Capital Replacement Reserve definition
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 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.
Examples of Capital Replacement Reserve in a sentence
Each Annual Financial Statement submitted by Lessee shall include an accounting of the Capital Replacement Reserve including all deposits into and expenditures from such reserve accounts.
Not less than once per year, Lessee, at its expense, shall submit to the County Manager an accounting for the Capital Replacement Reserve for the Project.
Once every three (3) years or sooner as and when requested by County and/or County Manager, along with and as a part of the Annual Financial Statement, Lessee shall submit true, legible, and complete copies of the source documentation supporting the Annual Financial Statement, including the accounting of the Capital Replacement Reserve.
Commencing upon the Commencement Date, Lessee shall annually set aside not less than $_________ per year, increased each calendar year by the corresponding increase in CPI, into a separate interest-bearing trust account defined as the “Capital Replacement Reserve.” Funds in the Capital Replacement Reserve shall be used only for capital repairs, improvements and replacements to the Project, including fixtures and equipment, which are normally capitalized under generally accepted accounting principles.
The non-availability of funds in the Capital Replacement Reserve does not in any manner relieve or lessen Lessee’s obligation to undertake any and all necessary capital repairs, improvements, or replacements and to continue to maintain the Project in the manner prescribed herein for the Project.
More Definitions of Capital Replacement Reserve
Capital Replacement Reserve means the reserve described in Section 4.14, into which periodic contributions are paid pursuant to Section 4.15.
Capital Replacement Reserve means a separate reserve fund account to be established upon closing of the permanent Primary Loan for Phase B and maintained by Tenant for Phase B, which shall equal not less than Two Hundred Fifty Dollars ($250) per year for each Housing Unit at Phase B of the Apartment Complex (i.e. seventy-four (74) Housing Units in Phase B of the Apartment Complex times $250 equals Eighteen Thousand Five Hundred Dollars ($18,500) per year for Phase B of the Project), to be used as the primary resource to fund capital improvements and replacement improvements for Phase B of 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 Property and deposited into a separate interest bearing trust account for capital replacements to the Property’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 Tenant’s obligation to undertake any and all necessary capital repairs and improvements and to continue to maintain Phase B of the Apartment Complex in the manner prescribed herein. Upon written request of Landlord, but not more often than once per year, Tenant, at its expense, shall submit to Executive Director an accounting for the Capital Replacement Reserve. Capital repairs to and replacement of Phase B 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 for Phase B to Executive Director by Tenant, Executive Director will evaluate the cumulative amount on deposit in the Capital Replacement Reserve acco...
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 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 the reserve described in ss. 4.14, into which periodic contributions are paid pursuant to ss. 4.15.
Capital Replacement Reserve means the account in which annual payments related to capital replacement costs are maintained. The Capital Replacement Reserve is a restricted reserve maintained by the Town.
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.