RESERVE ACCOUNT FOR FACILITIES IMPROVEMENT Sample Clauses

RESERVE ACCOUNT FOR FACILITIES IMPROVEMENT. The Concession Contractor shall establish and manage a “Reserve Account for Facilities Improvement” (RAFI). This account is to contain funds that shall be used to carry out, on a project basis, in accordance with Exhibits F, H, and K, improvements, construction, and repair and maintenance of concession facilities that are nonrecurring within a 7-year timeframe. Such projects shall include those specified in the CFIP and may also include repair or replacement of foundations, building frames, window frames, roof sheathing, sub-floors, and drainage and the rehabilitation of building systems such as electrical, plumbing, built-in heating, air conditioning, and similar projects including projects directed by Reclamation. No such projects may commence and no associated expenditures may be made until the Concession Contractor receives written approval from Reclamation. Projects paid for with RAFI funds will not include routine, operational maintenance of facilities or housekeeping, landscaping, and grounds-keeping activities. (In most industries this type of account is known as a Maintenance Reserve Account) Nothing in this section shall lessen the responsibility of the Concession Contractor to carry out the maintenance and repair of concession facilities or housekeeping and grounds-keeping activities as required by this Concession Contract from Concession Contractor funds exclusive of the funds contained in the RAFI. Each quarter, the Concession Contractor shall submit quarterly RAFI activity reports to Reclamation (Exhibit K). Each year, the Concession Contractor shall include in its annual financial report submitted to Reclamation a reserve account annual reconciliation as detailed in Exhibit J of this Concession Contract. The Concession Contractor shall establish an interest bearing banking account to receive deposits for the RAFI. RAFI deposits shall be made quarterly by the Concession Contractor (March 31st, June 30th, September 30th, and December 31st of each calendar year. The annual deposit required is three percent (3%) of Gross Revenues. The Concession Contractor shall establish and deposit into a RAFI, within 30 days after the effective date of this Concession Contract, a sum equal to $10,000 (Ten Thousand Dollars). This amount will serve as an initial working balance and will offset amounts due in the initial quarterly payments until an amount equal to this initial amount has been covered. The balance in the RAFI shall be available exclusively for fu...
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Related to RESERVE ACCOUNT FOR FACILITIES IMPROVEMENT

  • Reserve Account (a) On the Closing Date, the Seller shall deposit the Specified Reserve Balance into the Reserve Account. Amounts held from time to time in the Reserve Account shall be held by the Trust Collateral Agent for the benefit of the Noteholders.

  • Audit Rights Period for Construction-Related Accounts and Records Accounts and records related to the design, engineering, procurement, and construction of Connecting Transmission Owner’s Attachment Facilities and System Upgrade Facilities and System Deliverability Upgrades shall be subject to audit for a period of twenty-four months following Connecting Transmission Owner’s issuance of a final invoice in accordance with Article 12.2 of this Agreement.

  • Reserve Fund (a) On the Closing Date, the Seller will deposit the Reserve Fund Initial Deposit into the Reserve Fund from the net proceeds of the sale of the Notes. The Reserve Fund shall be the property of the Issuer subject to the rights of the Indenture Trustee in the Reserve Fund Property.

  • COLLECTION OF CHARGES 16.1 A Sector Association may request the consent of the Administrator to collect charges due from Operators to the Administrator in respect of facilities under the charging scheme.

  • Operating Account To the extent funds are not required to be placed in a lockbox pursuant to any Loan Documents, Property Manager shall deposit all rents and other funds collected from the operation of the Property in a reputable bank or financial institution in a special trust or depository account or accounts for the Property maintained by Property Manager for the benefit of the Company (such accounts, together with any interest earned thereon, shall collectively be referred to herein as the “Operating Account”). Property Manager shall maintain books and records of the funds deposited in and withdrawals from the Operating Account. With funds from Company, Property Manager shall maintain the Operating Account so that an amount at least as great as the budgeted expenses for such month is in the Operating Account as of the first of each month. From the Operating Account, Property Manager shall pay the operating expenses of the Property and any other payments relative to the Property as required by this Agreement. If more than one account is necessary to operate the Property, each account shall have a unique name, except to the extent any Lender requires sub-accounts within any account. Within three (3) months after receipt by Property Manager, all rents and other funds collected in the Operating Account, after payment of all operating expenses, debt service and such amounts as may be determined by the Property Manager to be retained for reserves or improvements, shall be paid to the Company.

  • Construction Phase - Administration of the Construction Contract 1.6.1 The Construction Phase shall commence with the acceptance of the Construction Manager’s Guaranteed Maximum Price (or acceptance of a partial Guaranteed Maximum Price for a stage or phase) and issuance of a Notice to Proceed with Construction Services and terminate sixty (60) days after Final Payment to the Contractor is made, or when all of Architect/Engineer’s services have been satisfactorily performed, whichever occurs later.

  • Custodial/Maintenance Custodian, Buildings/Grounds Maintenance 20.5 Nutrition Services: Kitchen Manager, Kitchen Assistant ARTICLE IV – LEAVES Leave may only be taken in 30 minute increments. Except for emergency situations, unit members must complete the absence request form which includes obtaining their administrator’s written approval prior to taking leave. In emergency situations, the unit member is required to contact their administrator as far in advance of their scheduled work as possible.

  • 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]

  • Maintenance, Repairs and Alterations Landlord hereby covenants that the Premises shall be in reasonably good and usable condition as of the effective date of this Agreement. Replacements made by Landlord, if any, shall belong to it. Landlord shall keep access to the Premises free and clear of any and all obstructions including snow and ice. ** Portions of this agreement have been omitted and filed separately with the SEC pursuant to a confidential treatment request CONFIDENTIAL EXECUTION VERSION In the event of an emergency, Tenant shall have the right to perform any obligation of Landlord under this Agreement and recover from Landlord any reasonable amounts so expended by Tenant within thirty (30) days of the date of demand or, in the alternative, to offset amounts so expended against Rent. Landlord shall, at its sole expense, make structural repairs and replacements to the footings, foundation and structural elements of walls and roofs of the Premises and also shall be responsible for maintenance, repairs and replacements, at its sole expense, of heating, ventilating, air conditioning systems, plumbing systems, and electrical systems, provided, however, that Tenant, at its sole expense, shall be responsible for maintenance, repairs and replacements regarding the irrigation system on the Premises as well as Tenant's occupancy costs as described above in Section 4 of this Agreement and shall also be responsible for maintenance, repairs or replacements necessitated by Tenant's actions. Contact information for the Landlord in case of any maintenance, repair or replacement issues is as follows: [**]1 Additions, improvements and alterations made by Tenant, whether temporary or permanent in nature, shall be subject to the prior approval of Landlord and upon completion shall belong to Tenant, provided that removal may be made without damage to the Premises at the expiration of the Agreement term. If removal of the improvements or alterations would cause damage to the Premises, said improvements and alterations shall automatically become the property of Landlord. Tenant, at its sole expense, shall be responsible for maintenance, repairs and replacements of any additions, improvements or alterations made by Tenant on, in or to the Premises. Tenant shall keep the Premises in good order, repair and condition at all times during the Agreement term, except for ordinary wear and tear.

  • Facility Maintenance Seller shall perform, or cause to be performed, all scheduled and unscheduled maintenance required on the Facilities in order to meet the Warranty Specifications and Performance Standards. In that regard, Seller’s responsibilities hereunder shall include, without limitation, promptly correcting any Bloom System or BOF malfunctions, either by (i) recalibrating or resetting the malfunctioning Bloom System or BOF, or (ii) subject to Section 5.7(b), repairing or replacing Bloom System or BOF components which are defective, damaged, worn or otherwise in need of repair or replacement.

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