Capital Reserve Account. (a) Crow has reserved for capital expenditures at the Hotel (the "Capital Reserve Account") the initial amount of $-0-. Crow shall not be obligated to fund such initial amount, if any, of the Capital Reserve Account as of the Effective Date, but shall be required to fund such initial amount, if any, at or prior to the Closing, and, in connection therewith, Crow may satisfy its obligations by, and to the extent of, Crow's expenditure, pursuant to the following provisions of this Section 6.6, of funds required to be included in ----------- the Capital Reserve Account as such initial amount, if any.
Capital Reserve Account. 23 6.7 Employees........................................................24 ARTICLE VII Intentionally Deleted
Capital Reserve Account. During 1997, Crow has funded into a capital ----------------------- reserve account (the "Capital Reserve Account") three percent (3%), on a monthly ----------------------- basis, of gross revenues of the Property (as provided in the Management Agreement). From and after the date hereof to the Closing Date, Crow shall (i) continue to fund the Capital Reserve Account in the amount of three percent (3%), on a monthly basis, of gross revenues of the Property (as provided in the Management Agreement) and (ii) expend the Capital Reserve Account pursuant to a schedule reflecting sound hotel management practices and in accordance with the 1997 capital expenditures budget adopted pursuant to the Management Agreement and previously provided to Patriot (the "Capital Expense Budget"). Except in ---------------------- accordance with the Capital Expense Budget, the amount of the Capital Reserve Account may not be reduced prior to the Closing Date. At Closing, Crow shall transfer the funds in the Capital Reserve Account, if any, to Patriot, and Patriot shall receive a credit to the Purchase Price equal to the positive difference, if any, obtained by subtracting (a) the amount Crow has expended for capital expenditures set forth in the Capital Expense Budget before the Closing Date in excess of the amount required to be deposited by Crow into the Capital Reserve Account under this Section 6.6 (including the amounts funded during 1997 ----------- before the date hereof) from
Capital Reserve Account. 23 6.7 Employees.................................................... 24 ARTICLE VII Intentionally Deleted ARTICLE VIII CLOSING 8.1 Closing...................................................... 25 8.2 Crow's Deliveries............................................ 25 8.3 Patriot's Deliveries......................................... 28 8.4
Capital Reserve Account. If the Original Maturity Date is extended as provided in Section 5(A), then, after the Original Maturity Date, Borrower shall deposit the sum of $8,055.00 each month in the Capital Reserve Account until the balance of the Capital Reserve Account is at least $96,660.00; and thereafter, if at any time the balance of the Capital Reserve Account falls below $96,660.00, then the said monthly deposits shall resume and shall be required for each and every month when the balance of the Capital Reserve Account is less than $96,660.00.
Capital Reserve Account. Borrower shall not use, or permit the use of, funds on deposit in the Capital Reserve Account for any purpose, except for the purposes specified in the definition of Capital Reserve Account as set forth in Section 3 of this Agreement, and {A17/04114/0107/W1540274.1 } Loan Agreement shall not make any withdrawals or disbursement from the said account at any time when a Default exists or a Potential Default exists.
Capital Reserve Account. Upon the occurrence of an Event of Default, Lender, at its option, may use any or all funds in the Capital Reserve Fund towards payment of the Debt or expenses related to an Event of Default in such order, proportion and priority as Lender may determine in its sole discretion except as otherwise set forth on Schedule I.
Capital Reserve Account. In addition to any operating funds maintained by the COG, the COG shall also maintain a capital reserve account for the fulfillment of its obligations under the Data Center Site Lease, Data Center Site Sublease, Data Center Improvements Lease, Data Center Equipment Lease and Fiber Ring Lease to repair and replace the real and personal property leased by the COG thereunder, and to otherwise make necessary capital repairs and replacements concerning the Data Center Improvements, Data Center Equipment and Fiber Ring. The COG may, from time to time, after the payment of its due and owing obligations set forth in Sections 6.3(a) and (b), deposit surplus revenue unto such capital reserve account as set forth in Section 6.3(e).
Capital Reserve Account. There is hereby established the Capital Reserve Account, which shall be maintained so long as any Lease Rental Payments remain outstanding and in which an amount equal to the Capital Reserve Requirement shall be maintained. Amounts in the Capital Reserve Account may be withdrawn and used upon appropriate certification by whatever officer is duly authorized by the Governing Body to make such certification, for the purpose of paying the cost of making unusual or extraordinary maintenance, repairs, renewals or replacements to the Project, which would be necessary to keep the Project in good operating condition, or for the purpose of paying the cost of constructing additions and/or improvements to the Project which will either enhance the revenue-producing capacity of the Project or provide a higher degree of service; provided, however, that if the available balances in the Payment Fund shall be insufficient to pay the next Lease Rental Payment, the Lessee shall withdraw and transfer from the Capital Reserve Account to the Payment Fund whatever amount may be required to eliminate the deficiency in the Payment Fund and to avoid a default. However, the Lessee hereby certifies and represents that it is not reasonably anticipated that any amounts in the Capital Reserve Account will be used to pay any Lease Rental Payment. Deficiencies in the Capital Reserve Account shall be remedied through the monthly deposits required from the Revenue Account above, until the total required amount has been accumulated or restored and is being maintained. There shall also be deposited in the Capital Reserve Account the proceeds of any property damage insurance not immediately used to replace the damaged or destroyed property and the cash proceeds of any surplus, worn out or obsolete properties of the Project. All funds on deposit in the Capital Reserve Account shall be kept separate and apart from all other funds the Lessee and shall be deposited, secured and invested in the manner provided in subsection F below.
Capital Reserve Account. This account should be interest bearing. Disbursement from this account should be allowed only with dual signatures from the President of the Board and another Board member. Signature cards should be actively maintained and updated as needed to reflect any changes to the membership of the Board. Proceeds from this account can be used to pay for Capital improvements as periodically planned for pursuant to a reserve study, or other specific needs as approved by the Board. No account balances at any one single bank should exceed in total the FDIC insurance limits (currently set at $250,000). If account balance exceed this limit, proactive action should be taken to set up additional accounts at other banks so that the full amount of all Association’s deposits are always protected by FDIC insurance.
