Common use of Component Renewal Reserve Clause in Contracts

Component Renewal Reserve. ‌ (1) The Concessioner shall establish and manage a Component Renewal Reserve. The funds in this Reserve shall be used to carry out, on a project basis in accordance with Exhibits F2 and H, repair and maintenance of Concession Facilities that are non-recurring within a seven-year time frame. Such projects may include repair or replacement of foundations, building frames, window frames, sheathing, subfloors, drainage, rehabilitation of building systems such as electrical, plumbing, built- in heating and air conditioning, roof replacement and similar projects. Projects will be carried out by the Concessioner as the Director shall direct in writing in advance of any expenditure being made and in accordance with project proposals approved by the Director. No projects may be commenced until the Concessioner receives written approval from the Director. (2) Projects paid for with funds from the Component Renewal Reserve will not include routine, operational maintenance of facilities or housekeeping and groundskeeping activities. Nothing in this section shall lessen the responsibility of the Concessioner to carry out the maintenance and repair of Concession Facilities or housekeeping and groundskeeping responsibilities as required by this Contract from Concessioner funds exclusive of the funds contained in the Component Renewal Reserve. (3) The Concessioner shall establish within its accounting system a Component Renewal Reserve. The Concessioner shall debit to this Reserve, within fifteen (15) days after the last day of each month that the Concessioner operates a sum equal to: two point four percent (2.4%) of the Concessioner's gross receipts for the previous month. If the Concessioner fails to make timely debits to the Component Renewal Reserve, the Director may terminate this Contract for default or may require the Concessioner to post a bond in an amount equal to the estimated annual Component Renewal Reserve allocation, based on the preceding year's gross receipts.

Component Renewal Reserve. ‌ (1) The Concessioner shall establish and manage a Component Renewal Reserve. The funds in this Reserve shall be used to carry out, on a project basis in accordance with Exhibits F2 and H, repair and maintenance of Concession Facilities that are non-recurring within a seven-year time frame. Such projects may include repair or replacement of foundations, building frames, window frames, sheathing, subfloors, drainage, rehabilitation of building systems such as electrical, plumbing, built- built-in heating and air conditioning, roof replacement and similar projects. Projects will be carried out by the Concessioner as the Director shall direct in writing in advance of any expenditure being made and in accordance with project proposals approved by the Director. No projects may be commenced until the Concessioner receives written approval from the Director. (2) Projects paid for with funds from the Component Renewal Reserve will not include routine, operational maintenance of facilities or housekeeping and groundskeeping activities. Nothing in this section shall lessen the responsibility of the Concessioner to carry out the maintenance and repair of Concession Facilities or housekeeping and groundskeeping responsibilities as required by this Contract from Concessioner funds exclusive of the funds contained in the Component Renewal Reserve. (3) The Concessioner shall establish within its accounting system a Component Renewal Reserve. The Concessioner shall debit to this Reserve, within fifteen (15) days after the last day of each month that the Concessioner operates a sum equal to: two five point four three percent (2.45.3%) of the Concessioner's gross receipts for the previous month. If the Concessioner fails to make timely debits to the Component Renewal Reserve, the Director may terminate this Contract for default or may require the Concessioner to post a bond in an amount equal to the estimated annual Component Renewal Reserve allocation, based on the preceding year's gross receipts.

Component Renewal Reserve. ‌ (1) The Concessioner shall establish and manage a Component Renewal Reserve. The funds in this Reserve shall be used to carry out, on a project basis in accordance with Exhibits F2 and H, repair and maintenance of Concession Facilities that are non-recurring within a seven-year time frame. Such projects may include repair or replacement of foundations, building frames, window frames, sheathing, subfloors, drainage, rehabilitation of building systems such as electrical, plumbing, built- built-in heating and air conditioning, roof replacement and similar projects. Projects will be carried out by the Concessioner as the Director shall direct in writing in advance of any expenditure being made and in accordance with project proposals approved by the Director. No projects may be commenced until the Concessioner receives written approval from the Director. (2) Projects paid for with funds from the Component Renewal Reserve will not include routine, operational maintenance of facilities or housekeeping and groundskeeping activities. Nothing in this section shall lessen the responsibility of the Concessioner to carry out the maintenance and repair of Concession Facilities or housekeeping and groundskeeping responsibilities as required by this Contract from Concessioner funds exclusive of the funds contained in the Component Renewal Reserve. (3) The Concessioner shall establish within its accounting system a Component Renewal Reserve. The Concessioner shall debit to this Reserve, within fifteen (15) days after the last day of each month that the Concessioner operates a sum equal to: two point four three percent (2.43.0%) of the Concessioner's gross receipts for the previous month. If the Concessioner fails to make timely debits to the Component Renewal Reserve, the Director may terminate this Contract for default or may require the Concessioner to post a bond in an amount equal to the estimated annual Component Renewal Reserve allocation, based on the preceding year's gross receipts.

Component Renewal Reserve. ‌ (1) The Concessioner shall establish and manage a Component Renewal Reserve. The funds in this Reserve shall be used to carry out, on a project basis in accordance with Exhibits F2 and H, repair and maintenance component renewal of Concession Facilities that are non-recurring within a seven-year time frame. Such projects may include repair or replacement of foundations, building frames, window frames, sheathing, subfloors, drainage, rehabilitation of building systems such as electrical, plumbing, built- built-in heating and air conditioning, roof replacement and similar projects. Projects will be carried out by the Concessioner as the Director shall direct in writing in advance of any expenditure being made and in accordance with project proposals approved by the Director. No projects may be commenced until the Concessioner receives written approval from the Director. (2) Projects paid for with funds from the Component Renewal Reserve will not include routine, operational maintenance of facilities or housekeeping and groundskeeping activities. Nothing in this section shall lessen the responsibility of the Concessioner to carry out the maintenance and repair of Concession Facilities or housekeeping and groundskeeping responsibilities as required by this Contract from Concessioner funds exclusive of the funds contained in the Component Renewal Reserve. (3) The Concessioner shall establish within its accounting system a Component Renewal Reserve. The Concessioner shall debit to this Reserve, within fifteen (15) days after the last day of each month that the Concessioner operates a sum equal to: two point four one and eight-tenths percent (2.41.8%) of the Concessioner's gross receipts for the previous month. If the Concessioner fails to make timely debits to the Component Renewal Reserve, the Director may terminate this Contract for default or may require the Concessioner to post a bond in an amount equal to the estimated annual Component Renewal Reserve allocation, based on the preceding year's gross receipts. (4) The balance in the Component Renewal Reserve shall be available for projects in accordance with the Reserve's purpose. For all expenditures made for each project from the Component Renewal Reserve, the Concessioner shall maintain auditable records including invoices, xxxxxxxx, canceled checks, and other documentation satisfactory to the Director. Failure to expend Component Renewal Reserve Funds when directed by the Director shall be considered as a material breach of this Contract for which the Director may seek monetary damages and other legal relief, including, without limitation, termination of this Contract.

Component Renewal Reserve. ‌ (1) The Concessioner shall establish and manage a Component Renewal Reserve. The funds in this Reserve shall be used to carry out, on a project basis in accordance with Exhibits F2 and H, repair and maintenance component renewal of Concession Facilities that are non-recurring within a seven-year time frame. Such projects may include repair or replacement of foundations, building frames, window frames, sheathing, subfloors, drainage, rehabilitation of building systems such as electrical, plumbing, built- built-in heating and air conditioning, roof replacement and similar projects. Projects will be carried out by the Concessioner as the Director shall direct in writing in advance of any expenditure being made and in accordance with project proposals approved by the Director. No projects may be commenced until the Concessioner receives written approval from the Director. (2) Projects paid for with funds from the Component Renewal Reserve will not include routine, operational maintenance of facilities or housekeeping and groundskeeping activities. Nothing in this section shall lessen the responsibility of the Concessioner to carry out the maintenance and repair of Concession Facilities or housekeeping and groundskeeping responsibilities as required by this Contract from Concessioner funds exclusive of the funds contained in the Component Renewal Reserve. (3) The Concessioner shall establish within its accounting system a Component Renewal Reserve. The Concessioner shall debit to this Reserve, within fifteen (15) days after the last day of each month that the Concessioner operates a sum equal to: two point four one tenth of one percent (2.40.1%) of the Concessioner's gross receipts for the previous month. If the Concessioner fails to make timely debits to the Component Renewal Reserve, the Director may terminate this Contract for default or may require the Concessioner to post a bond in an amount equal to the estimated annual Component Renewal Reserve allocation, based on the preceding year's gross receipts. (4) The balance in the Component Renewal Reserve shall be available for projects in accordance with the Reserve's purpose. For all expenditures made for each project from the Component Renewal Reserve, the Concessioner shall maintain auditable records including invoices, xxxxxxxx, canceled checks, and other documentation satisfactory to the Director. Failure to expend Component Renewal Reserve Funds when directed by the Director shall be considered as a material breach of this Contract for which the Director may seek monetary damages and other legal relief, including, without limitation, termination of this Contract.

Component Renewal Reserve. ‌ (1) The Concessioner shall establish and manage a Component Renewal Reserve. The funds in this Reserve shall be used to carry out, on a project basis in accordance with Exhibits F2 and H, repair and maintenance component renewal of Concession Facilities that are non-recurring within a seven-year time frame. Such projects may include repair or replacement of foundations, building frames, window frames, sheathing, subfloors, drainage, rehabilitation of building systems such as electrical, plumbing, built- built-in heating and air conditioning, roof replacement and similar projects. Projects will be carried out by the Concessioner as the Director shall direct in writing in advance of any expenditure being made and in accordance with project proposals approved by the Director. No projects may be commenced until the Concessioner receives written approval from the Director. (2) Projects paid for with funds from the Component Renewal Reserve will not include routine, operational maintenance of facilities or housekeeping and groundskeeping activities. Nothing in this section shall lessen the responsibility of the Concessioner to carry out the maintenance and repair of Concession Facilities or housekeeping and groundskeeping responsibilities as required by this Contract from Concessioner funds exclusive of the funds contained in the Component Renewal Reserve. (3) The Concessioner shall establish within its accounting system a Component Renewal Reserve. The Concessioner shall debit to this Reserve, within fifteen (15) days after the last day of each month that the Concessioner operates a sum equal to: two point four one percent (2.41.0%) of the Concessioner's gross receipts for the previous month. If the Concessioner fails to make timely debits to the Component Renewal Reserve, the Director may terminate this Contract for default or may require the Concessioner to post a bond in an amount equal to the estimated annual Component Renewal Reserve allocation, based on the preceding year's gross receipts. (4) The balance in the Component Renewal Reserve shall be available for projects in accordance with the Reserve's purpose. For all expenditures made for each project from the Component Renewal Reserve, the Concessioner shall maintain auditable records including invoices, xxxxxxxx, canceled checks, and other documentation satisfactory to the Director. Failure to expend Component Renewal Reserve Funds when directed by the Director shall be considered as a material breach of this Contract for which the Director may seek monetary damages and other legal relief, including, without limitation, termination of this Contract.

Component Renewal Reserve. ‌ (1) The Concessioner shall establish and manage a Component Renewal Reserve. The funds in this Reserve shall be used to carry out, on a project basis in accordance with Exhibits F2 F and H, repair and maintenance of Concession Facilities that are non-recurring within a seven-year time frame. Such projects may include repair or replacement of foundations, building frames, window frames, sheathing, subfloors, drainage, rehabilitation of building systems such as electrical, plumbing, built- built-in heating and air conditioning, roof replacement and similar projects. Projects will be carried out by the Concessioner as the Director shall direct in writing in advance of any expenditure being made and in accordance with project proposals approved by the Director. No projects may be commenced until the Concessioner receives written approval from the Director. (2) Projects paid for with funds from the Component Renewal Reserve will not include routine, operational maintenance of facilities or housekeeping and groundskeeping activities. Nothing in this section shall lessen the responsibility of the Concessioner to carry out the maintenance and repair of Concession Facilities or housekeeping and groundskeeping responsibilities as required by this Contract from Concessioner funds exclusive of the funds contained in the Component Renewal Reserve. (3) The Concessioner shall establish within its accounting system a Component Renewal Reserve. The Concessioner shall debit to this Reserve, within fifteen (15) days after the last day of each month that the Concessioner operates a sum equal to: two point four one percent (2.41.0%) of the Concessioner's gross receipts for the previous month. If the Concessioner fails to make timely debits to the Component Renewal Reserve, the Director may terminate this Contract for default or may require the Concessioner to post a bond in an amount equal to the estimated annual Component Renewal Reserve allocation, based on the preceding year's gross receipts.

Component Renewal Reserve. ‌ (1) The Concessioner shall establish and manage a Component Renewal Reserve. The funds in this Reserve shall be used to carry out, on a project basis in accordance with Exhibits F2 and H, repair and maintenance component renewal of Concession Facilities that are non-recurring within a seven-year time frame. Such projects may include repair or replacement of foundations, building frames, window frames, sheathing, subfloors, drainage, rehabilitation of building systems such as electrical, plumbing, built- built-in heating and air conditioning, roof replacement and similar projects. Projects will be carried out by the Concessioner as the Director shall direct in writing in advance of any expenditure being made and in accordance with project proposals approved by the Director. No projects may be commenced until the Concessioner receives written approval from the Director. (2) Projects paid for with funds from the Component Renewal Reserve will not include routine, operational maintenance of facilities or housekeeping and groundskeeping activities. Nothing in this section shall lessen the responsibility of the Concessioner to carry out the maintenance and repair of Concession Facilities or housekeeping and groundskeeping responsibilities as required by this Contract from Concessioner funds exclusive of the funds contained in the Component Renewal Reserve. (3) The Concessioner shall establish within its accounting system a Component Renewal Reserve. The Concessioner shall debit to this Reserve, within fifteen (15) days after the last day of each month that the Concessioner operates a sum equal to: two point four three-and-a-half percent (2.43.5%) of the Concessioner's gross receipts for the previous month. If the Concessioner fails to make timely debits to the Component Renewal Reserve, the Director may terminate this Contract for default or may require the Concessioner to post a bond in an amount equal to the estimated annual Component Renewal Reserve allocation, based on the preceding year's gross receipts. (4) The balance in the Component Renewal Reserve shall be available for projects in accordance with the Reserve's purpose. For all expenditures made for each project from the Component Renewal Reserve, the Concessioner shall maintain auditable records including invoices, xxxxxxxx, canceled checks, and other documentation satisfactory to the Director. Failure to expend Component Renewal Reserve Funds when directed by the Director shall be considered as a material breach of this Contract for which the Director may seek monetary damages and other legal relief, including, without limitation, termination of this Contract.

Component Renewal Reserve. ‌ (1) The Concessioner shall establish and manage a Component Renewal Reserve. The funds in this Reserve shall be used to carry out, on a project basis in accordance with Exhibits F2 and H, repair and maintenance component renewal of Concession Facilities that are non-recurring within a seven-year time frame. Such projects may include repair or replacement of foundations, building frames, window frames, sheathing, subfloors, drainage, rehabilitation of building systems such as electrical, plumbing, built- built-in heating and air conditioning, roof replacement and similar projects. Projects will be carried out by the Concessioner as the Director shall direct in writing in advance of any expenditure being made and in accordance with project proposals approved by the Director. No projects may be commenced until the Concessioner receives written approval from the Director. (2) Projects paid for with funds from the Component Renewal Reserve will not include routine, operational maintenance of facilities or housekeeping and groundskeeping activities. Nothing in this section shall lessen the responsibility of the Concessioner to carry out the maintenance and repair of Concession Facilities or housekeeping and groundskeeping responsibilities as required by this Contract from Concessioner funds exclusive of the funds contained in the Component Renewal Reserve. (3) The Concessioner shall establish within its accounting system a Component Renewal Reserve. The Concessioner shall debit to this Reserve, within fifteen (15) days after the last day of each month that the Concessioner operates a sum equal to: two point four and one half percent (2.42.5%) of the Concessioner's gross receipts for the previous month. If the Concessioner fails to make timely debits to the Component Renewal Reserve, the Director may terminate this Contract for default or may require the Concessioner to post a bond in an amount equal to the estimated annual Component Renewal Reserve allocation, based on the preceding year's gross receipts. (4) The balance in the Component Renewal Reserve shall be available for projects in accordance with the Reserve's purpose. For all expenditures made for each project from the Component Renewal Reserve, the Concessioner shall maintain auditable records including invoices, xxxxxxxx, canceled checks, and other documentation satisfactory to the Director. Failure to expend Component Renewal Reserve Funds when directed by the Director shall be considered as a material breach of this Contract for which the Director may seek monetary damages and other legal relief, including, without limitation, termination of this Contract.

Component Renewal Reserve. ‌ (1) The Concessioner shall establish and manage a Component Renewal Reserve. The funds in this Reserve shall be used to carry out, on a project basis in accordance with Exhibits F2 and H, repair and maintenance component renewal of Concession Facilities that are non-recurring within a seven-year time frame. Such projects may include repair or replacement of foundations, building frames, window frames, sheathing, subfloors, drainage, rehabilitation of building systems such as electrical, plumbing, built- built-in heating and air conditioning, roof replacement and similar projects. Projects will be carried out by the Concessioner as the Director shall direct in writing in advance of any expenditure being made and in accordance with project proposals approved by the Director. No projects may be commenced until the Concessioner receives written approval from the Director. (2) Projects paid for with funds from the Component Renewal Reserve will not include routine, operational maintenance of facilities or housekeeping and groundskeeping activities. Nothing in this section shall lessen the responsibility of the Concessioner to carry out the maintenance and repair of Concession Facilities or housekeeping and groundskeeping responsibilities as required by this Contract from Concessioner funds exclusive of the funds contained in the Component Renewal Reserve. (3) The Concessioner shall establish within its accounting system a Component Renewal Reserve. The Concessioner shall debit to this Reserve, within fifteen (15) days after the last day of each month that the Concessioner operates a sum equal to: two point four percent (2.42.0%) of the Concessioner's gross receipts for the previous month. If the Concessioner fails to make timely debits to the Component Renewal Reserve, the Director may terminate this Contract for default or may require the Concessioner to post a bond in an amount equal to the estimated annual Component Renewal Reserve allocation, based on the preceding year's gross receipts. (4) The balance in the Component Renewal Reserve shall be available for projects in accordance with the Reserve's purpose. For all expenditures made for each project from the Component Renewal Reserve, the Concessioner shall maintain auditable records including invoices, xxxxxxxx, canceled checks, and other documentation satisfactory to the Director. Failure to expend Component Renewal Reserve Funds when directed by the Director shall be considered as a material breach of this Contract for which the Director may seek monetary damages and other legal relief, including, without limitation, termination of this Contract.

Component Renewal Reserve. ‌ (1) The Concessioner shall establish and manage a Component Renewal Reserve. The funds in this Reserve shall be used to carry out, on a project basis in accordance with Exhibits F2 and H, repair and maintenance of Concession Facilities that are non-recurring within a seven-year time frame. Such projects may include repair or replacement of foundations, building frames, window frames, sheathing, subfloors, drainage, rehabilitation of building systems such as electrical, plumbing, built- built-in heating and air conditioning, roof replacement and similar projects. Projects will be carried out by the Concessioner as the Director shall direct in writing in advance of any expenditure being made and in accordance with project proposals approved by the Director. No projects may be commenced until the Concessioner receives written approval from the Director. (2) Projects paid for with funds from the Component Renewal Reserve will not include routine, operational maintenance of facilities or housekeeping and groundskeeping activities. Nothing in this section shall lessen the responsibility of the Concessioner to carry out the maintenance and repair of Concession Facilities or housekeeping and groundskeeping responsibilities as required by this Contract from Concessioner funds exclusive of the funds contained in the Component Renewal Reserve. (3) The Concessioner shall establish within its accounting system a Component Renewal Reserve. The Concessioner shall debit to this Reserve, within fifteen (15) days after the last day of each month that the Concessioner operates a sum equal to: two point four percent (2.42%) of the Concessioner's gross receipts for the previous month. If the Concessioner fails to make timely debits to the Component Renewal Reserve, the Director may terminate this Contract for default or may require the Concessioner to post a bond in an amount equal to the estimated annual Component Renewal Reserve allocation, based on the preceding year's gross receipts.

Component Renewal Reserve. ‌ (1) The Concessioner shall establish and manage a Component Renewal Reserve. The funds in this Reserve shall be used to carry out, on a project basis in accordance with Exhibits F2 and H, repair and maintenance of Concession Facilities that are non-recurring within a seven-year time frame. Such projects may include repair or replacement of foundations, building frames, window frames, sheathing, subfloors, drainage, rehabilitation of building systems such as electrical, plumbing, built- in heating and air conditioning, roof replacement and similar projects. Projects will be carried out by the Concessioner as the Director shall direct in writing in advance of any expenditure being made and in accordance with project proposals approved by the Director. No projects may be commenced until the Concessioner receives written approval from the Director. (2) Projects paid for with funds from the Component Renewal Reserve will not include routine, operational maintenance of facilities or housekeeping and groundskeeping activities. Nothing in this section shall lessen the responsibility of the Concessioner to carry out the maintenance and repair of Concession Facilities or housekeeping and groundskeeping responsibilities as required by this Contract from Concessioner funds exclusive of the funds contained in the Component Renewal Reserve. (3) The Concessioner shall establish within its accounting system a Component Renewal Reserve. The Concessioner shall debit to this Reserve, within fifteen (15) days after the last day of each month that the Concessioner operates a sum equal to: two point four tenths of one percent (2.40.4%) of the Concessioner's gross receipts for the previous month. If the Concessioner fails to make timely debits to the Component Renewal Reserve, the Director may terminate this Contract for default or may require the Concessioner to post a bond in an amount equal to the estimated annual Component Renewal Reserve allocation, based on the preceding year's gross receipts.

Component Renewal Reserve. ‌ (1) The Concessioner shall establish and manage a Component Renewal Reserve. The funds in this Reserve shall be used to carry out, on a project basis in accordance with Exhibits F2 and H, repair and maintenance component renewal of Concession Facilities that are non-recurring within a seven-year time frame. Such projects may include repair or replacement of foundations, building frames, window frames, sheathing, subfloors, drainage, rehabilitation of building systems such as electrical, plumbing, built- built-in heating and air conditioning, roof replacement and similar projects. Projects will be carried out by the Concessioner as the Director shall direct in writing in advance of any expenditure being made and in accordance with project proposals approved by the Director. No projects may be commenced until the Concessioner receives written approval from the Director. (2) Projects paid for with funds from the Component Renewal Reserve will not include routine, operational maintenance of facilities or housekeeping and groundskeeping activities. Nothing in this section shall lessen the responsibility of the Concessioner to carry out the maintenance and repair of Concession Facilities or housekeeping and groundskeeping responsibilities as required by this Contract from Concessioner funds exclusive of the funds contained in the Component Renewal Reserve. (3) The Concessioner shall establish within its accounting system a Component Renewal Reserve. The Concessioner shall debit to this Reserve, within fifteen (15) days after the last day of each month that the Concessioner operates a sum equal to: two point four one and eight tenths percent (2.41.8%) of the Concessioner's gross receipts for the previous month. If the Concessioner fails to make timely debits to the Component Renewal Reserve, the Director may terminate this Contract for default or may require the Concessioner to post a bond in an amount equal to the estimated annual Component Renewal Reserve allocation, based on the preceding year's gross receipts.

Component Renewal Reserve. ‌ (1) The Concessioner shall establish and manage a Component Renewal Reserve. The funds in this Reserve shall be used to carry out, on a project basis in accordance with Exhibits F2 and H, repair and maintenance component renewal of Concession Facilities that are non-recurring within a seven-year time frame. Such projects may include repair or replacement of foundations, building frames, window frames, sheathing, subfloors, drainage, rehabilitation of building systems such as electrical, plumbing, built- built-in heating and air conditioning, roof replacement and similar projects. Projects will be carried out by the Concessioner as the Director shall direct in writing in advance of any expenditure being made and in accordance with project proposals approved by the Director. No projects may be commenced until the Concessioner receives written approval from the Director. (2) Projects paid for with funds from the Component Renewal Reserve will not include routine, operational maintenance of facilities or housekeeping and groundskeeping activities. Nothing in this section shall lessen the responsibility of the Concessioner to carry out the maintenance and repair of Concession Facilities or housekeeping and groundskeeping responsibilities as required by this Contract from Concessioner funds exclusive of the funds contained in the Component Renewal Reserve. (3) The Concessioner shall establish within its accounting system a Component Renewal Reserve. The Concessioner shall debit to this Reserve, within fifteen (15) days after the last day of each month that the Concessioner operates a sum equal to: two point four one and eight-tenths percent (2.41.8%) of the Concessioner's gross receipts for the previous month. If the Concessioner fails to make timely debits to the Component Renewal Reserve, the Director may terminate this Contract for default or may require the Concessioner to post a bond in an amount equal to the estimated annual Component Renewal Reserve allocation, based on the preceding year's gross receipts. (4) The balance in the Component Renewal Reserve shall be available for projects in accordance with the Reserve's purpose. For all expenditures made for each project from the Component Renewal Reserve, the Concessioner shall maintain auditable records including invoices, billings, canceled checks, and other documentation satisfactory to the Director. Failure to expend Component Renewal Reserve Funds when directed by the Director shall be considered as a material breach of this Contract for which the Director may seek monetary damages and other legal relief, including, without limitation, termination of this Contract.

Component Renewal Reserve. ‌ (1) The Concessioner shall establish and manage a Component Renewal Reserve. The funds in this Reserve shall be used to carry out, on a project basis in accordance with Exhibits F2 E and H, repair and maintenance component renewal of Concession Facilities that are non-recurring within a seven-year time frame. Such projects may include repair or replacement of foundations, building frames, window frames, sheathing, subfloors, drainage, fencing, gates, docks repairs and rehabilitation of building systems such as electrical, plumbing, built- built-in heating and air conditioning, roof replacement and similar projects. Projects will be carried out by the Concessioner as the Regional Director shall direct in writing in advance of any expenditure being made and in accordance with project proposals approved by the Regional Director. No projects may be commenced until the Concessioner receives written approval from the Regional Director. (2) Projects paid for with funds from the Component Renewal Reserve will not include routine, operational maintenance of facilities or housekeeping and groundskeeping activities. Nothing in this section shall lessen the responsibility of the Concessioner to carry out the maintenance and repair of Concession Facilities or housekeeping and groundskeeping responsibilities as required by this Contract from Concessioner funds exclusive of the funds contained in the Component Renewal Reserve. (3) The Concessioner shall establish within its accounting system a Component Renewal Reserve. The Concessioner shall debit to this Reserve, within fifteen (15) days after the last day of each month that the Concessioner operates a sum equal to: two point four 2 percent (2.42%) of the Concessioner's gross receipts for the previous month. If the Concessioner fails to make timely debits to the Component Renewal Reserve, the Regional Director may terminate this Contract for default or may require the Concessioner to post a bond in an amount equal to the estimated annual Component Renewal Reserve allocation, based on the preceding year's gross receipts. (4) The balance in the Component Renewal Reserve shall be available for projects in accordance with the Reserve's purpose. For all expenditures made for each project from the Component Renewal Reserve, the Concessioner shall maintain auditable records including invoices, xxxxxxxx, canceled checks, and other documentation satisfactory to the Regional Director. Failure to expend Component Renewal Reserve Funds when directed by the Regional Director shall be considered as a material breach of this Contract for which the Regional Director may seek monetary damages and other legal relief, including, without limitation, termination of this Contract. (5) Component Renewal Reserve funds shall not be used to construct “Capital Improvements” as that term is defined as the construction of a “structure,” a “major rehabilitation,” or the installation or replacement of “fixtures and non-removable equipment.” The Concessioner shall obtain no ownership, Leasehold Surrender Interest, or other compensable interest based on the expenditure of Component Renewal Reserve funds. (6) Any balance in the Component Renewal Reserve not duly expended by the Concessioner as of the termination or expiration of this Contract shall be remitted by the Concessioner to the Regional Director as an additional franchise fee or other monetary consideration due to the Regional Director under this Contract in accordance with 54 U.S.C. §101917 within fifteen (15) days after such termination or expiration. Interest on delayed payment shall be due in accordance with section 11(c) of this Contract. If any Component Renewal Reserve funds have been obligated by the Concessioner but not expended as of the termination or expiration of this Contract, the Regional Director and the Concessioner may enter into an agreement under which the Concessioner will expend such funds for their obligated purposes in lieu of a remittance of those funds to the Regional Director.