Capital Expenditures Reserve definition
Capital Expenditures Reserve. As defined in Article XXXVIII.
Capital Expenditures Reserve has the meaning given such term in Section 7.3.4.
Capital Expenditures Reserve means, for any period and with respect to any Property, an amount equal to the greater of (a) the aggregate square footage of all completed space of such Property times $.25, times a fraction, the numerator of which is the number of days of such period, and the denominator of which is 365 and (b) the amount of capital expenditures actually made in respect of such Property, excluding non-recurring capital expenditures for such period.
Examples of Capital Expenditures Reserve in a sentence
The reserves required to be maintained under the immediately preceding sentence are referred to collectively as the “Capital Expenditures Reserve,” and amounts deposited into the Capital Expenditures Reserve are referred to herein as the “Capital Expenditures Funds.” The Capital Expenditures Reserve and all Capital Expenditures Funds on deposit therein shall be held as additional collateral security for the payment and performance of the Obligations.
If at any time the Tax Reserve, HOA Reserve, Capital Expenditures Reserve, or Insurance Reserve falls below the respective minimum balance described in this Section 7.3, Required Lenders shall notify Borrowers in writing, and Borrowers shall have fifteen (15) Business Days to deposit into the respective Reserve an amount sufficient to cause such Reserve to rise above the respective required minimum balance (the “Reserve Cure Deposit”).
More Definitions of Capital Expenditures Reserve
Capital Expenditures Reserve means, with respect to any period, an amount equal to the product of (A) 0.04 multiplied by (B) the aggregate Room Revenues for all Portfolio Hotels for such period.
Capital Expenditures Reserve means, for any Property for any period, the greater of (a) actual capital expenditure for such Property for such period and (b) the sum of the following (i) a reserve of $0.30 per square foot per year for retail Properties, (ii) a reserve of $0.15 per square foot per year for bulk industrial Properties, $0.50 per square foot per year for office Properties, and (iii) a reserve of $300 per unit per year for multifamily Properties; provided that the amounts under this clause (b) shall be pro rated for the applicable period. All Capital Expenditures Reserves shall be determined in accordance with accounting principles reasonably acceptable to Administrative Agent.
Capital Expenditures Reserve. An amount equal to 5% of Gross Revenues for ---------------------------- each Lease Year (or such greater amount as contemplated in Article 8 of the --------- Management Agreement), to be accrued by Lessor in accordance with the provisions of Article XXXVIII hereof. --------------- Capital Impositions: Taxes, assessments or similar charges imposed upon or ------------------- levied against the Leased Property for the costs of public improvements, including, without limitation, roads, sidewalks, public lighting fixtures, utility lines, storm sewers drainage facilities, and similar improvements.
Capital Expenditures Reserve. As defined in Section 24.6. ----------------------------
Capital Expenditures Reserve. Borrowers shall deposit on the Closing Date an amount to be determined by Lender and reasonably acceptable to Borrowers but not less than $10,000,000.00, to fund ongoing capital expenditures at the Properties, as approved by Lender in its sole discretion. Any interest earned on amounts on deposit in the capital expenditures reserve account shall be accumulated for the benefit of Borrowers to be used in accordance with the purpose of such reserve. GENERAL RESERVE: Borrowers shall deposit $12,000,000.00 into a general reserve account on the Closing Date to be used for such uses and purposes as Lender shall determine in its sole discretion, including, without limitation, application to the Interest Reserve or any other reserve established hereunder. Any interest earned on amounts on deposit in the general reserve account shall be accumulated for the benefit of Borrowers to be used in accordance with the purpose of such reserve.
Capital Expenditures Reserve has the meaning assigned to such term in Article 5 of this Agreement.
Capital Expenditures Reserve. As defined in Article XXXVIII. ---------------------------- Capital Impositions: Taxes, assessments or similar charges imposed ------------------- upon or levied against the Leased Property for the costs of public improvements, including, without limitation, roads, sidewalks, public lighting fixtures, utility lines, storm sewers, drainage facilities, and similar improvements.