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 Account”).
(b) On each Payment Date to the extent the amount contained in the Capital Expenditure Reserve Account is less than the Capital Expenditure Threshold Amount, there shall be deposited into the Capital Expenditure Reserve Account an amount equal to the Monthly Capital Expenditure Amount.
(c) Upon the request of Borrower at any time that no Event of Default is continuing (but not more often than twice per calendar month), Lender shall cause disbursements to Borrower from the Capital Expenditure Reserve Account to pay, or reimburse Borrower for, Capital Expenditures; provided that:
(i) Borrower shall deliver to Lender invoices evidencing that the costs for which such disbursements are requested are due and payable;
(ii) Borrower shall deliver to Lender an Officer’s Certificate confirming that all such costs have been previously paid by Borrower or will be paid from the proceeds of the requested disbursement and that no Event of Default is continuing; and
(iii) Lender may condition the making of a requested disbursement on (1) reasonable evidence establishing that Borrower has applied any amounts previously received by it in accordance with this Section for the expenses to which specific draws made hereunder relate and (2) with respect to disbursements for Capital Expenditures relating to any single capital improvement costing in excess of the $250,000 in the aggregate (whether disbursed in a lump sum or multiple installments), (A) reasonably satisfactory site inspections and (B) receipt of lien releases and waivers from any contractors, subcontractors and others with respect to such amounts. For the avoidance of doubt, Borrower may obtain multiple disbursements from the Capital Expenditure Reserve Account in respect of the same capital improvement projects at the Properties, provided that (i) the requirements of this Section 3.6(c) are otherwise satisfied in respect of each such disbursement and (ii) each such disbursement is requested by Borrower to reimburse it for Capital Expenditures that have not been previously reimbursed to Borrower pursuant to this Section 3.6(c).
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").
(b) On each Payment Date, there shall be deposited into the Capital Expenditure Reserve Account an amount equal to the Monthly Capital Expenditure Reserve Amount.
(c) Upon the request of Borrower at any time that no Event of Default is continuing (but not more often than once per calendar month), Lender shall cause disbursements to Borrower from the Capital Expenditure Reserve Account to reimburse Borrower for Capital Expenditures that are consistent with the Approved Annual Budget; provided that:
(i) Borrower shall deliver to Lender invoices evidencing that the costs for which such disbursements are requested are due and payable;
(ii) Borrower shall deliver to Lender an Officer's Certificate confirming that all such costs have been previously paid by Borrower or will be paid from the proceeds of the requested disbursement and that all conditions precedent to such disbursement required by the Loan Documents as specified in this Section 3.6 have been satisfied; and
(iii) Lender may condition the making of a requested disbursement on (1) reasonable evidence establishing that Borrower has applied any amounts previously received by it in accordance with this Section for the expenses to which specific draws made hereunder relate, (2) a reasonably satisfactory site inspection, and (3) receipt of lien releases and waivers from any contractors, subcontractors and others with respect to such amounts.
Capital Expenditure Reserve Account. A breach by Lessee of its obligation to fund and maintain the minimum required aggregate amounts in 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 periods contained in the Property Leases.
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”).
(b) Borrower shall either (x) deposit into the Capital Expenditure Reserve Account an amount equal to the Capital Expenditure Amount and/or (y) deliver to Lender a Qualified Letter of Credit in respect of the Capital Expenditure Amount; provided that the aggregate amounts deposited in the Capital Expenditure Reserve Account and any Qualified Letter of Credit delivered to Lender shall at all times equal the Capital Expenditure Amount. If a Mezzanine Lender acquires direct or indirect equity interests in Borrower through foreclosure or a transfer in lieu of foreclosure and Borrower has delivered to Lender a Qualified Letter of Credit in accordance with clause (y) of this Section 3.8(b), then Borrower shall promptly deposit into the Capital Expenditure Reserve Account the then applicable Capital Expenditure Amount (and if Borrower fails to do so, then Lender shall have the right to draw on the Qualified Letter of Credit and deposit the proceeds thereof into the Capital Expenditure Reserve Account).
(c) Borrower shall apply the applicable Allocated Capital Expenditure Amount toward Capital Expenditures with respect to the applicable Property, subject to (i) the right to have Unspent Allocated Capital Expenditure Amounts reallocated among items of Capital Expenditure for a Property pursuant to Section 3.8(f) or Section 5.17 or among Properties pursuant to Section 3.8(g) or Section 5.17, and (ii) the right to have Unspent Allocated Capital Expenditure Amounts disbursed in accordance with Sections 3.8(h) and (i). Upon the request of Borrower at any time that no Event of Default is continuing (but not more often than once per calendar month), Lender shall cause disbursements to Borrower from the Capital Expenditure Reserve Account to reimburse Borrower for reasonable costs and expenses incurred in performing Capital Expenditures (and/or, as applicable, shall permit the reduction of the amount of the Qualified Letter of Credit delivered to Lender, by the amount that would have been so disbursed), provided that
(i) Borrower shall deliver to Lender invoices evidencing that the costs for which such disbursements are requested are due and payable;
(ii) Borrower shall deliver to Lender an Officer’s Certificate confirming that all ...
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. 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.
23.7.2 The Borrower may pay into the Capital Expenditure Reserve Account pursuant to Clause 23.3(d)(viii) (Application of moneys on the Proceeds and Revenue Accounts) amounts that the Borrower plans to pay in respect of capital expenditure which may be withdrawn for the payment of such capital expenditure and shall be withdrawn to effect prepayments, in each case at the times and in the manner provided for in Clause 23.3 (Application of moneys on the Proceeds and Revenue Accounts).
Capital Expenditure Reserve Account. On or prior to the Closing Date, the Servicer will establish and maintain an account designated as the “Capital Expenditure Reserve Account” in the name and for the benefit of the Master Issuer. The Servicer will deposit the gross proceeds from Asset Dispositions to the Capital Expenditure Reserve Account within three (3) Business Days following receipt by or on behalf of the Securitization Entities. The Servicer may withdraw from the Capital Expenditure Reserve Account on any Business Day the portion of such gross proceeds representing taxes then known to be due and payable in connection with such Asset Disposition, transaction costs and other direct costs associated with the Asset Disposition. The Servicer will withdraw from the Capital Expenditure Reserve Account for deposit to the Collection Account by the next Accounting Date that portion of the gross proceeds, if any, that constitutes an Asset Disposition Prepayment Amount for deposit to the Collection Account for application to pay principal of the Notes in accordance with the Priority of Payments on the next Payment Date as described herein; provided, that prior to the Series 2007-1 Class A-2-I Initial Anticipated Repayment Date, such Asset Disposition Prepayment Amount may be retained on deposit in a segregated trust account unless the Co-Issuers elect to apply such proceeds to pay principal on each Payment Date following receipt. The Servicer may withdraw any remaining amount on deposit in the Capital Expenditure Reserve Account on any Business Day for reinvestment in the New U.S. Restaurant Business in accordance with Section 11.1(s). All Asset Disposition proceeds deposited to the Capital Expenditure Reserve Account will be withdrawn by the Servicer for deposit to the Concentration Account to the extent that the Servicer determines that such amounts will not be reinvested in the New U.S. Restaurant Business in the manner described in the preceding sentence and are not required to be applied as Asset Disposition Prepayment Amounts. The Servicer may direct that any Liquor License Related Indemnification Amount be deposited in the Capital Expenditure Reserve Account for a period not longer than six months following the Closing Date (such period, the “Liquor License Procural Period”) if at the time of payment of the Liquor License Related Indemnification Amount Xxxxxxxx’x International delivers written notice to each of the Indenture Trustee, the Servicer and each Insurer that, with respect to the ...
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.”
