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:
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. 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. 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. 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. 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. 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. 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. 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 5149360.3 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.
