Capital Maintenance Fund Sample Clauses

Capital Maintenance Fund. (a) Subject to SECTION 3.7, Developer shall establish or cause to be established a reserve for capital replacements and/or enhancements to be funded in accordance with EXHIBIT 7.7(a) (the "Capital Maintenance Fund"). The Capital Maintenance Fund shall be established as a segregated account as an assurance fund to guarantee necessary capital replacements and shall be utilized first for any necessary capital replacements to the Development. Any amounts remaining in the Capital Maintenance Fund at the close of each Fiscal Year shall be carried forward and shall be retained for use in subsequent Fiscal Years. If the amount in the Capital Maintenance Fund is insufficient at the time the funds are planned for expenditure as otherwise provided in subparagraph (b), Developer shall supply or cause to be supplied such shortfall in order to complete the capital expenditure. If an amount in excess of the Capital Maintenance Fund is expended in any Fiscal Year it shall be credited to the Developer's obligation to fund the Capital Maintenance Fund in future Fiscal Years or to cure a shortfall in any prior Fiscal Year, as directed by Developer, provided that no cure shall be permitted if, prior to such cure, City has delivered written notice of default to Developer for failure to meet its obligations under this SECTION 7.7. The obligations of Developer under this SECTION 7.7(a) shall lapse and be of no further force or effect seven (7) years after the Execution Date. (b) Developer shall make all capital expenditures necessary to maintain the Casino Complex up to First Class Casino Complex Standards regardless of the amounts in the Capital Maintenance Fund. In the event City determines in good faith that such standard is not being maintained, City shall provide Developer with written notice thereof.
Sample 1
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Capital Maintenance Fund. The City shall establish a maintenance fund (the “Capital Maintenance Fund”) for the long-term maintenance needs of the Venue to maintain the Venue in proper repair and condition. The primary purpose of the Capital Maintenance Fund shall be to assure that the Venue remains a first-class minor league facility compliant with MLB Facility Standards and an asset to Madison and the surrounding community. The City shall deposit annually a sum not less than Three Hundred Thousand Dollars ($300,000) (the “Maintenance Contribution”) into the Capital Maintenance Fund. Under the recommendation of the Board of Advisors, such Capital Maintenance Fund shall be used for the City Maintenance Obligations or other capital improvements. In 2025, the City and BallCorps shall promptly develop a long-term Capital Maintenance Schedule (the “Capital Maintenance Schedule”) based on the maintenance plan prepared and developed by the Venue architect, Populous. The Board of Advisors and the City shall review and not unreasonably withhold, condition or delay its approval of an annual maintenance budget covering City Maintenance Obligations (the “Annual Maintenance Budget”) to be recommended by BallCorps in consultation with the Board of Advisors each year in accordance with the timing and procedures to be mutually agreed in good faith between BallCorps and the City. The Annual Maintenance Budget shall be developed using (but not controlled by) the Capital Maintenance Schedule, but may be altered with consent of both BallCorps and the City Council. During any calendar year in which the City’s Capital Maintenance Fund balance reaches or exceeds One Million Two Hundred Thousand Dollars ($1,200,000)5, such excess may, in the sole discretion of the City, be applied to the City’s Maintenance Obligations, the City’s Venue operating expenses, or such other Venue Area capital improvements as the City deems appropriate.
Sample 1
Capital Maintenance Fund. (a) Subject to Section 3.7, Developer shall establish or cause to be established a reserve for capital replacements and/or enhancements to be funded in accordance with Exhibit 7.7(a) (the "Capital Maintenance Fund"). The Capital Maintenance Fund shall be established as a segregated account as an assurance fund to guarantee necessary capital replacements and shall be utilized first for any necessary capital replacements to the Development. Any amounts remaining in the Capital Maintenance Fund at the close of each Fiscal Year shall be carried forward and shall be retained for use in subsequent Fiscal Years. If the amount in the Capital Maintenance Fund is insufficient at the time the funds are planned for expenditure as otherwise provided in subparagraph (b), Developer shall supply or cause to be supplied such shortfall in order to complete the capital expenditure. If an amount in excess of the Capital Maintenance Fund is expended in any Fiscal Year it shall be credited to the Developer s obligation to fund the Capital Maintenance Fund in future Fiscal Years or to cure a shortfall in any prior Fiscal Year, as directed by Developer, provided that no cure shall be permitted if, prior to such cure, City has delivered written notice of default to Developer for failure to meet its obligations under this Section 7.7. (b) Developer shall make all capital expenditures necessary to maintain the Casino Complex up to First Class Casino Complex Standards regardless of the amounts in the Capital Maintenance Fund. In the event City determines in good faith that such standard is not being maintained, City shall provide Developer with written notice thereof.
Sample 1
Capital Maintenance Fund 
Sample 1

Related to Capital Maintenance Fund

  • Emergency Maintenance LightEdge reserves the right to perform emergency Service maintenance as needed outside the Scheduled Maintenance window, in which case LightEdge will make a reasonable effort to notify the Customer if feasible under the circumstances. Any such maintenance will be considered an “Emergency Maintenance”. All Service SLAs will apply during Emergency Maintenance.

  • Operating and Maintenance Expenses Subject to the provisions herein addressing the use of facilities by others, and except for operations and maintenance expenses associated with modifications made for providing interconnection or transmission service to a third party and such third party pays for such expenses, Developer shall be responsible for all reasonable expenses including overheads, associated with: (1) owning, operating, maintaining, repairing, and replacing Developer’s Attachment Facilities; and (2) operation, maintenance, repair and replacement of Connecting Transmission Owner’s Attachment Facilities. The Connecting Transmission Owner shall be entitled to the recovery of incremental operating and maintenance expenses that it incurs associated with System Upgrade Facilities and System Deliverability Upgrades if and to the extent provided for under Attachment S to the ISO OATT.

  • Record Maintenance and Retention A. Grantee shall keep and maintain under GAAP or GASB, as applicable, full, true, and complete records necessary to fully disclose to the System Agency, the Texas State Auditor’s Office, the United States Government, and their authorized representatives all information required to determine compliance with the terms and conditions of this Grant Agreement and all state and federal rules, regulations, and statutes. Grantee shall ensure these same requirements are included in all subcontracts. B. Grantee shall maintain and retain legible copies of this Grant Agreement and all records relating to the performance of the Grant Agreement, including supporting fiscal documents adequate to ensure that claims for grant funds are in accordance with applicable State of Texas requirements. These records shall be maintained and retained by the Grantee for a minimum of seven (7) years after the Grant Agreement expiration date or seven (7) years after all audits, claims, litigation, or disputes involving the Grant Agreement are resolved, whichever is later. Grantee shall ensure these same requirements are included in all subcontracts.

  • Operation and Maintenance 17.1 O&M obligations of the Concessionaire 17.1.1 During the Operation Period, the Concessionaire shall operate and maintain the Bus Terminal in accordance with this Agreement either by itself, or through the O&M Contractor and if required, modify, repair or otherwise make improvements to the Bus Terminal to comply with the provisions of this Agreement, Applicable Laws and Applicable Permits, and conform to Specifications and Standards and Good Industry Practice. The obligations of the Concessionaire hereunder shall include: (a) permitting safe, smooth and uninterrupted flow of traffic on the Bus Terminal during normal operating conditions. Buses of other state road transport corporations shall be parked inside the Bus Terminal for which no charges shall be payable to the Concessionaire and if any charges are applicable for such parking then it shall be realized by Authority only; (b) minimising incidents affecting the safety and use of the Bus Terminal by providing a rapid and effective response and maintaining liaison with emergency services of the State; (c) carrying out periodic preventive maintenance of the Bus Terminal; (d) undertaking routine maintenance including prompt repairs of ticket counters, Workshops, Authority's Office and other infrastructure as mentioned in the Operation and Maintenance Schedule; (e) undertaking major maintenance such as per the Maintenance Schedule of the major infrastructure in the Bus Terminal; (f) preventing, with the assistance of the concerned law enforcement agencies, any encroachments on the Bus Terminal; (g) protection of the environment and provision of equipment and materials therefor; (h) operation and maintenance of all communication, control and administrative systems necessary for the efficient operation of the Bus Terminal; (i) maintaining a public relations unit to interface with and attend to suggestions from the Users, passengers, government agencies, media and other agencies; (j) complying with Safety Requirements in accordance with Article 18; (k) operation and maintenance of all Project Assets diligently and efficiently and in accordance with Good Industry Practice; (l) maintaining punctuality and reliability in operating the Bus Terminal; and (m) maintaining a high standard of cleanliness and hygiene in the Bus Terminal. 17.1.2 The Concessionaire shall remove promptly from the Bus Terminal all surplus construction machinery and materials, waste materials (including hazardous materials and waste water), rubbish and other debris (including, without limitation, accident debris) and keep the Bus Terminal in a clean, tidy and orderly condition,

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