Examples of Capital Improvement Costs in a sentence
Not more frequently than once each Interest Accrual Period, and provided that no Default or Event of Default has occurred and is continuing, Borrowers may notify Lender in writing and request that Lender release to a Borrower or its designee funds from the Capital Reserve Sub-Account, to the extent funds are available therein, for payment of Capital Improvement Costs.
Together with each such request, Borrowers shall furnish Lender or cause to be furnished to Lender copies of bills and other documentation as may be reasonably required by Lender to establish that such Capital Improvement Costs are reasonable (provided such Capital Improvement Costs shall be deemed reasonable if such Capital Improvement Costs are reflected in the Approved Budget), that the work relating thereto has been completed and that such amounts are then due or have been paid.
Together with each such request, Borrower shall furnish Lender with copies of bills and other documentation as may be reasonably required by Lender to establish that such Capital Improvement Costs are reasonable, that the work relating thereto has been completed and that such amounts are then due or have been paid.
If Lender approves of such Capital Improvement Costs, Lender shall release the funds to Operator or its designee within ten (10) Business Days of Lender's receipt of Operator's written request.
District further agrees that upon Redevelopment Completion, all of the terms and provisions in the Option Agreement related to the replacement of the Sports Arena, the expenditure of Capital Improvement Costs and any deliverable or condition or other notice or requirement related thereto will automatically be deleted in their entirety from the Option Agreement and of no further force and effect without further notice or action required by any Party.