Minimum Expenditure Requirement; Required PCR Repairs Sample Clauses

Minimum Expenditure Requirement; Required PCR Repairs. During each Lease Year of the Term, Tenant shall spend on CapEx Work for each Facility an amount that is no less than the Required CapEx Amount. Tenant’s compliance with this requirement shall be computed with respect to each Facility on an individual basis and shall not be based upon expenditures for two or more Facilities on an aggregated basis. Furthermore, Tenant’s compliance with this requirement shall be computed on a rolling three (3) year (within the Term) look-back basis, meaning that for any date on which Landlord elects to evaluate Tenant’s compliance with this provision, Landlord shall determine the amount of Tenant’s expenditures for CapEx Work made during the three (3) year period during the Term preceding said measurement date. In addition to the foregoing, Tenant shall complete, or cause Operating Subtenant to complete, at Tenant’s sole cost and expense (provided Tenant may seek reimbursement, or advance disbursement on a line item by line item basis, in accordance with the terms hereof, from the Initial CapEx Deposit to pay for the Required PCR Repairs), each of the items set forth on Schedule 26.6 (the “Required PCR Repairs”), to Landlord’s reasonable satisfaction, within the time period for such Required PCR Repair set forth on Schedule 26.6. Tenant shall keep Landlord reasonably apprised of its progress on the Required PCR Repairs, and shall deliver evidence to Landlord of its satisfaction of the terms herein no less than monthly. In the event Tenant fails to complete any or all of the Required PCR Repairs to Landlord’s reasonable satisfaction within the time period set forth on Schedule 26.6 such failure shall constitute an automatic Event of Default hereunder, and Landlord, in addition to its other rights and remedies hereunder, shall have right, but not the obligation, to complete, using CapEx Reserve Funds and charging Tenant as Additional Rent for any deficiency, the Required PCR Repair at Tenant’s expense, and Tenant shall cooperate to transfer and assign, at no expense to Landlord, the rights to any and all contracts necessary therefor to Landlord. In such event Landlord shall be permitted to charge as Additional Rent, and deduct from the CapEx Reserve Funds, a project management fee in the amount of 2.5%.
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Related to Minimum Expenditure Requirement; Required PCR Repairs

  • Minimum Balance Requirements To be a member and maintain Accounts with Us You must purchase 1 share in the Credit Union. The par value of a share in this Credit Union is $5.00. If the balance in Your primary share Account drops below 1 share ($5.00), at any time, We may, at Our option, close Your Account. Nonsufficient Funds Returns. Any share draft or pre-authorized transfer, or transaction made through the use of a debit card, or other electronic means, as is applicable (including any in-person transaction), that is presented to Us for payment on Your Account when Your Account lacks sufficient collected funds to pay any such item may, at Our option, be returned for nonsufficient funds or We may honor any such item and charge You a fee for doing so. Overdraft Balance Calculation. When processing transactions that debit or credit Your Account, We start each Business Day with Your final Account balance from the preceding Business Day. The final balance takes into account all of the debit and credit transactions that were settled that Business Day pursuant to Our Funds Availability Policy, as well as any other debits or credits to Your Account that were finally settled that day, as described above in the "Deposit of Items" and "Collection and Processing of Items" sections of the Account Agreement. This starting balance at the beginning of a Business Day (the preceding Business Day's final balance) is sometimes referred to as Your "actual balance."

  • Required Repairs Borrower shall perform all of the repairs (on an Individual Property by Individual Property basis) at the applicable Individual Properties, as more particularly set forth on Schedule 5.1.32 hereto (such repairs hereinafter referred to as “Required Repairs”) (i) in compliance with all applicable Legal Requirements, (ii) in a Lien-free, good and workmanlike manner and (iii) prior to the date set forth on Schedule 5.1.32 with respect to such Required Repairs (each such date, a “Required Repair Deadline”). It shall constitute an Event of Default if Borrower does not complete each Required Repair by the applicable Required Repair Deadline, provided that, if Borrower shall have been unable to complete a Required Repair by the applicable Required Repair Deadline, after using commercially reasonable efforts to do so, including, without limitation, if caused by delays due to weather or force majeure, such Required Repair Deadline shall be automatically extended solely as to such Required Repair to permit Borrower to complete such Required Repair so long as Borrower is at all times thereafter diligently and expeditiously proceeding to complete the same. Notwithstanding the foregoing, to the extent any Required Repair is the responsibility of a Tenant pursuant to a Lease, Borrower shall be obligated only to use commercially reasonably efforts to have such Tenant complete such Required Repair on or prior to the Required Repair Deadline.

  • Release of Required Repair Funds Lender shall disburse to Borrower the Required Repair Funds from the Required Repair Account from time to time upon satisfaction by Borrower of each of the following conditions: (i) Borrower shall submit a written request for payment to Lender at least fifteen (15) days prior to the date on which Borrower requests such payment be made and specifies the Required Repairs to be paid, (ii) on the date such request is received by Lender and on the date such payment is to be made, no Default or Event of Default shall exist and remain uncured, (iii) Lender shall have received a certificate from Borrower (A) stating that all Required Repairs at the Property to be funded by the requested disbursement have been completed in good and workmanlike manner and in accordance with all applicable federal, state and local laws, rules and regulations, such certificate to be accompanied by a copy of any license, permit or other approval by any Governmental Authority required to commence and/or complete the Required Repairs, (B) identifying each Person that supplied materials or labor in connection with the Required Repairs performed at the Property to be funded by the requested disbursement under a contract in excess of $50,000, and (C) stating that each Person who has supplied materials or labor in connection with the Required Repairs to be funded by the requested disbursement has been paid in full or will be paid in full upon such disbursement, such certificate to be accompanied by lien waivers or other evidence of payment satisfactory to Lender, (iv) at Lender’s option, a title search for the Property indicating that the Property is free from all liens, claims and other encumbrances not previously approved by Lender, and (v) Lender shall have received such other evidence as Lender shall reasonably request that the Required Repairs at the Property to be funded by the requested disbursement have been completed and are paid for or will be paid upon such disbursement to Borrower. Lender shall not be required to make disbursements from the Required Repair Account with respect to the Property more than once each calendar month and such disbursement shall be made only upon satisfaction of each condition contained in this Section 7.1.2.

  • Equipment Requirements No Equipment is provided to Customer as part of this Service.

  • Coverage Minimum Requirement Commercial General Liability Insurance, including Bodily Injury, Personal Injury, Property Damage, Advertising Injury, and Medical Payments Each Occurrence General Aggregate $ 1,000,000 $ 2,000,000 Automobile Liability Insurance - Any Auto Each Occurrence General Aggregate $ 1,000,000 $ 2,000,000 Professional Liability $ 1,000,000 Workers Compensation Statutory Limits Employer’s Liability $ 1,000,000

  • Minimum Vendor License Requirements Vendor shall maintain, in current status, all federal, state, and local licenses, bonds and permits required for the operation of the business conducted by Vendor. Vendor shall remain fully informed of and in compliance with all ordinances and regulations pertaining to the lawful provision of goods or services under the TIPS Agreement. TIPS and TIPS Members reserve the right to stop work and/or cancel a TIPS Sale or terminate this or any TIPS Sale Supplemental Agreement involving Vendor if Vendor’s license(s) required to perform under this Agreement or under the specific TIPS Sale have expired, lapsed, are suspended or terminated subject to a 30‐day cure period unless prohibited by applicable statue or regulation.

  • Financial Covenant Required Actual Complies Maintain as indicated:

  • Minimum Requirements Consultant shall, at its expense, procure and maintain for the duration of the Agreement insurance against claims for injuries to persons or damages to property which may arise from or in connection with the performance of the Agreement by the Consultant, its agents, representatives, employees or subconsultants. Consultant shall also require all of its subconsultants to procure and maintain the same insurance for the duration of the Agreement. Such insurance shall meet at least the following minimum levels of coverage:

  • Project Requirements 1. Project must conform to regulations under 24 CFR Part 92, commonly known as the HOME Regulations.

  • ADDITIONAL SPECIAL CONTRACT CONDITIONS Special Contract Conditions revisions: the corresponding subsections of the Special Contract Conditions referenced below are replaced in their entirety with the following:

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