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 5.14, 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 a. Subject to the terms and conditions of this Agreement, the MHCRC shall pay annually to the Grantee, at a minimum, $916,146 for FY 2023-24 and for each additional fiscal year of this Agreement, an amount equal to the preceding fiscal year plus a percentage increase based on the Consumer Price Index for Urban Wage Earners and Clerical Workers for the West Region, Size A. The MHCRC may provide capital funding in addition to the minimum annual amount, to support demonstrated community needs, subject to review by the MHCRC of the Grantee's capital budget, the Jurisdictions' approval of the MHCRC's annual budget, and Xxxxxxx's adherence to this Agreement.
Capital Funds. (a) The Landlord shall establish a fund to be used for the sole purpose of paying for the cost of replacements to the Physical Plant (“Landlord Capital Fund”). The Landlord shall have sole signing authority on the Landlord Capital Fund and shall be responsible for managing the Landlord Capital Fund.
Capital Funds. 1.1 The City Council will contribute up to a maximum of £124,800 towards the development of a pavilion.
Capital Funds. If a simple majority of Shareholders decide, through a special vote, that the Corporation may require additional funds to meet any obligations of creditors or to continue to maintain the corporate business, Shareholders may choose, through a 2/3 majority vote, whether to issue an interest-free loan to the Corporation on a pro rata basis or whether to grant the Corporation the ability to issue new shares, which the existing Shareholders will then purchase.
Capital Funds. 1.1 The City Council can contribute up to £124,800. No other funds are available.
Capital Funds. (Clause 1.1): [Insert the total amount of the capital funding].
Capital Funds. Capital Funds" shall mean Shareholders' Equity plus Long Term Debt less undistributed Net Income of the Trust.
