Material Capital Improvement definition

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Material Capital Improvement. Any repair, replacement, modification or addition to any of the Remaining Transition Facilities, including any of the Personal Property located therein, which has or is reasonably estimated to have a useful life in excess of twenty four (24) months.

Material Capital Improvement means any alteration or improvement to the Premises the cost of which (x) will exceed $100,000, and (y) is required to be capitalized under generally acceptable accounting principles, consistently applied (“GAAP”).

Examples of Material Capital Improvement in a sentence

Within thirty (30) days of receipt of Tenant’s MCI Intent Notice, Landlord shall notify Tenant in writing as to whether Landlord (or, if applicable, its Affiliate) is willing to provide financing for such proposed Material Capital Improvement and, if so, the terms and conditions upon which Landlord (or, if applicable, its Affiliate) is willing to do so in reasonable detail, in the form of a proposed term sheet (such terms and conditions, “Landlord’s MCI Financing Proposal”).
For purposes of clarification, Tenant may use Cash to finance any applicable Material Capital Improvement (subject to the express terms and conditions hereof, including, without limitation, Tenant’s obligation to provide Tenant’s MCI Intent Notice).
Tenant shall restore the Leased Property (excluding any Tenant Material Capital Improvement, unless such Tenant Material Capital Improvement is integrated into the Facility such that the Facility could not practically or safely be operated without restoring such Tenant Material Capital Improvement) as nearly as reasonably possible under the circumstances to a complete architectural unit of the same general character and condition as the Leased Property existing immediately prior to such Taking.
Landlord (or, with respect to financing structured as a loan rather than as ownership of the real property by Landlord with a lease back to Tenant, Landlord’s Affiliate) may, but shall be under no obligation to, provide all or any portion of the financing necessary to fund the applicable Material Capital Improvement (along with related fees and expenses, such as title fees, costs of permits, legal fees and other similar transaction costs) by complying with the option exercise requirements set forth below.
Tenant shall restore the Leased Property (excluding any Tenant Material Capital Improvement, unless such Tenant Material Capital Improvement is integrated into such Facility such that such Facility could not practically or safely be operated without restoring such Tenant Material Capital Improvement) as nearly as reasonably possible under the circumstances to a complete architectural unit of the same general character and condition as the Leased Property existing immediately prior to such Taking.
Tenant shall restore the Leased Property (excluding any Tenant Material Capital Improvement, unless such Tenant Material Capital Improvement is integrated into the Facility such that the Facility could not practically or safely be operated without restoring such Tenant Material Capital Improvement) as nearly as reasonably possible under the circumstances to a complete architectural unit of the same general character and condition as the Leased Property existing immediately prior to such Taking; 15.
Any payment to The City in respect of The City’s cost to review the Material Capital Improvement Report shall be conditional on The City delivering to the Manager for its approval, acting reasonably, an estimated budget of such reasonable costs and expenses to review the Material Capital Improvement Report prior to any such costs and expenses being incurred by The City.
For clarity, the Parties agree that the Manager’s option for the Capital Improvement Extension Term shall remain effective regardless of the fact that the useful life of the Event Centre exceeded the duration of the Initial Term prior to the applicable Material Capital Improvement being completed.
The Manager shall be solely responsible for all costs and expenses associated with the Material Capital Improvement Report (and any confirmatory report required in connection therewith) and The City’s review thereof including, without limitation, all costs of the Independent Engineer associated therewith.

More Definitions of Material Capital Improvement

Material Capital Improvement means any capital improvement, where the aggregate amount spent by the Manager to complete such capital improvement exceeds an amount equivalent to: (i) Forty-Six Million Three Hundred Twenty Thousand ($46,320,000.00) Dollars (the “Base Capital Improvement Threshold Cost”) as of the first year of the Initial Term; plus (ii) for second year of the Initial Term, 1% of the Base Capital Improvement Threshold Cost; plus (iii) for each year of the Initial Term after the second year, 1% of the amount applicable during the previous year of the Initial Term, made by or on behalf of the Manager, at its sole cost and expense, to the Event Centre in addition to its maintenance, repair and replacement obligations under this Agreement, and which is determined by the Independent Engineer to materially extend the useful life of the Event Centre, taken as a whole, in accordance with Section 6.6 hereof, including, by way of example only, alterations or improvements to the Event Centre or any part thereof, the purpose of which is intended primarily to substantially upgrade the Event Centre (including, without limitation, any Building Systems forming part thereof) or substantially upgrade, expand or enlarge its facilities or systems or any portion thereof.

Material Capital Improvement. Any single or series of related Capital Improvements that would or does (i) have a total budgeted or actual cost (as reasonably evidenced to Landlord) (excluding land acquisition costs) in excess of Fifty Million and No/100 Dollars ($50,000,000.00) and (ii) either (a) materially alter the Facility (e.g., shoring, permanent framework reconfigurations), (b) expand the Facility (i.e., construction of material additions to existing Leased Improvements) or (c) add improvements to undeveloped portion(s) of the Land. “Material Indebtedness”: At any time, indebtedness of any one or more of Tenant (and its Subsidiaries) and any Guarantor owing to one or more unrelated third parties in an aggregate principal amount exceeding Seventy-Five Million and No/100 Dollars ($75,000,000.00). “Material Sublease”: A Sublease (excluding a management agreement or similar agreement to operate but not occupy as a tenant a particular space at a Facility) under which the monthly rent and/or fees and other payments payable by the Subtenant (or manager) exceed Fifty Thousand and No/100 Dollars ($50,000.00) (which amount shall be increased by the Escalator on the first (1st) day of each Lease Year (commencing on the first (1st) day of the second (2nd) Lease Year)) per month. “Minimum Cap Ex Amount”: The Initial Minimum Cap Ex Amount and the Annual Minimum Building and Improvement Cap Ex Amount, as applicable. “Minimum Cap Ex Requirements”: The Initial Minimum Cap Ex Requirement and the Annual Minimum Cap Ex Building and Improvement Requirement, as applicable. “Net Revenue”: The net sum of the following, without duplication, over the applicable time period of measurement: (i) the amount received by Tenant (and its Subsidiaries) from patrons at the Facility for gaming, less, (A) to the extent otherwise included in the calculation of Net Revenue, refunds and free promotional play provided pursuant to a rewards, marketing, and/or frequent users program (including rewards granted by Affiliates of Tenant) and (B) amounts returned to patrons through winnings at the Facility (the net amount described in this clause (i), “Gaming Revenues”); plus (ii) the gross receipts of Tenant (and its Subsidiaries) for all goods and merchandise sold, room revenues derived from hotel operations, food and beverages sold, the charges for all services performed, or any other revenues generated by or otherwise payable to Tenant (and its Subsidiaries) (including, without limitation, use fees, retail and commercial ...