Capital Replacement Reserve means the greater of (i) an amount equal to 3.22% of each Fiscal Year's Gross Golf Revenue, to be accrued quarterly by Landlord as part of the Capital Replacement Fund, as provided in Section 12.4 hereof, based on the Officer's Certificate, or (ii) Fifty Thousand Dollars ($50,000) per Fiscal Year.
Capital Replacement Reserve has the meaning set forth in Section 2.4(d).
Capital Replacement Reserve means the reserve described in Section 4.14, into which periodic contributions are paid pursuant to Section 4.15.
Examples of Capital Replacement Reserve in a sentence
The Council shall establish a Capital Replacement Reserve (CRR) for the purpose of financing capital projects and the acquisition of capital assets.
The Capital Replacement Reserve shall accrue quarterly based on the Officer's Certificate and shall be placed in the Capital Replacement Fund.
Solely from the payment of additional rent received pursuant to Section 4.9 of this Lease, Landlord shall be obligated to accrue the Capital Replacement Reserve.
Without limiting the foregoing, Tenant shall pay to Landlord on a monthly basis along with Base Rent, as additional rent, an amount equal to one-twelfth (1/12) of the Capital Replacement Reserve.
Capital Replacement Reserve (CRR) • Council shall establish a CRR for the purpose of financing capital projects and the acquisition of assets.
More Definitions of Capital Replacement Reserve
Capital Replacement Reserve means the capital replacement reserve account established by the Borrower to help fund major repairs, capital expenditures, and replacement of capital items on the Property in accordance with the Annual Budget.Commencing one (1) month following repayment of the Capital One Construction Loan and closing and funding of the VHDA Permanent Loan, and annually thereafter during the Term, the Borrower shall deposit, or cause to be deposited, into the Capital Replacement Reserve (on an annualized basis) an amount equal to Three-Hundred and 00/100 Dollars ($300.00) per residential apartment unit Berkeley I Apartments for each Fiscal Year.Payments into the Capital Replacement Reserve shall be deposited in an interest-bearing bank account. Interest earned on the Capital Replacement Reserve shall be added to the Capital Replacement Reserve. Monies held in the Capital Replacement Reserve shall onlybe expended for major repairs, capital expenditures, and replacement of capital items on the Property pursuant to the terms of each Annual Budget or as otherwise approved in writing by the County Manager or his designee, provided, however, that if the VHDA Permanent Loan is outstanding, the Borrower shall be permitted to make expenditures approved by VHDA with prior written notice to the County Manager or his designee. To the extent that the payments into the Capital Replacement Reserve exceed the amount budgeted in the Annual Budget, such excess payments shall not be included to calculate the Residual Receipts, unless specifically approved in writing by the County Manager or his designee (to be granted or withheld in her sole discretion).
Capital Replacement Reserve means the reserve described in Section 4.12.
Capital Replacement Reserve means a separate reserve fund account to be established and maintained by Developer equal to not less than Two Hundred Fifty Dollars ($250) per year for each Housing Unit (i.e. fifty-two Housing Units in the Apartment Complex times $250 equals Thirteen Thousand Dollars ($13,000) per year for the Project), to be used as the primary resource to fund capital improvements and replacement improvements for the Project. The amount of $250 for each Housing Unit that is set aside by the Partnership (or its Property Manager) shall be allocated from the gross rents received from the Site and deposited into a separate interest bearing trust account for capital replacements to the Site’s fixtures and equipment that are normally capitalized under generally accepted accounting principles and shall include common areas. The non- availability of funds in the Capital Replacement Reserve does not in any manner relieve or lessen Developer’s obligation to undertake any and all necessary capital repairs and improvements and to continue to maintain the Apartment Complex in the manner prescribed herein. Not less than once per year, Developer, at its expense, shall submit to Authority Executive Director an accounting for the Capital Replacement Reserve. Capital repairs to and replacement of the Apartment Complex shall include only those items with a long useful life, including without limitation the following: carpet and drape replacement; appliance replacement; exterior painting, including exterior trim; hot water heater replacement; plumbing fixtures replacement, including tubs and showers, toilets, lavatories, sinks, faucets; air conditioning and heating replacement; asphalt repair and replacement, and seal coating; roofing repair and replacement; landscape tree replacement; irrigation pipe and controls replacement; sewer line replacement; water line replacement; gas line pipe replacement; lighting fixture replacement; elevator replacement and upgrade work; miscellaneous motors and blowers; common area furniture replacement; and common area repainting. Pursuant to the procedure for submittal of each Annual Budget to Executive Director by Developer, Executive Director will evaluate the cumulative amount on deposit in the Capital Replacement Reserve account and exercise her sole, reasonable discretion to determine if existing balance(s) in, proposed deposits to, shortfalls, if any, and/or a cumulative unexpended/unencumbered account balance in such Capital Replacement Reserve acc...
Capital Replacement Reserve means a separate reserve fund account to be established and maintained by Developer equal to not less than two percent (2%) of Annual Project Revenues in each year, to be used as the primary resource to fund capital and replacement improvements. The amount of two percent (2%) of Annual Project Revenues that is set aside annually by Developer (or its Property Manager) shall be allocated from the gross rents received from the Site and deposited into a separate interest-bearing trust account for capital repairs and replacements to the improvements, fixtures and equipment at the Site that are normally capitalized under generally accepted accounting principles and shall include common areas, including without limitation the following: carpet and drape replacement; appliance replacement; exterior painting, including exterior trim; hot water heater replacement; plumbing fixtures replacement, including tubs, showers, toilets, lavatories, sinks, and faucets; air conditioning and heating replacement; asphalt repair, replacement, and seal coating; roofing repair and replacement; landscape tree replacement; irrigation pipe and controls replacement; gas line pipe replacement; lighting fixture replacement; elevator replacement and upgrade work; miscellaneous motors and blowers; common area furniture replacement; and common area repainting. The non-availability of funds in the Capital Replacement Reserve does not in any manner relieve Developer of the obligation to undertake necessary capital repairs and improvements and to continue to maintain the Site and all common areas and common improvements in the manner prescribed herein. Pursuant to the procedure for submittal of each annual Operating Budget to Executive Director by Developer, Executive Director will evaluate the cumulative amount on deposit in the Capital Replacement Reserve account and exercise her sole, reasonable discretion to determine if existing balance(s) in, proposed deposits to, shortfalls, if any, and/or a cumulative unexpended/unencumbered account balance in such Capital Replacement Reserve account are adequate to provide for necessary capital repairs and improvement to the Site (provided that required annual deposits thereto are not required to exceed two percent (2%) of Annual Project Revenues.)
Capital Replacement Reserve means a reserve fund to be established by the Participant as a capital reserve in the amount of One Thousand Dollars ($1,000.00) per Year (for the first Year), which shall remain fixed for the first five Years and then shall increase by fifty dollars ($50.00) per unit annually, to a maximum of Five Hundred Dollars ($500.00) per unit annually. The Capital Replacement Reserve is more fully described in Section 3.3 of this Agreement.
Capital Replacement Reserve means a separate reserve fund account to be established upon closing of the permanent Primary Loan for the Project and maintained by Developer separately for the Project in accordance with Section 410. The non-availability of funds in the Capital Replacement Reserve does not in any manner relieve or lessen Developer’s obligation to undertake any and all necessary capital repairs and improvements and to continue to maintain the Project in the manner prescribed herein. Upon written request of Agency, but not more than once per year, Developer, at its expense, shall submit to Agency Executive Director an accounting for the Capital Replacement Reserve for the Project. Capital repairs to and replacement of the Project shall include only those items with a long useful life, including without limitation the following: carpet and drape replacement; appliance replacement; exterior painting, including exterior trim; hot water heater replacement; plumbing fixtures replacement, including tubs and showers, toilets, lavatories, sinks, faucets; air conditioning and heating replacement; asphalt repair and replacement, and seal coating; roofing repair and replacement; landscape tree replacement; irrigation pipe and controls replacement; sewer line replacement; water line replacement; gas line pipe replacement; lighting fixture replacement; elevator replacement and upgrade work; miscellaneous motors and blowers; common area furniture and planters replacement; and common area repainting.
Capital Replacement Reserve means amounts held in the Capital Replacement Reserve Account by the Borrower as a reserve intended to fund Consolidated Capital Expenditures.