Capital Reserve Fund. Borrower shall pay to Lender on each Payment Date an amount equal to five percent (5%) of the gross revenues of the Properties for the second calendar month preceding such Payment Date (said amounts hereinafter called the "Capital Reserve Fund"). Lender will apply the Capital Reserve Fund to payment of Approved Capital Expenses pursuant to the terms hereof; provided, however, if the Loan shall have been accelerated or if there is an Event of Default which is continuing, then Lender may credit such Capital Reserve Fund against the Debt in such priority and proportions as Lender in its sole and absolute discretion shall deem proper. If the amount of the Capital Reserve Fund shall exceed the amounts due for Approved Capital Expenses pursuant to the terms hereof, Lender shall, in its discretion, return any excess to Borrower or, if future Capital Reserve Fund payments are then required, credit such excess against such future payments; provided, however, if the Loan shall have been accelerated or if there is an Event of Default which is continuing, then Lender may credit such excess against the Debt in such priority and proportions as Lender in its sole and absolute discretion shall deem proper.
Capital Reserve Fund. The Manager shall establish and maintain for the benefit of and in the name of the Enterprise a Capital Reserve Fund to pay Capital Expenses in accordance with the Capital Expense Budget. To the extent that Net Revenues are available after payment of the Management Fee, the Manager shall deposit monthly in the Capital Reserve Fund an amount equal to two percent (2%) of the Net Revenues, provided that without the consent of the Board the Capital Reserve Fund balance shall not exceed One Million Dollars ($1,000,000). Any interest earned on the Capital Reserve Fund shall be added to the Capital Reserve Fund, subject to the One Million Dollar ($1,000,000) cap, and otherwise distributed to the Tribe on a monthly basis.
Capital Reserve Fund. “Capital Reserve Fund” shall mean the reserve fund established in accordance with Section 4.13.6 to pay Capital Expenses.
Capital Reserve Fund. The Collaborative may create a capital reserve fund to support costs associated with the acquisition, maintenance, and/or improvement of fixed assets, including real property, pursuant to a capital plan and subject to the following procedures:
Capital Reserve Fund. On or before the fifteenth day following Xxxxxxxx’s receipt of the Minimum Monthly Rent, Landlord shall deposit the Minimum Monthly Rent to the account described in this Section 8.6 (“Capital Reserve Fund”).
Capital Reserve Fund. For each month that Master Tenant pays to Landlord the Minimum Monthly Rent, Landlord shall deposit on a monthly basis to the account described in Section 8.6 below, the Minimum Monthly Rent received by Landlord.
Capital Reserve Fund. 19 3.4.2 Payment of Capital Expenses.......................... 19 3.5
Capital Reserve Fund. Next, to fund the Capital Reserve Fund in accordance with Section 4.13.6. In the event of a Total Condemnation, the Capital Reserve Fund shall be distributed to the Tribe.
Capital Reserve Fund. Manager shall establish in the Agency Account a reserve fund (the “Capital Reserve Fund”) to cover the cost of (i) any replacements, substitutions, additions and renewals related to the FF&E at the Hotel, and (ii) major repairs and maintenance to the Hotel. For each Fiscal Year, (i) cash from Operating Funds, to the extent that the Operating Funds do not fall below the Required Minimum Balance or (ii) funds furnished by Owner, shall be deposited into the Capital Reserve Fund in the minimum amount of four percent (4%) of anticipated Gross Revenues for such Fiscal Year as set forth in the Operating Budget for such Fiscal Year, or such amount as may be required by the lender of the first mortgage of the Hotel. The Capital Reserve Fund, including all interest earned thereon, shall at all times be under the exclusive control of Manager. Any expenditure for the purposes enumerated in this Section 8.4 in accordance with the approved Operating Budget may be made by Manager up to the then-remaining balance in the Capital Reserve Fund. Any expenditure in addition to those reflected in the approved Operating Budget shall be subject to Owner’s prior written consent, any and all proceeds from the sale of FF&E shall be credited to the Capital Reserve Fund. Any and all amounts remaining in the Capital Reserve Fund at the end of each Fiscal Year shall be carried forward and retained until fully used as provided herein.
