Replacement Reserve Amount definition

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Replacement Reserve Amount shall have the meaning ascribed to such term in Section 9.2.

Replacement Reserve Amount means, with respect to any Property or group of Properties for any Fiscal Quarter, a reserve for replacement reserves, leasing costs and recurring capital expenditures equal to the product of $0.075 times the gross leasable area of such Property or group of Properties excluding the gross leasable area of any Construction Project thereon prior to the Rent Stabilization Date with respect to such Construction Project. The Replacement Reserve Amount for the Portfolio Properties will be based on the gross leasable area of the Properties owned by Borrower or one of its Subsidiaries and the Borrower's Share of the gross leasable area of the Properties owned by the Unconsolidated Affiliates.

Examples of Replacement Reserve Amount in a sentence

Interest or other income earned during any period on the amounts in such Replacement Reserve Fund shall be excluded from Gross Revenue, remain part of such Replacement Reserve Fund and be credited against the Replacement Reserve Amount to be contributed for such Accounting Month.
On each Payment Date, if required in writing by the Agent, Borrower shall instruct the Collateral Agent in the Payment Date Statement to deposit from the Collection Account (or if the funds for such deposit are not available pursuant to Section 3.12(b), shall make a deposit of Borrower’s funds) in the Replacement Reserve Account, equal to the Replacement Reserve Amount and in the Leasing Costs/TI Costs Account, equal to the Leasing Costs/TI Costs Amount.
Interest or other income earned during any period on the amounts in such Shared Components Reserve Fund shall be excluded from Gross Revenue, remain part of such Shared Components Reserve Fund and be credited against the Replacement Reserve Amount to be contributed for such Accounting Month.
Owner acknowledges and agrees that the Replacement Reserve Amount for the Replacement Reserve Fund is an estimate based upon Operator’s prior experience with retail and leased property.
Owner shall establish an interest-bearing bank account at ▇▇▇▇▇▇▇▇ & ▇▇▇▇▇ Corporation or one of its subsidiary banks such as Southwest Bank, or another federally insured bank designated by Operator and reasonably approved by Owner in the city where the Hotel is located, for deposit of the monthly Replacement Reserve Amount, as described in Section 5.4.1 (the “Replacement Reserve Fund”).

More Definitions of Replacement Reserve Amount

Replacement Reserve Amount means one-twelfth (1/12th) of the annual per square foot or per unit amount which, in connection with an Advance applied to acquire Property, the Agent, may require be deposited on subsequent Payment Dates into the Replacement Reserve Account on a monthly basis to be applied to replacement reserve items (taking into account, in connection with CTL Properties only, any deposits to reserves or payments expressly required to be made by tenants under Credit Leases).

Replacement Reserve Amount means an amount equal to $594,700.00. The Partnership shall give written instructions to Account Bank, with a copy to Trustee, on the Business Day preceding each Account Funding Date, which instructions shall specify the respective amounts of the withdrawals from the Operating Account and deposits into each other Account on such Funding Date.

Replacement Reserve Amount means, with respect to any Property or group of Properties, a normalized annual reserve for recurring capital expenditures which reserve shall initially be at the rate of $0.10 per year per square foot of gross leasable area of such Property or Properties. Commencing in 1997 such rate may be adjusted by the Agent, with the approval of the Requisite Lenders, based on the actual experienced rate of capital expenditures incurred by Borrower with respect to the applicable Properties during 1996 and prior years, but in no event shall such rate be adjusted to a rate higher than such initial rate.

Replacement Reserve Amount means, with respect to any Property or group of Properties for any Fiscal Quarter, a reserve for recurring capital expenditures equal to the product of $0.15 TIMES the gross leasable area of such Property or group of Properties excluding the gross leasable area of any Construction Project thereon prior to the Rent Stabilization Date with respect to such Construction Project.

Replacement Reserve Amount. An amount equal to Four Hundred Dollars ($400.00) per bed annually to be used for capital improvement projects at the Facility.

Replacement Reserve Amount shall have the meaning set forth in Section 16.3.1.