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, 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.

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 shall, at Lessor's cost, acquire title to or replace such leased property with funds other than the Capital Expenditures Reserve when the leases for such leased property expire and make such property or replacement property available to Lessee hereunder during the Term of this Lease.

• 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.

• 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, 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.

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

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

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. As defined in Section 24.6. ----------------------------