Capital Expenditure Reserve Account. (a) On or prior to the Closing Date, Borrower shall establish and thereafter maintain with the Cash Management Bank an account for the purpose of reserving amounts in respect of Capital Expenditures (the "Capital Expenditure Reserve Account").
Capital Expenditure Reserve Account. A breach by Lessee of its obligation to fund the Capital Expenditure Reserve Account as provided in Section 4.1(a) hereof and Section 3.7(d) of the Property Leases subject to any notice and cure period contained in the Property Leases.
Capital Expenditure Reserve Account. (a) Lender will establish and maintain an Eligible Account (which may be a subaccount of the Cash Management Account) for the purpose of reserving amounts in respect of Capital Expenditures (the “Capital Expenditure Reserve Account”).
Capital Expenditure Reserve Account. Each Borrower shall deposit in a reserve account with Bank (the “Capital Reserve Account”) at the time of each payment of an installment of interest and/or principal under the Note, an additional amount equal to the Monthly Capex Payment (defined below), to fund capital future expenditures for repair and replacement of Project improvements, furniture, fixtures and equipment. The determination of the amount so payable and of the fractional part thereof to be deposited with Bank, so that the aggregate of such deposits shall be sufficient for this purpose, shall be an amount not less than the Capital Expenditure Reserve Minimum (as set forth below). Such amounts shall be held in a fully restricted non-interest bearing account pledged to Bank, as additional security for the Debt, but shall be applied by each Borrower, and made available by Bank, to the payment of costs incurred by Borrower in connection with the repair, replacement, and upgrade of its Project improvements. Disbursements from the Capital Reserve Account shall be made within 10 Business Days after Xxxxxxxx’s submission to Bank, of a disbursement request (on Bank’s standard form) and copies of (i) invoices, receipts and billing statements setting forth the costs of such repair and replacement work or material, (ii) if requested by Bank with respect to expenditures exceeding $250,000.00, a certificates from an architect or third party inspector certifying the installation of materials or improvements to its Project, provided that Bank shall have notified Borrower in writing of such requirement prior to Borrower’s commencement of the applicable work, and (iii) if applicable, conditional lien releases from workmen, materialmen, contractors or subcontractors providing services or materials in excess of $100,000.00, in connection with such repair or replacement work or material. Upon an Event of Default, the balance of any Capital Reserves Account may be used and applied for any purpose authorized pursuant to this Agreement or any other Loan Document, including, without limitation, payment of the Debt in any order Bank may deem appropriate. Nothing herein contained shall be deemed to affect any right or remedy of Bank under any provisions of this Agreement or of any statute or rule of law to pay any such amount and to add the amount so paid, together with interest at the Involuntary Rate, to the Debt. The amount of $10,203.00 (“Monthly Capex Payment”) reflecting one month of the Capital Reserve Minimu...
Capital Expenditure Reserve Account. If, during any calendar month, Borrower does not actually expend any amounts set forth in the Annual Budget for Capital Expenditures, Borrower shall deposit such budgeted amounts into the Capital Expenditure Reserve Account to the extent funds are available in the Deposit Account after giving effect to the payments described in subsections 9.4.1(a) through (d). Upon the request of Borrower, Lender will, within five (5) Business Days after the receipt of such request and the satisfaction of the other conditions set forth in this Section, cause disbursements to Borrower from the Capital Expenditure Reserve Account to pay or to reimburse Borrower for actual costs incurred in connection with Capital Expenditures at the Property (to the extent such expenditures are permitted hereunder and under the Property Management Agreement, if applicable), provided that (A) Lender has received invoices evidencing that the costs for which such disbursements are requested are due and payable and are in respect of Capital Expenditures, (B) Borrower has applied any amounts previously received by them in accordance with this Section 9.2.5 for the expenses to which specific draws made hereunder relate and received any Lien waivers or other releases which would customarily be obtained with respect to the work in question, (C) if applicable, the Property Manager has theretofore disbursed for Capital Expenditures all amounts it originally reserved for Capital Expenditures under the applicable Property Management Agreement (or otherwise withheld from disbursement to the Borrower) for such purpose pursuant to the Property Management Agreement; and (D) Lender has received an Officer’s Certificate confirming that the conditions in the foregoing clauses (A) through (C) have been satisfied and that the copies of invoices and evidence of Lien waivers (to the extent required above) attached to such Officer’s Certificate are true, complete and correct. At the end of each calendar year, provided no Event of Default shall have occurred and be continuing, Borrower may direct that any amounts remaining in the Capital Expenditure Reserve Account be deposited into the Deposit Account for application in accordance with Section 9.4.1 hereof.
Capital Expenditure Reserve Account. 23.7.1 The Borrower will open a capital expenditure reserve account (the "CAPITAL EXPENDITURE RESERVE ACCOUNT") with the On Shore Security Agent prior to the first Utilisation Date, such account to be pledged by the Borrower in favour of the Senior Creditors by entering into the Claims Assignment and Bills of Exchange Agreement.
Capital Expenditure Reserve Account. Any capital expenditure reserve account or other restricted account for the Managed Waterpark and Amusement Attractions held by a Seller Party shall be retained by such Seller Party and no adjustment to the Attractions Purchaser Closing Cash Consideration will be made.
Capital Expenditure Reserve Account. Any capital expenditure reserve account or other restricted account for the Managed FEC Attractions held by a Seller Party shall be retained by such Seller Party and no adjustment to the Attractions Purchaser Closing Cash Consideration will be made.
Capital Expenditure Reserve Account. Upon opening of the Facility, Managing Venturer shall create a reserve for capital expenditures (the "Capital Expenditure Reserve Account") into which Managing Venturer shall pay monthly amounts equal to five percent (5%) of the Joint Venture's earnings before interest, depreciation and amortization accrued during the preceding calendar month, as calculated by Managing Venturer pursuant to generally accepted principles of accounting in the gaming industry. The Capital Expenditure Reserve Account shall be used exclusively for the replacement of capital equipment and for improvements to, renovations of or enhancements to the Facility in accordance with Managing Venturer's business judgement, above and beyond any capital expenditure items contained in the annual Capital Expenditure Budget approved by the Venturers as set forth in Section 7.11 hereof. The funds for the Capital Expenditures Reserve Account shall be deposited into a bank account in accordance with the terms of Section 7.7 hereof. The signature of an authorized representative of Managing Venturer shall be the only signature required to make withdrawals (by check or otherwise) from such account, provided that the monies withdrawn are to be used only for the purposes set forth herein.
Capital Expenditure Reserve Account. Upon opening of the Facility, Managing Member shall create a reserve for capital expenditures (the “Capital Expenditure Reserve Account”) into which Managing Member shall pay monthly amounts equal to three percent (3%) of the Company’s earnings before interest, depreciation and amortization accrued during the preceding calendar month, as calculated by Managing Member pursuant to generally accepted principles of accounting in the gaming industry. The Capital Expenditure Reserve Account shall be used exclusively for the replacement of capital equipment and for improvements to, renovations of or enhancements to the Facility in accordance with Managing Member’s business judgement, above and beyond any capital expenditure items contained in the annual Capital Expenditure Budget approved by the Members as set forth in Section 7.11 hereof. The funds for the Capital Expenditures Reserve Account shall be deposited into a bank account in accordance with the terms of Section 7.7 hereof. The signature of an authorized representative of Managing Member shall be the only signature required to make withdrawals (by check or otherwise) from such account, provided that the monies withdrawn are to be used only for the purposes set forth herein. Notwithstanding the first sentence of this Section 7.10, the Members acknowledge and agree that from and after the opening of the Facility, Managing Member shall have the right, but not the obligation, to fund the Capital Expenditure Reserve Account with cash, but the lack of funding shall not affect the calculation of the amount of the Capital Expenditure Reserve Account, No Member shall have any obligation to make a capital contribution to the Company to fund the Capital Expenditure Reserve Account.”
