Common use of Capital Reserve Account Clause in Contracts

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.

Appears in 3 contracts

Samples: Purchase and Sale Agreement (Patriot American Hospitality Operating Co\de), Purchase and Sale Agreement (Patriot American Hospitality Operating Co\de), Purchase and Sale Agreement (Patriot American Hospitality Operating Co\de)

AutoNDA by SimpleDocs

Capital Reserve Account. (a) Crow has reserved for capital expenditures at the Hotel (the "Capital Reserve Account") the initial amount of $-0-1,220,000. 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.

Appears in 1 contract

Samples: Purchase and Sale Agreement (Patriot American Hospitality Operating Co\de)

Capital Reserve Account. (a) Crow has reserved for capital expenditures at the Hotel (the "Capital Reserve Account") the initial amount of $-0-0. 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.

Appears in 1 contract

Samples: Purchase and Sale Agreement (Patriot American Hospitality Operating Co\de)

Capital Reserve Account. (a) Crow has reserved for capital expenditures at the Hotel (the "Capital Reserve Account") the initial amount of $-0-3,656,000.00. 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.

Appears in 1 contract

Samples: Purchase and Sale Agreement (Patriot American Hospitality Operating Co\de)

AutoNDA by SimpleDocs

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.

Appears in 1 contract

Samples: Purchase and Sale Agreement (Patriot American Hospitality Operating Co\de)

Capital Reserve Account. (a) Crow has reserved for capital expenditures at the Hotel (the "Capital Reserve Account") the initial amount of $-0-158,000. 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.

Appears in 1 contract

Samples: Purchase and Sale Agreement (Patriot American Hospitality Operating Co\de)

Time is Money Join Law Insider Premium to draft better contracts faster.