Capital Reserve Account. (a) Crow has reserved for capital expenditures at the Hotel (the "Capital Reserve Account") the initial amount of $-0-. Crow shall not be obligated to fund such initial amount, if any, of the Capital Reserve Account as of the Effective Date, but shall be required to fund such initial amount, if any, at or prior to the Closing, and, in connection therewith, Crow may satisfy its obligations by, and to the extent of, Crow's expenditure, pursuant to the following provisions of this Section 6.6, of funds required to be included in ----------- the Capital Reserve Account as such initial amount, if any.
Capital Reserve Account. 23 6.7 Employees.................................................... 24 ARTICLE VII Intentionally Deleted
Capital Reserve Account. 23 6.7 Employees.................................................... 24 ARTICLE VII Intentionally Deleted ARTICLE VIII CLOSING 8.1 Closing...................................................... 25 8.2 Crow's Deliveries............................................ 25 8.3 Patriot's Deliveries......................................... 28 8.4
Capital Reserve Account. During 1997, Crow has funded into a capital ----------------------- reserve account (the "Capital Reserve Account") three percent (3%), on a monthly ----------------------- basis, of gross revenues of the Property (as provided in the Management Agreement). From and after the date hereof to the Closing Date, Crow shall (i) continue to fund the Capital Reserve Account in the amount of three percent (3%), on a monthly basis, of gross revenues of the Property (as provided in the Management Agreement) and (ii) expend the Capital Reserve Account pursuant to a schedule reflecting sound hotel management practices and in accordance with the 1997 capital expenditures budget adopted pursuant to the Management Agreement and previously provided to Patriot (the "Capital Expense Budget"). Except in ---------------------- accordance with the Capital Expense Budget, the amount of the Capital Reserve Account may not be reduced prior to the Closing Date. At Closing, Crow shall transfer the funds in the Capital Reserve Account, if any, to Patriot, and Patriot shall receive a credit to the Purchase Price equal to the positive difference, if any, obtained by subtracting (a) the amount Crow has expended for capital expenditures set forth in the Capital Expense Budget before the Closing Date in excess of the amount required to be deposited by Crow into the Capital Reserve Account under this Section 6.6 (including the amounts funded during 1997 ----------- before the date hereof) from
Capital Reserve Account. Borrower shall not use, or permit the use of, funds on deposit in the Capital Reserve Account for any purpose, except for the purposes specified in the definition of Capital Reserve Account as set forth in Section 3 of this Agreement, and {A17/04114/0107/W1540274.1 } Loan Agreement shall not make any withdrawals or disbursement from the said account at any time when a Default exists or a Potential Default exists.
Capital Reserve Account. If the Original Maturity Date is extended as provided in Section 5(A), then, after the Original Maturity Date, Borrower shall deposit the sum of $8,055.00 each month in the Capital Reserve Account until the balance of the Capital Reserve Account is at least $96,660.00; and thereafter, if at any time the balance of the Capital Reserve Account falls below $96,660.00, then the said monthly deposits shall resume and shall be required for each and every month when the balance of the Capital Reserve Account is less than $96,660.00.
Capital Reserve Account. Upon the occurrence of an Event of Default, Lender, at its option, may use any or all funds in the Capital Reserve Fund towards payment of the Debt or expenses related to an Event of Default in such order, proportion and priority as Lender may determine in its sole discretion.
Capital Reserve Account. (a) Commencing on the Effective Date and continuing thereafter on each anniversary thereof until the Initial Funding Completion Date (as defined below), Tenant shall deposit One Hundred Thousand Dollars ($100,000) into a commercial direct deposit account (the “Capital Reserve Account”) held by the Escrow Agent pursuant to the Capital Reserve Account Pledge and Escrow Agreement. The “
Capital Reserve Account. (a) During the term of this Agreement, a reserve cash account (the "Capital Reserve Account") shall be established and maintained to cover expenditures for capital improvements and replacements. Contributions to the Capital Reserve Account shall be made pursuant to Subsection (b) below. Disbursements from the Capital Reserve Account shall be subject to the approved Annual Budget and to the requirements of any lender under a Mortgage.
Capital Reserve Account. (a) On or prior to the Closing Date, Borrower shall establish and thereafter maintain with the Cash Management Bank an account for the purpose of reserving amounts in respect of Capital Expenditures during the continuance of a Cash Trap Period (the "CAPITAL RESERVE ACCOUNT"), which may be a subaccount of the Cash Management Account.
