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. 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. Contemporaneously with the execution hereof, Borrower has established with Lender a reserve for the payment of the costs and expenses of the Capital Improvement Work, in accordance with the budgeted capital expenditures to the Property and in all cases as permitted under this Agreement and the other Loan Documents and as specified in the Capital Improvement Budget attached hereto as part of Exhibit C (the “Capital Improvement Reserve”). Amounts in the Capital Improvement Reserve shall be made available on the terms and conditions contained herein (including the conditions contained in Section 3.1.2 hereof). Lender shall have no obligation to release any portion of the Capital Improvement Reserve during any period that a Default or an Event of Default exists and is continuing. Borrower shall fund and maintain the Capital Improvement Reserve by delivering to Lender on the first Payment Date (as defined in the Note) and on each Payment Date through and including July 1, 2015, a deposit into the Capital Improvement Reserve equal to Five Hundred Eighty Thousand and No/Dollars ($580,000.00) per month (the “Mandatory Deposits”) (which funds shall not have been generated from the operation of the Property). So long as no Default or Event of Default hereunder or under the other Loan Documents has occurred and is continuing, all sums in the Capital Improvement Reserve and disbursed to Borrower (pursuant to the terms hereof, including Section 3.1) shall be held by Lender in the Capital Improvement Reserve for the payment of the costs and expenses set forth on the Capital Improvement Budget. In addition, Borrower shall deposit all excess Gross Operating Income from the Property after payment of the items set forth in Section 2.6(i) through (vi) into the Capital Improvement Reserve (the “Excess Cash Flow Deposits”); provided, however, that except as set forth in Section 9.12 below, such Excess Cash Flow Deposits shall no longer be required after (i) Borrower deposits Two Million Dollars ($2,000,000) (exclusive of the Mandatory Deposits) from Borrower’s funds (which funds shall not have been generated from the operation of the Property) into the Capital Improvement Reserve, it being acknowledged and agreed that such Two Million Dollars ($2,000,000.00) may be, and are intended to be, funded by the loan proceeds of that certain loan to be made by Lender to an affiliate of Borrower in the original principal amount of Thirty Million Dollars ($30,000,000.00) as more specific...
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. With respect to an Unencumbered Operating Property or any other improved Real Estate, a reserve in the amount of ten cents ($0.10) per annum multiplied by the average Net Rentable Area contained therein.
Capital Improvement Reserve. Additional Loan proceeds in the amount of $683,623.68 shall be deposited into an escrow account with Lender, to be held and disbursed in accordance with the terms and conditions of the Reserve Agreement.
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 the 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.
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.
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.