Annual Minimum Capital Project Amount. With respect to each Group 4 Facility, during each Lease Year with respect to such Group 4 Facility, the following amounts:
Annual Minimum Capital Project Amount. For each of the first (1st) through the third (3rd) Lease Years, an average of Twelve Hundred Fifty Dollars ($1250) per bed for all of the Facilities in the aggregate. Commencing in the fourth (4th) Lease Year and for each Lease year thereafter during the Term, an amount equal to an average of Eight Hundred Dollars ($800) per bed per year for all of the Facilities in the aggregate, with such amount increasing upon the expiration of each Lease Year during the Term (from and after the expiration of the fourth (4th) Lease Year), by a percentage equal to the percentage increase in Minimum Rent for the same Lease Year. For purposes of clarity, in no event shall the Annual Minimum Capital Project Amount for any Lease Year (after the fourth (4th) Lease Year) be less than the Annual Minimum Capital Project Amount in effect as of the expiration of the immediately prior Lease Year.
Annual Minimum Capital Project Amount. With respect to any Lease Year, an amount for all of the Facilities in the aggregate such that the per-unit average is equal to (i) in the case of the first Lease Year, [***], (ii) in the case of each of the second, third and fourth Lease Years, [***], and (iii) in the case of the fifth Lease Year and each Lease Year thereafter, [***], with such amount increasing upon the expiration of each such Lease Year (commencing with the fifth Lease Year) by a percentage equal to the CPI Increase and (if the final Lease Year is not a Portions of this exhibit that have been marked by [***] have been omitted pursuant to a request for confidential treatment filed separately with the Securities and Exchange Commission. full calendar year) with the amount for the final Lease Year being prorated based on the number of days in such final Lease Year. For purposes of clarity, in no event shall the Annual Minimum Capital Project Amount (on a per-unit basis) for any Lease Year (other than the fifth Lease Year and, in the case of a proration in accordance with the immediately preceding sentence, the final Lease Year) be less than the Annual Minimum Capital Project Amount (on a per-unit basis) in effect as of the expiration of the immediately prior Lease Year.
Examples of Annual Minimum Capital Project Amount in a sentence
Lessor shall provide Lessee with written notice detailing any Required Maintenance Projects and the proposed new Annual Minimum Capital Project Amount within a reasonable time after Lessor’s receipt of the PCAs for all Facilities.
Lessor and Lessee shall cooperate diligently and attempt in good faith to agree upon the Required Maintenance Projects and the new Annual Minimum Capital Project Amount.
For the avoidance of doubt, during the first four Lease Years, the Planned Capital Refurbishment Project Costs expenditure shall count toward the Annual Minimum Capital Project Amount.
For purposes of clarity, in no event (except as otherwise determined pursuant to Section 44.1.4) shall the Annual Minimum Capital Project Amount (on a per-unit basis) for any Lease Year (other than (x) in the case of the second Lease Year and (y) in the case of a proration in accordance with the immediately preceding sentence, the final Lease Year) be less than the Annual Minimum Capital Project Amount (on a per-unit basis) in effect as of the expiration of the immediately prior Lease Year.
For the avoidance of doubt, the Annual Minimum Capital Project Amount expenditure is in addition to the Planned Capital Refurbishment Project Amount expenditure.
More Definitions of Annual Minimum Capital Project Amount
Annual Minimum Capital Project Amount set forth in Section 2.1 of the Original Lease is hereby amended to add “and the Other Purchase Agreement Facilities” after “all of the Facilities” in each of the first and second sentences of such definition.
Annual Minimum Capital Project Amount. During the first (1st) Lease Year, an average of Three Hundred Twenty-Five Dollars ($325) per unit for all of the Facilities in the aggregate, with such amount increasing upon the expiration of each Lease Year during the Term (from and after the expiration of the first (1st) Lease Year), by a percentage equal to the CPI Increase. Commencing upon the expiration of the fifth (5th) Lease Year, the Annual Minimum Capital Project Amount shall be equal to an average of One Thousand Dollars ($1,000) per unit for all of the Facilities in the aggregate, with such amount thereafter increasing upon the expiration of each subsequent Lease Year during the Term by a percentage equal to the CPI Increase, subject to the provisions of Section 9.3 hereof regarding the adjustment of the Annual Minimum Capital Project Amount. For purposes of clarity, in no event shall the Annual Minimum Capital Project Amount for any Lease Year be less than the Annual Minimum Capital Project Amount in effect as of the expiration of the immediately prior Lease Year.
Annual Minimum Capital Project Amount. During each Lease Year, the following amounts:
Annual Minimum Capital Project Amount. With respect to each Group 10 Facility, during each Lease Year with respect to such Group 10 Facility, the following amounts:
Annual Minimum Capital Project Amount. With respect to each Facility, the Annual Minimum Capital Project Amount allocated to such Facility as set forth on Exhibit D attached hereto. Appraiser: As defined in Article XXXIV. Assumed Facility Mortgage: As defined in Article XXXV. Award: All compensation, sums or anything of value awarded, paid or received on a total or partial Condemnation. Bankruptcy Code: The United States Bankruptcy Code (11 U.S.C. § 101 et seq.), and any successor statute or legislation thereto. Base Appraisal Period: The period commencing on that date which is eighteen (18) months prior to the date any appraisal of any Facility is made pursuant to the provisions of Article XXXIV and ending on the date which is six (6) months prior to the date any such appraisal of such Facility is made. Base Month: With respect to any Lease Year, the month which is twelve (12) months prior to the applicable Comparison Month. Base Resident Revenues: For each Lease Year during the Term (including the Extended Term(s), if any), the aggregate of the Base Resident Revenues set forth on Exhibit D attached hereto with respect to each Facility then subject to this Lease. BLS: Bureau of Labor Statistics, U.S. Department of Labor. Business Day: Each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which national banks in the City of Los Angeles, California are authorized, or obligated, by law or executive order, to close. Capital Additions: With respect to any Facility, one or more new buildings, or one or more additional structures annexed to any portion of any of the Leased Improvements of such Facility, or the material expansion of existing improvements, which are constructed on any parcel or portion of the Land of such Facility during the Term including the construction of a new wing or new story, or the repair, replacement, restoration, remodeling or rebuilding of the existing Leased Improvements of such Facility or any portion thereof where the purpose and effect of such work is to provide a functionally new facility in order to provide services not previously offered in such Facility. Capital Addition Costs: The costs of any Capital Addition made to the Leased Property whether paid for by Lessee or Lessor, including (i) all permit fees and other costs imposed by any governmental authority, the cost of site preparation, the cost of construction including materials and labor, the cost of supervision and related design, engineering and architectural services, the cost of any fix...
Annual Minimum Capital Project Amount. With respect to the Springtree Facility, during each Lease Year with respect to such Facility, (i) if the subject Lease Year is the first or second Lease Year with respect to the Springtree Facility, an amount equal to (A) the number of licensed units located at the Springtree Facility times (B) Five Hundred Dollars ($500.00), (ii) if the subject Lease Year is the third Lease Year with respect to the Springtree Facility, an amount equal to (A) the number of licensed units located at the Springtree Facility times (B) Eight Hundred Dollars ($800.00), and (iii) commencing upon the expiration of the third Lease Year with respect to the Springtree Facility and upon the expiration of each Lease Year with respect to the Springtree Facility thereafter during the Term (i.e. including the Extended Term), an amount equal to the Annual Minimum Capital Project Amount in effect as of the expiration of the immediately preceding Lease Year with respect to the Springtree Facility, as increased by the Springtree Facility Escalator.
Annual Minimum Capital Project Amount. With respect to the Fox Run Facility, during each Lease Year with respect to such Facility, an amount equal to Thirty-Five Thousand Six Hundred Dollars ($35,600.00). Notwithstanding the foregoing, Lessor and Lessee acknowledge that the initial Annual Minimum Capital Project Amount for the Fox Run Facility represents an amount equal to (A) the number of licensed units located at such Facility times (B) Four Hundred Dollars ($400.00). In the event that the number of licensed units for the Fox Run Facility is increased or decreased in accordance with the terms of the Master Lease, as hereby amended, the Annual Minimum Capital Project Amount for such Facility shall be increased, or decreased, as applicable, by an amount equal to (1) the number of such licensed units increased or decreased at such Facility times (2) Four Hundred Dollars ($400.00).