Adjusted CAPEX definition

Adjusted CAPEX means, in respect of a reserve for any Real Property, capital expenditures for replacements for any fiscal quarter, the greater of (a) $0.10 per square foot (calculated on an annual basis), or (b) actual expenditures for replacements (on a trailing four fiscal quarter basis), excluding, however, one-time expenditures that increase the rentable area of any Real Property, enhance the value of any Real Property (as opposed to maintaining the value of such Real Property), change the use of any Real Property, represent improvements to recently acquired Real Property contemplated at the time of the acquisition, or expenditures that are reimbursable by third parties not affiliated with any Loan Party.
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Examples of Adjusted CAPEX in a sentence

  • If the Adjusted CAPEX Reserve Deposit Amount is less than the Original CAPEX Reserve Deposit Amount, then Lender shall disburse to Borrower funds from the CAPEX Reserve Account in an amount equal to the difference between the Original CAPEX Reserve Deposit Amount and the Adjusted CAPEX Reserve Deposit Amount.

  • Upon Lender’s approval of such revised project budget, the amount required to be deposited into the CAPEX Reserve Account under this Section 16.6 shall be adjusted to be an amount equal to one hundred ten percent (110%) of the total amount of the Approved Project Budget (the “Adjusted CAPEX Reserve Deposit Amount”) and Borrower shall deposit with Lender additional funds in an amount equal to the difference between the Original CAPEX Reserve Deposit Amount and the Adjusted CAPEX Reserve Deposit Amount.