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 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.

  • 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.

  • 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 Company shall cause OpBiz to spend no less than $100,000,000 of the Offering Proceeds on Renovation Capital Expenditures (including amounts to reconfigure the Theater).

  • 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 4.3(b).

  • 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.

  • Attached hereto as Exhibit A is a comparison between expenses incurred to date for Renovation Capital Expenditures and (x) expenses budgeted in the Borrower phasing plans delivered to the Agent on or about September 20, 2006 and (y) expenses budgeted in the Borrower’s overall budget.

  • In the event that there is Tolling with respect to the Renovation Capital Expenditures as set forth in Section 4.3(b), the Borrower shall use its commercially reasonable efforts to commence and complete all plans, specifications, design documents, schematic drawings and related items (the "Plans and Specifications") related to Renovation Capital Expenditures and other improvements to the Premises before the second Anniversary Date.

  • 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.

  • 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.

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:

  • 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 Capital Expenditures not financed by the seller of the capital asset, by a third party lender or by means of any extension of credit by Lender other than by means of an Advance under the Revolving Credit Facility.

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

  • Unfunded Capital Expenditures means those Capital Expenditures which are not financed by Funded Debt.

  • 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:

  • 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.

  • Expenditures means payments and contracts for goods, services, and construction which may be acquired competitively and are not regulated by separate authority, and, where the department acts as the sole or primary contracting officer and has selective discretion as to the supplier, vendor, or contractor. This definition does not apply to expenditures by the department of transportation for road and bridge construction projects which receive federal funds under section 112(b) of title 23 of the United States Code, 23 U.S.C. 112, 23 C.F.R. 635.104(a), and other applicable federal law until federal law recognizes small businesses owned by persons with disabilities.