Initial Reserve Advances Sample Clauses

Initial Reserve Advances. Provided there is no uncured Manager Default, Owner shall, or shall cause Landlord to, deposit in the Reserve Account up to Twenty Five Million Dollars ($25,000,000) for use by Manager for re-branding and refurbishment capital expenditures pursuant to budgets and schedules approved by Owner as soon as reasonably practicable after the date hereof on the following terms and condition: (a) On or before the Prime Hotels Guaranty Commencement Date, Owner shall, or shall cause Landlord to, deposit in the Reserve Account Ten Million Dollars ($10,000,000) (to be used in accordance with a budget and schedule therefor). (b) Owner shall, or shall cause Landlord to, deposit in the Reserve Account up to an additional Fifteen Million Dollars ($15,000,000) in the aggregate (to be used in accordance with a budget and schedule therefor) provided Manager gives notice of the need for such additional funds on or before January 1, 2006 together with an explanation, in reasonable detail, of the reasons why such additional funding is required, the nature of the required action, the estimated cost thereof (including the amount which is in excess of the funds then in the Reserve Account) and such other information with respect thereto as Owner may reasonably require. Owner shall not unreasonably withhold its consent to such budgets and schedules, and any dispute regarding whether Owner has unreasonably withheld such consent shall be resolved by Arbitration.