Capital Improvements Account. (a) The Annual Plan shall include, without limitation, a Capital Improvement expenditure budget for the upcoming Fiscal Year with a forecast for the subsequent two (2) Fiscal Years.
Capital Improvements Account. From time to time, as required in accordance with approved Annual Plan, Owner will deposit into a distinct account opened in the name of the Owner (the “Capital Improvements Account”) such funds as may be required to fund Capital Improvements to the Operated Facilities. The Capital Improvements Account will be opened in the same bank as the Operating Account. Manager shall pay all expenditures for Capital Improvements from the Capital Improvements Account.
Capital Improvements Account. (a) The Borrower shall, from and after the Closing Date, cause the following amounts to be paid into the Capital Improvements Account:
Capital Improvements Account. From time to time, as required in accordance with approved Annual Plan, Head Lessee will cause the Owner to deposit into a distinct account opened in the name of the Head Lessee (the “Capital Improvements Account”) such funds as may be required to fund Capital Improvements. The Capital Improvements Account will be opened in the same bank as the Blue Mountain 24
Capital Improvements Account. On or before the Commencement Date, EDA shall establish the Capital Improvements Account, which shall be an interest-bearing account and shall be used solely for the funding of the Capital Improvements and Emergency Repairs as provided herein and paid as provided in Section 7.2. All interest earned on the Capital Improvements Account shall become a part of the Capital Improvements Account. Beginning on the date that is one (1) year after the Commencement Date (the “Deposit Date”), and continuing on every one (1) year anniversary of the Deposit Date for the first ten (10) Lease Years of the Term, EDA shall contribute or arrange for the deposit of not less than Five Hundred Thousand Dollars ($500,000.00) to the Capital Improvements Account. EDA shall use good faith efforts (which shall include regional cooperation and solicitation of contributions from neighboring counties) to increase the amount of such deposit following each of the first ten (10) Lease Years to One Million Dollars ($1,000,000). For the remaining twenty (20) Lease Years under the Term, continuing on every one (1) year anniversary of the Deposit Date, EDA shall contribute or arrange for the deposit of not less than One Million Dollars ($1,000,000.00) to the Capital Improvements Account; provided, however, that (i) EDA shall not be required to contribute more than Twenty Five Million Dollars ($25,000,000.00) total to the Capital Improvements Account over the Term, and (ii) if in a given year, EDA contributes more than the required minimum amount listed above to the Capital Improvements Account, it shall receive a credit against future amounts owed to such account in the amount of such excess contribution, and the timing of any such credit(s) shall be in EDA’s reasonable discretion.
