Capital Funds. Owner shall expend such amounts for renovation programs, furnishings, equipment and ordinary Hotel capital replacement items as are required from time to time to (a) maintain the Hotel in good order and repair, (b) comply with the standards referred to in the License Agreement, and (c) comply with governmental regulations and orders. Owner shall cooperate fully with Manager in establishing appropriate procedures and timetables for Owner to undertake capital replacement projects. It is recognized that expenditures for capital replacements are incapable of precise calculation in advance. Therefore, five percent (5%) of Gross Revenues each year shall be paid over in cash in each calendar month after the Effective Date into a Reserve Fund (as hereinafter defined) to pay for capital replacements. In lieu of funding monthly into the Reserve Fund as contemplated above, Owner shall have the right, but not the obligation, to deposit into the Reserve Fund, on or about the commencement of each year, the full amount set forth in the Capital Budget. Manager shall establish a reserve for capital replacements on the books of account for the Hotel and the cash amounts required for such reserve shall be placed into an interest-bearing account (the "Reserve Fund") established in the Hotel's name at the bank at which the Bank Account(s) are established, with Manager's designees being the only authorized signatories on said account. All amounts on deposit in the Reserve Fund shall be Owner's. Any expenditures for capital replacements during any calendar year which have been included in an approved Capital Budget may be made without Owner's or Fee Owner's additional approval and, to the extent available, shall be made by Manager from the Reserve Fund (including accrued interest and unused accumulations from prior calendar years). Any amounts remaining in the Reserve Fund at the close of each calendar year shall be carried forward and retained in the Reserve Fund until fully used as herein provided. To the extent the Reserve Fund is insufficient at a particular time or to the extent the Reserve Fund plus anticipated contributions for the ensuing calendar year is less than the budgeted expenditures set forth in the approved Capital Budget for the ensuing calendar year then in either such event, Manager shall give Owner written notice thereof at least sixty (60) days before the anticipated date such funds will be needed. Owner shall supply the necessary funds by deposit to the Re...
Capital Funds. Subject to funds availability and the limitations of the approved Capital Budget, Owner shall expend such amounts for renovation programs, furnishings, equipment and ordinary Resort capital replacement items as are required from time to time to (a) maintain the Resort in good order and repair, (b) comply with the Required Standards, and (c) comply with governmental regulations and orders. Owner and Manager shall cooperate fully with each other in establishing appropriate procedures and timetables for Owner to undertake capital replacement projects.
Capital Funds. The Borrower shall at all ------------- times maintain Capital Funds in an amount equal to or in excess of $3,500,000. Although the Borrower shall be required at all times to comply with this Section 7.18, the Lender shall test the Borrower's compliance on a quarterly basis using the consolidated financial statements and other information provided by Borrower.
Capital Funds. 9 (e) Payments to Manager ......................................................... 10 (f) Lessee's Representative ..................................................... 10 (g) Lessee's Right of Inspection and Review ..................................... 11 (h) Quiet and Peaceable Operation ............................................... 11
Capital Funds. Lessee shall expend such amounts for renovation programs, furnishings, equipment and ordinary Hotel capital replacement items as are required from time to time to (i) maintain the Hotel in good order and repair; (ii) comply with the standards referred to in the License Agreement and (iii) comply with applicable governmental regulations and orders.
Capital Funds. The Lender shall have received a certificate signed by a Responsible Officer of the Borrower, certifying to the Lender that the Merger Company received paid-in cash Equity aggregating not less than Fifteen Million Dollars ($15,000,000), which Equity was paid to the Merger Company at such times, by such purchasers, and on such terms and conditions as shall have been disclosed to, and approved by, the Lender in writing on or before the Closing Date and in accordance with all applicable Laws. The Borrower shall have delivered such evidence of the Equity as may be requested by the Lender. The Lender must be satisfied that such Equity has been paid to the Merger Company on such terms and conditions as shall have been previously disclosed to, and approved by, the Lender.
Capital Funds. 49 ------------- 102
Capital Funds. 1.1 The City Council will contribute up to a maximum of £124,800 towards the development of a pavilion.
1.2 All other funding will be provided via the University of Lincoln or suitable grant applications or other external funding.
1.3 The University of Xxxxxxx will be responsible for all grants applications and funding.
1.4 The University of Xxxxxxx must bear the risk and underwrite any potential failures of funding bids critical to the project.
1.5 The University of Lincoln will appropriately manage all capital schemes for the site and be responsible for the planning approval, delivery, legislative requirements and H&S of capital works. The University of Xxxxxxx will be responsible for and underwrite any overspends on projects
1.6 The Council’s representative must approve designs for any assets to be constructed on the premises. Proposals will not be promoted for planning application without CLC officer agreement.
1.7 Any assets developed must reflect accurately agreed designs.
Capital Funds. 1.1 The City Council can contribute up to £124,800. No other funds are available.
1.2 All other funding must be provided via LU or suitable grant applications or other external funding.
1.3 LU will be responsible for all grants applications and funding.
1.4 LU must bear the risk and underwrite any potential failures of funding bids critical to the project.
1.5 LU will appropriately manage all capital schemes for the site and be responsible for the planning approval, delivery, legislative requirements and H&S of capital works.
1.6 The Council’s representative must approve designs for any assets to be constructed on the premises.
1.7 Any assets must reflect accurately agreed designs.
Capital Funds. Subject to the terms of the Capital Budget ------------- approved by the Lessee, Manager is directed by Lessee to utilize the Capital Expenditure Reserve (as defined in the Participating Lease) for renovation programs, furnishings, equipment and ordinary Hotel capital replacement items as are required from time to time (i) to maintain the Hotel in good order and repair; (ii) to comply with the standards referred to in the Franchise License Agreement; (iii) to comply with applicable governmental regulations and orders; and (iv) to comply with the Capital Budget, subject to the restrictions contained in the Participating Lease. Any expenditures for capital replacements during any calendar year which have been included in an approved Capital Budget may be made without Lessee's additional approval and shall be made by Manager from the Capital Expenditure Reserve. To the extent the Capital Expenditure Reserve is insufficient at a particular time or to the extent the Capital Expenditure Reserve plus anticipated contributions for the ensuing calendar year is less than budgeted expenditures in an approved Capital Budget for the ensuing calendar year, then in either such event, Manager shall give Lessee written notice thereof at least 45 days before the anticipated date such funds will be needed. Manager shall not dispose of any capital item or group of capital items having a value in excess of $10,000 without Lessee's prior written consent unless the disposal and replacement of such capital item or group of capital items has been contemplated in the applicable Capital Budget. To the extent that any expenditure under this Section 3.1 (e) shall exceed $20,000, Manager shall first solicit bids from at least three different reputable and qualified third parties and the lowest of the bidders shall be selected unless waiver of the bid process or acceptance of a higher bid has been approved by Lessee in writing. Manager shall maintain complete records of all capital expenditures with respect to the Hotel and shall provide the Lessee and its designees access to all such records at any time.
