Common use of Capital Replacement Clause in Contracts

Capital Replacement. A. The Corporation shall certify to the Office, on an annual basis, that the Corporation’s Board of Directors has discussed current and projected funding requirements which would be necessary to appropriately maintain the Corporation’s physical plant and equipment. Such a certification shall be signed by the chief executive officer of the Corporation and by the President of the Corporation’s Board of Directors and shall include: 1. the minutes of the meeting at which the discussion took place; 2. a capital replacement budget covering the ensuing five year period; and

Capital Replacement. A. The Corporation shall certify to the OfficeOffice , on an annual basis, that the Corporation’s Board of Directors has discussed current and projected pr ojected funding requirements which would be necessary to appropriately maintain the CorporationCorpor ation’s physical plant and equipment. Such a certification shall be signed by the chief executive officer Senior Vice President, Finance of the Corporation and by the President of the Corporation’s Board of Directors Corporation and shall include: 1. the minutes of the meeting at which the discussion took place; 2. a capital replacement budget covering the ensuing five year period; and