Reserve Fund Contribution definition

Reserve Fund Contribution shall be calculated as follows: One percent (1%) of Gross Operating Revenues from the Managed Facilities Opening Date through the end of the first (1st) Full Fiscal Year of the Operating Term; Two percent (2%) of Gross Operating Revenues from the commencement of the second (2nd) Full Fiscal Year through the end of the second (2nd) Full Fiscal Year of the Operating Term; Three percent (3%) of Gross Operating Revenues from the commencement of the third (3rd) Full Fiscal Year through the end of the third (3rd) Full Fiscal Year of the Operating Term; Four percent (4%) of Gross Operating Revenues from the commencement of the fourth (4th) Full Fiscal Year through the end of the fourth (4th) Full Fiscal Year of the Operating Term; and For all Fiscal Years thereafter of the Operating Term, such other amount as determined in an approved Business Plan, provided, however, that the Reserve Fund in any year shall be capped at an amount equal to the total of the amounts paid into the Reserve Fund in the previous 3 years plus the amount required to be paid into the Reserve Fund in the current year; and provided further that the Parties may declare an amount in the Reserve Fund as excess and distribute such declared excess as provided in Section 6.4.4 of this Agreement.
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Reserve Fund Contribution means the difference between the Guaranty Obligation and the Reserve Fund balance required to be paid by Guarantor pursuant to the Guaranty Agreement.
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Reserve Fund Contribution means the Corporations contributions to the Reserve Fund within the required Common Expenses;
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Examples of Reserve Fund Contribution in a sentence

  • A Reserve Fund Contribution is required to cover the cost of major and infrequent repairs, replacements and renovations in the Village so as to maintain the high standards of the Village and to maximise Residence values in the long term.

  • The Maintenance Reserve Fund Contribution is reviewed on 1 July each year.

  • If the change in clearing relationship leads to a change in the GCP’s Reserve Fund Contribution, SEOCH will process the addition/reduction in Initial Contribution within such period of time as specified by the SEOCH Board.

  • The Annual Capital Reserve Fund Contribution of each Member shall be set forth in the Cost Allocation Worksheet and may vary depending upon the total amount of revenue that must be deposited in the Capital Reserve Fund each Fiscal Year.

  • The Board may terminate the participation of any Establishing Member or Associate Member (“Defaulting Member”) in the Consortium, and remove such Defaulting Member as a party to this Agreement, upon the occurrence of either of the following: a) the Defaulting Member's breach of this Agreement ("Breach"); or b) the Defaulting Member's failure to pay in full at the required time either its Annual Membership Fee and/or any Reserve Fund Contribution ("Failure to Pay").

  • The Maintenance Reserve Fund Contribution will vary over time according to changes in repair and maintenance costs, projected requirements of the Maintenance Reserve Fund and anticipated annual occupancy rates.

  • After the Applicable Date, the Reserve Fund Contribution may be changed only upon approval of two-thirds (2/3) of the members.

  • At the end of each Operating Year, all amounts not expended from the Reserve Fund shall be carried forward to the next Operating Year, but shall not be credited against the amount of the Reserve Fund Contribution for any subsequent Operating Year.

  • Each year, the Board will develop a Cost Allocation Worksheet that sets forth each Member's Annual General Operating Fund Contribution and Annual Capital Reserve Fund Contribution for the next immediately following fiscal year.

  • Payment of the Reserve Fund Contribution into the Reserve Fund for each month shall be due within five (5) days after the end of such month.


More Definitions of Reserve Fund Contribution

Reserve Fund Contribution as defined in Section 5.5.1. Resort – as defined in the Recitals. Resort Amenities – collectively, the (i) two pool areas, (ii) Spa & Fitness Center, (iii) Casino, (iv) Theater, (v) Showroom, (vi) retail stores, shops or kiosks, and (vii) restaurants, bars or other locations in the Resort that serve and/or offer food and beverage, all which may from time to time be located or constructed on the Land. Resort Transfer – a sale or transfer of all or substantially all of the assets of the Resort.
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Reserve Fund Contribution means the amount set forth in the Capital Budget then in effect to be transferred by Manager at the end of such month from the Operating Account to the Reserve Fund in order to fund Routine Capital Improvements and Building Capital Improvements set forth in the Capital Budget, or as otherwise may be required by a Lender.
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Reserve Fund Contribution as defined in Exhibit A. Restoration — the repair, restoration, replacement or rebuilding of the Hotel in accordance with the Operating Standard (including then-current Brand Standards) as approved by Operator. Restricted Area — as defined in Section 2.2. RevPAR Index — for any hotel or group of hotels, Revenue per Available Room as determined in a Xxxxx Travel Trend Report (“STAR” report) produced by Xxxxx Travel Research (or if Xxxxx Travel Research no longer produced the STAR report, a similar report prepared by a successor organization agreed to by the Parties) for the applicable Operating Year. ROI Capital Improvements — all alterations, improvements, replacements, renewals and additions to the Hotel that are capitalized under GAAP and involve a material change in the primary use of, or a material physical expansion or alteration of, the Hotel (including adding or removing Guest Rooms or meeting rooms, or changing the configuration of the Hotel), which are intended to generate a separate return on investment. Routine Capital Improvements — all maintenance, repairs, alterations, improvements, replacements, renewals and additions to the Hotel (including replacements and renewals of FF&E and Supplies, exterior and interior painting, resurfacing of walls and floors, resurfacing parking areas and replacing folding walls) that are capitalized under GAAP and are not depreciated as real property. For avoidance of doubt, Routine Capital Improvements expressly exclude Maintenance and Repair, Building Capital Improvements and ROI Capital Improvements. Sanction Laws — all present and future Applicable Laws of the United States of America that prohibit or restrict Operator or an Affiliate from entering into this Agreement or performing any of its obligations hereunder, with respect to the Person in question, including (a) The United and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act (the “Patriot Act”), (b) The Trading with the Enemies Act, (c) all rules and regulations issued by the U.S. State Department or U.S. Treasury Department’s Office of Foreign Assets Control, and (d) Executive Orders 13224 issued by the President of the United States, and similar executive orders. Security Interest — any security interest, collateral assignment, pledge or similar document or instrument that encumbers any assets relating to the Hotel (or any portion thereof or interest therein, including any ownership interests in Owne...
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Reserve Fund Contribution has the meaning ascribed to it in Section 10 and Schedule “B” of this Agreement;
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Reserve Fund Contribution means a percentage of Net Income to be mutually agreed upon by Owner and Operator as part of the Annual Operations Budget; provided, however, (i) in no event shall such percentage exceed ten percent (10%) of Net Income, (ii) the Reserve Fund Contribution for the prior Fiscal Year shall be as set forth in the Annual Operations Budget attached as an exhibit hereto, provided to the extent the first Fiscal Year is less than twelve (12) calendar months, the Reserve Fund Contribution shall be prorated; and (iii) in the event that Owner and Operator, despite their reasonable good faith efforts, are unable to agree upon the Reserve Fund Contribution for any Fiscal Year, the percentage set forth in the prior year’s Annual Operations Budget shall govern;
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Related to Reserve Fund Contribution

  • Reserve Fund Required Amount means, (i) for any Payment Date on which the Note Balance is greater than $0, $4,792,570.75 (i.e., 0.25% of the Cutoff Date Adjusted Pool Balance) or (ii) if the Notes have been paid in full, $0.

  • Specified Reserve Fund Balance means, on the Closing Date $3,846,153.85, and with respect to any Payment Date 0.25% of the initial aggregate principal balance of the Receivables as of the Cutoff Date.

  • Excess Reserve Fund Account The separate Eligible Account created and maintained by the Trustee pursuant to Sections 3.07(b) and 3.07(c) in the name of the Trustee for the benefit of the Regular Certificateholders and designated "Deutsche Bank, National Trust Company in trust for registered Holders of Morgan Stanley ABS Capital I Inc. Trust 2006-HE3, Mortgage Pass-Through Xxxxxfxxxxxx, Series 2006-HE3." Funds in the Excess Reserve Fund Account shall be held in trust for the Regular Certificateholders for the uses and purposes set forth in this Agreement. Amounts on deposit in the Excess Reserve Fund Account shall not be invested.

  • Reserve Fund Requirement means (i) on any Payment Date other than a Payment Date described in clause (ii), an amount equal to 0.50% of the Aggregate Securitization Value of the 2013-1 Leases as of the Cutoff Date or (ii) on any Payment Date occurring on or after the date on which the Note Balance has been reduced to zero, zero.

  • Required Reserve Fund Amount With respect to any Distribution Date on which the Net Excess Spread is less than 0.25%, the amount, if any by which (a) the product of 1.00% and the Pool Balance for such date exceeds (b) the amount on deposit in the Basis Risk Reserve Fund immediately prior to such date. With respect to any Distribution Date on which the Net Excess Spread is equal to or greater than 0.25%, the amount, if any, by which (i) $1,000 exceeds (ii) the amount on deposit in the Basis Risk Reserve Fund immediately prior to such date. Provided, however, that on any Distribution Date on which the Class Principal Amount of each Class of LIBOR Certificates has been reduced to zero, the Required Reserve Fund Amount shall be zero.

  • Catch-Up Contribution means an Elective Deferral made to the Plan by a Catch-Up Eligible Participant that, during any taxable year of such Participant, exceeds one of the following:

  • Reserve Fund means the account designated as such, and established and maintained pursuant to Section 4.01.

  • Reserve Fund Deposit With respect to the Reserve Fund, an amount equal to $5,000, which the Depositor shall initially deposit into the Reserve Fund pursuant to Section 3.21 hereof.

  • In-kind contribution means a contribution of goods or services received by a candidate committee, joint candidates committee, political committee, continuing political committee, political party committee, or legislative leadership committee, which contribution is paid for by a person or entity other than the recipient committee, but does not include services provided without compensation by an individual volunteering a part of or all of his or her time on behalf of a candidate or committee.

  • Additional Contribution Each Member's pro-rata portion of a Required Amount, determined by multiplying the Required Amount by each Member's Interest.

  • Excess Contribution With respect to any Plan Year, the excess of: (a) the aggregate amount of Employer contributions actually taken into account in computing the ADP of Highly Compensated Employees for such Plan Year, over (b) the maximum amount of such contributions permitted by the ADP Test (determined by hypothetically reducing contributions made on behalf of Highly Compensated Employees in order of the ADPs, beginning with the highest of such percentages).

  • Cash Contribution refers to a direct payment of Contribution in Canadian currency.

  • Contribution Date has the meaning set forth in Section 4.3 hereof.

  • Matching Contribution Account means the separate, individual account established on behalf of a Participant to which the Matching Contributions made on such Participant's behalf are credited, together with all earnings and appreciation thereon, and against which are charged any withdrawals, loans and other distributions made from such account and any losses, depreciation or expenses allocable to amounts credited to such account.

  • Initial Contribution means that contribution each Participant has made or agrees to make pursuant to Section 5.1.

  • Reserve Fund Initial Deposit means the initial deposit of cash in the amount of $3,846,153.85 made by or on behalf of the Seller into the Reserve Fund on the Closing Date.

  • Catch-Up Contributions means Salary Reduction Contributions made to the Plan that are in excess of an otherwise applicable Plan limit and that are made by Participants who are Age 50 or over by the end of their taxable years. An “otherwise applicable Plan limit” is a limit in the Plan that applies to Salary Reduction Contributions without regard to Catch-up Contributions, such as the limits on Annual Additions, the dollar limitation on Salary Reduction Contributions under Code Section 402(g) (not counting Catch-up Contributions) and the limit imposed by the Actual Deferral Percentage (ADP) test under Code Section 401(k)(3). Catch-up Contributions for a Participant for a taxable year may not exceed the dollar limit on Catch-up Contributions under Code Section 414(v)(2)(B)(i) for the taxable year. The dollar limit on Catch-up Contributions under Code Section 414(v)(2)(B)(i) is $1,000 for taxable years beginning in 2002, increasing by $1,000 for each year thereafter up to $5,000 for taxable years beginning in 2006 and later years. After 2006, the $5,000 limit will be adjusted by the Secretary of the Treasury for cost-of-living increases under Code Section 414(v)(2)(C). Any such adjustments will be in multiples of $500.

  • Required Reserve Fund Deposit With respect to any Distribution Date on which the Net Excess Spread is less than 0.25%, the amount, if any by which (a) the product of 1.00% and the Aggregate Pool Balance for such date exceeds (b) the amount on deposit in the Basis Risk Reserve Fund immediately prior to such date. With respect to any Distribution Date on which the Net Excess Spread is equal to or greater than 0.25%, the amount, if any, by which (i) $1,000 exceeds the amount on deposit in the Basis Risk Reserve Fund immediately prior to such date; provided, however, that on any Distribution Date on which the Class Principal Amount of each Class of Offered Certificates, the Class B1 Certificates and the Class B2 Certificates has been reduced to zero, the Required Reserve Fund Deposit shall be zero.

  • Delayed contribution payment means an amount paid by an employee for purchase of current service. The amount shall be determined using the same formula in KRS 61.5525, and the payment shall not be picked up by the employer. A delayed contribution payment shall be deposited to the member's account and considered as accumulated contributions of the individual member. In determining payments under this subsection, the formula found in this subsection shall prevail over the one found in KRS 212.434;

  • Contribution Period means the period specified in Article VI for which Employer Contributions shall be made.

  • Debt Service Reserve Fund Requirement means, with respect to the 2013 Series C Bonds and as of each determination date, an amount equal to maximum annual debt service on the 2013 Series C Bonds Outstanding from time to time and, with respect to any other Series of Bonds, the amount set forth in the Related Series Indenture.

  • Employer Contribution Account means, for any Participant, the account established by the Administrator or Trustee to which Employer Contributions made under Section 3.5 for the Participant's benefit are credited.

  • Pre-Funded Amount With respect to any date of determination, the amount on deposit in the Pre-Funding Account.

  • Cash contributions means the re- cipient’s cash outlay, including the outlay of money contributed to the re- cipient by third parties.

  • Employer Contribution means the amount paid by an employer, as determined by the employer rate, including the normal and deficiency rates, contributions, and funds wherever used in this chapter.

  • Contribution Rate means, in a reserve study as described in RCW 64.34.380, the amount contributed to the reserve account so that the association will have cash reserves to pay major maintenance, repair, or replacement costs without the need of a special assessment.