Reserve Fund Contribution definition

Reserve Fund Contribution means the difference between the Guaranty Obligation and the Reserve Fund balance required to be paid by Guarantor pursuant to the Guaranty Agreement.

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Reserve Fund Contribution has the meaning ascribed to it in Section 10 and Schedule “B” of this Agreement;

Reserve Fund Contribution means the Corporations contributions to the Reserve Fund within the required Common Expenses;

Examples of Reserve Fund Contribution in a sentence

A Reserve Fund Contribution is required to cover the cost of major and infrequent repairs, replacements and renovations in the Village so as to maintain the high standards of the Village and to maximise Residence values in the long term.
The Maintenance Reserve Fund Contribution is reviewed on 1 July each year.
The Maintenance Reserve Fund Contribution will vary over time according to changes in repair and maintenance costs, projected requirements of the Maintenance Reserve Fund and anticipated annual occupancy rates.
After the Applicable Date, the Reserve Fund Contribution may be changed only upon approval of two-thirds (2/3) of the members.
Payment of the Reserve Fund Contribution into the Reserve Fund for each month shall be due within five (5) days after the end of such month.
The Annual Capital Reserve Fund Contribution of each Member shall be set forth in the Cost Allocation Worksheet and may vary depending upon the total amount of revenue that must be deposited in the Capital Reserve Fund each Fiscal Year.
At the end of each Operating Year, all amounts not expended from the Reserve Fund shall be carried forward to the next Operating Year, but shall not be credited against the amount of the Reserve Fund Contribution for any subsequent Operating Year.
Such costs will be invoiced independent of the Member's Annual General Operating Fund Contribution and Annual Capital Reserve Fund Contribution.
Any expenditures for replacement or substitution of or additions to Furniture and Equipment made in any Fiscal Year up to the greater of (i) the Annual Reserve Fund Contribution during each Fiscal Year, or (ii) the amount then accrued in the Books and Records for the Reserve Fund, in each case if in accordance with an Approved Operating Plan, shall be deemed to be made in the ordinary course and may be made by Operator without Owner's approval.
The Cost Allocation Worksheet will show with particularity the basis upon which each Member's Annual General Operating Fund Contribution and Annual Capital Reserve Fund Contribution were determined.

More Definitions of Reserve Fund Contribution

Reserve Fund Contribution means a percentage of Net Income to be mutually agreed upon by Owner and Operator as part of the Annual Operations Budget; provided, however, (i) in no event shall such percentage exceed ten percent (10%) of Net Income, (ii) the Reserve Fund Contribution for the prior Fiscal Year shall be as set forth in the Annual Operations Budget attached as an exhibit hereto, provided to the extent the first Fiscal Year is less than twelve (12) calendar months, the Reserve Fund Contribution shall be prorated; and (iii) in the event that Owner and Operator, despite their reasonable good faith efforts, are unable to agree upon the Reserve Fund Contribution for any Fiscal Year, the percentage set forth in the prior year’s Annual Operations Budget shall govern;

Reserve Fund Contribution as defined in Section 5.5.1. Resort – as defined in the Recitals. Resort Amenities – collectively, the (i) two pool areas, (ii) Spa & Fitness Center, (iii) Casino, (iv) Theater, (v) Showroom, (vi) retail stores, shops or kiosks, and (vii) restaurants, bars or other locations in the Resort that serve and/or offer food and beverage, all which may from time to time be located or constructed on the Land. Resort Transfer – a sale or transfer of all or substantially all of the assets of the Resort.

Reserve Fund Contribution shall be calculated as follows: One percent (1%) of Gross Operating Revenues from the Managed Facilities Opening Date through the end of the first (1st) Full Fiscal Year of the Operating Term; Two percent (2%) of Gross Operating Revenues from the commencement of the second (2nd) Full Fiscal Year through the end of the second (2nd) Full Fiscal Year of the Operating Term; Three percent (3%) of Gross Operating Revenues from the commencement of the third (3rd) Full Fiscal Year through the end of the third (3rd) Full Fiscal Year of the Operating Term; Four percent (4%) of Gross Operating Revenues from the commencement of the fourth (4th) Full Fiscal Year through the end of the fourth (4th) Full Fiscal Year of the Operating Term; and For all Fiscal Years thereafter of the Operating Term, such other amount as determined in an approved Business Plan, provided, however, that the Reserve Fund in any year shall be capped at an amount equal to the total of the amounts paid into the Reserve Fund in the previous 3 years plus the amount required to be paid into the Reserve Fund in the current year; and provided further that the Parties may declare an amount in the Reserve Fund as excess and distribute such declared excess as provided in Section 6.4.4 of this Agreement.

Reserve Fund Contribution as defined in Exhibit A. Restoration — the repair, restoration, replacement or rebuilding of the Hotel in accordance with the Operating Standard (including then-current Brand Standards) as approved by Operator. Restricted Area — as defined in Section 2.2. RevPAR Index — for any hotel or group of hotels, Revenue per Available Room as determined in a ▇▇▇▇▇ Travel Trend Report (“STAR” report) produced by ▇▇▇▇▇ Travel Research (or if ▇▇▇▇▇ Travel Research no longer produced the STAR report, a similar report prepared by a successor organization agreed to by the Parties) for the applicable Operating Year. ROI Capital Improvements — all alterations, improvements, replacements, renewals and additions to the Hotel that are capitalized under GAAP and involve a material change in the primary use of, or a material physical expansion or alteration of, the Hotel (including adding or removing Guest Rooms or meeting rooms, or changing the configuration of the Hotel), which are intended to generate a separate return on investment. Routine Capital Improvements — all maintenance, repairs, alterations, improvements, replacements, renewals and additions to the Hotel (including replacements and renewals of FF&E and Supplies, exterior and interior painting, resurfacing of walls and floors, resurfacing parking areas and replacing folding walls) that are capitalized under GAAP and are not depreciated as real property. For avoidance of doubt, Routine Capital Improvements expressly exclude Maintenance and Repair, Building Capital Improvements and ROI Capital Improvements. Sanction Laws — all present and future Applicable Laws of the United States of America that prohibit or restrict Operator or an Affiliate from entering into this Agreement or performing any of its obligations hereunder, with respect to the Person in question, including (a) The United and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act (the “Patriot Act”), (b) The Trading with the Enemies Act, (c) all rules and regulations issued by the U.S. State Department or U.S. Treasury Department’s Office of Foreign Assets Control, and (d) Executive Orders 13224 issued by the President of the United States, and similar executive orders. Security Interest — any security interest, collateral assignment, pledge or similar document or instrument that encumbers any assets relating to the Hotel (or any portion thereof or interest therein, including any ownership interests in Owne...

Reserve Fund Contribution means the amount set forth in the Capital Budget then in effect to be transferred by Manager at the end of such month from the Operating Account to the Reserve Fund in order to fund Routine Capital Improvements and Building Capital Improvements set forth in the Capital Budget, or as otherwise may be required by a Lender.