Replacement fund. We may include in the amount of Service Charge a sum of money to be kept towards replacement of any item used in connection with the provision of a Service.
Replacement fund. So long as any of the bonds of the Series are outstanding, the Corporation will continue to maintain the Replacement Fund set forth in, and in accordance with the applicable terms and conditions now contained in, Part Two of the supplemental indenture dated as of February 1, 1949, and the covenants on the part of the Corporation contained in such Part Two shall continue and remain in full force and effect, whether or not bonds of the 1979 Series are outstanding and to the same extent as though the words "or any bonds of the Series" were inserted after the word "Series" appearing in the second line of Section 1 and the second line of Section 4 of said Part Two of said supplemental indenture dated as of February 1, 1949.
Replacement fund. We may include in the amount of Net Rent a sum of money to be kept towards replacement of any item used in connection with the provision of a Service.
Replacement fund. The replacement fund (the “Replacement Fund”) shall be established in accordance with Section 6.1 to be used solely for the costs of (i) additions to and replacements of FF&E; (ii) payments under Capital Leases for FF&E replacements or additions after the Opening Date; (iii) routine maintenance, routine repairs, and minor alterations that are reasonably necessary in Hyatt’s opinion and are normally classified as “capital expenditures” under the Uniform System or generally accepted accounting principles; and (iv) other Capital Expenditures approved by Hyatt and Owner to be covered by the Replacement Fund, either pursuant to a Capital Budget or otherwise, and for no other purpose. The Replacement Fund shall have the same Authorized Signatories as the Operating Account. All funds on deposit in the Replacement Fund shall be the property of Owner and shall be returned to the full control of Owner upon the expiration or earlier termination of this Agreement, but shall remain at the exclusive disposal of Hyatt throughout the Operating Term to be used consistent with the provisions of this Agreement. During the Operating Term, Hyatt shall transfer into the Replacement Fund from the Operating Account, on a monthly basis, an amount equal to: (i) 2% of the Revenue of the Hotel, from the Opening Date until the end of the 2nd Fiscal Year of the Operating Term, (ii) 3% of the Revenue of the Hotel, from the beginning of the 3rd Fiscal Year until the end of the 6th Fiscal Year of the Operating Term, and (iii) 4% of the Revenue of the Hotel each Fiscal Year thereafter, together with all proceeds from the sale of the FF&E, unless otherwise mutually agreed by the Parties. The amounts in the Replacement Fund shall bear interest, which, less any tax assessed on it, shall be credited and accumulated in the Replacement Fund. The Parties acknowledge that, from time to time, requirements of the Hotel will likely exceed the balance available in the Replacement Fund. Notwithstanding the foregoing, the Owner’s obligation to ensure the Hotel is maintained to a standard which is generally consistent with the Hotel Standard shall not be limited by the funds available in the Replacement Fund.
Replacement fund. At Lender’s election, upon no less than ten (10) days prior notice form Lender, Borrower shall deposit into an Account controlled by Lender (the “Replacement Account”), the amount equal to the amount reasonably determined by Lender necessary to pay for all outstanding CapEx Project Expenses required to achieve CapEx Project Completion with respect to any or all CapEx Projects, to be utilized for the payment of CapEx Project Expenses and, at Lxxxxx’s election (such election to be made by Lxxxxx sending a written election notice to Borrower at least ten (10) days in advance of the Monthly Payment Date on which such election shall become effective, which such election shall remain in effect until Lxxxxx delivers a notice to Borrower terminating such election), on each Monthly Payment Date, Borrower shall deposit into the Replacement Account an amount reasonably determined by Lender to be necessary, to be utilized for payment of Capital Expenditures. Amounts deposited into the Replacement Account are referred to herein as the “Replacement Funds.”
Replacement fund. Beginning the tenth (10th) day of the third month following the month in which the closing occurs, and continuing on the tenth (10th) day of each calendar quarter thereafter during the term of the Loan, Borrower shall deposit with the Bank an amount equal to two percent (2%) of the gross revenues it received during the immediately preceding three (3) months. These funds shall be held in a regular A money-market savings account with the Bank and, with the Banks prior written approval, may be withdrawn once each year on the anniversary date of the Loan. These funds may be used only to replace existing furniture, fixtures and equipment.
Replacement fund. SECTION 1. So long as any of the bonds of the 3.75% Series are outstanding, the Corporation will continue to maintain the Replacement Fund set forth in, and in accordance with the applicable terms and conditions now contained in, Part Two of the supplemental indenture dated as of February 1, 1949, and the covenants on the part of the Corporation contained in such Part Two shall continue and remain in full force and effect, whether or not bonds of the 1979 Series are outstanding and to the same extent as though the words "or any bonds of the 3.75% Series" were inserted after the word "Series" appearing in the second line of Section 1 and the second line of Section 4 of said Part Two of said supplemental indenture dated as of February 1, 1949.
SECTION 2. If at any time (a) bonds of the 3.75% Series are outstanding and (b) no bonds of the Medium-Term Notes Series, of the 2003 Series B, of the 2008 Series, of the 2003 Series C, of the 2004 Series B, of the 2033 Series, of the 2023 Series B, of the 2025 Series or of the 2024 Series are outstanding and (c) cash which shall have been deposited with the Trustee pursuant to such Replacement Fund shall not within five years from the date of deposit thereof have been paid out, or used or set aside by the Trustee for the payment, purchase or redemption of bonds, pursuant to such Replacement Fund, such cash shall, if in excess of fifty thousand dollars ($50,000), be applied to the redemption of bonds of the 3.75% Series in an aggregate principal amount sufficient to exhaust as nearly as possible the full amount of such cash. Anything in Section 5 of Part Two of the aforesaid supplemental indenture dated as of February 1, 1949, in Section 3 of Part Two of the supplemental indentures dated as of February 1, 1993, May 1, 1993, July 1, 1993, August 1, 1993, August 20, 1993 and May 1, 1994, in Section 3 of Part Three of the supplemental indenture dated as of March 1, 1990 and in Section 5 of Part Four of the supplemental indenture dated as of March 1, 1993 to the contrary notwithstanding, no cash shall be paid over to the Corporation thereunder if at the time any bonds of the 3.75% Series are then outstanding, and such cash shall in such event be applied as in this Part Two set forth.
SECTION 3. Whenever all of the bonds of the 3.75% Series, the Medium-Term Notes Series, the 2003 Series B, the 2008 Series, the 2003 Series C, the 2004 Series B, the 2033 Series, the 2023 Series B, the 2025 Series and the 2024 Series shall hav...
Replacement fund. The annual contribution to the DNR-mandated "Equipment Replacement Fund." An annual contribution is made to this fund for the purpose of accumulating cash during the useful life of the treatment facility for the replacement of equipment that is needed to maintain the capacity and performance for which the treatment facility was designed and constructed. Typically such replacement equipment has a service life that is materially shorter than the expected service life of the wastewater treatment plant.
