenditure level set forth in clause (i) above shall be exclusive of the amount of Consolidated Capital Expenditures actually made with the proceeds of a cash capital contribution to Company (including the proceeds of issuance of equity securities) made by Parent from the issuance by Parent of its equity Securities after the Closing Date and specifically identified in a certificate delivered by an Authorized Officer of Company to Administrative Agent on or about the time such capital contribution is made; provided that, to the extent any such cash capital contributions constitute Net Securities Proceeds after the Closing Date, only that portion of such Net Securities Proceeds which is not required to be applied as a prepayment pursuant to Section 2.4B(ii)(c) (or pursuant to the First Lien Credit Agreement) may be used for Consolidated Capital Expenditures pursuant to this clause (ii).

  • XXXXXX’S EXPENDITURES If any action or proceeding is commenced that would materially affect Xxxxxx’s interest in the Collateral or if Borrower fails to comply with any provision of this Agreement or any Related Documents, including but not limited to Borrower’s failure to discharge or pay when due any amounts Borrower is required to discharge or pay under this Agreement or any Related Documents, Lender on Borrower’s behalf may (but shall not be obligated to) take any action that Lender deems appropriate, including but not limited to discharging or paying all taxes, liens, security interests, encumbrances and other claims, at any time levied or placed on any Collateral and paying all costs for insuring, maintaining and preserving any Collateral. All such expenditures incurred or paid by Lender for such purposes will then bear interest at the rate charged under the Note from the date incurred or paid by Lender to the date of repayment by Xxxxxxxx. All such expenses will become a part of the Indebtedness and, at Lender’s option, will (A) be payable on demand; (B) be added to the balance of the Note and be apportioned among and be payable with any installment payments to become due during either (1) the term of any applicable insurance policy; or (2) the remaining term of the Note; or (C) be treated as a balloon payment which will be due and payable at the Note’s maturity.

  • Eligible Expenditures 1. Subject to Article 8.7 of the Regulation, eligible expenditures of this Programme are: (a) management costs of the Programme Operator in accordance with the detailed budget in the financial plan; (b) payments to projects within this Programme in accordance with the Regulation, this programme agreement and the project contract. 2. Eligible expenditures of projects are those actually incurred by the Project Promoter or project partners, meet the criteria set in Article

  • Eligible expenditure 6.1 Eligible expenditure consists of payments by the Recipient for the Purpose. Eligible expenditure is net of VAT recoverable by the Recipient from HM Revenue & Customs and gross of irrecoverable VAT. 6.2 The Recipient shall account for the Grant on an accruals basis. This requires the cost of goods or services to be recognised when the goods or services are received, rather than when they are paid for.

  • Expenditure of Funds No provision of this Agreement shall require the Securities Intermediary to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds to believe that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it.

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