CAPITAL REPLACEMENT FUND. Solely from the payment of additional rent received pursuant to Section 4.9 of this Lease, Landlord shall be obligated to accrue the Capital Replacement Reserve. The Capital Replacement Reserve shall accrue quarterly based on the Officer's Certificate and shall be placed in the Capital Replacement Fund. Amounts in the Capital Replacement Fund from time to time shall be deemed to accrue interest at a money market rate as reasonably determined by Landlord and such interest shall be credited to the Capital Replacement Fund. Upon the written request by Tenant to Landlord stating the specific use to be made and subject to the reasonable approval of Landlord, the Capital Replacement Fund shall be made available to Tenant for Capital Expenditures; PROVIDED, HOWEVER, no portion of amounts credited to the Capital Replacement Fund shall be used to purchase property to the extent that doing so would cause Landlord to recognize income other than "rents from real property" as defined in Section 856(d) of the Code. Tenant shall have no rights with respect to any amounts in the Capital Replacement Fund except as provided herein. Subject to Landlord's approval of the Capital Expenditures, Landlord shall make available to Tenant amounts from the Capital Replacement Fund under the following conditions:
CAPITAL REPLACEMENT FUND. The Scheme Operator will establish the Capital Replacement Fund pursuant to the Act and will pay and hold the funds pursuant to the Act in an account entitled ‘The Lakes Residential Retirement Village Secured Capital Replacement Fund Account’.
CAPITAL REPLACEMENT FUND. Tenant shall be obligated to pay to Landlord, and Tenant shall be obligated to accrue, the Capital Replacement Reserve. Amounts in the Capital Replacement Fund shall be and remain the property of Tenant, shall be subject to the rights of Landlord as herein provided, and shall be additional security for Tenant's obligations hereunder. The Capital Replacement Reserve shall be paid to Landlord by Tenant on the last day of each month. Amounts in the Capital Replacement Fund from time to time shall be deemed to accrue interest at a money market rate as reasonably determined by Landlord and such interest shall be credited to the Capital Replacement Fund. Upon the written request by Tenant to Landlord stating the specific use to be made and subject to the reasonable approval of Landlord, the Capital Replacement Fund shall be made available to Tenant for Capital Expenditures. Tenant shall have no rights with respect to any amounts in the Capital Replacement Fund except as provided herein. Subject to Landlord's approval of the Capital Expenditures (which approval shall not be unreasonably withheld and which shall be granted provided such improvements are reasonably expected to increase the long-term value of the Property), Landlord shall make available to Tenant amounts from the Capital Replacement Fund under the following conditions:
CAPITAL REPLACEMENT FUND management of the Capital Replacement Fund established by Owner for the Casino, as more particularly provided in Articles 7.07 and 7.08;
CAPITAL REPLACEMENT FUND. 37 12.5 Rights in Tenant Improvements. . . . . . . . . . . . . . . . . . . .38 12.6 Landlord's Right to Audit Calculation of Gross Golf Revenue. . . . . . . . . . . . . . . . . . . . . . .38 12.7
CAPITAL REPLACEMENT FUND. To ensure that Tenant sets aside funding to pay a significant portion of the required capital replacement and rehabilitation work, Tenant shall, on March 1 of each Lease Year commencing in Lease Year 10, set aside and accrue in a segregated account (the “Capital Replacement Account”) the greater of (i) $50,000 or (ii) 5% of the prior Lease Year’s annual Gross Boat Slip Receipts to fund necessary capital replacement and rehabilitation work with respect to the marina facilities and improvements. Unspent portions will accumulate with, and not substitute for, the capital replacement fund set aside required in subsequent year(s). Within 10 days following Landlord’s written request, Tenant shall provide evidence reasonably satisfactory to Landlord that Tenant has on deposit in the Capital Replacement Account the capital replacement funds required under this Section
CAPITAL REPLACEMENT FUND. . . . 61 9.2 Capital Replacement Fund to Be Held Pursuant to the Terms of the Westin Management Agreement. . . . . . . . . . . . . 61
CAPITAL REPLACEMENT FUND. (a) Beginning after the Casino Opening Date, the Casino Operator shall establish or cause to be established a reserve for Capital Replacements in accordance with this Section 13.7 (the "Capital Replacement Fund"). Commencing on the first full calendar month after the Casino Opening Date, and monthly thereafter, the Casino Operator shall deposit (a) one-twelfth (1/12) of Three Million Dollars ($3,000,000) for each month during the first year following the opening of the Casino, (b) one-twelfth (1/12) of Four Million Dollars ($4,000,000) for each month during the second year after the opening of the Casino, (c) one-twelfth (1/12) of Five Million Dollars ($5,000,000) for each month during the third year after the opening of the Casino, and (d) two percent (2%) of monthly gross gaming revenue and gross non-gaming revenue for each month during each ensuing year thereafter as required by the Casino Management Agreement. It is intended that this Capital Replacement Fund and the Capital Replacement Fund maintained pursuant to the Casino Lease shall be the same and are not separate funds. Any amounts in the Capital Replacement Fund maintained pursuant to the Casino Lease shall satisfy and reduce the amounts of the Capital Replacement Fund required pursuant to this Section 13.7 - "Capital Replacement Fund."
CAPITAL REPLACEMENT FUND. To the extent that any conflict exists between any requirement or provision of the Management Agreement pertaining to the Capital Replacement Fund and any requirement or provision of the Casino Lease regarding the Capital Replacement Fund, the Manager acknowledges that compliance with the terms of the Casino Lease will be deemed compliance with the Management Agreement for this purpose. For purposes of this Agreement, such a conflict shall be deemed to exist when (i) compliance with any requirement or provision of the Casino Lease would result in a default or breach of the Management Agreement or (ii) compliance with any requirement or provision of the Management Agreement would result in a default or breach of the Casino Lease.
CAPITAL REPLACEMENT FUND. Solely from the payment of additional rent received pursuant to Section 4.9 of this Lease, Landlord shall be obligated to accrue the Capital Replacement Reserve beginning with the calendar year 2001 or in the event the Property undergoes a significant redesign and renovation as contemplated by Section 12.3, the Capital Replacement Reserve shall not commence until the first day following four (4) Fiscal Quarters after the Property is reopened for business. The Capital Replacement Reserve shall accrue quarterly based on the Officer's Certificate and shall be placed in the Capital Replacement Fund. Amounts in the Capital Replacement Fund shall be deemed to accrue interest at a money market rate as reasonably determined by Landlord and such interest shall be credited to the Capital Replacement Fund. Upon the written request by Tenant to Landlord stating the specific use to be made and subject to the approval of Landlord, the Capital Replacement Fund shall be made available to Tenant for Capital Expenditures; PROVIDED, HOWEVER, no portion of amounts credited to the Capital Replacement Fund shall be used to purchase property to the extent that doing so would cause Landlord to recognize income other than "rents from real property" as defined in Section 856(d) of the Code. Tenant shall have no rights with respect to any amounts in the Capital Replacement Fund except as provided herein. Subject to Landlord's approval of the Capital Expenditures, Landlord shall make available to Tenant amounts from the Capital Replacement Fund under the following conditions (with payment being made to Tenant within ten (10) days from Tenant's request):
