Major Maintenance Reserve Fund Sample Clauses

Major Maintenance Reserve Fund. ‌ The Developer will fund the Major Maintenance Reserve Fund in such amounts and in accordance with the terms as may be required by the Lenders.
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Major Maintenance Reserve Fund. The Concessionaire will fund the Major Maintenance Reserve Fund in such amounts and in accordance with the terms as may be required by the Lenders.
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Major Maintenance Reserve Fund. Starting four years before the scheduled date of each Task of Major Maintenance, the Concessionaire shall make annual deposits into the Major Maintenance Reserve Fund in an amount equal to 27.5% of the amount anticipated to be required to pay in full all costs and expenses related to such Task as set forth in the Life Cycle Maintenance Plan, until an amount equal to 110% of such anticipated costs and expenses has been deposited into the Major Maintenance Reserve Fund. Alternately, the Concessionaire may deliver to the Department, at the same time annual deposits are required, a letter of credit in favor of the Department as beneficiary and in compliance with Section 8.13(e) for the then-required cumulative amount of the annual deposits. If the Major Maintenance Reserve Fund is in the form of cash reserves, such reserves shall be held by a third party mutually agreed upon by the Concessionaire and the Department. The Department shall have the right to draw upon the Major Maintenance Reserve Fund or letter of credit only in the event that the Concessionaire fails to properly perform such Task in accordance with this Agreement and the applicable Life Cycle Maintenance Plan. The Department may make draws in the amount required to address such failures up to the full amount of the Major Maintenance Reserve Fund or letter of credit. Following the Department’s determination that the Task has been properly performed in accordance with this Agreement, amounts deposited in the Major Maintenance Reserve Fund with respect to such Task shall be released to the Concessionaire, or, at the Concessionaire’s election, credited toward deposits required to be made to the Major Maintenance Reserve Fund for other Tasks. The Concessionaire’s obligations to fund the Major Maintenance Reserve Fund shall cease upon the establishment of the Handback Reserve Fund pursuant to Section 21.02.
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Major Maintenance Reserve Fund. After first having made or provided for the deposits specified under the captions "Payment of Rebate," "First Tier Debt Service Fund," "Second Tier Debt Service Fund," "Operating Fund—Project Budget Amounts," "Major Maintenance Fund—Project Budget Amounts," "Capital Expenditures Fund—Project Budget Amounts," "Third Tier Debt Service Fund," "Operating Fund—Annual Operating Budget Amounts," "Rate Stabilization Fund," "Major Maintenance Fund—Annual Operating Budget Amounts," and "Capital Expenditures Fund—Annual Operating Budget Amounts," the Trustee shall transfer from the Revenue Fund to the Major Maintenance Reserve Fund an amount sufficient to cause the balance in the Major Maintenance Reserve Fund to be equal to the Major Maintenance Reserve Requirement. Amounts on deposit in the Major Maintenance Reserve Fund shall be transferred by the Trustee in the following order of priority:
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Major Maintenance Reserve Fund. At Closing of the Loan, the Borrower shall establish and maintain a Major Maintenance Reserve Fund Account ("MMRFA") by contributing a stipulated amount, as determined by the Independent Engineer during due diligence, which shall not exceed $300,000. The required MMRFA balance will be maintained by the Borrower by contributing annually such amount as necessary to replace the eligible expenditures withdrawn from such account from time to time, if any. The funds in the MMRFA may be used by the Borrower to fund repair / replacement / maintenance expenses of a capital nature determined in accordance with IFRS. Release from the MMRFA will be made at the discretion and direction of the Agent or Lenders, acting reasonably.
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Major Maintenance Reserve Fund. Section 9.05
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Related to Major Maintenance Reserve Fund

  • Maintenance & Repairs 5.1 Lessee shall at all times be responsible for maintaining at its own expense the leased premises in a clean, orderly and safety condition, except as hereinafter provided. Lessee shall be responsible, at its own expense, to clean and maintain all trade fixtures, machinery and equipment furnished by Lessee within the leased premises. Lessee shall be responsible to deposit normal office waste and rubbish at a location at the Central School as designated by Lessor.

  • REPAIRS; MAINTENANCE The Owner hereby gives power to the Agent to supervise repairs, improvements, alterations, and decorations to the Property as well as purchase and pay bills for services and supplies. The Agent shall obtain prior approval of the Owner for all expenditures over $ for any single item. Prior approval for lesser amounts shall not be required for monthly or recurring operating charges or if emergency expenditures over the maximum are, in the Agent’s opinion, needed to protect the Property from damage, prevent injury to persons, avoid suspension of necessary services, avoid penalties or fines, or suspension of services to tenants required by a lease or rental agreement or by law, including, but not limited to, maintaining the Property in a condition fit for human habitation as required by applicable law.

  • Property Maintenance Maintain all of its property that is necessary to or useful in the proper conduct of its business in good working condition, ordinary wear and tear excepted.

  • Maintenance, Etc The Company will maintain, preserve and keep, and will cause each Consolidated Subsidiary to maintain, preserve and keep, its properties which are used in the conduct of its business (whether owned in fee or a leasehold interest) in good repair and working order, ordinary wear and tear excepted, and from time to time will make all necessary repairs, replacements and renewals as the Company may determine to be appropriate to the conduct of its business.

  • INTERIM MAINTENANCE PERIOD During the interim maintenance period between obtaining of the completion certificate of Project and formation and operationalization of the Association the Promoter shall through itself or through a facility management company constitute a committee to run, operate, manage and maintain the Common Areas.

  • MAINTENANCE & REPAIR Tenant agrees that if there is any delay in maintenance or repairs for reasons beyond Landlord's control, this shall have no effect on Tenant's obligations under this lease.

  • Maintenance Repairs and Alterations 6.01 Tenant's Obligations to Repair ------------------------------ Tenant shall at its sole cost and expense, maintain in clean and safe condition, and make all repairs and replacements to the Premises and every part thereof, structural and non-structural, so as to keep, maintain and preserve the Premises in first class condition and repair, including, without limitation, the roof, the foundation, the heating, ventilation and air conditioning system ("HVAC"), elevators, if any, all plumbing and sewage facilities, fire sprinklers, electrical and lighting facilities, systems, appliances, and equipment within the Premises, fixtures, interior and exterior walls, floors, ceilings, windows, doors, entrances, all interior and exterior glass (including plate glass), and skylights located within the Premises, and all sidewalks, service areas, parking areas and landscaping comprising part of the Premises. All repairs and replacements required to be made by Tenant shall be made promptly with new materials of like kind and quality to those used in the original construction of the Premises. If the repair or replacement work affects the structural parts of the Premises, or if the estimated cost of any item or repair or replacement exceeds $10,000, then Tenant shall first obtain Landlord's written approval of the scope of work, plans therefor, and materials to be used. Any such work shall be performed by Landlord's contractor or by such contractor as Tenant may choose from an approved list to be submitted by Landlord. Landlord shall have the right to make any repairs or replacements which are not promptly made by Tenant and charge Tenant, as Additional Rent, for the cost thereof together with interest thereon at the Agreed Rate from the date of payment thereof by Landlord. Without limiting any of Tenant's obligations hereunder, during the Lease Term Tenant, at its expense, shall obtain and keep in force an HVAC service contract and a roof maintenance program satisfactory to Landlord. Tenant hereby waives the benefit of any statute now or hereafter in effect which would otherwise afford Tenant the right to make repairs at Landlord's expense or to terminate this Lease because of Landlord's failure to keep the Premises in good condition, order and repair. Tenant specifically waives all rights it may have under Sections 1932(1), 1941 and 1942 of the California Civil Code, and any similar or successor statute or law. Notwithstanding anything to the contrary contained herein, Landlord shall exercise its rights under any guaranties or warranties relating to the original construction of the Premises if the need to make repairs arises due to a defect therein; provided, however, Landlord shall not have any liability or be required to expend any funds if such guaranties or warranties are not honored by the makers hereof.

  • Common Area Maintenance Tenant shall be responsible for Tenant's Prorata share of the total costs incurred for the operation, maintenance and repair of the Common Areas, including, but not limited to, the costs and expenses incurred for the operation, maintenance and repair of parking areas (including restriping and repaving); removal of snow; utilities for common lighting and signs; normal HVAC maintenance and elevator maintenance (if applicable); trash removal; security to protect and secure the Area; common entrances, exits, and lobbies of the Building; all common utilities, including water to maintain landscaping; replanting in order to maintain a smart appearance of landscape areas; supplies; depreciation on the machinery and equipment used in such operation, maintenance and repair; the cost of personnel to implement such services; the cost of maintaining in good working condition the HVAC system(s) for the Leased premises; the cost of maintaining in good working condition the elevator(s) for the Leased Premises, if applicable; and Ten percent ( 10 %) of all such operational, maintenance and repair costs to cover Landlord's administrative and overhead costs. These costs shall be estimated on an annual basis by the Landlord and shall be adjusted upwards or downwards depending on the actual costs for the preceding twelve months. Tenant shall pay monthly, commencing with the first month of the Lease Term, as additional rent due under the terms hereof, a sum equal to Tenant's Prorata Share of the estimated costs for said twelve (12) month period, divided by 12. The estimated initial monthly costs are $ 1,040.00. Once each year the Landlord shall determine the actual costs of the foregoing expenses for the prior year and if the actual costs are greater than the estimated costs, the Tenant shall pay its Tenant's Prorata Share of the difference between the estimated costs and the actual costs to the Landlord with the next payment of Base Monthly Rent, or, if the actual costs are less than the estimated costs, the Landlord shall forthwith refund the amount of the Tenant's excess payment to the Tenant.

  • MAINTENANCE OF THE SAID BUILDING / APARTMENT / PROJECT The Promoter shall be responsible to provide and maintain essential services in the Project till the taking over of the maintenance of the project by the association of the allottees. The cost of such maintenance has been included in the Total Price of the [Apartment/Plot]. [Insert any other clauses in relation to maintenance of project, infrastructure and equipment]

  • Uniform Maintenance Allowance 22.1 The City provides uniforms or uniform allowance for employees represented by the Association. The City will continue to replace, repair and maintain uniforms worn in the line of duty. The average cost of the uniforms/uniform allowances are reported as special compensation (for those employees defined as “classic employees” by the Public Employees’ Pension Reform Act of 2013 for retirement calculation purposes and is currently reported as $17 per pay period.

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