Capital Repair definition
Capital Repair means the repair of items which is made necessary either by some unusual or unforeseen occurrence which renders the item unsuitable for its intended use or causes it to perform in an inadequate manner.
Capital Repair means the replacement of Equipment (or series of related Equipment) with Replacement Equipment that is reasonably estimated to cost, in aggregate, in excess of $750,000 or the replacement of any structural element or related elements of the Leased Premises, such as the roof, that is reasonably estimated to cost in excess of $750,000.
Capital Repair means any repair to an academic facility and, if necessary, related areas such as the physical plant and grounds that brings the state of condition or efficiency of the academic facility to a state of
Examples of Capital Repair in a sentence
As used herein, "Landlord's Capital Repair Contribution" means, with respect to any Capital Repair, Landlord's contribution to the cost of such Capital Repair made pursuant to this Section 6.1(c).
Landlord shall fund Landlord's Capital Repair Contribution within ten (10) business days after receipt of invoices therefor from Tenant (which may be submitted as Tenant receives invoices for such work).
Unless it is so used, it shall be deposited with GBRA and restricted for use only on Budgeted Capital Repair and Replacement Costs.
During each month during the term hereof that there is outstanding amortization for a Capital Repair, said amortization shall be multiplied by the applicable Allocation Ratio for such month and the product thereof shall be paid at the same time that payments for other OMS Costs are due hereunder, commencing on the date the Capital Repair is completed, and prorated for any partial months.
GBRA shall establish, as needed, a Capital Projects Fund, a Debt Service Fund, a Lake ▇▇▇▇▇▇▇▇▇ Operating Fund, and a Lake ▇▇▇▇▇▇▇▇▇ Capital Repair and Replacement Fund, pursuant to an approved Bond Resolution or this Contract.
More Definitions of Capital Repair
Capital Repair means any renovation, replacement, repair or improvement to the Leased Property (or portion thereof) the cost of which constitutes a Capital Expenditure and any renovation, replacement, repair or improvement set forth and approved in the Capital Budget.
Capital Repair shall have the meaning specified in Section 8.2.
Capital Repair shall not include (i) Maintenance and (ii) Casualty Repair Work.
Capital Repair means any work (including all labor, supplies, materials and equipment) reasonably necessary to repair, restore, refurbish or replace any equipment, facility, structure or other component of the Fairgrounds and Landlord FF&E, if such work is necessitated by:
Capital Repair. (as defined in Section 10.1 below) or any substantial non-capital alterations or replacements required by any change in applicable laws affecting the Premises during the Term, (unless, and to the extent, such repairs, alterations, or replacements are incurred as the result of Tenant's negligent or willful failure to perform its obligations under this Lease, in which case such repairs, alterations, or replacements shall be covered by Tenant's indemnity obligations. Additionally, "Lease Expenses" shall include the cost of repairs and replacements which Tenant is required or elects to make pursuant to Sections 25 and 26 below. Landlord, at Landlord's sole cost and expense, shall operate, maintain and repair those portions or the Project that are not included in the Premises during the Term. Tenant's failure to perform its maintenance and repair obligations under this Lease shall give Landlord the right, subject to Section 23.3 hereof, to cure such failure and the reasonable cost of Landlord's curing such failure, which shall be included as a Lease Expense payable by Tenant to Landlord. Notwithstanding the foregoing, Landlord acknowledges and agrees that Landlord acquired the Building from Tenant in its "as is" condition on the Commencement Date, with all defects, known or unknown, as such condition exists on the Commencement Date, and neither Tenant's payment of the Lease Expenses, nor any other obligation of Tenant set forth in this Lease, shall be used by Landlord as a means to circumvent the parties' intention to have Tenant convey ownership of the Building to Landlord on the Commencement Date in its "as is" condition. Therefore, Tenant shall not be obligated to pay for any costs or expenses relating to repairs, alterations, modifications, replacements or other maintenance of the Building to the extent such work may result in the Building being placed in a better condition then conveyed to Landlord or the Commencement Date, unless such repairs, alterations, modifications, replacement, or maintenance is required by Tenant's breach of any provisions of this Lease.
Capital Repair means a maintenance or repair on a per occurrence basis of an individual piece of Equipment whose cost is greater than or equal to $35,000, as set forth in Section 4.1C.
Capital Repair means for the purposes of this Agreement, that a replacement item(s) is purchased, or a repair is undertaken, that:
(a) is a major repair or replacement of the Victoria Centre Facility, made necessary by wear and tear, damage, loss, breakdown or failure, and
(b) is valued at $10,000 per unit or $10,000 per grouping of like items that require repair or replacement at the same time;
(c) enhances or prolongs the life of the asset compared to its then existing condition. including repairs and replacements of major facility structures, fixed assets and major operating equipment including the roofing, structural elements, exterior wall systems, HVAC systems, plumbing and drainage systems, foundation, elevators, electrical and sound systems, fixed and portable seating, parking facility re-paving, permanent fixtures (toilets, sinks, showers), flooring, irrigation systems, public art, ice re-surfacing equipment, power edgers, forklift, lockers, arena end zone protective netting, stage, arena curtain, arena removal seating tiers, score board and control modules, rink dasher boards, exterior fall arrest system, interior fall arrest system, and ice cover portable floors (but such floor not to be replaced more than once every 5 years), club-lounge and box suite furnishings (but such furnishings not to be replaced more than once every 10 years) and Meeting Facilities furnishings (but such furnishings not to be replaced more than once every 10 years).Capital Repairs also include the purchase of a replacement item or a repair that meets the criteria established in sections 1.7(a), (b) and (c), and that is eligible to be capitalized in accordance with generally accepting accounting principles (“GAAP”). Capital Repairs excludes repairs and replacements of all other furniture, office equipment, computers, radio systems, workshop equipment, janitorial equipment, trash containers, first aid and safety equipment, ice painting material, administration office equipment and furnishing, restaurant and lounge equipment, fixtures and furnishings, concession equipment, fixtures and furnishings, window coverings and curtains, washer and dryer, pavement repairs, room painting/re-decorating and tenant improvements and chattels.