Capital Improvement Reserve. A. Manager shall establish (on behalf of Landlord), in respect of each Fiscal Year during the term of this Agreement, a reserve account on each Hotel’s books of account (“Capital Improvement Reserve”) to cover the cost of:
1. Replacements and renewals to the Premises’ FF&E; and
2. Certain non-routine repairs and maintenance to the Hotel’s building(s) which are normally capitalized under GAAP such as, but not limited to, exterior and interior repainting, resurfacing, building walls, floors, roofs and parking areas, and replacing folding walls and the like, and major repairs, alterations, improvements, renewals or replacement to the Hotel’s building structure or to its mechanical, electrical, heating, ventilating, air conditioning, plumbing or vertical transportation systems.
B. For each Fiscal Year, the Capital Improvement Reserve shall be an amount equal to four percent (4%) of the Hotel’s Gross Revenues for the applicable year (or greater if required by any Landlord, Holder or Franchisor), or in such other amount as agreed to by Landlord, Lessee and Manager. Payments of the percentage amounts specified above shall be made on an interim accounting basis as specified in Section 11.02 hereof. Calculations and payments from the Capital Improvement Reserve made with respect to each Accounting Period shall be accounted for cumulatively for each Fiscal Year. After the close of each Fiscal Year, any adjustments required by the Fiscal Year accounting shall be made by Manager. Any proceeds from the sale of the Premises’ FF&E no longer necessary to the operations of the Premises shall also be credited to the Capital Improvement Reserve. All payments from the Capital Improvement Reserve shall be reserved and paid from Gross Revenues. Such payments and sale proceeds shall be placed in an escrow account or accounts consistent with the requirements of the Cash Management Agreements, if any. Any interest earned in said account attributable to funds deposited pursuant to this Agreement shall be added to such Capital Improvement Reserve, thereby reducing the amount required to be placed in the account from Gross Revenues.
C. Manager shall, in accordance with and subject to the Capital Improvement Budget described in Section 8.02E, from time to time make such substitutions and replacements of or renewals to FF&E and non-routine repairs and maintenance as described in Section 8.01 as it deems necessary to maintain the Hotel as required by this Agreement. Except as hereinafte...
Capital Improvement Reserve. Borrower shall establish a Capital Improvement Reserve ("Improvement Reserve") with Lender and shall pay into such reserve annual payments of $26,152 each year that the Obligations are outstanding, which shall be deposited into the Improvement Reserve monthly in equal installments of $2,179.33, at the time and place designated for payments of principal and interest as set forth in Section 3.5(a). Amounts in the Improvement Reserve may be commingled with Lender's other funds. If no Default or Event of Default then exists, Lender shall release funds from the Improvement Reserve (not more frequently than monthly) sufficient to pay the costs of repairs and replacements to the Premises, including furniture, fixtures and equipment reasonably deemed by Borrower to be necessary or desirable to the operation of the Premises; provided that Borrower first delivers a written request for such funds to Lender, which shall itemize the anticipated expenditures in reasonable detail. Lender's consent to such disbursement requests will not be unreasonably withheld. Borrower shall use all funds released from the Improvement Reserve solely for the purposes described in such request for funds. Lender may, at its sole option, make disbursements from the Improvement Reserve directly to the applicable vendor, contractor or other person or entity whom Lender reasonably believes is entitled to payment. No interest shall be paid on account of any funds held in the Improvement Reserve. All monies at any time held by or deposited with Lender under this Agreement, including but not limited to the Improvement Reserve and any real estate tax reserve shall be held as cash collateral, as additional security for the Loan and the obligations of Borrower under the Loan Documents, in one or more closed accounts under the exclusive dominion and control of Lender. Borrower shall have no right of withdrawal from any such accounts. Borrower hereby grants Lender a first priority lien and security interest on such cash collateral and shall execute and deliver to Lender from time to time any and all security agreements, financing statements or other instruments necessary to create, perfect, continue or maintain Lender's lien and security interest in such cash collateral.
Capital Improvement Reserve. For any period and with respect to any improved Real Estate, an amount equal to (a) $ 0.30 multiplied by the Net Rentable Area in such Real Estate, multiplied by (b) a fraction, the numerator of which is the number of days in such period and the denominator of which is 365. If the term Capital Improvement Reserve is used without reference to any specific Real Estate, then the amount shall be determined on an aggregate basis with respect to all Real Estate of the Borrower, Guarantors and their Subsidiaries and a proportionate share of all Real Estate of all Unconsolidated Affiliates.
Capital Improvement Reserve. Fund Parties agree to take $250,000 in year 1 direct from the bonded capital to be set aside in a CRDA-managed account to go toward capital improvements as determined by the CRDA. Facility City and CRDA will ensure the Stadium and field are built to USL and "FIFA 2 Star" standards at the time of construction. Following completion of construction, the City and the CRDA (or other City Licensee) will ensure that the Stadium and the Field are maintained in accordance with "FIFA 2 Star" standards in effect on the date of the completion of construction during the time a License Agreement between the City and Licensee is in effect. In addition, the construction budget for the Stadium will provide for, among other things, a replacement of the field (with such replacement of the same or better quality) in accordance with manufacturer recommendations and industry standards.
Capital Improvement Reserve. Borrower shall continue to fund the reserve for capital improvements equal to four (4%) percent of gross revenues pursuant to the Management Agreement with Courtyard Management Corporation.
Capital Improvement Reserve. Borrower shall deposit the Capital Improvement Reserve funds designated for Capital Improvements to be held in Controlled Account with Bank. Bank will approve disbursements for Capital Improvements at the Borrower’s Land only.
Capital Improvement Reserve. If the report furnished to Landlord under Section 22.2(d) shows that Tenant failed during the applicable period to make the required Capital Expenditures (after taking into account any Overage Amount), Tenant shall at such time fund an account therefor with Landlord under the control of Landlord (the “Cap Ex Account”) in the amount of such shortfall. Provided that no uncured monetary Event of Default exists, 05191N:091419:828868:7:NASHVILLE Tenant shall have the right during the Term to request withdrawals from the Cap Ex Account from time to time solely for the purpose of seeking reimbursement for the cost of Tenant’s replacing, restoring and repairing the Property at the Facility or, if the cost of such item exceeds $25,000, making payment directly to the contractor or material supplier. The mere use of the funds in the Cap Ex Account shall not be evidence of Tenant’s compliance with its obligations under Section 7.1. To the extent not otherwise specifically provided for in this Section 7.2, the Cap Ex Account shall be governed by the Capital Improvement Reserve Agreement.
Capital Improvement Reserve. (a) Upon the creation of the Capital Improvement Reserve in accordance with the terms of this Agreement, Landlord shall invest the Capital Improvement Reserve in Permitted Cash Investments mutually acceptable to Landlord and Tenant. Tenant hereby grants to Landlord a security interest in the Capital Improvement Reserve as security 77 05191N:091419:828868:7:NASHVILLE for the payment and performance of all obligations Tenant owes to Landlord under the Lease. The Capital Improvement Reserve shall be established under the tax identification number of Tenant.
(b) Absent the occurrence and continuation of an Event of Default, any earnings on the Capital Improvement Reserve shall be paid not more frequently than quarterly or upon request of Tenant as long as no Event of Default exists to Tenant. During the continuation of an Event of Default, earnings on the Capital Improvement Reserve shall remain in and become a part of the Capital Improvement Reserve. Tenant shall be responsible for preparation and filing of all tax returns and payment of all income and other taxes imposed in connection with earnings on the Capital Improvement Reserve.
Capital Improvement Reserve. Annually through the Operating Term of this Agreement, the City shall allocate resources in Fund 536 to a reserve (the “Capital Improvement Reserve”) for City-approved Capital Improvement and Repairs. This allocation will only be made if there are sufficient uncommitted funds available in Fund 536 and there is no need to provide additional fiscal support for any of the following:
(i) Funding of anticipated operating deficits; T-26492.002\1086141 -33- 133\1100388.5
(ii) Expenditures for active capital improvement projects or emergency repairs;
(iii) Adequate Fund 536 unrestricted fund balance for cash flow and unforeseen circumstances; and
(iv) To the extent permissible, covering any debt service shortfall in the event that special tax revenues and the balance in the special tax revenue fund are insufficient to pay debt service obligations of the debt/bonds to support the Convention Center expansion.
Capital Improvement Reserve. On the Closing Date, Borrower shall pay to Agent an amount equal to the Capital Improvement Reserve Amount, which shall be escrowed with and held by Agent in a capital improvement reserve (“Capital Improvement Reserve”). So long as no Event of Default exists hereunder, the funds contained in the Capital Improvement Reserve shall be utilized to reimburse Borrower solely for capital improvements approved in advance by Agent in writing. Agent shall reimburse Borrower from the Capital Improvement Reserve for the actual cost of such approved capital improvements upon Borrower’s providing Agent with paid receipts, lien waivers and other documentation deemed reasonably necessary by Agent with minimum draws of $10,000.00 which shall occur no more frequently than twice per month.
