Common use of CAPITAL REPLACEMENT FUND Clause in Contracts

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. 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 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. 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 Xxxxxx 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. Solely from the payment of additional rent received pursuant to Section 4.9 of this Lease, Landlord Borrower shall be obligated to accrue pay to Lender, and Lender shall be obligated to accrue, the Capital Replacement Reserve. Amounts in the Capital Replacement Fund shall be and remain the property of Xxxxxxxx, shall be subject to the rights of Xxxxxx as herein provided, and shall be additional security for Borrower's obligations hereunder. The Capital Replacement Reserve shall accrue quarterly based be paid to Lender by Borrower on the Officer's Certificate and shall be placed in the Capital Replacement Fundlast day of each Fiscal Quarter of Borrower. 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 Lender and such interest shall be credited to the Capital Replacement Fund. Upon the written request by Tenant Borrower to Landlord Lender stating the specific use to be made and subject to the reasonable approval of LandlordLender, the Capital Replacement Fund shall be made available to Tenant Borrower 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 Borrower shall have no rights with respect to any amounts in the Capital Replacement Fund except as provided herein. Subject to LandlordXxxxxx's approval of the Capital ExpendituresExpenditures (which approval shall not be unreasonably withheld and which shall be granted provided such improvements are reasonably expected to increase the long-term value of the Property), Landlord Lender shall make available to Tenant Borrower amounts from the Capital Replacement Fund under the following conditions: (a) No Event of Default exists and is continuing; (b) Tenant Xxxxxxxx presents paid qualifying receipts for reimbursement, or qualifying invoices for direct payment to the vendorinvoices; (c) Such expenditures are included in the Capital Budget submitted to and approved by Landlord Lender in accordance with Section 12.76.9 or will enhance the long-term value of the Property; and (d) If from time to time Tenant Borrower shall expend monies beyond the balance in the Capital Replacement Fund, then Tenant Borrower shall be afforded the opportunity to present such paid invoices for reimbursement at later dates when the TenantBorrower's reserve balance shall be replenished to a level that can support such expenditure.

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. If any amount remains in the Capital Replacement Fund at the expiration or termination of the Lease, Landlord shall retain all funds remaining in the Capital Replacement Fund. 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) Amounts credited to the Capital Replacement Fund shall be allocated for use by Tenant as follows: (i) sixty percent (60%) of such amounts to be used by Tenant for long-term Capital Expenditures; and (ii) forty percent (40%) of such amounts to be used by Tenant for short-term Capital Expenditures, and Landlord shall determine what constitutes long-term Capital Expenditures and short-term Capital Expenditures, in its reasonable discretion. (e) 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. 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 ReserveReserve beginning with the calendar year 2001 or in the event the Property undergoes a significant redesign and renovation as contemplated by Section 12.3, the Capital Replacement Reserve shall not commence until the first day following four (4) Fiscal Quarters after the Property is reopened for business. 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:conditions (with payment being made to Tenant within ten (10) days from Tenant's request): (a) No Event of Default exists and is continuing; (b) Tenant presents invoices for payment or 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. Upon the expiration of the Lease, any balance in the Capital Replacement Fund shall be applied as follows: (i) first, to pay for any improvements, repairs or capital improvements necessary to ensure that the golf course on the Property on such date is in first-class condition and repair; (ii) to any accruals, sinking funds or the like set forth in the Capital Budget for repairs, improvements or replacements for items such as roofs, sprinkler systems and other similar items which will need to be replaced in the future; and (iii) the balance to Tenant.

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. Solely from the payment of additional rent received pursuant to Section 4.9 of this Lease, Landlord Borrower shall be obligated to accrue pay to Lender, and Lender shall be obligated to accrue, the Capital Replacement Reserve. Amounts in the Capital Replacement Fund shall be and remain the property of Borrower, shall be subject to the rights of Lender as herein provided, and shall be additional security for Borrower's obligations hereunder. The Capital Replacement Reserve shall accrue quarterly based be paid to Lender by Borrower on the Officer's Certificate and shall be placed in the Capital Replacement Fundlast day of each Fiscal Quarter of Borrower. 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 Lender and such interest shall be credited to the Capital Replacement Fund. Upon the written request by Tenant Borrower to Landlord Lender stating the specific use to be made and subject to the reasonable approval of LandlordLender, the Capital Replacement Fund shall be made available to Tenant Borrower 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 Borrower shall have no rights with respect to any amounts in the Capital Replacement Fund except as provided herein. Subject to LandlordLender's approval of the Capital ExpendituresExpenditures (which approval shall not be unreasonably withheld and which shall be granted provided such improvements are reasonably expected to increase the long-term value of the Property), Landlord Lender shall make available to Tenant Borrower amounts from the Capital Replacement Fund under the following conditions: (a) No Event of Default exists and is continuing; (b) Tenant Borrower presents paid qualifying receipts for reimbursement, or qualifying invoices for direct payment to the vendorinvoices; (c) Such expenditures are included in the Capital Budget submitted to and approved by Landlord Lender in accordance with Section 12.76.9 or will enhance the long-term value of the Property; and (d) If from time to time Tenant Borrower shall expend monies beyond the balance in the Capital Replacement Fund, then Tenant Borrower shall be afforded the opportunity to present such paid invoices for reimbursement at later dates when the TenantBorrower's reserve balance shall be replenished to a level that can support such expenditure.

CAPITAL REPLACEMENT FUND. Solely from the payment of additional rent Rent received pursuant to Section 4.9 of this Leasehereunder, 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. Solely from the payment of additional rent received pursuant to Section 4.9 of this Lease, Landlord Tenant shall be obligated to accrue pay to Landlord, and Tenant shall be obligated to accrue, the Capital Replacement Reserve. Amounts in the Capital Replacement Fund shall be and remain the property of Tenant, shall be subject to the rights of Landlord as herein provided, and shall be additional security for Tenant's obligations hereunder. The Capital Replacement Reserve shall accrue quarterly based be paid to Landlord by Tenant on the Officer's Certificate and shall be placed in the Capital Replacement Fundlast day of each month. 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 ExpendituresExpenditures (which approval shall not be unreasonably withheld and which shall be granted provided such improvements are reasonably expected to increase the long-term value of the Property), 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 vendorinvoices; (c) Such expenditures are included in the Capital Budget submitted to and approved by Landlord in accordance with Section 12.712.7 or will enhance the long-term value of the Property; 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. Solely from the payment of additional rent Xxxx received pursuant to Section 4.9 of this Leasehereunder, 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 Xxxxxx 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. 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; . Notwithstanding the foregoing, during the term of the Capital Expenditure and Reserve Account and Security Agreement, dated February 1, 1998, by and between Landlord and Lender (the "Capital Expenditure Account Agreement") and pursuant to the terms of the Capital Expenditure Account Agreement, the Capital Replacement Reserve must be maintained in an account with NationsBank, N.A. (the "Capital Replacement Fund Account"). The Capital Replacement Reserve shall be deposited quarterly based on the Officer's Certificate and shall be placed in the Capital Replacement Fund Account. Amounts in the Capital Replacement Fund Account from time to time shall accrue interest at a rate equal to the interest paid by NationsBank, N.A. on the Capital Replacement Fund Account and in accordance with the Capital Expenditure Account Agreement, such interest shall be deposited into the Capital Replacement Fund Account. Upon the written request by Tenant to Landlord stating the specific use to be made, subject to the reasonable approval of Landlord and subject to Lender's approval and other applicable provisions of the Capital Expenditure Account Agreement, 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.