Capital Expenditure Reserve. To the Contributor's Knowledge, the capital expenditure reserves for the Property held by the Manager as of the end of Marriott's accounting period 8, are accurate and complete as shown on the balance sheet delivered to Acquiror. The Contributor will not authorize or direct the Manager to use or expend the capital expenditure reserve except as set forth on Exhibit F.
Capital Expenditure Reserve. In addition to the capital improvements to be installed pursuant to Sections 11.1 and 11.2, and only when and if the Outstanding CapEx Balance is $0 without regard to reserves maintained under this Section 11.3, Tenant shall maintain an on-going commercially reasonable annual capital expenditure reserve (which may be funded through the ticket surcharge described in Section 4.3(f) and shall be determined in accordance with industry standards), to be used on an as-needed basis for additional facility improvements and capital repairs. Tenant shall have the right to withdraw some or all of the funds in the capital expenditure reserve at any time for capital expenditures, and shall not be required to keep a minimum balance in reserve.
Capital Expenditure Reserve. Borrower shall pay to Lender on the first day of each calendar month the sum of Nine Thousand Eight Hundred Eighty-Seven and 42/100 Dollars ($9,887.42) which shall be deposited with and held by Lender for replacements and repairs required to be made to the Premises during the calendar year and for any other work approved by Lender (bold off Capital Expenditure Reserve ). Lender may in its reasonable discretion reassess its estimate of the amount necessary for thebold off Capital Expenditure Reserve from time to time and in its discretion, and may adjust the monthly amounts required to be deposited into the Capital Expenditure Reserve by thirty (30) days notice to Borrower. Lender shall make disbursements from the Capital Expenditure Reserve as requested by Borrower, and approved by Lender in its sole discretion, no more frequently than once in any thirty (30) day period of no less than $5,000.00 upon delivery by Borrower of Lender s standard form of draw request accompanied by copies of paid invoices for the amounts requested and, if required by Lender for requests in excess of $10,000.00 for a single item, lien waivers and releases from all parties furnishing materials and/or services in connection with the requested payment. Lender may require an inspection of the Property at Borrower s expense prior to making a monthly disbursement in order to verify completion of replacements and repairs of items in excess of $10,000.00 for which reimbursement is sought. The Capital Expenditure Reserve shall be held in an interest bearing account in Lender s name at a financial institution selected by Lender in its sole discretion. All earnings or interest on the Capital Expenditure Reserve shall be and become part of such Capital Expenditure Reserve and shall be disbursed as provided in this Paragraph 7.6. Until expended or applied as above provided, the Capital Expenditure Reserve shall constitute additional security for the Debt. The Capital Expenditure Reserve shall not constitute a trust fund and may be commingled with other monies held by Lender. Upon the occurrence of an Event of Default, Lender may apply any sums then present in the Capital Expenditure Reserve to the payment of the Debt in its sole discretion.
Capital Expenditure Reserve. (a) Deposit to Capital Expenditure Reserve Fund. On each Monthly Payment Date during the term of the Loan, Borrower shall deposit (or cause to be deposited) with Depository, into an account in the name of Lender, an amount equal to $22,077.00 (the “Capital Expenditure Reserve Deposit Amount”) until such time as the aggregate amount in the Capital Expenditure Reserve Account exceeds $1,892,656.00 (the “Capital Expenditure Reserve Account Cap”); provided that at all times thereafter that the funds in the Capital Expenditure Reserve Account are less than the Capital Expenditure Reserve Account Cap, Borrower shall resume making deposits into the Capital Expenditure Reserve Account on each Monthly Payment Date in an amount equal to the Capital Expenditure Reserve Deposit Amount until the funds in the Capital Expenditure Reserve Account exceed the Capital Expenditure Reserve Account Cap. Funds in the Capital Expenditure Reserve Account shall be used to pay for or reimburse Borrower for any capital repairs, replacements and improvements necessary to keep the Property in good condition, order and repair and to prevent deterioration of the Property (a “Capital Expenditure Advance”). All such amounts shall be held by Depository in an account until released in accordance with the provisions of clause (b) below (the “Capital Expenditure Reserve Account”). Amounts deposited in the Capital Expenditure Reserve Account pursuant to this Section 5.5 are referred to herein as the “Capital Expenditure Reserve Fund”. Lender may reassess the amount of the Monthly Capital Expenditure Deposit from time to time, and may require Borrower to increase such monthly deposits upon thirty (30) days’ notice to Borrower if Lender determines that an increase is necessary to maintain the proper condition of the Property.
Capital Expenditure Reserve. (a) Landlord shall be obligated to make available to Tenant an amount equal to 5% of Room Revenues from the Facility during each Lease Year ("Capital Expenditures Reserve"). Upon written request by Tenant to Landlord stating the specific use to be made and subject to the approval thereof by Landlord, which approval shall not be unreasonably withheld, such funds shall be made available by Landlord for Capital Expenditures set forth in the Capital Budget; provided, however, that no Capital Expenditures shall be made to purchase property (other than "real property" within the meaning of Treasury Regulations Section 1.856-3(d)), to the extent that doing so would cause the Landlord to recognize income other than "rents from real property" as defined in Section 856(d) of the Code. Landlord's obligation shall be cumulative, but not compounded, and any amounts that have accrued hereunder shall be payable in future periods for such uses and in accordance with the procedure set forth herein. Tenant shall have no interest in any accrued obligation of Landlord hereunder after the termination of this Lease. All Capital Improvements shall be owned by Landlord subject to the provisions of this Lease.
Capital Expenditure Reserve. Anything in the second sentence of Section 10.8 to the contrary notwithstanding, upon any sale of a Hotel, 100% of the combined Capital Expenditure Reserve Account and the FF&E Reserve Account (collectively, the "RESERVES") for such Hotel shall be applied to such accounts for the remaining Hotels in such amounts as determined by Lessor in its reasonable discretion after taking into account the planned timing of remaining Hotel sales and the relative investment in each Hotel necessary to derive the greatest sales value; provided, however, that until the breakfast rooms for the Rochelle Hotel, the Wooster North Hotel and the Grand Rapids Xxxxx Xotel are completed, the Reserves (inclusive of the Port Huron Reserves) shall be applied to the costs of completing these breakfast rooms. Lessee will use its reasonable efforts to utilize the Reserves for the Hotels prior to the sale of the Hotels for the purposes set forth in the Property Leases and as necessary to maintain the Hotels as required under the Property Leases. Any Reserves remaining at the time the last Hotel is sold will be applied to reduce the Proceeds Deficit, and if no Proceeds Deficit exists, released to Arlington. THIRD AMENDMENT TO AMENDED AND RESTATED MASTER AGREEMENT - PAGE 6 -------------------------
Capital Expenditure Reserve. (a) Lessee shall establish and fund from Gross Revenues, in respect of each Fiscal Year during the Term of this Lease, a reserve account on the Leased Property’s books of account (the “CAPITAL EXPENDITURE RESERVE”) to cover the cost of Capital Expenditures (which cost shall be paid by the Lessor); provided, however, that no Capital Expenditures shall be made to purchase property (other than “real property” within the meaning of Treasury Regulations Section 1.856-3(d)), to the extent that doing so would cause the Lessor to recognize income other than “rents from real property” as defined in Section 856(d) of the Code. All Capital Improvements shall be owned by Lessor subject to the provisions of this Lease.
Capital Expenditure Reserve. In the event that, at the end of any month, an Event of Default has occurred and is continuing, Borrower shall deposit into an account maintained by Borrower with Agent (any and all of such accounts being referred to herein as the "Capital Reserve Account") an amount equal to the product of $0.17 multiplied by the number of rental square feet of all mini-storage facilities which then constitute one of the Secured Properties or Negative Pledge Properties divided by twelve. Borrower hereby grants Agent for the ratable benefit of Lenders a security interest in the Capital Reserve Account in all amounts and investments from time to time contained therein to secure the full and timely payment and performance of all amounts and obligations now or hereafter owing by Borrower under any of the Loan Documents and agrees to execute such additional documents and take such additional acts as may be deemed necessary or advisable by Agent to create, perfect or ensure the first priority of such security interest. Borrower will be permitted at any time to make withdrawals from the Capital Reserve Account in amounts sufficient to pay for capital expenditures with respect to the Secured Properties or the Negative Pledge Properties. No other withdrawals may be made by Borrower from the Capital Reserve Account.
Capital Expenditure Reserve. The Lender shall have the right to require a separate Capital Expenditure Reserve in an amount equal to 125% of the cost of the immediate and year-one deferred maintenance items, as identified in the engineering and environmental reports. This reserve shall be determined upon completion of due diligence. On-going Capital Expenditures and replacement reserves, to be funded each month in an amount equal to the greater of 1/12 of$0.30 per square foot per year or as determined in the Engineering Report. The Borrower shall receive interest on all funds in the Capital Expenditure Reserve.
Capital Expenditure Reserve. In the event that, at the end of any month, an Event of Default has occurred and is continuing, Borrower shall deposit into an account maintained by Borrower with Agent (any and all of such accounts being referred to herein as the "Capital Reserve Account") an amount equal to the product of $0.17 multiplied by the number of rental square feet of all mini-storage facilities which then constitute one of the Negative Pledge Properties divided by twelve. Borrower hereby grants Agent for the ratable benefit of Lenders a security interest in the Capital Reserve Account in all amounts and investments from time to time contained therein to secure the full and timely payment and performance of all amounts and obligations now or hereafter owing by Borrower under any of the Loan Documents and agrees to execute such additional documents and take such additional acts as may be deemed necessary or advisable by Agent to create, perfect or ensure the first priority of such security interest. Borrower will be permitted at any time to make withdrawals from the Capital Reserve Account in amounts sufficient to pay for capital expenditures with respect to the Negative Pledge Properties. No other withdrawals may be made by Borrower from the Capital Reserve Account.
