CAPITAL REPLACEMENT FUND. Solely from the payment of additional rent received pursuant to Section 4.9 of this Lease, Landlord shall be obligated to accrue the Capital Replacement Reserve. The Capital Replacement Reserve shall accrue quarterly based on the Officer's Certificate and shall be placed in the Capital Replacement Fund. Amounts in the Capital Replacement Fund from time to time shall be deemed to accrue interest at a money market rate as reasonably determined by Landlord and such interest shall be credited to the Capital Replacement Fund. Upon the written request by Tenant to Landlord stating the specific use to be made and subject to the reasonable approval of Landlord, the Capital Replacement Fund shall be made available to Tenant for Capital Expenditures; PROVIDED, HOWEVER, no portion of amounts credited to the Capital Replacement Fund shall be used to purchase property to the extent that doing so would cause Landlord to recognize income other than "rents from real property" as defined in Section 856(d) of the Code. Tenant shall have no rights with respect to any amounts in the Capital Replacement Fund except as provided herein. Subject to Landlord's approval of the Capital Expenditures, Landlord shall make available to Tenant amounts from the Capital Replacement Fund under the following conditions:
(a) No Event of Default exists and is continuing;
(b) Tenant presents paid qualifying receipts for reimbursement, or qualifying invoices for direct payment to the vendor;
(c) Such expenditures are included in the Capital Budget submitted to and approved by Landlord in accordance with Section 12.7; and
(d) If from time to time Tenant shall expend monies beyond the balance in the Capital Replacement Fund, then Tenant shall be afforded the opportunity to present such paid invoices for reimbursement at later dates when the Tenant's reserve balance shall be replenished to a level that can support such expenditure.
CAPITAL REPLACEMENT FUND. The Scheme Operator will establish the Capital Replacement Fund pursuant to the Act and will pay and hold the funds pursuant to the Act in an account entitled ‘The Lakes Residential Retirement Village Secured Capital Replacement Fund Account’.
CAPITAL REPLACEMENT FUND management of the Capital Replacement Fund established by Owner for the Casino, as more particularly provided in Articles 7.07 and 7.08;
CAPITAL REPLACEMENT FUND. 37 12.5 Rights in Tenant Improvements. . . . . . . . . . . . . . . . . . . .38 12.6 Landlord's Right to Audit Calculation of Gross Golf Revenue. . . . . . . . . . . . . . . . . . . . . . .38 12.7
CAPITAL REPLACEMENT FUND. To the extent that any conflict exists between any requirement or provision of the Management Agreement pertaining to the Capital Replacement Fund (as defined in the Management Agreement) and any requirement or provision of the Ground Lease regarding the Capital Replacement Fund, the Manager acknowledges that compliance with the terms of the Ground Lease will be deemed compliance with the Management Agreement for this purpose. For purposes of this Agreement, such a conflict shall be deemed to exist when (i) compliance with any requirement or provision of the Ground Lease would result in a default or breach of the Management Agreement or (ii) compliance with any requirement or provision of the Management Agreement would result in a default or breach of the Ground Lease.
CAPITAL REPLACEMENT FUND. Solely from the payment of additional rent received pursuant to Section 4.9 of this Lease, Landlord shall be obligated to accrue the Capital Replacement Reserve. The Capital Replacement Reserve shall accrue quarterly based on the Officer's Certificate and shall be placed in the Capital Replacement Fund. Amounts in the Capital Replacement Fund from time to time shall be deemed to accrue interest at a money market rate as reasonably determined by Landlord and such interest shall be credited to the Capital Replacement Fund. Upon the written request by Tenant to Landlord stating the specific use to be made and subject to the approval of Landlord, the Capital Replacement Fund shall be made available to Tenant for Capital Expenditures; PROVIDED, HOWEVER, no portion of amounts credited to the Capital Replacement Fund shall be used to purchase property to the extent that doing so would cause Landlord to recognize income other than "rents from real property" as defined in Section 856(d) of the Code. Tenant shall have no rights with respect to any amounts in the Capital Replacement Fund except as provided herein. Subject to Landlord's approval of the Capital Expenditures, Landlord shall make available to Tenant amounts from the Capital Replacement Fund under the following conditions:
CAPITAL REPLACEMENT FUND. 2 Capital Replacement Fund to Be Held Pursuant to the Terms of the Westin Management Agreement. . . . . . . . . . . . . 61
CAPITAL REPLACEMENT FUND. Manager shall have the responsibility to plan, account for and supervise all capital replacements and improvements to the Facility and related facilities or any portion thereof (collectively, “Capital Replacements”) that are contemplated in any Annual Budget. Manager shall establish a cash account for Capital Replacements on the books of account of the Facility and a separate interest-bearing account in Owner’s name (the “Capital Replacements Fund”) at a bank selected by Owner, with Manager’s designee being the only authorized signatories on such account. Commencing on the first day of the first (1st ) full calendar month after the Opening Date and continuing on the first day of each month thereafter during the Term, Manager shall deposit into the Capital Replacements Fund from Facility operations an amount equal to [****(****%)] percent of [*****] for the preceding month to pay for Capital Replacements. The funds in the Capital Replacements Fund shall be utilized first for any necessary repairs and replacements to the Facility, and FF&E and then for improvements. Any expenditures for Capital Replacements during any Fiscal Year shall be made in accordance with the applicable Annual Budget. To the extent available, expenditures shall be made by Manager from the Capital Replacements Fund (including accrued interest and unused accumulation from earlier years). Any amounts remaining in the Capital Replacements Fund at the close of each Fiscal Year shall be carried forward and retained in the Capital Replacements Fund until fully used in accordance with this Agreement. To the extent the Capital Replacements Fund is insufficient at the time the funds are planned for expenditure in accordance with an Annual Budget, Owner shall supply such shortfall of funds by making a deposit into the Capital Replacements Fund as soon as practicable but in no event later than thirty (30) days after receipt of notice from Manager. To the extent that amounts in the Capital Replacements Fund equal or exceed one hundred (100%) percent of the amount allocated therefor in the applicable Annual Budget at any time during a Fiscal Year (after taking into consideration Capital Replacements scheduled for such Fiscal Year which are in process or have not yet been undertaken), then, in such event, Manager shall make no further deposits into the Capital Replacements Fund during such Fiscal Year. All net proceeds from the disposition of capital items no longer needed for the operation of the F...
CAPITAL REPLACEMENT FUND. To the extent that any conflict exists between any requirement or provision of the Management Agreement pertaining to the Capital Replacement Fund and any requirement or provision of the Casino Lease regarding the Capital Replacement Fund, the Manager acknowledges that compliance with the terms of the Casino Lease will be deemed compliance with the Management Agreement for this purpose. For purposes of this Agreement, such a conflict shall be deemed to exist when (i) compliance with any requirement or provision of the Casino Lease would result in a default or breach of the Management Agreement or (ii) compliance with any requirement or provision of the Management Agreement would result in a default or breach of the Casino Lease.
CAPITAL REPLACEMENT FUND. (a) Beginning after the Casino Opening Date, the Casino Operator shall establish or cause to be established a reserve for Capital Replacements in accordance with this Section 13.7 (the "Capital Replacement Fund"). Commencing on the first full calendar month after the Casino Opening Date, and monthly thereafter, the Casino Operator shall deposit (a) one-twelfth (1/12) of Three Million Dollars ($3,000,000) for each month during the first year following the opening of the Casino, (b) one-twelfth (1/12) of Four Million Dollars ($4,000,000) for each month during the second year after the opening of the Casino, (c) one-twelfth (1/12) of Five Million Dollars ($5,000,000) for each month during the third year after the opening of the Casino, and (d) two percent (2%) of monthly gross gaming revenue and gross non-gaming revenue for each month during each ensuing year thereafter as required by the Casino Management Agreement. It is intended that this Capital Replacement Fund and the Capital Replacement Fund maintained pursuant to the Casino Lease shall be the same and are not separate funds. Any amounts in the Capital Replacement Fund maintained pursuant to the Casino Lease shall satisfy and reduce the amounts of the Capital Replacement Fund required pursuant to this Section 13.7 - "Capital Replacement Fund."
(b) In accordance with each Annual Business Plan (as it may be modified in accordance with the Casino Management Contract), the Capital Replacement Fund shall be established as a segregated account and shall be used first for any necessary Capital Replacements to the Casino and the Support Facilities. Any amounts remaining in the Capital Replacement Fund at the close of each Fiscal Year shall be carried forward and retained in the Capital Replacement Fund. If the amount in the Capital Replacement Fund is insufficient at the time the funds are planned for expenditure in accordance with the Annual Business Plan (as it may be modified in accordance with the Casino Management Contract), the Casino Operator shall supply or cause to be supplied such additional funds as may be required by deposit into the Capital Replacement Fund within thirty (30) days following notice of the shortfall or deficit. Notwithstanding the foregoing, at the end of any calendar year, and after payment of all capital improvements and replacements for the calendar year, if (i) the Capital Replacement Fund balance exceeds Twenty Five Million Dollars ($25,000,000) (adjusted for changes in the CPI...
