Building Capital Improvements definition

Building Capital Improvements means all repairs, alterations, improvements, renewals, replacements or additions of or to the structure or exterior façade of the Managed Facility, or to the mechanical, electrical, plumbing, HVAC (heating, ventilation and air conditioning), vertical transport and similar components of the Managed Facility that are capitalized under GAAP and depreciated as real property, but expressly excluding ROI Capital Improvements.
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Building Capital Improvements all repairs, alterations, improvements, renewals, replacements or additions of or to the structure or exterior façade of the Manager Operated Areas, or to the mechanical, electrical, plumbing, HVAC (heating, ventilation and air conditioning), vertical transport and similar components of the Manager Operated Areas building that are capitalized under GAAP and depreciated as real property, but expressly excluding ROI Capital Improvements. Business Interruption Insurance – insurance coverage against “Business Interruption and Extra Expense” (as that phrase is used within the United States insurance industry for application to transient lodging facilities), which complies with the applicable requirements under the Mortgage Loan Agreement, if any. Capital Expenditure – any item of expense that, according to GAAP, is depreciable or amortizable (as opposed to expensed).
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Examples of Building Capital Improvements in a sentence

  • Manager, at Tenant’s expense, shall perform or cause to be performed all such Routine Capital Improvements and Building Capital Improvements as are provided in the Annual Budget or otherwise approved in writing by Tenant.

  • Manager, at Owner’s expense, shall perform or cause to be performed all such Routine Capital Improvements and Building Capital Improvements as are provided in the Annual Budget or otherwise approved in writing by Owner.

  • For avoidance of doubt, Routine Capital Improvements expressly exclude Building Capital Improvements and ROI Capital Improvements.

  • Manager, at Owner’s expense, shall perform or cause to be performed all such Routine Capital Improvements and Building Capital Improvements as are provided in the Annual Budget or otherwise approved by Owner.

  • In the discretion of Owner, the Reserve Fund may also be used for the funding of Building Capital Improvements and ROI Capital Improvements.

  • All Building Capital Improvements shall be performed at Owner’s expense, and not from funds in the Operating Account or the Reserve Fund.

  • Except as otherwise expressly set forth in this Agreement or the Financing Documents, the Reserve Fund shall be used solely for the purpose of funding Routine Capital Improvements (and not, for avoidance of doubt, Building Capital Improvements or ROI Capital Improvements).

  • Manager, at its election, may establish and maintain with those excess funds, if any, provided by Manager to Owner or Mortgagee under Section 5.4.4 (the “Major CapEx Reserve Fund”) in order to facilitate the funding of Building Capital Improvements and ROI Capital Improvements; provided, however, and notwithstanding the forgoing, in no event shall Manager withhold more than that which would be otherwise permitted under the then applicable Financing Documents.

  • Owner acknowledges that Manager’s deposit of funds into the Major CapEx Reserve Fund does not guaranty that the Major CapEx Reserve Fund will supply sufficient funds to meet Owner’s obligations to make all requisite Building Capital Improvements and/or ROI Capital Improvements under this Agreement, and that Owner shall remain responsible for providing any additional funds required to perform its obligations under this Section 5.5.3.

  • Operator shall cause to be performed all Building Capital Improvements (a) as Operator deems necessary or advisable to (i) keep the Hotel in compliance with the Operating Standard, or (ii) comply with, and cure or prevent the violation of, any Applicable Laws or to remedy any condition constituting a threat to persons or property, or (b) as provided in the applicable Operating Plan or otherwise approved by Owner.