Capital Fund. In this Clause —
Capital Fund. The Provider will establish a Capital Fund for capital repairs and replacements to the Development in accordance with the Capital Plan.
a. BC Housing will approve an annual contribution towards the Capital Fund as outlined in the Operating Budget. This contribution is subject to BC Housing’s maximum provisions and is not intended to fully fund the Capital Plan. BC Housing will work with the Provider
b. Within two (2) years of the Commencement Date the Provider will prepare a Capital Plan and submit it to BC Housing for review, in a format acceptable to BC Housing. The Provider will submit an updated Capital Plan to BC Housing at least every five (5) years.
Capital Fund. The Provider will create a Capital Fund to fund capital repairs and replacements to the Development in accordance with the Capital Plan approved by BC Housing. Prior to the Commencement Date, the Provider will:
a. prepare a Capital Plan and submit it to BC Housing for approval; and
b. will establish a monthly Capital Fund contribution amount and obtain BC Housing’s approval for that contribution amount.
Capital Fund. Tenant shall establish a segregated (bank account) capital fund dedicated specifically in an amount determined by Tenant in its sole discretion to fund deferred maintenance or capital improvements within the Campus (the “Capital Fund”); provided that the existence of such Capital Fund shall not reduce Commission’s or Landlord’s obligation with respect to deferred maintenance or capital improvements under this Lease. The Capital Fund may be used solely for the replacement, repair, and restoration of lease facilities, landscaping, and site improvements, including without limitation, emergency repairs; exterior and interior painting; electrical, plumbing, and mechanical systems replacement and repair.
Capital Fund. Tenant shall establish a segregated (bank account) capital fund dedicated specifically in an amount determined by Tenant in its sole discretion to fund deferred maintenance or capital improvements within the Campus (the “Capital Fund”); provided that the existence of such Capital Fund shall not reduce Commission’s obligation with respect to deterred maintenance or capital improvements under this Lease. The Capital Fund may be used solely for the replacement, repair, and restoration of Buildings, landscaping, site improvements, and infrastructure within the Campus, including without limitation, emergency repairs; roof and boiler replacement; exterior and interior painting; electrical, plumbing, and mechanical systems replacement and repair; road and parking improvements; and site and drainage improvements.
Capital Fund. Bedminster Township shall establish by Ordinance a Capital Fund which shall be used to defray the capital costs incurred by Bedminster with respect to capital upkeep of the Shared Municipal Court. The maximum amount to be maintained in this fund is $10,000.00, which shall be divided among the four municipalities based on the same percentages as identified in Article I(G), III and Exhibit A. The Shared Municipal Court Advisory Committee (“SMCSAC”) shall make recommendations regarding necessary capital expenditures. At the end of each year, SMCSAC shall perform a “true up” of the capital fund. A determination shall be made of payments to be made by Bedminster and Peapack and Gladstone and Bernardsville if necessary to replenish the Capital Fund to $10,000.00.
Capital Fund. The purpose of the capital fund is to permit planned refreshment of the sites for which the Jersey Heritage Trust is responsible to ensure that the work of the Trust is sustainable. The absence of such funding and the ongoing problems which it creates are noted in all 3 reports. The value of the fund is based on an assessment made by Locum Consulting based on 10% of the cost of the displays at the sites for which the Trust is responsible, excluding Hamptonne. This figure is calculated at £465,000 per annum. This table sets out some of the principal recommendations of the reports undertaken on the Jersey Heritage Trust in the past 6 months. C&AG Report BDO Alto Report Locum Report MLA Comments The States must decide the level of activity it wishes to support It is critical for States to determine what services or sites it wishes to support and protect in order to agree a sustainable strategy ESC and the States needs to consider the level of services they wish to support A service level agreement should make clear what JHT delivers in return for government investment The Trust requires an operating grant based on that level, a maintenance grant and capital support to invest in sites On the basis of current provision, there is an annual deficit in the Trust’s finances with no means to make it good JHT is performing relatively well in attracting visitors from a limited market and in generating income from its operations Attention should be given to developing a clear understanding of the outcomes and benefits expected The present level of grant will not sustain the current level of activity If there is no change to current level of grant, JHT will have to manage decline in activities and lack of funding for capital; consequently, there will be short- and medium-term site and activity closures A target of between £50,000 and £100,000 additional income could reasonably be set, including a review of free admissions policy but only if the current offering of sites is maintained A robust and sustainable business model including a fair realistic expectation of income generation must be developed Support to the Trust should be conditional on suitable arrangements being made for the management of its activities, governance arrangements, stakeholder relationships and financial planning The purpose of the current grant is not sufficiently specifically set out; financial and non- financial reporting by the Trust needs to be improved Any additional income will be insuffic...
Capital Fund. 6.6.1 The Parties acknowledge that all Qualified Tickets for Licensee Events are subject to the Capital Fund Ticket Fee pursuant to, and in accordance with, the Arena Agreement. The Capital Fund containing all Capital Fund Ticket Fees shall be held and disbursed in accordance with the terms and conditions of the Arena Agreement as a non- exclusive source of payment for the costs and expenses incurred by the Licensor in connection with Additions and Capital Repairs.
6.6.2 To the extent the Licensee receives payments for Qualified Tickets, on the second to last Business Day of each calendar month, the Licensee shall remit to the Licensor an amount equal to the Capital Fund Ticket Fee in respect of such payments so received by the Licensee, and the Licensor shall promptly remit such amount to the City.
6.6.3 Upon the expiration or earlier termination of this Agreement, the Licensor shall promptly distribute to the Licensee an amount equal to the product of (a) all amounts remaining in the Capital Fund that are retained by, or distributed to, the Licensor pursuant to the Arena Agreement multiplied by (b) a fraction, the numerator of which is the aggregate Capital Fund Ticket Fee deposited into the Capital Fund in respect of Qualified Tickets for Licensee Events and the denominator of which is the aggregate Capital Fund Ticket Fee deposited into the Capital Fund in respect of Qualified Tickets for all Events, in each case during the Term (other than the last Operating Year).
Capital Fund. Annual contributions are made by the Club to a Capital Fund for all Major Maintenance and Capital Improvements. Contributions are based on 5% of all gross ticket revenues. The fund amount is not to exceed $5 M. Section 7.2, pages 33-35.
Capital Fund. (A) No later than the Leasehold Commencement Date, ArenaCo shall cause to be established (and thereafter shall maintain) a separate, interest‐ bearing account in ArenaCo's name at a bank or other institution reasonably acceptable to the City (such account, the "Capital Fund"); provided, however, that if any Leasehold Mortgagee requires the amounts in the Capital Fund to be deposited in an account with an entity approved by such Leasehold Mortgagee (including if such Capital Fund is to be held by such Leasehold Mortgagee), then ArenaCo shall have the right to comply with such Leasehold Mortgagee's requirements and, during any period that ArenaCo is so complying with such Leasehold Mortgage requirements, ArenaCo shall be deemed to be in compliance with the foregoing provisions of this Section 4.3(A).
(B) The sole purpose of the Capital Fund is to accumulate and segregate funds to provide a non‐exclusive source of payment for, and ArenaCo shall have the right to draw funds from the Capital Fund from time to time to pay for the costs and expenses incurred by ArenaCo solely in connection with, Additions and Capital Repairs that ArenaCo makes in accordance with Section 4.3(G) or 4.3(H) or to reimburse ArenaCo for such costs and expenses in accordance with Section 4.4(D). The funds in the Capital Fund may not be used for any other purpose (except to the extent distributions are made upon the expiration or earlier termination of this Agreement as expressly provided for in this Section 4.4). At the time ArenaCo opens the Capital Fund, the City, ArenaCo, and the institution maintaining the Capital Fund (including a Leasehold Mortgagee if such Leasehold Mortgagee is maintaining the Capital Fund as permitted under Section 4.4(A)) shall enter into an industry‐standard escrow agreement or similar agreement setting forth the specific terms and conditions, consistent with the terms and conditions of this Agreement, under which the funds in the Capital Fund may be released. Notwithstanding anything to the contrary contained in this Agreement, or in any Leasehold Mortgage, any security interest of a Leasehold Mortgagee in the Capital Fund (whether or not such Capital Fund is maintained by such Leasehold Mortgagee) shall be subject to the restrictions on such funds as contained in this Section 4.4 and the terms of the applicable escrow agreement for the Capital Fund. If any Leasehold Mortgagee maintains the Capital Fund as permitted under Section 4.4(A), such Leasehold Mortg...
