Annual Minimum Capital Project Amount. With respect to each Group 5 Facility, during each Lease Year with respect to such Group 5 Facility, the following amounts:
Annual Minimum Capital Project Amount. During each Lease Year, the following amounts:
Annual Minimum Capital Project Amount. During the first (1st) Lease Year, an average of Three Hundred Twenty-Five Dollars ($325) per unit for all of the Facilities in the aggregate, with such amount increasing upon the expiration of each Lease Year during the Term (from and after the expiration of the first (1st) Lease Year), by a percentage equal to the CPI Increase. Commencing upon the expiration of the fifth (5th) Lease Year, the Annual Minimum Capital Project Amount shall be equal to an average of One Thousand Dollars ($1,000) per unit for all of the Facilities in the aggregate, with such amount thereafter increasing upon the expiration of each subsequent Lease Year during the Term by a percentage equal to the CPI Increase, subject to the provisions of Section 9.3 hereof regarding the adjustment of the Annual Minimum Capital Project Amount. For purposes of clarity, in no event shall the Annual Minimum Capital Project Amount for any Lease Year be less than the Annual Minimum Capital Project Amount in effect as of the expiration of the immediately prior Lease Year.
Examples of Annual Minimum Capital Project Amount in a sentence
For the avoidance of doubt, during the first four Lease Years, the Planned Capital Refurbishment Project Costs expenditure shall count toward the Annual Minimum Capital Project Amount.
Lessor shall provide Lessee with written notice detailing any Required Maintenance Projects and the proposed new Annual Minimum Capital Project Amount within a reasonable time after Lessor’s receipt of the PCAs for all Facilities.
Based on the PCAs, Lessor shall (i) identify to Lessee items of deferred maintenance existing at such Facilities, if any (each a “Required Maintenance Project”), and (ii) propose to Lessee the Annual Minimum Capital Project Amount for the last twenty-four (24) months of such Term.
For the avoidance of doubt, during the first two Lease Years, the Planned Capital Refurbishment Project Costs expenditure shall count toward the Annual Minimum Capital Project Amount.
For purposes of clarity, in no event (except as otherwise determined pursuant to Section 44.1.4) shall the Annual Minimum Capital Project Amount (on a per-unit basis) for any Lease Year (other than (x) in the case of the second Lease Year and (y) in the case of a proration in accordance with the immediately preceding sentence, the final Lease Year) be less than the Annual Minimum Capital Project Amount (on a per-unit basis) in effect as of the expiration of the immediately prior Lease Year.
More Definitions of Annual Minimum Capital Project Amount
Annual Minimum Capital Project Amount. With respect to any Lease Year, an amount for all of the Facilities in the aggregate such that the per-unit average is equal to (i) in the case of the first Lease Year, [***], (ii) in the case of each of the second, third and fourth Lease Years, [***], and (iii) in the case of the fifth Lease Year and each Lease Year thereafter, [***], with such amount increasing upon the expiration of each such Lease Year (commencing with the fifth Lease Year) by a percentage equal to the CPI Increase and (if the final Lease Year is not a Portions of this exhibit that have been marked by [***] have been omitted pursuant to a request for confidential treatment filed separately with the Securities and Exchange Commission. full calendar year) with the amount for the final Lease Year being prorated based on the number of days in such final Lease Year. For purposes of clarity, in no event shall the Annual Minimum Capital Project Amount (on a per-unit basis) for any Lease Year (other than the fifth Lease Year and, in the case of a proration in accordance with the immediately preceding sentence, the final Lease Year) be less than the Annual Minimum Capital Project Amount (on a per-unit basis) in effect as of the expiration of the immediately prior Lease Year.
Annual Minimum Capital Project Amount. For each of the first (1st) through the third (3rd) Lease Years, an average of Twelve Hundred Fifty Dollars ($1250) per bed for all of the Facilities in the aggregate. Commencing in the fourth (4th) Lease Year and for each Lease year thereafter during the Term, an amount equal to an average of Eight Hundred Dollars ($800) per bed per year for all of the Facilities in the aggregate, with such amount increasing upon the expiration of each Lease Year during the Term (from and after the expiration of the fourth (4th) Lease Year), by a percentage equal to the percentage increase in Minimum Rent for the same Lease Year. For purposes of clarity, in no event shall the Annual Minimum Capital Project Amount for any Lease Year (after the fourth (4th) Lease Year) be less than the Annual Minimum Capital Project Amount in effect as of the expiration of the immediately prior Lease Year.
Annual Minimum Capital Project Amount set forth in Section 2.1 of the Original Lease is hereby amended to add “and the Other Purchase Agreement Facilities” after “all of the Facilities” in each of the first and second sentences of such definition.
Annual Minimum Capital Project Amount. Subject to Section 44.1.4, an amount for all Facilities in the aggregate such that the per-unit average for such Facilities (excluding the Removal Facility) is equal to [***], with such amounts increasing upon the expiration of each Lease Year (commencing with the Lease Year ending December 31, 2020) by a percentage equal to the CPI Increase and (if the final Lease Year is not a full calendar year) with the amount for the final Lease Year being prorated based on the number of days in such final Lease Year. For purposes of clarity, in no event (except as otherwise determined pursuant to Section 44.1.4) shall the Annual Minimum Capital Project Amount (on a per-unit basis) for any Lease Year (other than, in the case of a proration in accordance with the immediately preceding sentence, the final Lease Year) be less than the Annual Minimum Capital Project Amount (on a per-unit basis) in effect as of the expiration of the immediately prior Lease Year.
Annual Minimum Capital Project Amount. Overage: (a) For the Lease Year ending December 31, 2020, an amount equal to the excess of (i) (x) the Capital Project Costs incurred and paid by Lessee in funding Capital Projects during calendar year 2020 and for which Lessor has received an Officer’s Certificate certifying that the applicable item of Capital Project has been completed and verifying the cost of such item of Capital Project and that such cost has actually been paid or incurred by Lessee (together with such additional evidence of the completion thereof and payment therefor as Lessor may reasonably request), less (y) the amounts disbursed by Lessor to Lessee from the Replacement Reserve on account of such Capital Projects in accordance with the terms of Section 9.5.1, over (ii) the Annual Minimum Capital Project Amount for the Lease Year, and (b) for each Lease Year thereafter, an amount equal to the excess of (i) (x) the Capital Project Costs incurred and paid by Lessee in funding Capital Projects in the immediately preceding two (2) Lease Years and for which Lessor has received an Officer’s Certificate certifying that the applicable item of Capital Project has been completed and verifying the cost of such item of Capital Project and that such cost has actually been paid or incurred by Lessee (together with such additional evidence of the completion thereof and payment therefor as Lessor may reasonably request), less (y) the amounts disbursed by Lessor to Lessee from the Replacement Reserve on account of such Capital Projects in accordance with the terms of Section 9.5.1, over (ii) the Annual Minimum Capital Project Amount for the prior two (2) Lease Year period.
Annual Minimum Capital Project Amount. With respect to the Fox Run Facility, during each Lease Year with respect to such Facility, an amount equal to Thirty-Five Thousand Six Hundred Dollars ($35,600.00). Notwithstanding the foregoing, Lessor and Lessee acknowledge that the initial Annual Minimum Capital Project Amount for the Fox Run Facility represents an amount equal to (A) the number of licensed units located at such Facility times (B) Four Hundred Dollars ($400.00). In the event that the number of licensed units for the Fox Run Facility is increased or decreased in accordance with the terms of the Master Lease, as hereby amended, the Annual Minimum Capital Project Amount for such Facility shall be increased, or decreased, as applicable, by an amount equal to (1) the number of such licensed units increased or decreased at such Facility times (2) Four Hundred Dollars ($400.00).
Annual Minimum Capital Project Amount. With respect to each Facility, the Annual Minimum Capital Project Amount allocated to such Facility as set forth on Exhibit D attached hereto.