Common use of Capital Improvement Project Clause in Contracts

Capital Improvement Project. With respect to any Real Estate now or hereafter owned by the Borrower or any of its Subsidiaries which is utilized principally for shopping centers, capital improvements consisting of rehabilitation, refurbishment, replacement, expansions and improvements (including related amenities) to the existing Buildings on such Real Estate and capital additions, repairs, resurfacing and replacements in the common areas of such Real Estate all of which may be properly capitalized under GAAP. Capital One. As defined in the preamble hereto. Capitalization Rate. Seven and one-half percent (7.50%).

Capital Improvement Project. With respect to any Real Estate now or hereafter owned by the Borrower or any of its Subsidiaries which is utilized principally for shopping centers, capital improvements consisting of rehabilitation, refurbishment, replacement, expansions and improvements (including related amenities) to the existing Buildings on such Real Estate and capital additions, repairs, resurfacing and replacements in the common areas of such Real Estate all of which may be properly capitalized under GAAP. Capital One. As defined in the preamble hereto. Capitalization Rate. Seven and onethree-half fourths percent (7.507.75%).