Maintenance and Capital Replacement Sample Clauses

Maintenance and Capital Replacement. (a) Owner recognizes the necessity of a program of replacement of FF&E and the need to cause the Complex to continue to be furnished, equipped and landscaped in accordance with the standards described herein. Both parties recognize that the particular properties or particular articles of FF&E may not require expenditure for maintenance and repairs in any given year, but average costs thereof shall be reflected in the Budgets (as defined in Section 4.10(a)). During the first year of operations hereunder, a reserve of not less than one and one-half percent (1.5%) of the gross revenues of the Complex shall be established for replacements, substitutions and additions to FF&E, such reserve to be established by setting aside each month from operating profits an amount equal to one and one-half percent (1.5%) of the gross revenues of the Complex for such month; for the second operating year (and for each operating year thereafter), the respective percentages shall be increased to two percent (2%), respectively. In determining the Annual Budget (as defined in Section 4.10(a)(iii)) of the second operating year (and for each operating year thereafter), Owner and Operator shall mutually agree as to whether such reserve should be increased or decreased, it being understood that the account of such reserve must always be sufficient to meet the standards established hereunder. (b) Operator, as agent of Owner, is authorized to make and enter into such agreements as are in Operator's reasonable opinion necessary for the operation, supply and maintenance of the Complex as required by this Agreement. Notwithstanding the foregoing, Operator agrees to use its best efforts to enter into agreements for the provision of goods and/or services to the Complex at the fair market value of the goods and/or services provided or rendered. (c) Operator shall have the right, without prior approval of Owner, to make alterations, additions or improvements in or to the Complex as are consistent with the standards established hereunder, provided that prior approval of Owner is required for any single expenditure having a cost in excess of $50,000, or for aggregate expenditures in any calendar year in excess of $250,000. The cost of such alterations, additions or improvements shall be charged directly to current expenses of the Complex or shall be capitalized and amortized on the books of account of the Complex in accordance with Operator's standard accounting practices consistently applied. (...
Sample 1
AutoNDA by SimpleDocs
Maintenance and Capital Replacement. Owner shall be responsible for maintaining the property utilized in the Business in good repair and condition. To implement Owner's responsibility, the Operators shall, on behalf of Owner, and at Owner's expense, make or cause to be made, all repairs, replacements, corrections and maintenance items as shall be required in the normal and ordinary course of operation of the Business. Owner recognizes the necessity of capital improvements and shall expend such amount for capital improvements as shall be required in the normal and ordinary course of operation of the Business in conformity with the amounts approved as part of the Annual Plan.
Sample 1
Maintenance and Capital Replacement. (a) Eldorado, as agent of Owner, is authorized to make and enter into such agreements as are in Eldorado’s reasonable opinion necessary for the operation, supply and maintenance of the Complex as required by this Agreement. Notwithstanding the foregoing, Eldorado agrees to use its commercially reasonable efforts to enter into agreements for the provision of goods and/or services to the Complex at the fair market value of the goods and/or services provided or rendered. (b) Eldorado shall have the right, without prior approval of Owner, to make alterations, additions or improvements in or to the Complex as are consistent with the standards established hereunder, provided that prior approval of Owner is required for any single expenditure having a cost in excess of $50,000, or for aggregate expenditures in any calendar year in excess of $250,000. The cost of such alterations, additions or improvements shall be charged directly to current expenses of the Complex or shall be capitalized and amortized on the books of account of the Complex in accordance with Eldorado’s standard accounting practices consistently applied. (c) In the event that, at any time during the Term of this Agreement, repairs or additions to or changes in the Complex shall be required by reason of any laws, ordinances, rules or regulations now or hereafter in force, or by proper and lawful order of any governmental or municipal power, department, agency, authority, or officer, such repairs or changes shall be made at the discretion of Eldorado, without the prior approval of Owner; provided that Eldorado shall use its commercially reasonable efforts to consult, in advance, with Owner with respect to such changes, additions or repairs.
Sample 1Sample 2
Maintenance and Capital Replacement. The Partnership and Manager recognize the necessity of establishing a continuing program of replacement of furnishings and equipment and the need to cause the Resort to be furnished, equipped and landscaped as a first class, luxury destination mega-resort. The parties acknowledge that the Partnership has estimated that such program during the early years of the Management Term will be approximately 1% of revenues per year and thereafter increase up to approximately 3% of revenues per year. The actual amount shall be fixed each year under the procedures for Approved Budgets. However, the foregoing is intended to establish the Partnership's obligation to approve a budget implementing such program and to set forth the parties' expectation of the scope of such program as of the date hereof. The program shall be reflected in the Capital Budgets prepared by Manager and shall be included in the Approved Budgets consistent with the principles set forth in this Section 4.5 and Section 3.3.5 hereof.
Sample 1Sample 2
Maintenance and Capital Replacement. 7.1 Can you request repairs? 7.2 What repairs and maintenance are we responsible for? (a) the age of the item, (b) the prospective life of the item, (c) the money paid to us by the residents under a village contract (including entry payments), and (d) the amount of money available to be used for the purpose of maintenance in accordance with the approved annual budget for recurrent charges. 7.3 What repairs and maintenance are we not responsible for? (a) you own, or (b) require repair because of damage (fair wear and tear excepted) caused by you or a person that you invited to the village. 7.4 What general obligations do you have in relation to repairs and maintenance? (a) You must notify us of the need for maintenance to be carried out on, or the replacement of, an item of capital for which we are responsible and that is located within your premises as soon as you become aware of the need for the maintenance or replacement of the item. (b) You must reimburse us in respect of any damage (other than fair wear and tear) caused by you or a person you invited to the village to an item of capital for which we are responsible. (c) You must not hinder or obstruct us or a person authorised by us from carrying out capital maintenance or capital replacement in respect of an item of capital for which we are responsible. 7.5 Who is responsible for the replacement of items of capital?
Sample 1
Maintenance and Capital Replacement. (a) Owner recognizes the necessity of a program of maintenance expenses for the Project, including the need to cause the Project to continue to be furnished, equipped and maintained in accordance with the standards described herein. Both parties recognize that the maintenance expenses for the Project shall be reflected in the Operating Budget and that an adequate reserve shall be established and updated from time to time as appropriate in the Operating Budget for the maintenance expenses for the Project, it being understood that the amount of such reserve must always be sufficient to meet standards established by the Operator in good faith, and shall be sufficient to satisfy any reserve requirements under any Financing Documents. (b) Operator, as agent of Owner, is authorized to make and enter into such agreements as are in Operator’s reasonable opinion necessary for the operation, supply and maintenance of the Project as required by this Agreement and consistent with the Operating Budget. Notwithstanding the foregoing, Operator agrees to use its commercially reasonable efforts to enter into agreements for the provision of goods and/or services to the Project at the fair market value of the goods and/or services provided or rendered. Notwithstanding the foregoing, Owner (and not Operator) shall undertake and shall oversee and be solely responsible for making all major capital improvements relating to the Project or otherwise undertaken on the Property as may be reflected in any Project Capital Budget approved by the Owner from time to time, and all major, non-routine repairs, renovations and/or alterations that shall necessary or advisable in Owner’s reasonable discretion. (c) Operator shall have the right, consistent with the Operating Budget, to make alterations, additions or improvements in or to the Project to the extent reasonably required to keep the property in satisfactory maintenance and repair (the “Improvements”), provided that Operator shall use its commercially reasonable efforts to consult, in advance, with Owner with respect to such Improvements and Owner shall make all funds available to Operator to perform such Improvements. (d) In the event that, at any time during the Term of this Agreement, repairs or additions to or changes in the Project shall be required by reason of any laws, ordinances, rules or regulations now or hereafter in force, or by proper and lawful order of any governmental or municipal power, department, agency, authority...
Sample 1
Maintenance and Capital Replacement. Owner and Manager recognize the necessity of a program of replacement of furnishings and equipment and the need to cause the Hotel to be furnished, equipped and landscaped as a first class luxury resort hotel.
Sample 1
AutoNDA by SimpleDocs
Maintenance and Capital Replacement 
Sample 1

Related to Maintenance and Capital Replacement

  • Network Maintenance and Management 38.1 The Parties will work cooperatively to implement this Agreement. The Parties will exchange appropriate information (for example, maintenance contact numbers, network information, information required to comply with law enforcement and other security agencies of the government, escalation processes, etc.) to achieve this desired result. 38.2 Each Party will administer its network to ensure acceptable service levels to all users of its network services. Service levels are generally considered acceptable only when End Users are able to establish connections with little or no delay encountered in the network. Each Party will provide a twenty four (24)-hour contact number for Network Traffic Management issues to the other’s surveillance management center. 38.3 Each Party maintains the right to implement protective network traffic management controls, such as “cancel to”, “call gapping” or seven (7)-digit and ten (10)-digit code gaps, to selectively cancel the completion of traffic over its network, including traffic destined for the other Party’s network, when required to protect the public-switched network from congestion as a result of occurrences such as facility failures, switch congestion or failure or focused overload. Each Party shall immediately notify the other Party of any protective control action planned or executed. 38.4 Where the capability exists, originating or terminating traffic reroutes may be implemented by either Party to temporarily relieve network congestion due to facility failures or abnormal calling patterns. Reroutes shall not be used to circumvent normal trunk servicing. Expansive controls shall be used only when mutually agreed to by the Parties. 38.5 The Parties shall cooperate and share pre-planning information regarding cross-network call-ins expected to generate large or focused temporary increases in call volumes to prevent or mitigate the impact of these events on the public-switched network, including any disruption or loss of service to the other Party’s End Users. Facsimile (FAX) numbers must be exchanged by the Parties to facilitate event notifications for planned mass calling events. 38.6 Neither Party shall use any Interconnection Service provided under this Agreement or any other service related thereto or used in combination therewith in any manner that interferes with or impairs service over any facilities of AT&T-21STATE, its affiliated companies or other connecting telecommunications carriers, prevents any carrier from using its Telecommunications Service, impairs the quality or the privacy of Telecommunications Service to other carriers or to either Party’s End Users, causes hazards to either Party’s personnel or the public, damage to either Party’s or any connecting carrier’s facilities or equipment, including any malfunction of ordering or billing systems or equipment. Upon such occurrence either Party may discontinue or refuse service, but only for so long as the other Party is violating this provision. Upon any such violation, either Party shall provide the other Party notice of the violation at the earliest practicable time. 38.7 AT&T TENNESSEE hereby commits to provide Disaster Recovery to CLEC according to the plan below. 38.7.1 AT&T TENNESSEE Disaster Recovery Plan 38.7.2 In the unlikely event of a disaster occurring that affects AT&T TENNESSEE’s long-term ability to deliver traffic to a CLEC, general procedures have been developed by AT&T TENNESSEE to hasten the recovery process in accordance with the Telecommunications Service Priority (TSP) Program established by the FCC to identify and prioritize telecommunication services that support national security or emergency preparedness (NS/EP) missions. A description of the TSP Program as it may be amended from time to time is available on AT&T TENNESSEE’s Wholesale – Southeast Region Web site. Since each location is different and could be affected by an assortment of potential problems, a detailed recovery plan is impractical. However, in the process of reviewing recovery activities for specific locations, some basic procedures emerge that appear to be common in most cases. 38.7.3 These general procedures should apply to any disaster that affects the delivery of traffic for an extended time period. Each CLEC will be given the same consideration during an outage, and service will be restored as quickly as possible. AT&T TENNESSEE reserves the right to make changes to these procedures as improvements become available or as business conditions dictate. 38.7.4 This plan will cover the basic recovery procedures that would apply to every CLEC.

  • Maintenance and Repairs (1) Except for matters specified under Paragraph 4 above and Paragraph 8A(3) below as being Landlord's obligation, Tenant shall, at Tenant's sole cost and expense, maintain the Premises in good order, condition and repair, ordinary wear and tear and damage by fire and casualty excepted, including: the interior surfaces of the ceilings, walls and floors; all doors and interior windows; furnishings installed within the Premises; all equipment installed by or at the expense of Tenant; and all plumbing, heating, ventilating, electrical and lighting facilities and fixtures; all landscaping, parking lots, fences and signs located within the Premises. (2) In the event that Tenant fails to maintain the Premises in good order, condition and repair as required under this Lease, Landlord shall give Tenant prior written notice to do such acts as are required to so maintain the Premises. In the event that Tenant fails to commence such work within 30 days after written demand by Landlord, and diligently prosecute it to completion, then Landlord shall have the right, but shall not be obligated, to do such acts and expend such funds at the expense of Tenant as are reasonably required to perform such work. Landlord shall have no liability to Tenant for any reasonable damage, inconvenience or interference with Tenant's use of the Premises as a result of performing any such work. (3) Landlord will maintain, repair and replace all structural components of the Premises and the roof of the Building, and if a repair, replacement or alteration or other change would be considered a capital improvement or replacement to the Premises under generally accepted accounting principles, then it shall be Landlord's responsibility to promptly make and pay for such repair, replacement, alteration or other change. The cost of any such capital improvement shall be amortized over the useful life of such item and Tenant agrees to pay its percentage share (which shall be determined by dividing the square footage of the Building by the square footage of all buildings benefitted by such improvement, including the Building) of the annual amortized amount. Such payment will be made by Tenant as set forth in Paragraph 4 above. Landlord shall do all acts required to comply with all applicable laws, ordinances, regulations and rules of any public authority relating to the Premises, except to the extent that the foregoing are solely a result of Tenant's use of the Premises. Tenant shall do all acts required to comply with all applicable laws, ordinances, regulations and rules of any public authority relating solely to Tenant's use of the Premises. If a repair is required as a result of Tenant's negligence and such repair cost is not covered by insurance proceeds, Tenant will pay for the cost of such repair. Notwithstanding anything in this Lease to the contrary, in the event that the need for repairs or the making of repairs (or both) which Landlord is obligated to effect at Landlord's expense renders a material portion of the Premises unusable for more than three consecutive business days, then Tenant shall be entitled to an abatement of rent commencing with the fourth business day that the same are unusable; provided, however, that Tenant shall not be entitled to a pro rata abatement of rent under the foregoing due to unusability (i) caused directly or indirectly by any act or omission of Tenant or any of Tenant's servants, employees, agents, contractors, visitors or licensees, (ii) where Tenant makes a decoration, alteration, improvement or addition which directly causes such unusability, or (iii) where the repair in question is one which Tenant is obligated to furnish under the provisions of this Lease.

  • Maintenance and Support NCR Voyix is solely responsible for providing any maintenance and support services with respect to the Software as specified in the Agreement, or as required under applicable law. The parties acknowledge that Apple has no obligation whatsoever to furnish any maintenance and support services with respect to the Software.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!