Capital Plans. The parties acknowledge and agree that in addition to expenditures made and actions taken pursuant to the Approved Budget, the Managing Member shall also be authorized to make expenditures and take actions set forth in the Capital Plan, and to the extent that the actual cost of any line-item exceeds the budgeted amount set forth in the Capital Plan, the Managing Member shall be authorized to take actions and cause expenditures to be made in an amount necessary to complete any line item set forth in the Capital Plan, in each instance without the approval of Xxxxxx and without same constituting an amendment to the Capital Plan. The Members acknowledge that on the date hereof, a reserve was established by the Managing Member in the amount of $58,152 to fund certain capital expenditures in accordance with the Capital Plan. The Capital Plan shall be updated every year subject to the approval of Xxxxxx not to be unreasonably withheld, except to the extent Xxxxxx’x consent is not required pursuant to the penultimate sentence of this Section 6.11, with any amounts set forth in the approved Capital Plan that are not incurred in a given year, deemed approved for any following year thereafter. If Xxxxxx objects to such revisions or amendments, Xxxxxx shall advise the Managing Member in writing of Xxxxxx’x specific objections within ten (10) Business Days after receipt thereof. Xxxxxx’x failure to respond to any submission within the aforementioned time periods shall be deemed approval of the revisions or amendment to the Capital Plans. If a Capital Plan is not approved (to the extent Xxxxxx’x approval is required) the then existing Capital Plan shall remain in effect for the following year. Notwithstanding the foregoing, Xxxxxx shall not have an approval right with respect to any revisions or amendments to the initial Capital Plan if such revisions or amendments to the initial Capital Plan are either (a) prepared in accordance with the same methodology used to develop the initial Capital Plan annexed to this Agreement or (b) otherwise consistent with the current methodology used by Xxxxx Properties, Inc. to prepare capital plans for the other assets in its portfolio (any such revision or amendment to the initial Capital Plan (a “Deemed Approval Amendment”). In the event of any Deemed Approval Amendment, the Managing Member may apply up to fifty percent (50%) of the available Net Cash Flow from Operations for the applicable Distribution Period towards the funding of c...
Capital Plans. The Lessee will provide the Lessor one, three and five year capital plans for the leased assets within ninety (90) days of the Commencement Date of the Lease and thereafter on the 15th of January annually.
Capital Plans. The District shall develop a five-year capital plan for each school building that will be provided to each member town by January 1. This plan shall include: capital item descriptions, estimated costs, and the projected useful life. For purposes of this Section VI.C.1, capital items shall be defined as costing $10,000 or greater.
Capital Plans. Not later than 30 days after the Original Effective Date, and each successive fifth anniversary thereafter, Manager shall prepare and deliver to Owner
Capital Plans. (a) Each party hereto acknowledges that the bylaws and capital plan, as applicable, of each Farm Credit Lender that is a Lender hereunder (as each may be amended from time to time) shall govern (i) the rights and obligations of the parties with respect to the Farm Credit Equities and any patronage refunds or other distributions made on account thereof or on account of the Borrower’s patronage with such Farm Credit Lender, (ii) the Borrower’s eligibility for patronage distributions from such Farm Credit Lender (in the form of Farm Credit Equities and cash) and (iii) patronage distributions, if any, in the event of a sale of a participation interest. Each Farm Credit Lender that is a Lender hereunder reserves the right to assign or sell participations in all or any part of its Commitments or outstanding Loans hereunder on a non-patronage basis, subject to the terms of this Agreement, including Section 11.06(b)(iii)(A).
Capital Plans
