Initial Minimum Cap Ex Requirement Sample Clauses
The Initial Minimum Cap Ex Requirement clause sets a baseline amount of capital expenditures that must be invested at the outset of an agreement or project. Typically, this clause specifies a minimum dollar value or scope of improvements that the responsible party must commit to spending within a defined initial period, such as the first year of a lease or contract. By establishing this upfront investment threshold, the clause ensures that necessary improvements or upgrades are made early on, thereby protecting the interests of stakeholders and promoting the intended use or value of the asset.
Initial Minimum Cap Ex Requirement. During the Initial Minimum Cap Ex Period, Tenant shall expend Capital Expenditures in an aggregate amount equal to no less than the Initial Minimum Cap Ex Amount (the “Initial Minimum Cap Ex Requirement”), which Capital Expenditures shall include, without limitation, such expenditures necessary to complete the renovation and refurbishment of at least four hundred twenty-nine (429) hotel rooms and four hundred eighty-nine (489) hotel rooms at the Mardi Gras North and Mardi Gras South towers located at the Leased Property, respectively, at a standard of quality similar to the renovation and refurbishment performed by Tenant with respect to the rooms located at the Carnaval Tower.