Common use of Capital Replacement Reserve Clause in Contracts

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. MPM Manager shall establish a Capital Replacement Reserve on the Books books of Account account of the Enterprise Operating Companies, and the periodic contributions of cash contributions required by Section 4.13 4.12 shall be deposited by MPM the Manager into an account (the “Capital Replacement Reserve”) established in MBPIthe Enterprise’s name at a bank designated by the Business BoardManagement Board in accordance with Section 4.15.1 hereof. All amounts in the Capital Replacement Reserve shall be invested in interest interest-bearing investments in accordance with the Enterprise Investment Policy as approved by Manager and the Business Management Board to the extent that the availability of funds, when required, is not thereby impaired, interest . 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 FacilityBusinesses. The Enterprise Investment Policy approved by Manager shall draw on the Business Board shall not be in contravention of the permitted investments detailed in the Bank Loan Agreement Capital Replacement Reserve for Capital Replacements to purchase those items included in the “Capital Budget” Budget approved by the Business Management Board or to fund such emergency additions of additions, repairs or 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 employeescorrect an Emergency Condition.

Capital Replacement Reserve. MPM Manager shall establish a Capital Replacement Reserve on the Books books of Account account of the Enterprise Enterprise, and the periodic contributions of cash contributions required by Section 4.13 4.15 shall be deposited by MPM the Enterprise into an account (the “"Capital Replacement Reserve”") established in MBPI’s the Band's name at a bank designated by the Business BoardBoard in accordance with Section 4.19.1 of this Agreement. 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 . 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 Manager shall draw on the Business Board shall not be in contravention of the permitted investments detailed in the Bank Loan Agreement Capital Replacement Reserve for Capital Replacements to purchase those items included in the “Capital Budget” Budget approved by the Business Board or such emergency additions of additions, repairs or 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 employeescorrect an Emergency Condition.