Capital Reserve Fund Clause Samples
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Capital Reserve Fund. Borrower shall pay to Lender on each Payment Date an amount equal to five percent (5%) of the gross revenues of the Properties for the second calendar month preceding such Payment Date (said amounts hereinafter called the "Capital Reserve Fund"). Lender will apply the Capital Reserve Fund to payment of Approved Capital Expenses pursuant to the terms hereof; provided, however, if the Loan shall have been accelerated or if there is an Event of Default which is continuing, then Lender may credit such Capital Reserve Fund against the Debt in such priority and proportions as Lender in its sole and absolute discretion shall deem proper. If the amount of the Capital Reserve Fund shall exceed the amounts due for Approved Capital Expenses pursuant to the terms hereof, Lender shall, in its discretion, return any excess to Borrower or, if future Capital Reserve Fund payments are then required, credit such excess against such future payments; provided, however, if the Loan shall have been accelerated or if there is an Event of Default which is continuing, then Lender may credit such excess against the Debt in such priority and proportions as Lender in its sole and absolute discretion shall deem proper.
Capital Reserve Fund. The Capital Reserve Fund is a dedicated reserve account for replacement of failed physical or mechanical parts needed for operation of the System. The capital reserve fund receives annual transfers from operating savings, as a budgeted line item, based on an asset management study of anticipated useful life of the System’s equipment.
Capital Reserve Fund. The Manager shall establish and maintain for the benefit of and in the name of the Enterprise a Capital Reserve Fund to pay Capital Expenses in accordance with the Capital Expense Budget. To the extent that Net Revenues are available after payment of the Management Fee, the Manager shall deposit monthly in the Capital Reserve Fund an amount equal to two percent (2%) of the Net Revenues, provided that without the consent of the Board the Capital Reserve Fund balance shall not exceed One Million Dollars ($1,000,000). Any interest earned on the Capital Reserve Fund shall be added to the Capital Reserve Fund, subject to the One Million Dollar ($1,000,000) cap, and otherwise distributed to the Tribe on a monthly basis.
Capital Reserve Fund. “Capital Reserve Fund” shall mean the reserve fund established in accordance with Section 4.13.6 to pay Capital Expenses.
Capital Reserve Fund. The Collaborative may create a capital reserve fund to support costs associated with the acquisition, maintenance, and/or improvement of fixed assets, including real property, pursuant to a capital plan and subject to the following procedures:
1. A capital plan must be developed and approved by the Board.
2. Two-thirds (2/3) of the members must approve the establishment of the capital reserve fund and the request for approval must state the reason for the reserve and a limit on the balance that may be held in the reserve.
3. The establishment of a capital plan and a capital reserve fund shall be approved outside of the collaborative agreement process.
4. Deposits into the capital reserve fund shall be proposed and approved through the annual budget process.
5. Expenditures from the capital reserve fund must be authorized by the Board and may be used only for the project or purpose for which the account was established.
6. In the event that the purpose for which the capital reserve fund was created requires modification, the Board must revise its capital plan and provide notice to all members. If a member does not vote to disapprove the revised capital plan within a 45-day period, that member shall be deemed to have approved the revised capital plan. Two-thirds (2/3) approval of the members is required to revise the capital plan.
Capital Reserve Fund. Next, to fund the Capital Reserve Fund in accordance with Section 4.13.6.
Capital Reserve Fund. For each month that Master Tenant pays to Landlord the Minimum Monthly Rent, Landlord shall deposit on a monthly basis to the account described in Section 8.6 below, the Minimum Monthly Rent received by Landlord.
Capital Reserve Fund. On or before the fifteenth day following ▇▇▇▇▇▇▇▇’s receipt of the Minimum Monthly Rent, Landlord shall deposit the Minimum Monthly Rent to the account described in this Section 8.6 (“Capital Reserve Fund”).
Capital Reserve Fund. 21 3.4.1 Capital Reserve Fund..............................................................21 3.4.2 Payment of Capital Expenses.......................................................21 3.5
Capital Reserve Fund a. The Assabet Valley Collaborative shall create a capital reserve fund to support costs associated with the acquisition, maintenance, and improvement of fixed assets, including real property, pursuant to a capital plan.
b. Funds in a capital reserve account may be used only for the project or purpose for which the account was established.
c. The establishment of a capital reserve shall be subject to the approval of two- thirds of the member districts. The request for approval must state the reason for the reserve and a limit on the balance that may be held in the reserve.
d. Deposits into the capital reserve shall be proposed and approved through the budget process.
e. In the event that the purpose for which the capital reserve was created requires modification, the collaborative Board of Directors shall revise its capital plan and provide notice to all member districts. If the member district does not vote to disapprove the revised capital plan within a 45 day period, that member shall be deemed to have approved the revised capital plan. Two-thirds (2/3) approval of the member districts is required to revise the capital plan.