Capital Reserve Account. 23 6.7 Employees........................................................24 ARTICLE VII Intentionally Deleted
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.
(b) In addition to the foregoing, during the period from the Effective Date to the Closing Date, Crow shall: (i) fund the Capital Reserve Account in the amount of four percent (4%), on a monthly basis, of gross revenues of the Property (as defined in the Management Agreement), which monies shall become and be a part of the Capital Reserve Account, 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
Capital Reserve Account. On or before the last day of the month next following the end of each calendar quarter, commencing on January 31, 1997, the Borrower shall do the following:
(i) either (a) deposit into or cause to be deposited into the Capital Reserve Account an amount equal to the remainder, which shall not be less than zero, of (1) 4.00% of Property Gross Revenues for each of the Properties for the four immediately preceding calendar quarters; PROVIDED that such percentage shall be 3.00% with respect to any Property at which a Renovation costing more than $1,000,000 (as evidenced by written documentation reasonably satisfactory in form and substance to the Agent) has been completed during the 12 consecutive month period ending on the applicable date of determination, MINUS (2) the aggregate cost of Capital Items that shall have been paid with respect to such Property during such four calendar quarters, which payments shall not have been funded from disbursements from the Capital Reserve Account or from an Other Capital Reserve Account, MINUS (3) the aggregate amount deposited in the Capital Reserve Account pursuant to this subsection 6.16A(i)(a) with respect to such four calendar quarter period (excluding all amounts required to be deposited during such four calendar quarter period but calculated with respect to a prior period), MINUS (4) if such Property is a Pool B Property, the aggregate amount, if any, that shall then have been deposited with respect to such Property in Other Capital Reserve Accounts pursuant to the requirements of the related Pool B Obligation for such calendar quarter or (b) if no Event of Default or Potential Event of Default then exists, the amount calculated pursuant to clause (a) above shall be included in Total Utilization; and
(ii) deliver to the Agent an Officers' Certificate with respect to (a) the allocation of such amount among the Properties, which allocation shall reflect the amounts determined with respect to the Properties pursuant to the preceding clause (i), (b) the allocation of the resulting balance in the Capital Reserve Account among the Properties, which allocation shall reflect the allocation of all deposits in the Capital Reserve Account pursuant to this subsection 6.16A and all transfers therefrom pursuant to this subsection 6.16A and (c) the deposits in and withdrawals from each of the Other Capital Reserve Accounts during the preceding calendar quarter and the respective closing balances thereof. On or before the thirtieth...
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. (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.
(b) In addition to the foregoing, during the period from the Effective Date to the Closing Date, Crow shall: (i) fund the Capital Reserve Account in the amount of four percent (4%) on a monthly basis, of gross revenues of the Property (as defined in the Management Agreement), which monies shall become and be a part of the Capital Reserve Account, 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.
(c) The parties intend that Crow shall bear the cost of implementing the Capital Expense Budget to the extent the funds in the Capital Reserve Account are insufficient to pay such costs and, to the extent the funds in the Capital Reserve Account are more than sufficient to pay such costs, that Crow receive such excess amounts. Accordingly, at the Closing, the parties will adjust the Purchase Price based on the actual 1997 capital expenditures up to the time of the Closing relative to the actual capital reserves accrued up to the time of the Closing, so that: (a) if the funds in the Capital Reserve Account plus the additional amounts which will accrue in the Capital Reserve Account after the Closing Date through December 31, 1997 (calculated for such additional amounts using pro forma gross revenues for 1997) exceed the amount budgeted for any unperformed budgeted 1997 capital expenditures as of the Closing Date, the Purchase Price shall be increased by such excess; or (b) if the funds in the Capital Reserve Account plus the additional amounts which will accrue in the Capital Reserve Account after the Closin...
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. 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 } 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. 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 except as otherwise set forth on Schedule I.
Capital Reserve Account. Lessor will create a “Capital Reserve Account” used to provide capital improvements and upgrade/replacements of significant building infrastructure. Such items may include upgrade and replacements of HVAC system components, electrical panels, exterior improvements to structural members, walls and other primary functional elements required to keep the building operational and compliant with building codes. The Lessor shall retain 5% of the total Rent paid each quarter by Lessee in a Capital Reserve Account until such account reaches $100,000. Upon termination of this Lease any funds in the Capital Reserve Account shall be released to the Lessor.
