Capital Replacement Reserve. Manager shall establish a Capital Replacement Reserve on the books of account of the Enterprise, and the periodic contributions of cash required by ss.
Capital Replacement Reserve. MPM shall establish a Capital Replacement Reserve on the Books of Account of the Enterprise and the cash contributions required by Section 4.13 shall be deposited by MPM into an account (the “Capital Replacement Reserve”) established in MBPI’s name at a bank designated by the Business Board. All amounts in the Capital Replacement Reserve shall be invested in interest bearing investments in accordance with the Enterprise Investment Policy approved by the Business Board to the extent that availability of funds, when required, is not thereby impaired, interest earned on amounts deposited in the Capital Replacement Reserve shall be credited to the Capital Replacement Reserve and shall be available for payment of expenditures for Capital Replacements to the Facility. The Enterprise Investment Policy approved by the Business Board shall not be in contravention of the permitted investments detailed in the Bank Loan Agreement to purchase those items included in the “Capital Budget” approved by the Business Board or such emergency additions of replacements as shall be required to keep the Enterprise in compliance with legal requirements or such emergency additions or replacements necessary to protect the comfort, health, safety or welfare of the Facility’s guests or employees.
Capital Replacement Reserve. At the time of and in addition to the monthly installments of principal and/or interest due under any of the Notes, Borrowers shall pay to Administrative Agent monthly deposits in the amount of $25 per residential unit at each Project (the "Replacement Minimum") to be held by Administrative Agent in a capital replacement reserve ("Capital Replacement Reserve"). So long as no Event of Default has occurred and is then continuing, the funds contained in the Capital Replacement Reserve shall be utilized to pay directly or to reimburse Borrowers solely for capital improvements approved in advance by Administrative Agent in writing. Subject to the foregoing, Administrative Agent shall release funds from the Capital Replacement Reserve for the actual cost of such approved capital improvements upon Borrowers' providing Administrative Agent with paid receipts, lien waivers and other documentation deemed reasonably necessary by Administrative Agent with minimum draws of $25,000.00 which shall occur no more frequently than once per month. Notwithstanding the foregoing, Borrowers' obligation to make deposits shall be suspended so long as no Event of Default has occurred and is then continuing and Borrowers provide Administrative Agent with satisfactory evidence, on an annual basis beginning January 1, 2007, that Borrowers have expended during the preceding calendar year for approved capital improvements at each Licensed Location an amount equal or greater than $300 per residential unit at each Project; provided that if Borrowers do not satisfy said $300 per residential unit at each Project requirement, then, no later than January 31 of the applicable year, Borrowers shall pay to Administrative Agent an amount equal to the amount by which $300 per residential unit at each Project exceeds the amount actually spent during such year at such Project which amount shall be held by Administrative Agent in the Capital Replacement Reserve.
Capital Replacement Reserve. The Tribe retains complete ownership of the Facility. Manager shall establish a Capital Replacement Reserve on behalf of the Tribe on the books of account of the Enterprise, and the periodic contributions of cash required by Section 4.15 shall be deposited by the Manager into an account (the "Capital Replacement Reserve") established in the Tribe's name at a bank designated by the Business Board in accordance with Section 4.20.1 of this Agreement. All amounts in the Capital Replacement Reserve shall be invested in Permitted Investments in accordance with Section 4.20.6 to the extent that availability of funds, when required, is not thereby impaired. Interest earned on amounts deposited in the Capital Replacement Reserve shall be credited to the Capital Replacement Reserve and shall be available for payment of expenditures for Capital Replacements to the Facility. Manager shall draw on the Capital Replacement Reserve for Capital Replacements to purchase those items included in the Capital Budget approved by the Business Board or such emergency additions, repairs or replacements as shall be required to correct an Emergency Condition or to comply with operating standards.
Capital Replacement Reserve. The Capital Replacement Reserve is intended to provide a ready source of funds for repair or acquisition of buildings, leaseholds, furniture, fixtures and equipment necessary for the effective operation of the organization and programs. The target amount of the Capital Replacement Reserve will be set at 25% of total accumulated depreciation and amortization
Capital Replacement Reserve. 28 Periodic Contributions to Capital Replacement Reserve................28
Capital Replacement Reserve. 22 3.13 Periodic Contributions to Capital Replacement Reserve......................................... 22 3.14 Use and Allocation of Capital Replacement Reserve............................................. 22 3.15 Contracting................................................................................... 23 3.16 Internal Control Systems...................................................................... 23 3.17
Capital Replacement Reserve. At the time of and in addition to the monthly installments of principal and/or interest due under any of the Notes, Borrowers shall pay to Agent monthly deposits in the amount of $29.16 multiplied by the number of In Service Beds at each Project (provided that the aggregate number of all In Service Beds shall in no event be less than 1,210 as reduced to the reflect the number of beds located at a Project released pursuant to Section 2.11) to be held by Agent in a capital replacement reserve (“Capital Replacement Reserve”). So long as no Event of Default exists hereunder, the funds contained in the Capital Replacement Reserve shall be utilized to reimburse Borrowers solely for capital improvements approved in advance by Agent in writing, which approval shall not be unreasonably withheld or delayed. Upon written request from Borrowers and satisfaction of the requirements set forth in this Section 2.4(d), Agent shall disburse to Borrowers amounts from the Capital Replacement Reserve necessary to cover the actual approved costs of the applicable improvements. In the event that any Borrower has not previously paid such amounts to the applicable supplier, materialman, subcontractor or other party to whom payment is due, then Agent may elect to issue checks, payable to such supplier, materialman, subcontractor or other party to whom payment is due, or to such Borrower, to reimburse such Borrower for the actual cost of such improvement. Each request for disbursement from the Capital Replacement Reserve shall include (i) the specific improvements for which the disbursement is requested, (ii) the quantity and price of each item purchased, if the improvement includes the purchase or replacement of specific items, (iii) the price of all materials (grouped by type or category) used in any improvement other than the purchase or replacement of specific items, and (iv) the cost of all contracted labor or other services applicable to each improvement for which such request for disbursement is made. Each request for disbursement shall include (A) copies of invoices for all items or materials purchased and all contracted labor or services provided, (B) if requested by Agent, to the extent a lien could be filed with respect thereto, a lien waiver for such item or material purchased or contracted labor or services provided, as applicable, and (C) evidence reasonably satisfactory to Agent of payment of all such amounts unless Agent has elected to make such payment directly to t...
Capital Replacement Reserve. Following Lender’s reasonable determination that Borrower or Operator is not maintaining the Property in the manner required by the Loan Documents or upon the occurrence of a Default or Event of Default, Borrower shall deposit or shall cause Operator to Deposit to Lender on each Payment Date, a monthly amount sufficient to maintain the proper maintenance and operation of the Property, which shall be escrowed with and held by Lender in a capital replacement reserve (“Capital Replacement Reserve”). So long as no Default or Event of Default exists hereunder or will be caused thereby, the funds contained in the Capital Replacement Reserve shall be utilized to reimburse Borrower solely for capital expenditures of Borrower or Operator approved in advance by Lender in writing, which approval shall not be unreasonably withheld or delayed; provided, however, that after giving effect to the release of the funds from the Capital Replacement Reserve, Credit Parties shall continue to be in compliance with the financial covenants set forth in Article IX hereof. Lender shall reimburse Borrower or, if directed by the Borrower, Operator from the Capital Replacement Reserve for the actual cost of such approved capital expenditures upon Borrower’s providing Lender with paid receipts, lien waivers and other documentation deemed reasonably necessary by Lender.
Capital Replacement Reserve. Borrowers shall make (or accrue a reserve for) capital expenditures and improvements to the Projects in an amount equal to $516,950.00 (e.g., $350 per unit, as applicable, per year at each Project). Borrower shall deliver to Agent evidence of such capital expenditures (or accrual thereof) for each Project within thirty (30) days of each month throughout the term of the Loan, which evidence shall be acceptable to Agent in its sole but reasonable discretion. In the event that Borrowers have not expended (or accrued) such amount, any shortfall shall be deposited with the Agent to be held by Agent in a capital replacement reserve (“Capital Replacement Reserve”). If applicable, Agent shall reimburse Borrowers from the Capital Replacement Reserve for the actual cost of such approved capital improvements upon Borrowers’ providing Agent with paid receipts, lien waivers and other documentation deemed reasonably necessary by Agent with minimum draws of $5,000.00 which shall occur no more frequently than once per month.
