Adjustment of Basic Rent. The basic rent provided for in paragraph 4(a) shall be adjusted periodically and the monthly basic rent for each period shall be as set forth below: Lease Months 1-12 (1/1/00-12/31/00) $ 50,444.10 per month Lease Months 1-12 (1/1/01-12/31/01) $ 51,957.42 per month Lease Months 1-12 (1/1/02-12/31/02) $ 53,516.15 per month
Adjustment of Basic Rent. The Basic Rent for each Lease Year during the first Fixed Rental Period will be as stated in Section 1.01. The Basic Rent for each Lease Year of each successive Fixed Rental Period, if any, will be as stated in Exhibit E, the Rent Rider.
Adjustment of Basic Rent. Basic Rent for each Lease Year of each successive Fixed Rental Period, if any, after the first Fixed Rental Period will be the greater of
(i) an amount determined by (A) multiplying eighty percent (80%) of Basic Rent for the final Lease Year of the most recent Fixed Rental Period by a fraction, the numerator of which is the C.P.I. for the last month or other reporting period of the most recent Fixed Rental Period and the denominator of which is the C.P.I. for the last month or other reporting period immediately preceding the Term Commencement Date, and (B) adding the result to the remaining twenty percent (20%) of such Basic Rent; or
(ii) an amount determined by increasing Basic Rent as stated in Article 1.01 by three percent (3%) per year, compounded annually for the period beginning on the Term Commencement Date and ending on the last day of the most recent Fixed Rental Period. Basic Rent determined as provided in this paragraph 2 will in no event be less than Basic Rent for each Lease Year of the preceding Fixed Rental Period and will be exclusive of (and in addition to) amounts due for Taxes and Operating Expenses.
Adjustment of Basic Rent. Landlord may, in its sole discretion, change the Basic 467 Rent at any time during the Term by giving Tenant no less than thirty (30) days prior written notice. In 468 addition, Landlord may, in its discretion, establish a Basic Rent for rooftop parking in the Parking Facility 469 that is equal to or less than the Basic Rent for covered parking in the Parking Facility, and Landlord may, 470 in its discretion, establish a Basic Rent for reserved or assigned parking spaces that is equal to or greater 471 than the Basic Rent for similar spaces that are not reserved or assigned. Notwithstanding the foregoing, 472 no Basic Rent established by Landlord will exceed the lesser of (i) the Maximum Parking Rate, which 473 rate is shown for each applicable year of the Term in attached Exhibit C, (the “Maximum Parking Rate”), 474 or (ii) Fair Market Value, which is defined below in Section 4.3 of this Lease. Notwithstanding anything 475 to the contrary in this Lease, changes to the Basic Rent made pursuant to this Section shall not require a 476 written amendment to this Lease and shall be deemed effective upon Tenant’s receipt of Landlord’s 477 notice as required in this Section. 478
Adjustment of Basic Rent. Landlord may change the Basic Rent at any time during the Term by giving Tenant no less than thirty (30) days prior written notice; provided, however, adjustments to the Basic Rent shall be subject to the provisions of Section 4.3 of this Lease. Notwithstanding anything to the contrary in this Lease, changes to the Basic Rent made pursuant to this Section shall not require a written amendment to this Lease and shall be deemed effective upon Tenant’s receipt of Landlord’s notice as required in this Section.
Adjustment of Basic Rent. The parties hereto acknowledge that on the Closing Date Lessor will enter into an Interest Rate Swap Agreement pursuant to which Lessor will agree to pay to the counterparty thereunder the fixed payments of Basic Rent due from Lessee pursuant to the Lease and the swap counterparty will agree to make floating payments to the order of Lessor in amounts that are intended to be sufficient to pay the interest due on the outstanding principal amount of the Loan and Yield payable on the Equity Investment. The Basic Rent payable by Lessee pursuant to the Lease was calculated on the Closing Date by reference to, among other things, the applicable Pricing Level and such Interest Rate Swap. The parties intend and agree that, to the extent that the Pricing Level changes on a Calculation Date due to a change in Guarantor’s Debt to Adjusted EBITDA Ratio, the Basic Rent due and payable by Lessee pursuant to the Lease shall be recalculated as of such Calculation Date by reference to, among other things, such Interest Rate Swap Agreement and the then applicable Pricing Level, and Lessor shall produce a new schedule of Basic Rent that will be subject to the reasonable approval of each of Lessor, Lessee, Guarantor and all of the Lenders. Following approval of the adjusted schedule of Basic Rent, the Lease will be modified or supplemented to include the adjusted schedule and thereafter Lessee shall be obligated to pay Basic Rent in accordance with such adjusted schedule.
Adjustment of Basic Rent. (a) The Lessee and the Lessor agree that Basic Rent, Termination Values and the Purchase Option Price shall be adjusted, either upwards or downwards, to reflect (i) any Proposed Tax Law Change, (ii) the principal amount, amortization and interest rate on any Additional Loan Certificates issued pursuant to Section 2.11 of the Loan Agreement to finance Nonseverable Modifications to the Unit 1 Equipment or the Common Facilities Equipment, (iii) the principal amount, amortization and interest rate on any Additional Loan Certificates issued pursuant to Section 2.11 of the Loan Agreement in connection with a refinancing of any Loan Certificates (including adjusting the interest rate on the Series A Loan Certificates to the Reset Rate pursuant to Section 2.12 of the Loan Agreement), (iv) adjusting the interest rate on the Series A Loan Certificates pursuant to paragraph (c) of Section 2.1 of the Loan Agreement, and (v) the exercise by the Lessee of its option pursuant to Section 4(b)(1) of the Tax Indemnity Agreement to make indemnity payments in the form of upward adjustments to Basic Rent. Any adjustment pursuant to clause (i), (iii), (iv), or (v) of the immediately preceding sentence shall be coordinated with any comparable adjustment made pursuant to Section 3.4 of the Foundation Operating Lease such that the aggregate adjustment shall be apportioned between this Equipment Operating Lease and the Foundation Operating Lease in the same ratio as Equipment Interest Cost bears to the Foundation Interest Cost. Any adjustments pursuant to this Section 3.4 will be calculated to preserve the Owner Participant's Net Economic Return; PROVIDED, HOWEVER, that (a) to the extent consistent with preserving such Net Economic Return, all adjustments shall minimize the present value to the Lessee of the Basic Rent or, at the Lessee's election, the Basic Rent and the Purchase Option Price and (b) all adjustments shall be consistent with the conclusions of the Appraiser set forth in the Appraisal. Adjustments will be made using the same method of computation and assumptions originally used (other than those that have changed as the result of the event giving rise to the adjustment) in the calculation of the Basic Rent and the Purchase Option Price. The adjustments contemplated by this Section 3.4 will result in corresponding adjustments to Termination Values. All Basic Rent adjustments shall be consistent with Rev. Procs. 75-21 and 75-28 and section 467 of the Code (to the exten...
Adjustment of Basic Rent. The Base Allowance shall not constitute an Operating Expense under the Lease, and Tenant shall not be required to pay or otherwise reimburse Landlord for any of the Base Allowance. If, however, Tenant elects to apply any portion of the Additional Allowance toward Interior Improvement Costs, then Basic Rent payable monthly under the Lease shall be increased by an amount necessary to amortize the aggregate amount of the Additional Allowance that Tenant has elected to apply toward Interior Improvement Costs over the initial seventy-four (74) month Lease Term, calculated at an annual rate of interest equal to eight percent (8%). If, to the contrary, the total Interior Improvement Cost is less than the Base Allowance, then Basic Rent shall be decreased by an amount necessary to amortize the difference between such total Interior Improvement Cost and the Base Allowance over the initial seventy-four (74) month Lease Term, calculated at an annual rate of interest equal to eight percent (8%). Promptly after Tenant has approved Landlord's final accounting of Interior Improvement Costs paid out of the Additional Allowance pursuant to paragraph 5A(3), Landlord and Tenant shall execute an amendment to the Lease specifying such adjustment, if any, in Basic Rent.
Adjustment of Basic Rent. The amount of basic monthly rent shall be adjusted for the succeeding twelve months on each anniversary date of this lease as follows: January 1, 2006—nine thousand seven hundred fifty dollars ($9750.00); January 1, 2007—ten thousand dollars ($10,000).
Adjustment of Basic Rent. Landlord may not change the Basic Rent at any time during the first 10 years of the Term; however, during the last 10 years of the Term, if the Basic Rent is less than the monthly rental rate of other city facilities of comparable type, which rental rate is established by the City Council, the Basic Rent may be increased to the same rate of such comparable city facility or facilities by giving Tenant no less than thirty (30) days prior written notice. Notwithstanding anything to the contrary in this Lease, changes to the Basic Rent made pursuant to this Section shall not require a written amendment to this Lease and shall be deemed effective upon Tenant’s receipt of Landlord’s notice as required in this Section.
