Capital Improvement Account. The Company Accounts will include a Capital Improvement Account, as further described and governed by the terms set forth in Section 2 of the Permitted Capital Improvement Addendum attached hereto as Annex V (and references in the Transaction Documents to this Section 12.13 will be deemed to include such Section 2 of the Permitted Capital Improvement Addendum).
Capital Improvement Account. (a) Pursuant to the LLC Operating Agreement and the Custodial and Paying Agency Agreement, the Company has established the Capital Improvement Account to be maintained with the Paying Agent, for the purposes of holding the Capital Improvement Fund and funding Permitted Capital Improvement Expenses. Except as otherwise directed by the Manager, the Servicer will not cause (and will ensure that no Subservicer causes) funds from any other source (other than interest or earnings on the amount held therein) to be commingled in the Capital Improvement Account (it being understood that deposits into such Capital Improvement Account must be made only pursuant to the Custodial and Paying Agency Agreement, the LLC Operating Agreement and the Private Owner Interest Sale Agreement, as applicable).
Capital Improvement Account. The sub-account within the Trust that is primarily used to finance anticipated and periodic capital expenditures for the Treatment Systems.
Capital Improvement Account a. [Operator] shall establish within the Trust a sub-account designated as the Capital Improvement Account. Assets of the Capital Improvement Account may be commingled with assets of the Primary Trust Account for purposes of investment, but must be accounted for and reported separately as if they are assets of a separate and distinct fund.
Capital Improvement Account. Each Lease Year, LESSEE shall deposit a sum equal to seventy percent (70%) of the Gross Receipts collected between three hundred thousand ($300,000) and five hundred thirty thousand dollars ($530,000) to a separate account (the “Capital Improvement Account”) to be established by and in the name of the LESSEE for the purposes of funding capital improvements, repairs and replacements at the Villa Chanticleer (not just the Villa Property), and replacement of equipment at the Villa Property and the Villa Annex as provided in Section 2.08(A), above. At the end of the first Lease Year in which there are Gross Receipts which exceed $300,000, LESSEE shall provide CITY with proof of the establishment of such account and of the deposit of the required sum to such account. The funds in the Capital Improvement Account shall only be used by the LESSEE to fund replacement of equipment at the Villa Property and the Villa Annex and to make those capital improvements repairs and replacements at the Villa Chanticleer preapproved by the CITY (an “Authorized Expenditure”). Funds in the Capital Improvement Account may also be used to reimburse LESSEE for XXXXXX’s costs, including loan proceeds, which it has obtained preapproval for from the CITY and paid toward Authorized Expenditures prior to there being sufficient funds in the Capital Improvement Account for payment of such Authorized Expenditures. Funds in the Capital Improvement Account may also be used by the CITY, at its sole discretion, to replace equipment at the Villa Annex and to make capital improvements, repairs and replacements at the Villa Chanticleer and to reimburse CITY for CITY’s cost of making capital improvements, repairs and replacements at the Villa Chanticleer which work was effected after commencement of this Lease term but prior to there being sufficient funds in the Capital Improvement Account to pay for such expenditures.
Capital Improvement Account. On or before Xxxxx 0, 0000 Xxxxxx shall fund --------------------------- the Capital Improvement Account in the amount of $20,833, and on or before March 5 of each subsequent Fiscal Year of the Term, Tenant shall fund the Capital Improvement Account in the amount of $125,000 for such Fiscal Year. Tenant hereby grants to Landlord a security interest in the Capital Improvement Account. Tenant shall keep the Capital Improvement Account and all funds therein separate from Tenant's other accounts and funds. Tenant, Landlord and AGC shall enter into a separate agreement among themselves and the depository bank to effectuate such security interest which agreement shall specify, among other things, that no withdrawals can be made from such account without the signatures of one representative of Landlord, one representative of Tenant and one representative of AGC. Tenant shall upon Landlord's prior written consent, execute such other documents and instruments (such as UCC-1) as are necessary or appropriate to reflect or perfect Landlord's security interest. AGC may submit an annual detailed budget for capital improvements (collectively, "Capital AGC Expenditures") ------------------------ it proposes to make to the Leased Property, which budget will be subject to approval by Landlord and Tenant not to be unreasonably withheld or delayed (the "Approved Cap Ex Budget"). The Approved Cap Ex Budget shall set forth ---------------------- maximum line item allowances for each project category within the Approved Cap Ex Budget (each, a "Line Item Allowance"). AGC may use funds from the ------------------- Capital Improvement Account only to fund Capital Expenditures to the Facility. AGC may withdraw funds from Capital Improvement Account only: (i) to the extent consistent with the Approved Cap Ex Budget and within 110% of the amount specified in each Line Item Allowance or (ii) as otherwise approved in writing by Landlord and Tenant, which approval shall not to be unreasonably withheld or delayed. Tenant may not withhold approval of any Approved Cap Ex Budget or any proposed expenditure from the Capital Improvement Account on the sole basis that any amount so budgeted or proposed to be expended will not improve the financial performance of the Facility. All amounts in the Capital Improvement
Capital Improvement Account. The General Partner shall establish a deposit account into which the General Partner will deposit a portion of the cash receipts of the Partnership from time to time to establish a reasonable reserve from which to fund capital improvements that may be required for the Commercial Properties. The amount of such reserve deposits relating to the Commercial Properties at the US Resorts will be settled annually in the Annual Plan and the amount thereof relating to the Commercial Properties at the Canadian Resorts will be settled annually in a consolidated annual plan with respect to such Commercial Properties approved by CNL LP and Intrawest, which Approval will not be unreasonably withheld (and for such purpose, any consolidated annual plan with respect to the Commercial Properties at the Canadian Resorts prepared by an Intrawest Manager will be deemed approved by Intrawest and any such plan approved by the Trust will be deemed approved by CNL LP), provided that such amounts shall, at a minimum, be as follows: 1% of budgeted gross Partnership lease revenues (“GPLR”) for each of the Fiscal Year beginning January 1, 2005 and the Fiscal Year beginning January 1, 2006, 2% of GPLR for each of the Fiscal Year beginning January 1, 2007 and the Fiscal Year beginning January 1, 2008, and 3% of GPLR for each Fiscal Year thereafter. To the extent that such reserve relates to the Commercial Properties at the Canadian Resorts, the Partnership will distribute any amount required by the Trust to fund capital improvements or reserves for capital improvements to the Partners in proportion to their Partnership Interests, subject to the commitment of the Partners to lend such amount, or cause an equal amount to be loaned, to the Trust for such purposes. CNL VILLAGE RETAIL PARTNERSHIP, LP 60 Amended and Restated Limited Partnership Agreement v2
