Capital Expenditures Reserve definition

Capital Expenditures Reserve. As defined in Article XXXVIII.

Capital Expenditures Reserve means, for any period and with respect to any Property, an amount equal to the greater of (a) the aggregate square footage of all completed space of such Property times $.25, times a fraction, the numerator of which is the number of days of such period, and the denominator of which is 365 and (b) the amount of capital expenditures actually made in respect of such Property, excluding non-recurring capital expenditures for such period.

Capital Expenditures Reserve means, with respect to any period, an amount equal to the product of (A) 0.04 multiplied by (B) the aggregate Room Revenues for all Portfolio Hotels for such period.

Examples of Capital Expenditures Reserve in a sentence

• The funds for the Capital Expenditures Reserve Account shall be deposited into a bank account in accordance with the terms of Section 7.7 hereof.

• The Capital Expenditures Reserve Funds shall be used to fund the costs of Capital Expenditures on Schedule XVII hereof (the “Required Capital Expenditures”); provided, however, Required Capital Expenditures shall not include expense items that otherwise would be expensed in the operating statements of the Properties pursuant to the Uniform System of Accounts.

• Lessor's obligation to fund the Capital Expenditures Reserve shall be cumulative, but not compounded, and any amounts that have accrued hereunder shall be payable in future periods for such uses and in accordance with the procedure set forth herein.

• The Capital Expenditures Reserve has been established for the implementation and acquisition of key capital projects.

• Borrowers hereby grant the Agent a security interest in the Maintenance and Capital Expenditure Reserve and will execute such documents required by the Agent to create, grant, attach and perfect the Agent's Lien on such Maintenance and Capital Expenditures Reserve.

More Definitions of Capital Expenditures Reserve

Capital Expenditures Reserve means, for any Property for any period, the greater of (a) actual capital expenditure for such Property for such period and (b) the sum of the following (i) a reserve of $0.30 per square foot per year for retail Properties, (ii) a reserve of $0.15 per square foot per year for bulk industrial Properties, $0.50 per square foot per year for office Properties, and (iii) a reserve of $300 per unit per year for multifamily Properties; provided that the amounts under this clause (b) shall be pro rated for the applicable period. All Capital Expenditures Reserves shall be determined in accordance with accounting principles reasonably acceptable to Administrative Agent.

Capital Expenditures Reserve. An amount equal to 5% of Gross Revenues for ---------------------------- each Lease Year (or such greater amount as contemplated in Article 8 of the --------- Management Agreement), to be accrued by Lessor in accordance with the provisions of Article XXXVIII hereof. --------------- Capital Impositions: Taxes, assessments or similar charges imposed upon or ------------------- levied against the Leased Property for the costs of public improvements, including, without limitation, roads, sidewalks, public lighting fixtures, utility lines, storm sewers drainage facilities, and similar improvements.

Capital Expenditures Reserve. Borrowers shall deposit on the Closing Date an amount to be determined by Lender and reasonably acceptable to Borrowers but not less than $10,000,000.00, to fund ongoing capital expenditures at the Properties, as approved by Lender in its sole discretion. Any interest earned on amounts on deposit in the capital expenditures reserve account shall be accumulated for the benefit of Borrowers to be used in accordance with the purpose of such reserve. GENERAL RESERVE: Borrowers shall deposit $12,000,000.00 into a general reserve account on the Closing Date to be used for such uses and purposes as Lender shall determine in its sole discretion, including, without limitation, application to the Interest Reserve or any other reserve established hereunder. Any interest earned on amounts on deposit in the general reserve account shall be accumulated for the benefit of Borrowers to be used in accordance with the purpose of such reserve.

Capital Expenditures Reserve. As defined in Article XXXVIII. ---------------------------- Capital Impositions: Taxes, assessments or similar charges imposed ------------------- upon or levied against the Leased Property for the costs of public improvements, including, without limitation, roads, sidewalks, public lighting fixtures, utility lines, storm sewers, drainage facilities, and similar improvements.

Capital Expenditures Reserve. An amount equal to 4% of Gross Revenues for each Lease Year, to be accrued by Lessor in accordance with the provisions of ARTICLE XXXV hereof.

Capital Expenditures Reserve means, for any Mortgage Loan, a Reserve Account established to fund capital improvements to the related Mortgaged Properties.

Capital Expenditures Reserve has the meaning assigned to such term in Article 5 of this Agreement.