Capital Replacement definition

Capital Replacement means the replacement of those items listed on Exhibit F.

Capital Replacement means the replacement of those items listed on Exhibit "B" of this Agreement and such other replacements of equipment, major components or capital systems related to the Improvements as may be approved in writing or required by Lender.

Capital Replacement means an improvement required to maintain the common facilities and areas of the park in a decent, safe and sanitary condition or maintain the existing level of park amenities and services. A Capital Replacement is an expenditure as defined by the United States Internal Revenue Code which replaces, upgrades or repairs an existing improvement, such as, but not limited to, an onsite water or electrical distribution or sewage collection system, a street, a parking area, or common facility, such as a laundry, community kitchen or meeting room. If the expenditure qualifies for treatment as a capital expenditure which must be depreciated under the Internal Revenue Code, it is a Capital Replacement. If it can be fully deducted in one year as a business expense, it does not qualify as a Capital Replacement.

Examples of Capital Replacement in a sentence

• Borrower’s request for reimbursement will include (1) a detailed description of the Capital Replacement performed, together with evidence, satisfactory to Lender, that the cost of such Capital Replacement has been paid, and (2) if required by Lender, lien waivers from each contractor and material supplier supplying labor or materials for such Capital Replacement.

• Borrower will pay all additional amounts required in connection with any such Capital Replacement from Borrower’s own funds.

• If Borrower requests disbursement from the Replacement Reserve Fund for a Capital Replacement in accordance with this Loan Agreement in an amount which exceeds the amount on deposit in the Replacement Reserve Fund, Lender will disburse to Borrower only the amount on deposit in the Replacement Reserve Fund.

• If Lender reasonably determines at any time or from time to time, that a Capital Replacement is necessary for the proper maintenance of the Mortgaged Property, it will so notify Borrower, in writing, requesting that Borrower obtain and submit to Lender bids for all labor and materials required in connection with such Capital Replacement.

• Borrower will submit such bids and a time schedule for completing each Capital Replacement to Lender within 30 days after Borrower’s receipt of Lender’s Notice.

More Definitions of Capital Replacement

Capital Replacement means the replacement of (i) those items recommended by the engineer and listed in Section VI of the Form 1105 or Form 1108 in the property condition report or physical risk report delivered in connection with the Loans, and (ii) any other items Funding Lender may approve subject to any conditions that Funding Lender may require, all in Funding Lender’s sole and absolute discretion.

Capital Replacement means the full replacement of building system assets or its components, such as HVAC systems, that have reached the end of their useful life.

Capital Replacement means the substitution, replacement, or reconstruction of a piece of existing equipment, machinery, streets, sidewalks, utility lines, landscaping, structures, or recreational amenities, which materially benefits and adds value to the park.

Capital Replacement means any (a) development of, or addition or improvement to, capital assets owned by any Group Member, (b) construction of new, or acquisition or replacement of existing, capital assets by any Group Member or (c) capital contribution by any Group Member to a Person that is not a Subsidiary in which such Group Member has, or after such capital contribution will have, an equity interest to fund such Group Member’s pro rata share of the cost of the development of, or addition or improvement to, capital assets owned by such Person, or the construction of new, or acquisition or replacement of existing, capital assets by such Person, in each case if such development, addition, improvement, construction, acquisition or replacement is made to maintain, over the long term, the production levels of the oil and natural gas properties of the Partnership Group or such Person or the operating capacity of the other assets of the Partnership Group or such Person, in each case existing immediately prior to such development, addition, improvement, construction, acquisition or replacement.

Capital Replacement means the substitution, replacement or reconstruction of a piece of equipment, machinery, streets, sidewalks, utility lines, landscaping, structures or part thereof of a value of five thousand dollars ($5, 000. 00) or more which materially benefits and adds value to the mobilehome park. “Capital replacement costs” means all costs reasonably and necessarily related to the planning, engineering and construction of capital replacement and shall include debt service costs, if any, incurred as a direct result of the capital replacement.

Capital Replacement means the substitution, replacement, or complete reconstruction of a piece of existing equipment, machinery, streets, sidewalks, utility lines, landscaping, structures, or recreational amenities, or similar items within the manufactured home park which materially benefits and adds value to the park., with a life expectancy of three (3) years or more. Capital Replacements must include the substitution or replacement of an entire portion of the existing equipment, machinery, streets, sidewalks, utility lines, landscaping, structures, or recreational amenities. Capital Replacements that are required as a result of improperly deferred maintenance are not eligible Capital Replacements. Capital Replacement items must be permanently fixed in place or relatively immobile. Furniture, computer equipment, televisions, or movable music systems are not Capital Replacements.

Capital Replacement. Means the furnishings and equipment and other items, the cost of which for accounting purposes may not be expensed but trust be capitalized over a useful life of greater than one year according to generally acceptable accounting principles.