Renovation Capital Expenditures definition

Renovation Capital Expenditures for any period, with respect to any Person, the Capital Expenditures of such Person for such period comprised of: (a) Capital Expenditures incurred in connection with a major renovation or reparation of a community and (b) value-enhancing Capital Expenditures representing costs for which an incremental value is expected to be achieved from increasing the net operating income potential for a community or recharacterizing the quality of the income stream with an anticipated reduction in potential sales capitalization rate for items such as replacement of wood siding with a masonry-based Hardi-Board product, amenity upgrades and additions (including designer kitchens, new clubhouses or fitness centers), installation of security gates and additions of covered parking. For the avoidance of doubt, “Renovation Capital Expenditures” shall not include development expenses for any Operating Property.
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Renovation Capital Expenditures means those Capital Expenditures made by the Borrower or any of its Subsidiaries for the purposes and in the amounts set forth on Exhibit L (such Exhibit may be updated by the Borrower so long as the additional Renovation Capital Expenditures are of the same scope as those originally set forth in such Exhibit) or other Capital Expenditures approved by the Agent in its reasonable discretion to constitute Renovation Capital Expenditures, acting upon the reasonable direction of the Required Term Loan A Lenders, in the aggregate minimum amount of $90,000,000. No more than $9,000,000 of such $90,000,000 may constitute expenditures not required to be capitalized under GAAP. The Renovation Capital Expenditures shall for all purposes exclude Maintenance Capital Expenditures. No more than $150,000 of closing costs and fees may be reimbursed to the Borrower from the $90,000,000 constituting Renovation Capital Expenditures.
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Renovation Capital Expenditures means those Capital Expenditures made by the Company or any of its Subsidiaries for the purposes and in the amounts set forth on Exhibit I (such Exhibit may be amended or supplemented by the Company from time to time so long as the additional Renovation Capital Expenditures are of the same scope as those originally set forth in such Exhibit) or other Capital Expenditures approved by the Majority Holders in its reasonable discretion to constitute Renovation Capital Expenditures in the aggregate minimum amount of $100,000,000, provided that no approval by the Majority Holders will be required after $90,000,000 has been spent on Renovation Capital Expenditures if the Project Goals have been met. The Renovation Capital Expenditures shall for all purposes exclude Maintenance Capital Expenditures. No more than $150,000 of closing costs and fees may be reimbursed to the Company or any Subsidiary from the $100,000,000 constituting Renovation Capital Expenditures. For purposes of this Agreement, (i) up to $9,000,000 of Renovation Capital Expenditures may be items that are not required to be capitalized under GAAP and (ii) all professional, architectural, permitting, insurance and similar fees and costs relating to such Capital Expenditures shall be deemed to be Renovation Capital Expenditures hereunder irrespective of whether such items would be determined to be "Renovation Capital Expenditures" as defined in the Senior Credit Agreement.
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Examples of Renovation Capital Expenditures in a sentence

  • The theme of the Premises shall not be materially changed without the prior written consent of the Agent other than to the extent disclosed to the Agent in writing prior to the Closing Date, provided that the Agent and Lenders hereby consent to the re-theming of the Premises as a Planet Hollywood theme consistent with the Renovation Capital Expenditures described in Exhibit L.

  • The Borrower shall not undertake to construct (i) any Renovation Capital Expenditures and any other Significant Repair or Improvement except in compliance with this Section 7.18(b) hereof, and (ii) with respect to any Renovation Capital Expenditures, also in compliance with Section 4.3(b).

  • The Borrower hereby acknowledges and agrees that the $14,000,000 payment described in Section 5.1(x), shall not reduce the $90,000,000 of Renovation Capital Expenditures required to be made pursuant to this Section 7.13.

  • If the Borrower has not spent and paid any of the foregoing amounts on Renovation Capital Expenditures by the foregoing dates (or the dates set forth in Section 4.3(b) solely in the event that the tolling provisions set forth in Section 4.3(b) are applicable), the Borrower shall make the mandatory payments of principal in the amounts and at the times set forth in Section 4.3(b) with respect to funds not spent on Renovation Capital Expenditures.

  • If the Borrower has not spent and paid any of the foregoing amounts on Renovation Capital Expenditures by the foregoing dates, the Borrower shall make the mandatory payments of principal in the amounts and at the times set forth in Section 4.3(b) with respect to funds not spent on Renovation Capital Expenditures.

  • The cost of any such casing, framing, displays, installation, supervision and other services provided by PHII or PHMemo under this Section 5 shall be paid by the HOTEL JV solely from the $90 Million of "Renovation Capital Expenditures" required to be made by HOTEL JV under the Loan Agreement.

  • The theme of the Premises shall not be materially changed without the prior written consent of the Majority Holders other than to the extent disclosed to the Noteholders in writing prior to the Funding Date, provided that the Noteholders hereby consent to the re-theming of the Premises as a Planet Hollywood theme consistent with the Renovation Capital Expenditures described in Exhibit I.

  • All funds in the Theater Escrow Account, or released to OpBiz from the Theater Escrow Account shall be used for Renovation Capital Expenditures or otherwise in accordance with the Senior Credit Agreement.

  • The Borrower shall cause the Hotel Premises to be at all times open for business as a hotel, the Retail Shops to be open for business as a retail shopping center and the Casino to be open for business as a casino, except to the extent necessary to undertake the Renovation Capital Expenditures with due diligence in accordance with the provisions of Section 7.18 hereof.

  • The Borrower shall spend and pay not less than $90,000,000 on and for Renovation Capital Expenditures as described in the next sentence and the last sentence of this Section 7.13.

Related to Renovation Capital Expenditures

  • Expansion Capital Expenditures means cash expenditures for Acquisitions or Capital Improvements. Expansion Capital Expenditures shall include interest (including periodic net payments under related interest rate swap agreements) and related fees paid during the Construction Period on Construction Debt. Where cash expenditures are made in part for Expansion Capital Expenditures and in part for other purposes, the General Partner shall determine the allocation between the amounts paid for each.

  • Net Capital Expenditures means for any period the amount by which Capital Expenditures during such period exceeds reimbursements for such items during such period from any fund established pursuant to the Loan Documents.

  • Capital Expenditures means, with respect to any Person for any period, the aggregate amount of all expenditures (whether paid in cash or accrued as a liability) by such Person during that period for the acquisition or leasing (pursuant to a Capital Lease) of fixed or capital assets or additions to property, plant, or equipment (including replacements, capitalized repairs, and improvements) which should be capitalized on the balance sheet of such Person in accordance with GAAP.

  • Maintenance Capital Expenditures means cash expenditures (including expenditures for the addition or improvement to the capital assets owned by any Group Member or for the acquisition of existing, or the construction of new, capital assets) if such expenditures are made to maintain, including over the long term, the operating capacity or revenues of the Partnership Group.

  • Permitted Capital Expenditures has the meaning given that term in Section 9.12(b).

  • Approved Capital Expenditures means Capital Expenditures incurred by Borrower and either (i) included in the Approved Annual Budget or (ii) approved by Lender, which approval shall not be unreasonably withheld or delayed.

  • Investment Capital Expenditures means capital expenditures other than Maintenance Capital Expenditures and Expansion Capital Expenditures.

  • Maintenance Capital Expenditure means cash expenditures (including expenditures for the construction of new capital assets or the replacement, improvement or expansion of existing capital assets) by a Group Member made to maintain, over the long term, the operating capacity or operating income of the Partnership Group. For purposes of this definition, “long term” generally refers to a period of not less than twelve months.

  • Capital Expenditure means expenditure on: a) the acquisition of land and buildings; b) the erection, enlargement, improvement or demolition of any building including fixed plant, installation, wall, fence or other structure, or any playground or hard standing;

  • Unfinanced Capital Expenditures means, for any period, Capital Expenditures made during such period which are not financed from the proceeds of any Indebtedness (other than the Revolving Loans; it being understood and agreed that, to the extent any Capital Expenditures are financed with Revolving Loans, such Capital Expenditures shall be deemed Unfinanced Capital Expenditures).

  • Capital Expenditure Budget shall constitute an estimate for the applicable period of the capital expenditures required to (i) accomplish capital enhancement projects included in the most recently approved Strategic Plan, (ii) maintain and preserve the Partnership's assets in good operating condition and repair and (iii) achieve or maintain compliance with any HSE Law.

  • Planned Expenditures shall have the meaning provided in the definition of the term Excess Cash Flow.

  • Consolidated Maintenance Capital Expenditures means, for any period, the aggregate amount of expenditures for additions to property, plant, and equipment that are not Consolidated Expansion Capital Expenditures.

  • Consolidated Capital Expenditures means, for any period, the aggregate of all expenditures of Company and its Subsidiaries during such period determined on a consolidated basis that, in accordance with GAAP, are or should be included in “purchase of property and equipment or similar items”, or that should otherwise be capitalized, as reflected in the consolidated statement of cash flows of Company and its Subsidiaries.

  • Non-Financed Capital Expenditures means, for any period, Capital Expenditures during such period other than Capital Expenditures funded with the proceeds of Indebtedness (excluding ABL Revolving Loans).

  • Capital Expenses expenses that are capital in nature or required under GAAP to be capitalized.

  • Unfunded Capital Expenditures means capital expenditures made from the Borrower’s funds other than funds borrowed as term debt to finance such capital expenditures.

  • local expenditures means expenditures in the currency of the Borrower or for goods or services supplied from the territory of the Borrower; and

  • Capital Expenditure Reserve means, on an annual basis, an amount equal to $0.15 per square foot for each property owned by a Borrower or the Parent (or a Subsidiary thereof).

  • Operating Expenditures means all Partnership Group expenditures, including, but not limited to, taxes, reimbursements of the General Partner, repayment of Working Capital Borrowings, debt service payments and capital expenditures, subject to the following:

  • Exploration Expenditures means the sum of all costs of acquisition and maintenance of the Property, all exploration and development expenditures and all other costs and expenses of whatsoever kind or nature including those of a capital nature, incurred or chargeable by KRC with respect to the exploration and development of the Property and the placing of the Property into Commercial Production.

  • Annual Capital Expenditure Adjustment means, for any retail Property, an amount equal to the product of (a) $0.15 multiplied by (b) the aggregate net rentable area (determined on a square feet basis) of all such Properties.

  • Qualified rehabilitation expenditures means capital

  • Uncovered expenditures means the costs to the health maintenance organization for health care services that are the obligation of the health maintenance organization, for which an enrollee may also be liable in the event of the health maintenance organization's insolvency and for which no alternative arrangements have been made that are acceptable to the commissioner.

  • Independent expenditure means an expenditure by a person:

  • Emergency Expenditures means any of the eligible expenditures set forth in the CERC Manual referred to in Section I.F of Schedule 2 to this Agreement and required for the Contingent Emergency Response Part.