Annual Minimum Capital Project Amount definition

Annual Minimum Capital Project Amount. During each Lease Year, the following amounts:

Annual Minimum Capital Project Amount. With respect to each Group 5 Facility, during each Lease Year with respect to such Group 5 Facility, the following amounts:

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.

Examples of Annual Minimum Capital Project Amount in a sentence

• 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.

• 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.

• 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.

• Notwithstanding anything to the contrary contained herein, each of Lessor and Lessee acknowledges and agrees that for purposes of Section 9.5 below, (x) funds expended by Lessee to complete any Required Maintenance Projects shall be deemed funds expended as part of the Annual Minimum Capital Project Amount, and (y) the Required Maintenance Projects shall be deemed Capital Projects.

• Based on the PCAs, Lessor shall (i) identify to Lessee items of deferred maintenance existing at the Facilities, if any (each a “Required Maintenance Project”), and (ii) propose to Lessee the Annual Minimum Capital Project Amount for the next succeeding Extended Term, if applicable.

More Definitions of Annual Minimum Capital Project Amount

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 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. 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.

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. With respect to each Facility, the Annual Minimum Capital Project Amount allocated to such Facility as set forth on Exhibit D attached hereto.

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 Chestnut Hill Facility, during each Lease Year with respect to such Facility, an amount equal to Forty-Four Thousand Dollars ($44,000.00). Notwithstanding the foregoing, Lessor and Lessee acknowledge that the initial Annual Minimum Capital Project Amount for the Chestnut Hill 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 Chestnut Hill Facility is increased or decreased in accordance with the terms of the Master Lease, as hereby amended, the Annual Minimum Capital Project Amount for the Chestnut Hill 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).