Capital Expenditure Reserves Sample Clauses

Capital Expenditure Reserves. (a) The Base Purchase Price was agreed upon between Seller and Acquiror on the assumption that none of the Real Property Assets is in need of significant deferred maintenance expenditures, and that the annual capital expenditure requirement of $450 per unit, which will be set forth in and calculated pursuant to the Agreement Regarding Leases, is sufficient to provide for anticipated future capital expenditures to maintain each of the Real Property Assets in their current condition. If, during the course of the Due Diligence Review in respect of any Real Property Asset, Acquiror determines, pursuant to third party reports received by Acquiror (each, an "Acquiror Cap Ex Report"), that the anticipated costs to perform deferred maintenance and previously unidentified future capital expenditures reasonably necessary to be performed during the twelve (12) month period following the Closing Date will exceed the amount of the capital expenditure requirement for such period as set forth in and calculated pursuant to the form of Agreement Regarding Leases (the amount of such excess, with reference to any Real Property Asset, being hereinafter referred to as the "Cap Ex Reserve Shortfall"), then Acquiror shall provide to Seller not later than five (5) Business Days after the Due Diligence Expiration Date a written statement specifying the Cap Ex Reserve Shortfall, if any, for each of the Real Property Assets, including copies of all Acquiror Cap Ex Reports supporting such determination. Acquiror shall provide copies of each Acquiror Cap Ex Report as promptly as practicable after such report shall have been received by Acquiror. If Acquiror does not timely notify Seller of any Cap Ex Reserve Shortfall in respect of a Real Property Asset as provided above, Acquiror shall be deemed to have agreed that the amount of the Cap Ex Reserve Shortfall in respect of such Real Property Asset is zero.
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Capital Expenditure Reserves. ..9 Section 2.10. New Title Policies; New Surveys..............................10
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Capital Expenditure Reserves. (28) 3.8 Application of Capital Expenditure Funds . . . . . . . . . . . (30) 3.9 Agent Method for Purchases of Capital Expenditures . . . . . . (31) ARTICLE IV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (32) 4.1 Payment of Taxes and Impositions . . . . . . . . . . . . . . . (32) 4.2 Utility Charges . . . . . . . . . . . . . . . . . . . . . . . . (33) 4.3 Insurance Premiums . . . . . . . . . . . . . . . . . . . . . . (33) ARTICLE V . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (34) No Termination, Abatement, Etc. . . . . . . . . . . . . . . . . . . . (34) ARTICLE VI . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (34) 6.1 Ownership of the Leased Property . . . . . . . . . . . . . . . (34) 6.2 Lessee's Personal Property . . . . . . . . . . . . . . . . . . (34) 6.3 Lessor's Lien . . . . . . . . . . . . . . . . . . . . . . . . . (35) ARTICLE VII . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (36) 7.1 Condition of the Leased Property . . . . . . . . . . . . . . . (36) 7.2 Use of the Leased Property . . . . . . . . . . . . . . . . . . (36) 7.3 Lessor to Grant Easements, Etc . . . . . . . . . . . . . . . . (38) ARTICLE VIII . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (39) 8.1 Compliance with Legal, Insurance Requirements, Lessor's Insurance and Tax Obligations, Lessee's Net Worth Obligation . . . . . . . . . . . . . . . (39) 8.2 Legal Requirements Covenants . . . . . . . . . . . . . . . . . (39) 8.3 Environmental Covenants . . . . . . . . . . . . . . . . . . . . (40) 8.4 Net Worth Representations/Covenants . . . . . . . . . . . . . . (42) ARTICLE IX . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (43) 9.1 Maintenance and Repair . . . . . . . . . . . . . . . . . . . . (43)
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Capital Expenditure Reserves. (a) Lessor shall reserve, from Rent hereunder, funds in an amount equal to the Base FFE Reserve (the Base FFE Reserve plus the other amounts to be added to the Base FFE Reserve pursuant to this Section 3.7 being referred to herein as the "FFE Reserve") and deposit such funds in an interest bearing account to pay the cost of additions to and replacements of Furniture, Fixtures and Equipment. All proceeds from the sale of Furniture, Fixtures and Equipment owned by Lessor shall be added to the FFE Reserve and deposited in the interest bearing account, and all interest that is earned on funds in the FFE Reserve shall be added to the FFE Reserve. All funds in the FFE Reserve shall be owned by Lessor. Lessee may waive the actual depositing of amounts to be added to the FFE Reserve on an annual basis. Notwithstanding any such waiver, Lessee shall be entitled to budget and expend, and Lessor shall be liable for the payment of, such amounts as if they had been deposited.
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Capital Expenditure Reserves. (i) On the Closing Date, a portion of the Loan in the amount of Four Hundred Fifty Two Thousand One Hundred Twenty Seven Dollars ($452,127), representing budgeted and non-budgeted capital expenditures in the amount of One Hundred Ninety Four Thousand One Hundred Twenty Seven ($194,127) with respect to the Orlando Property and Two Hundred Fifty Eight Thousand Dollars ($258,000) with respect to Tower 45, will be deposited into the Capital Expenditure Reserve Account (as defined in the Cash Collateral Agreement) held by Agent (as defined in the Cash Collateral Agreement) for Mortgagee. Such funds are referred to herein as the "Capital Expenditure Reserve Amounts". In lieu of delivering the Capital Expenditure Reserve Amounts, Mortgagor may deliver a Letter of Credit in the amount of the Capital Expenditure Reserve Amounts. Within five (5) Business Days after receipt of an Officer's Certificate stating that certain capital expenditures set forth on Schedule 4 hereto have been substantially completed, and, upon an inspection of the capital expenditures (performed at the discretion of the Mortgagee), provided that no Event of Default shall have occurred and be continuing, Mortgagee shall instruct Agent to disburse Capital Expenditure Reserve Amounts in the amount specified in Schedule 4 to pay specified contractors or to reimburse Mortgagor for funds disbursed by Mortgagor for the payment of capital expenditures. Upon full disbursement to Borrowers of all Capital Expenditures Reserve Amounts, Mortgagee shall close the Capital Expenditure Reserve Account.
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Related to Capital Expenditure Reserves

  • Capital Expenditures The Issuer shall not make any expenditure (by long-term or operating lease or otherwise) for capital assets (either realty or personalty).

  • Maximum Capital Expenditures Borrower and its Subsidiaries on a consolidated basis shall not make Capital Expenditures during the following periods that exceed in the aggregate the amounts set forth opposite each of such periods: Period Maximum Capital Expenditures per Period Fiscal Year ending on or about March 31, 2006 and each Fiscal Year ending thereafter $ 5,000,000 (b) [Intentionally Deleted]

  • Capital Expenditure Make or incur any Capital Expenditure if, after giving effect thereto, the aggregate amount of all Capital Expenditures by Borrower in any fiscal year would exceed the amount set forth on the Schedule;

  • Consolidated Capital Expenditures (i) Company will not, and will not permit any of its Subsidiaries to, make or commit to make Consolidated Capital Expenditures in any Fiscal Year, beginning with the Fiscal Year ending December 31, 2003, except Consolidated Capital Expenditures which do not aggregate in excess of the corresponding amount set forth below opposite such Fiscal Year: Fiscal Year Consolidated Capital Expenditures Fiscal Year ending December 31, 2003 $ 5,000,000 Fiscal Year ending December 31, 2004 $ 5,000,000 Fiscal Year ending December 31, 2005 and each Fiscal Year thereafter $ 7,000,000 provided that (a) if the aggregate amount of Consolidated Capital Expenditures actually made in any such Fiscal Year shall be less than the limit with respect thereto set forth above (before giving effect to any increase therein pursuant to this proviso) (the “Base Amount”), then the amount of such shortfall (up to an amount equal to 50% of the Base Amount for such Fiscal Year, without giving effect to this proviso) may be added to the amount of such Consolidated Capital Expenditures permitted for the immediately succeeding Fiscal Year and any such amount carried forward to a succeeding Fiscal Year shall be deemed to be used prior to Company and its Subsidiaries using the amount of capital expenditures permitted by this section in such succeeding Fiscal Year, without giving effect to such carryforward and (b) for any Fiscal Year (or portion thereof) following any acquisition of a business (whether through the purchase of assets or of shares of capital stock) permitted under subsection 6.7, the Base Amount for such Fiscal Year (or portion) shall be increased, for each such acquisition, by an amount equal to the product of (A) the lesser of (x) $5,000,000 and (y) 4% of revenues of the business acquired in such acquisition for the period of four Fiscal Quarters most recently ended on or prior to the date of such business acquisition multiplied by (B) (x) in the case of any partial Fiscal Year, a fraction, the numerator of which is the number of days remaining in such Fiscal Year after the date of such business acquisition and the denominator of which is 365 (or 366 in a leap year), and (y) in the case of any full Fiscal Year, 1.

  • Expenditure Limit The Contractor shall notify the County of Orange assigned Deputy Purchasing Agent in writing when the expenditures against the Contract reach 75 percent of the dollar limit on the Contract. The County will not be responsible for any expenditure overruns and will not pay for work exceeding the dollar limit on the Contract unless a change order to cover those costs has been issued.

  • Excluded Expenditures The Recipient undertakes that the proceeds of the Financing shall not be used to finance Excluded Expenditures. If the Association determines at any time that an amount of the Financing was used to make a payment for an Excluded Expenditure, the Recipient shall, promptly upon notice from the Association, refund an amount equal to the amount of such payment to the Association. Amounts refunded to the Association upon such request shall be cancelled.

  • Projected Operating Budget Furnish Agent, no later than sixty (60) days following the beginning of each Borrower’s fiscal years, commencing with fiscal year 2012, a month by month projected operating budget and cash flow of Borrowers on a consolidated basis for such fiscal year (including an income statement for each month and a balance sheet as at the end of the last month in each fiscal quarter), such projections to be accompanied by a certificate signed by the Chief Financial Officer of each Borrower to the effect that such projections have been prepared on the basis of sound financial planning practice consistent with past budgets and financial statements and that such officer has no reason to question the reasonableness of any material assumptions on which such projections were prepared.

  • Eligible Expenditures 1. Subject to Article 8.7 of the Regulation, eligible expenditures of this Programme are:

  • Expenditures The Assuming Institution will pay such bills and invoices on behalf of the Receiver and the Corporation as the Receiver or the Corporation may direct for the period beginning on the date of the Bank Closing Date and ending on Settlement Date. The Assuming Institution shall submit its requests for reimbursement of such expenditures pursuant to Article VIII of this Agreement.

  • Variances From Operating Budget Furnish Agent, concurrently with the delivery of the financial statements referred to in Section 9.7 and each monthly report, a written report summarizing all material variances from budgets submitted by Borrowers pursuant to Section 9.12 and a discussion and analysis by management with respect to such variances.

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