Capital Expenditure Requirement Sample Clauses

Capital Expenditure Requirement. (a) Tenant shall build, install, place or erect improvements to the Property which total a minimum of One Million Five Hundred Thousand Dollars ($1,500,000.00) during the first three (3) years of the Lease Term, provided that Tenant has made a total of Five Million Dollars ($5,000,000.00) of Improvements during the first three (3) years under this lease and under a lease that Tenant has entered into as of the date hereof between Tenant and Big Boulder Corporation.
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Capital Expenditure Requirement. (Section 6.06) To be calculated with respect to the Borrower for each Fiscal Year commencing with the Fiscal Year beginning January 1, 2000:
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Capital Expenditure Requirement. Tenant agrees that it shall spend annually an amount for each Leased Property equal to the product of (x) $350 (the "PER UNIT ALLOCATION"); and (y) the aggregate number of Units in such Leased Property, on Permitted Repairs (as hereafter defined)(the "ANNUAL CAPITAL EXPENDITURE SPENDING REQUIREMENT"). Commencing on the first day of the second (2nd) Lease Year of the Initial Term, and on the first day of each Lease Year thereafter during the Term, the Per Unit Allocation for such Lease Year shall be an amount equal to the sum of (i) the Per Unit Allocation in effect for the prior Lease Year, plus (ii) the product of (a) the Per Unit Allocation in effect for the prior Lease Year, and (b) the greater of (x) one and one-half percent (1.5%) or (y) seventy five percent (75%) of the actual CPI Increase, expressed as a percentage, for such Lease Year for which such calculation is being performed. In the event that Landlord determines that either (a) Tenant's Annual Capital Expenditure Budget does not allocate sufficient funds to fully satisfy the Annual Capital Expenditure Spending Requirement, or (b) Tenant has failed to fully satisfy the Annual Capital Expenditure Spending Requirement , then Landlord shall have the right to reserve sufficient funds to satisfy Tenant's Annual Capital Expenditure Spending Requirement as follows: Commencing on the first (1st) day of the first full month following Landlord's determination in the previous sentence, and on the first (1st) day of each month to occur thereafter during the Term, Tenant shall deposit (the "CAPITAL EXPENDITURE DEPOSITS") in an interest-bearing account entitled "capital expenditure account" (the "CAPITAL EXPENDITURE ACCOUNT") under the sole dominion and control of Landlord (or any Facility Mortgagee) an amount for each Leased Property equal to one-twelfth (1/12) of the difference between the Annual Capital Expenditure Spending Requirement and the actual amount budgeted and/or spent, as applicable, by Tenant in the applicable year. The Capital Expenditure Account shall be maintained with a Lending Institution reasonably satisfactory to Landlord or with any Facility Mortgagee. Tenant hereby grants to Landlord a first priority security interest in the Capital Expenditure Account pursuant to the Uniform Commercial Code (the "UCC") of the State whose laws govern the perfection of such security interest, and the provisions of SECTION 21.1.1.1 below shall be applicable to such security interest. The Capital Expend...
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Capital Expenditure Requirement 
Sample 1

Related to Capital Expenditure Requirement

  • Capital Expenditure Make or incur any Capital Expenditure if, after giving effect thereto, the aggregate amount of all Capital Expenditures by Borrower in any fiscal year would exceed the amount set forth on the Schedule;

  • Capital Expenditures The Issuer shall not make any expenditure (by long-term or operating lease or otherwise) for capital assets (either realty or personalty).

  • Maximum Capital Expenditures Borrower and its Subsidiaries on a consolidated basis shall not make Capital Expenditures during the following periods that exceed in the aggregate the amounts set forth opposite each of such periods: Period Maximum Capital Expenditures per Period Fiscal Year ending on or about March 31, 2006 and each Fiscal Year ending thereafter $ 5,000,000 (b) [Intentionally Deleted]

  • Expenditure Limit The Contractor shall notify the County of Orange assigned Deputy Purchasing Agent in writing when the expenditures against the Contract reach 75 percent of the dollar limit on the Contract. The County will not be responsible for any expenditure overruns and will not pay for work exceeding the dollar limit on the Contract unless a change order to cover those costs has been issued.

  • Consolidated Capital Expenditures (i) Company will not, and will not permit any of its Subsidiaries to, make or commit to make Consolidated Capital Expenditures in any Fiscal Year, beginning with the Fiscal Year ending December 31, 2003, except Consolidated Capital Expenditures which do not aggregate in excess of the corresponding amount set forth below opposite such Fiscal Year: Fiscal Year Consolidated Capital Expenditures Fiscal Year ending December 31, 2003 $ 5,000,000 Fiscal Year ending December 31, 2004 $ 5,000,000 Fiscal Year ending December 31, 2005 and each Fiscal Year thereafter $ 7,000,000 provided that (a) if the aggregate amount of Consolidated Capital Expenditures actually made in any such Fiscal Year shall be less than the limit with respect thereto set forth above (before giving effect to any increase therein pursuant to this proviso) (the “Base Amount”), then the amount of such shortfall (up to an amount equal to 50% of the Base Amount for such Fiscal Year, without giving effect to this proviso) may be added to the amount of such Consolidated Capital Expenditures permitted for the immediately succeeding Fiscal Year and any such amount carried forward to a succeeding Fiscal Year shall be deemed to be used prior to Company and its Subsidiaries using the amount of capital expenditures permitted by this section in such succeeding Fiscal Year, without giving effect to such carryforward and (b) for any Fiscal Year (or portion thereof) following any acquisition of a business (whether through the purchase of assets or of shares of capital stock) permitted under subsection 6.7, the Base Amount for such Fiscal Year (or portion) shall be increased, for each such acquisition, by an amount equal to the product of (A) the lesser of (x) $5,000,000 and (y) 4% of revenues of the business acquired in such acquisition for the period of four Fiscal Quarters most recently ended on or prior to the date of such business acquisition multiplied by (B) (x) in the case of any partial Fiscal Year, a fraction, the numerator of which is the number of days remaining in such Fiscal Year after the date of such business acquisition and the denominator of which is 365 (or 366 in a leap year), and (y) in the case of any full Fiscal Year, 1.

  • Projected Operating Budget Furnish Agent, no later than sixty (60) days following the beginning of each Borrower’s fiscal years, commencing with fiscal year 2012, a month by month projected operating budget and cash flow of Borrowers on a consolidated basis for such fiscal year (including an income statement for each month and a balance sheet as at the end of the last month in each fiscal quarter), such projections to be accompanied by a certificate signed by the Chief Financial Officer of each Borrower to the effect that such projections have been prepared on the basis of sound financial planning practice consistent with past budgets and financial statements and that such officer has no reason to question the reasonableness of any material assumptions on which such projections were prepared.

  • Eligible expenditure 6.1 Eligible expenditure consists of payments by the Recipient for the Purpose. Eligible expenditure is net of VAT recoverable by the Recipient from HM Revenue & Customs and gross of irrecoverable VAT.

  • Excluded Expenditures The Recipient undertakes that the proceeds of the Financing shall not be used to finance Excluded Expenditures. If the Association determines at any time that an amount of the Financing was used to make a payment for an Excluded Expenditure, the Recipient shall, promptly upon notice from the Association, refund an amount equal to the amount of such payment to the Association. Amounts refunded to the Association upon such request shall be cancelled.

  • Expenditure No Borrower shall incur any expenditure, except for expenditure reasonably incurred in the ordinary course of owning, operating, maintaining and repairing its Ship.

  • Eligible Expenditures 1. Subject to Article 8.7 of the Regulation, eligible expenditures of this Programme are:

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