Funding of Capital Improvements Sample Clauses

Funding of Capital Improvements. Tenant may utilize any and all funds available in the Capital Improvements Reserve Fund as, when and to the extent such funds are available for payments due with respect to Approved Capital Improvements, it being understood that amounts to be contributed to the Capital Improvements Reserve Fund pursuant to Section 7.2 above may not be available at the time of such Capital Improvements, in which case Tenant will be responsible for paying any such amounts directly. If Tenant funds or pays for an Authorized Capital Improvement pursuant to an Authorized Improvements Contract from its own funds, then Tenant shall be entitled to prompt reimbursement from the Capital Improvements Reserve Fund for actual costs incurred by Tenant, as evidenced by documentation presented to the City; provided, however, that Tenant shall not be entitled to reimbursement of costs that would have been incurred by Tenant in the absence of such Authorized Capital Improvement (e.g. overhead costs, including salaried employees of Tenant). Tenant acknowledges and agrees that it shall not be entitled to utilize funds from the Capital Improvements Reserve Fund or to reimbursement from the Capital Improvements Reserve Fund for Capital Improvements that are not Approved Capital Improvements. If at any time the Capital Improvements Reserve Fund does not contain sufficient funds to reimburse Tenant for any Approved Capital Improvements, the City shall promptly pay to the Tenant the amount of the deficiency. If the Tenant is not reimbursed any cost for Capital Improvements or maintenance, the cost of which is the City’s responsibility, within five (5) Business Days, Tenant shall have right, upon thirty (30) days prior written notice to the City Representative, to offset the amount due to Tenant from the next due Fixed Rental payment(s) until such sum has been fully offset.
Sample 1Sample 2
AutoNDA by SimpleDocs
Funding of Capital Improvements. Reserve Account: after making the withdrawals specified in clauses (i) through (vi) above, on each Repayment Date, withdraw and transfer for deposit in the Capital Improvements Reserve Account an amount equal to the Capital Improvements Reserve Required Deposit; (viii) Restricted Payments Escrow Account: after making the withdrawals specified in clauses (i) through (vii) above, on each Repayment Date, if the Debt Service Coverage Ratio delivered on the immediately preceding Calculation Delivery Date pursuant to Section 5.2 is less than 1.15:1.00, withdraw and transfer amounts otherwise distributable to the Borrower pursuant to clause (x) below for deposit in the Restricted Payments Escrow Account, provided, however, that amounts on deposit in the Restricted Payments Escrow Account shall be withdrawn from the Restricted Payments Escrow Account for deposit in the Project Account if the Debt Service Coverage Ratio is at least 1.20:1.00 for two consecutive Calculation Delivery Dates occurring after such amounts have been deposited into the Restricted Payments Escrow Account, provided, further, however, that in the event amounts in the Restricted Payments Escrow Account are not transferred to the Project Account within 12 months of being deposited into the Restricted Payments Escrow Account, then such amounts shall be withdrawn and made available for prepayment of the Loans in accordance with Section 2.8(c) hereof; (ix) Pre-Existing Liabilities: after making the withdrawals specified in clauses (i) through (viii) above, on any Repayment Date, withdraw and transfer directly to such payees as Borrower specifies amounts that are necessary to pay Pre-Existing Liabilities; and 65
Sample 1
Funding of Capital Improvements. From time to time Owner shall (and shall cause Parent to) commit the financial resources necessary to fund such Capital Improvements as Owner shall approve in the Budget.
Sample 1
Funding of Capital Improvements. In order to fund the Renewal and Replacement Schedule, the City shall appropriate the following amounts (collectively, the “Capital Improvement Contributions”), which shall be paid into and held in the Renewal and Replacement Account:‌
Sample 1
Funding of Capital Improvements 
Sample 1

Related to Funding of Capital Improvements

  • Withdrawals of Capital No Partner may withdraw capital related to such Partner’s GP-Related Partner Interests from the Partnership except (i) for distributions of cash or other property pursuant to Section 5.8, (ii) as otherwise expressly provided in this Agreement or (iii) as determined by the General Partner.

  • Maintenance of Capital Accounts The Company shall maintain a Capital Account for each Member on the books of the Company in accordance with the provisions of Treasury Regulations Section 1.704-1(b)(2)(iv) and, to the extent consistent with such provisions, the following provisions:

  • Reduction of capital If the Borrower reduces its committed or subscribed capital; or

  • Status of Capital Contributions (a) No Member shall receive any interest, salary or drawing with respect to its Capital Contributions or its Capital Account, except as otherwise specifically provided in this Agreement.

  • Composition of Capital Accounts A separate capital account shall be maintained by the Partnership for each Partner in accordance with Section 704(b) of the Internal Revenue Code of 1986, as amended (the “Code”), and Treasury Regulations promulgated thereunder. There shall be credited to each Partner’s capital account (i) the amounts of money contributed by the Partner to the Partnership, (ii) the fair market value of property contributed by the Partner to the Partnership (net of liabilities secured by such contributed property that the Partnership is considered to assume or take subject to under Section 752 of the Code), and (iii) allocations to the Partner of Partnership income and gain (or items thereof), including income and gain exempt from tax, as computed for book purposes, in accordance with Treasury Regulation Section 1.704-1(b)(2)(iv)(g), as set forth pursuant to Section 5.5 of this Agreement. Each Partner’s capital account shall be decreased by (i) the amount of money distributed to the Partner by the Partnership, (ii) the fair market value of property distributed to the Partner by the Partnership (net of liabilities secured by such distributed property that such Partner is considered to assume or take subject to pursuant to Section 752 of the Code), (iii) allocations to such Partner of expenditures of the Partnership described in Section 705(a)(2)(B) of the Code, and (iv) allocations of Partnership loss and deduction (or items thereof), including loss or deduction, computed for book purposes, as described in Treasury Regulation Section 1.704-1(b)(2)(iv)(g), as set forth pursuant to Section 5.5 of this Agreement. If the General Partner also acquires a Limited Partnership Interest in the Partnership, it shall nonetheless have a single capital account that reflects both its interest as a General Partner and its interest as a Limited Partner. If a Partner owns more than one Partnership Interest, such Partner shall nonetheless have a single capital account that reflects all Partnership Interests of such Partner.

  • Return of Capital Contribution From time to time the Partnership may have cash in excess of the amount required for the conduct of the affairs of the Partnership, and the General Partner may, with the Consent of the Special Limited Partner, determine that such cash should, in whole or in part, be returned to the Partners, pro rata, in reduction of their Capital Contribution. No such return shall be made unless all liabilities of the Partnership (except those to Partners on account of amounts credited to them pursuant to this Agreement) have been paid or there remain assets of the Partnership sufficient, in the sole discretion of the General Partner, to pay such liabilities.

  • Reduction or loss of capital a meeting is convened by any Security Party for the purpose of passing any resolution to purchase, reduce or redeem any of its share capital; or

  • Return of Capital Contributions No Partner shall be entitled to withdraw any part of its Capital Contribution or its Capital Account or to receive any distribution from the Partnership, except as specifically provided in this Agreement. Except as otherwise provided herein, there shall be no obligation to return to any Partner or withdrawn Partner any part of such Partner’s Capital Contribution for so long as the Partnership continues in existence.

  • Capital Improvements The Department has identified the following possible opportunities for Capital Improvements:

  • Transfer of Capital Accounts The original Capital Account established for each substituted Member shall be in the same amount as the Capital Account of the Member (or portion thereof) to which such substituted Member succeeds, at the time such substituted Member is admitted to the Company. The Capital Account of any Member whose interest in the Company shall be increased or decreased by means of the transfer of Shares. Any reference in this Agreement to a Capital Contribution of or distribution to a Member that has succeeded any other Member shall include any Capital Contributions or distributions previously made by or to the former Member on account of its Shares.

Time is Money Join Law Insider Premium to draft better contracts faster.