Required Capital Expenditures. With respect to each License granted hereunder, after the applicable Commencement Date, Licensee shall not be responsible for any capital repairs, replacements or improvements to a Facility that would be considered a “capital expenditure” under generally accepted accounting principles (a “Capital Expenditure”) unless (a) Licensor is required to make such Capital Expenditure as a direct result of or in order to comply with any applicable laws (including, without limitation, compliance with the Americans With Disabilities Act of 1990) and such Capital Expenditure is for capital repairs, replacements or improvements to any portion of the applicable Facility of which a Service Area is a part (in which case Licensee shall be responsible for Licensee’s Share of the costs of such Capital Expenditure) or (b) such Capital Expenditure is required solely as the result of Licensee’s or a Sublicensee’s specific use of the Service Area at the applicable Facility (in which case Licensee shall be wholly responsible for the costs of such Capital Expenditure). In the event Licensee is responsible, in whole or part, for the costs of a Capital Expenditure under this Agreement, Licensor shall provide Licensee with 30 days’ prior written notice that Licensee shall be obligated to pay such costs within 30 days after Licensee’s receipt of an invoice therefor. As used in this Agreement, “Licensee’s Share” shall be determined by multiplying the total costs of the Capital Expenditure by a fraction, the numerator of which is the floor area of the applicable Service Area and the denominator of which is the floor area of the applicable Facility (provided, however, that if such Capital Expenditure relates solely to the Service Area, then Licensee’s Share shall equal 100%). Licensee’s Share of a Capital Expenditure shall be paid without any deductions, set-offs or counterclaims, and failure to pay such sum shall carry the same consequences as Licensee’s failure to pay Monthly License Payments when due.
Required Capital Expenditures. 6.4.1. In order to assure the maintenance of the Premises in a condition of reasonable quality, Tenant shall expend, in the first Lease Year, a minimum of $20,000,000, and in each Lease Year thereafter, a minimum of such increased amount as will be calculated in accordance with the next following sentence (such $20,000,000, and any such increased amount as calculated in accordance with the next following sentence is the “Required Capital Expenditure Amount”) on Capital Expenditures. At the beginning of the second Lease Year and continuing at the beginning of each Lease Year thereafter during the Term and Renewal Term, the Required Capital Expenditure Amount for such Lease Year will be an amount equal to the sum of (i) the Required Capital Expenditure Amount that was in effect as of the end of the immediately preceding Lease Year, plus (ii) the product of the Required Capital Expenditure Amount referenced in the preceding clause (i) multiplied by the CPI Increase calculated for such Lease Year. Within 90 days following the end of each Lease Year (and within 90 days following the expiration or termination of this Lease), Tenant shall deliver to Landlord a report (a “Capital Expenditures Report”), certified as true, correct and complete by Tenant pursuant to an Officer’s Certificate, summarizing and describing in reasonable detail all of the Capital Expenditures made by Tenant during the preceding Lease Year (or partial Lease Year, if applicable), on both an aggregate basis and broken down for each Facility, and such receipts and other information as Landlord may reasonably request relative to the Capital Expenditures made by Tenant during the applicable Lease Year (or Partial Lease Year, if applicable).
Required Capital Expenditures. Notwithstanding the deferral of the Monthly Deposit, Borrower will be obligated to make the Required Capital Expenditures starting from the Mortgage origination date and continuing every year until the Indebtedness is paid in full.
(i) No later than 30 days after the anniversary of the date of the first payment due under the Project Note and annually thereafter, Borrower will provide Funding Lender with written evidence, in form and substance acceptable to Funding Lender, in Funding Lender’s sole discretion, that Borrower has completed the Required Capital Expenditures in a good and workmanlike manner with suitable materials, including a detailed description of the Capital Replacements performed, evidence of the costs of such Capital Replacements and that such costs have been paid, and if required by Funding Lender, lien waivers from each contractor and supplier providing labor or materials for such Capital Replacements.
(ii) If Borrower fails to complete the Required Capital Expenditures or provide evidence of Required Capital Expenditures as set forth above, Borrower will be required to begin making the Monthly Deposit or the Revised Monthly Deposit, as applicable.
B. The following definition is added to Article XII:
Required Capital Expenditures. 11.3.1.1 As used in this Lease, (i) “Required Leased Property Annual Capital Expenditures Amount” shall mean, as to each Lease Year applicable to a particular Leased Property, an amount equal to the product of (a) the Required Per Unit Annual Capital Expenditures Amount that is applicable during such Lease Year (calculated as a weighted average in the event of any change in such Required Per Unit Annual Capital Expenditures Amount during such Lease Year) times (b) the aggregate number of Units at such Leased Property during such Lease Year (calculated as a weighted average in the event of any change in the number of such Units during such Lease Year), but, subject to Section 11.3.4, below, with such amount to be prorated for any partial Lease Year, and (ii) “Capital Expenditures” shall mean expenditures by Tenant on repairs, replacements and improvements to the Premises (including any part of Landlord’s Personal Property or Tenant’s Personal Property other than any part thereof that, by the terms of Section 35 below, is to be retained by Tenant upon the expiration or termination of this Lease and excluding the Hurricane Renovations referenced in Section 11.3.5 below) that (a) in accordance with GAAP, constitute capital expenditures, (b) are contemplated by the Annual Capital Expenditure Budget and (c) have been completed in a good, workmanlike and lien free fashion and in compliance with all Legal Requirements and with the terms of Sections 11.1 and 11.2 applicable to any Alterations.
Required Capital Expenditures. 29 10.5.1 Required Years; Required Amounts; Permitted Expenditures..................29 10.5.2
Required Capital Expenditures. Complete the Required Capital Expenditures by no later than December 31, 2009 (other than with respect to: (i) the Ombu Project, which shall be completed no later than December 31, 2010; (ii) the San Xxxxxxx Project and the Ita Caabo project, which shall be completed no later than December 31, 2011; (iii) the Free Stall Project II, which shall be completed no later than December 31, 2012); and (iv) the SECCI Projects, which shall be completed no later than December 31, 2013.
Required Capital Expenditures. Notwithstanding the deferral of the Monthly Deposit, Borrower will be obligated to make the Required Capital Expenditures starting from the Mortgage origination date and continuing every year until the Indebtedness is paid in full.
Required Capital Expenditures. Notwithstanding the deferral of the Monthly Deposit, Borrower will be obligated to make the Required Capital Expenditures starting from the Mortgage origination date and continuing every year until the Indebtedness is paid in full.
(i) No later than 30 days after the last day of each successive __[INSERT 2 or 3] year period or the last __- [INSERT 12 OR 24] month period, as applicable, Borrower will provide Lender with written evidence, in form and substance acceptable to Lender, in Xxxxxx’s sole discretion, that Borrower has completed the Required Capital Expenditures in a good and workmanlike manner with suitable materials, including a detailed description of the Capital Replacements performed, evidence of the costs of such Capital Replacements and that such costs have been paid, and if required by Lender, lien waivers from each contractor and supplier providing labor or materials for such Capital Replacements.
(ii) If Borrower fails to complete the Required Capital Expenditures or provide evidence of Required Capital Expenditures as set forth above, Borrower will be required to begin making the Monthly Deposit or the Revised Monthly Deposit, as applicable.
B. The following definition is added to Article XII:
Required Capital Expenditures. Complete the Required Capital Expenditures no later than December 31, 2009 (other than with respect to the Free Stall Project II and the SECCI Projects, which shall be completed no later than December 31, 2010).
Required Capital Expenditures. 30 10.5.1 Required Years; Required Amounts; Permitted Expenditures........................30 10.5.2 Payment Provisions.............................30 10.5.3 No Liability of Landlord.......................31 ARTICLE XI...................................................................31
