Capital Replacement Reserve. Manager shall establish a Capital Replacement Reserve on the books of account of the Enterprise, and the periodic contributions of cash required by Section 3.13 shall be deposited by Manager into an account (the "Capital Replacement Reserve") established in the Enterprise's name at a bank designated by the Authority in accordance with Section 3.18.1
Capital Replacement Reserve. At the time of and in addition to the monthly installments of principal and/or interest due under any of the Notes, Borrowers shall pay to Administrative Agent monthly deposits in the amount of $25 per residential unit at each Project (the "Replacement Minimum") to be held by Administrative Agent in a capital replacement reserve ("Capital Replacement Reserve"). So long as no Event of Default has occurred and is then continuing, the funds contained in the Capital Replacement Reserve shall be utilized to pay directly or to reimburse Borrowers solely for capital improvements approved in advance by Administrative Agent in writing. Subject to the foregoing, Administrative Agent shall release funds from the Capital Replacement Reserve for the actual cost of such approved capital improvements upon Borrowers' providing Administrative Agent with paid receipts, lien waivers and other documentation deemed reasonably necessary by Administrative Agent with minimum draws of $25,000.00 which shall occur no more frequently than once per month. Notwithstanding the foregoing, Borrowers' obligation to make deposits shall be suspended so long as no Event of Default has occurred and is then continuing and Borrowers provide Administrative Agent with Back to Table of Contents satisfactory evidence, on an annual basis beginning January 1, 2007, that Borrowers have expended during the preceding calendar year for approved capital improvements at each Licensed Location an amount equal or greater than $300 per residential unit at each Project; provided that if Borrowers do not satisfy said $300 per residential unit at each Project requirement, then, no later than January 31 of the applicable year, Borrowers shall pay to Administrative Agent an amount equal to the amount by which $300 per residential unit at each Project exceeds the amount actually spent during such year at such Project which amount shall be held by Administrative Agent in the Capital Replacement Reserve.
Capital Replacement Reserve. Manager shall establish a Capital Replacement Reserve on the books of account of the Operating Companies, and the periodic contributions of cash required by Section 4.12 shall be deposited by the Manager into an account (the “Capital Replacement Reserve”) established in the Enterprise’s name at a bank designated by the Management Board in accordance with Section 4.15.1 hereof. All amounts in the Capital Replacement Reserve shall be invested in interest-bearing investments as approved by Manager and the Management Board to the extent that the availability of funds, when required, is not thereby impaired. Interest earned on amounts deposited in the Capital Replacement Reserve shall be credited to the Capital Replacement Reserve and shall be available for payment of expenditures for Capital Replacements to the Businesses. The Manager shall draw on the Capital Replacement Reserve for Capital Replacements to purchase those items included in the Capital Budget approved by the Management Board or to fund such emergency additions, repairs or replacements as shall be required to correct an Emergency Condition.
Capital Replacement Reserve. The Tribe shall at all times retain complete ownership of the Facility. Manager shall establish a Capital Replacement Reserve on behalf of the Tribe on the books of account of the Enterprise, and the periodic contributions of cash required by Section 4.15 shall be deposited by the Manager into an account (the “Capital Replacement Reserve”) established in the Tribe’s name at a bank designated by the Operations Board in accordance with Section 4.20.1 of this Agreement. All amounts in the Capital Replacement Reserve shall be invested in Permitted Investments in accordance with Section 4.20.6 to the extent that availability of funds, when required, is not thereby impaired. Interest earned on amounts deposited in the Capital Replacement Reserve shall be credited to the Capital Replacement Reserve and shall be available for payment of expenditures for Capital Replacements to the Facility. Manager shall draw on the Capital Replacement Reserve for Capital Replacements to purchase those items included in the Annual Capital Budget approved by the Operations Board or such emergency additions, repairs or replacements as shall be required to correct an Emergency Condition or to comply with operating standards.
Capital Replacement Reserve. 25 4.13 Periodic Contributions to Capital Replacement Reserve............... 25 4.14 Use and Allocation of Capital Replacement Reserve................... 26 4.16 Internal Control Systems............................................ 26 4.17
Capital Replacement Reserve. 28 Periodic Contributions to Capital Replacement Reserve................28
Capital Replacement Reserve. On the Due Date for, and in addition to, the monthly ------------------------------ installments of principal and/or interest due under any of the Notes, and in any event within five (5) days after notice to Borrowers by Agent, Borrowers shall pay to Agent monthly deposits in the amount of $25.00 per bed at each Mortgaged Facility to be held by Agent in a capital replacement reserve. So long as no Default or Event of Default exists hereunder and the Mortgaged Facilities are being sufficiently maintained (in the reasonable judgment of the Agent), Agent shall waive the obligation for Borrowers to pay to Agent such monthly deposits Agent shall disburse the funds contained in the capital replacement reserve to reimburse Borrowers solely for the actual cost of capital improvements approved in advance by Agent in writing upon Company providing to Agent paid receipts, lien waivers and other documentation deemed reasonably necessary by Agent, with minimum draws of $25,000.00 which shall occur no more frequently than once per month.
Capital Replacement Reserve. (a) As used herein, the following terms shall have the meanings indicated:
Capital Replacement Reserve. “Capital Replacement Reserve” has the meaning set forth in Section 4.11.
Capital Replacement Reserve. Borrowers shall make (or accrue a reserve for) capital expenditures and improvements to the Projects in an amount equal to $516,950.00 (e.g., $350 per unit, as applicable, per year at each Project). Borrower shall deliver to Agent evidence of such capital expenditures (or accrual thereof) for each Project within thirty (30) days of each month throughout the term of the Loan, which evidence shall be acceptable to Agent in its sole but reasonable discretion. In the event that Borrowers have not expended (or accrued) such amount, any shortfall shall be deposited with the Agent to be held by Agent in a capital replacement reserve (“Capital Replacement Reserve”). If applicable, Agent shall reimburse Borrowers from the Capital Replacement Reserve for the actual cost of such approved capital improvements upon Borrowers’ providing Agent with paid receipts, lien waivers and other documentation deemed reasonably necessary by Agent with minimum draws of $5,000.00 which shall occur no more frequently than once per month.
