CapEx Reserve. Account A segregated, secured account held by Asset Co and proposed to be located in Singapore (the “Capex Reserve Account”) will be established pursuant to a Cash Management Agreement to fund unbudgeted capital expenditure costs of the Jamalco Refinery (the “Approved Capital Expenditure Costs”). The Capex Reserve Account may be funded:
CapEx Reserve. On or prior to the date sixty days after the date ------------- of each calendar quarter the Borrower will (i) deposit into the CAPEX Reserve the CAPEX Reserve Deposit Amount for such calendar quarter and (ii) deliver to the Administrative Agent a statement certified by a Responsible Officer of the Borrower to be true and correct in all material respects, which statement shall specify the calculation of such gross revenues and the amount of such Capital Expenditures or FF&E and such other information reasonably requested by the Administrative Agent. The CAPEX Reserve will be used to make or purchase Capital Expenditures or FF&E (except for those made or purchased under an Approved Preliminary Property Plan or Required Work performed for any Hotel Property after the date which is 365 days following the date such Hotel Property initially qualified as an Eligible Property) for Eligible Properties in accordance with this Agreement. In addition to the Bank One Cash Management Agreement, Borrower shall execute such Financing Statements and other documents and execute such other documents as either Agent shall reasonably require in order for the Administrative Agent to have a perfected first lien security interest in such CAPEX Reserve. Within 10 days after presentation to the Administration Agent of documentation reasonably required the Administrative Agent (including without limitation copies of invoices and a summary of Capital Expenditures and expenditures for FF&E) evidencing that in accordance with this Agreement either (a) Capital Expenditures to an Eligible Property have been performed or (b) FF&E has been purchased by the Borrower and delivered to an Eligible Property, the Administrative Agent shall permit the withdrawal from the CAPEX Reserve of the amounts for such Capital Expenditures or FF&E (except for those made or purchased under an Approved Preliminary Property Plan or Required Work performed for any Hotel Property after the date which is 365 days following the date such Hotel Property initially qualified as an Eligible Property), including payment to an escrow agent or title company to disburse such amounts. Any requests for disbursements from the CAPEX Reserve (a) shall not be made more often than once in any calendar month or for less than $50,000, (b) shall be made contemporaneously with any request for a Borrowing in such month pertaining to Capital Expenditures or FF&E, (c) shall be made contemporaneously with a request for a Borrowing if i...
CapEx Reserve. The Borrower shall apply any remaining unused portion of the CapEx Reserve to the prepayment of the Term Loans on June 30, 2010.
CapEx Reserve. 5.2.1 On or prior to the date hereof, Tenant shall establish an interest bearing reserve account (the “Capex Reserve”) in a bank designated by Tenant and approved by Landlord. All interest earned on the Capex Reserve shall be added to and shall remain a part of the Capex Reserve. Both Tenant and Landlord shall be signatories on the Capex Reserve, and any withdrawals, whether by check, wire or otherwise, shall require approval of both Tenant and Landlord. Upon the occurrence and continuation of any Default or an Event of Default hereunder, Tenant shall no longer be an authorized signatory on the Capex Reserve account and shall not be permitted to utilize funds from the Capex Reserve for any purpose whatsoever without the prior written consent of Landlord, which consent may be withheld in Landlord’s sole and absolute discretion. Such account shall be established in Landlord’s (or Landlord’s Parent or Landlord’s designated Affiliate’s) name and shall not include or contemplate “overdraft protection” and Tenant shall not request or attempt to draw or draft any funds which are not actually on deposit in such Capex Reserve account. The purpose of the Capex Reserve is to cover the cost of the following, to the extent carried out in accordance with this Lease (collectively, “Capex Reserve Expenditures”):
CapEx Reserve. 94 Section 5.08 Appraisals.......................................................... 95 Section 5.09
CapEx Reserve. 5.2.1 On or prior to the date hereof, Tenant shall establish an interest bearing reserve account (the “Capex Reserve”) in a bank designated by Tenant and approved by Landlord. All interest earned on the Capex Reserve shall be added to and shall remain a part of the Capex Reserve. Both Tenant and Landlord shall be signatories on the Capex Reserve, provided only one signature shall be required to withdraw funds and Landlord agrees that so long as Tenant is not in Default hereunder, Landlord shall not be required to sign on any checks and Landlord shall not withdraw any funds from such account. Upon the occurrence and continuation of any Default or an Event of Default hereunder, the Tenant shall no longer be an authorized signatory on the Capex Reserve account and shall not be permitted to utilize funds from the Capex Reserve for any purpose whatsoever without the prior written consent of Landlord, which consent may be withheld in Landlord’s sole and absolute discretion. Such account shall be established in Landlord’s (or Landlord’s Parent or Landlord’s designated Affiliate’s) name and control for the benefit of Tenant and shall not include or contemplate “overdraft protection” and Tenant shall not request or attempt to draw or draft any funds which are not actually on deposit in such Capex Reserve account. The purpose of the Capex Reserve is to cover the cost of the following, to the extent carried out in accordance with this Lease (collectively, “Capex Reserve Expenditures”):
CapEx Reserve. (a) Borrowers shall establish and maintain at all times until indefeasible payment in full of the Obligations a reserve funded by Borrowers and held by Lender for payment of costs and expenses associated with Capital Improvements (the “CapEx Reserve”).
CapEx Reserve. On the Closing Date and on each Scheduled Payment Date thereafter during the term of the Loan, Borrower shall deposit with Lender into the CapEx Reserve $9,333.33 (the "Monthly CapEx Reserve Deposit").
CapEx Reserve. For each Accounting Period during (i) Fiscal Year 2012, Tenant shall transfer into the Capex Reserve an amount equal to two percent (2%) of aggregate Total Facility Revenues for the Retained Properties, and (ii) Fiscal Year 2013 and each Fiscal Year thereafter during the Term, Tenant shall transfer into the Capex Reserve an amount equal to three percent (3%) of aggregate Total Facility Revenues for the Retained Properties. Any and all withdrawals from the CapEx Reserve shall require approval of both Tenant and the applicable Landlords.
CapEx Reserve. For each Accounting Period during the Term, Tenant shall transfer into the Capex Reserve an amount equal to three percent (3%) of aggregate Total Facility Revenues for the Managed Properties. Any and all withdrawals from the CapEx Reserve shall require approval of both Tenant and the applicable Landlords.
