Adjustment to Minimum Annual Rent Sample Clauses

Adjustment to Minimum Annual Rent. (a) The Minimum Annual Rent payable under Section 1.10 and this Article 5 during the Initial Term and the Option Terms, if applicable, shall be adjusted on each of the dates and to the amounts specified in Section 1.10.
Sample 1
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Adjustment to Minimum Annual Rent. The Minimum Annual Rent for the five year extension of the Term shall be the fair market rental of the Premises at the time of commencement of the extension of the Term. "Fair market rental" of the Premises shall be the annual rental rate for space of reasonably comparable age, size, fit-out and facilities, located in other buildings in the Great Valley Corporate Center or other locations within a radius of 2 miles from the Building, net of property taxes, Building operating expenses and insurance. If the fair market rental for the Premises cannot be determined by negotiation between Landlord and Tenant within 60 days of Tenant's notice of intention to extend the Term, the fair market rental shall be determined by appraisal as set forth in subsection (d), below. Notwithstanding the foregoing, the fair market rental shall not exceed $9.50 per square foot of space in the Premises.
Sample 1
Adjustment to Minimum Annual Rent. The Minimum Annual Rent payable under Section 1.10 and this Article 5 shall be adjusted on each of the dates and to the amounts specified in Section 1.10. In addition, commencing with the first anniversary of the Commencement Date and on each anniversary of the Commencement Date thereafter (each such anniversary being hereinafter referred to as an "Adjustment Date"), the Minimum Annual Rent payable for the month immediately preceding such Adjustment Date shall be adjusted to reflect the increases only, in the same percentage that the "Index" (as hereinafter defined) for the calendar month which is three (3) full months immediately preceding such Adjustment Date shall increase over the Index for the calendar month which is fifteen (15) full months immediately preceding such Adjustment Date. Notwithstanding the foregoing, in no event shall any adjustment pursuant to this Section 5.2 result in the Minimum Annual Rent being increased by less than four percent (4%) of the Minimum Annual Rent in effect immediately preceding such adjustment. In the event the provisions of this Section 5.2 are partially or totally suspended as a result of governmental regulation, they shall be reinstituted upon termination or expiration of such regulation. Furthermore, upon termination or expiration of such regulation, the Minimum Annual Rent shall be adjusted, commencing with the next regular monthly installment of Minimum Annual Rent, to the amount that it would have been had the governmental regulation not been imposed. All such adjustments shall be compounded. The Minimum Annual Rent as adjusted shall be the Minimum Annual Rent until the next Adjustment Date or the date the Minimum Annual Rent is next adjusted pursuant to Section 1.10. Notwithstanding anything contained in this Section 5.2 to the contrary, if the Minimum Annual Rent adjusts on any anniversary of the Commencement Date pursuant to the terms of Section 1.10 (as opposed to an adjustment pursuant to the change in the Index as set forth above), the Index adjustment shall not occur on such anniversary, but shall occur on each anniversary thereafter for which an adjustment is not made to the Minimum Annual Rent pursuant to Section 1.10 (as opposed to an Index adjustment pursuant to this Section 5.2). 5.3
Sample 1

Related to Adjustment to Minimum Annual Rent

  • Minimum Annual Rent Tenant agrees to pay to Landlord the Minimum Annual Rent in equal monthly installments in the amount set forth in Section 1(d) (as increased at the beginning of each lease year as set forth in Section 1(d)), in advance, on the first day of each calendar month during the Term, without notice, demand or setoff, at Landlord's address designated at the beginning of this lease unless Landlord designates otherwise; provided that rent for the first full month shall be paid at the signing of this lease. If the Commencement Date falls on a day other than the first day of a calendar month, the rent shall be apportioned pro rata on a per diem basis for the period from the Commencement Date until the first day of the following calendar month and shall be paid on or before the Commencement Date. As used in this lease, the term "LEASE YEAR" means the period from the Commencement Date through the succeeding 12 full calendar months (including for the first lease year any partial month from the Commencement Date until the first day of the first full calendar month) and each successive 12 month period thereafter during the Term.

  • Minimum Monthly Rent 3.1.1 Tenant agrees to pay to Landlord a Minimum Monthly Rent, initially in the amount set forth in the Basic Provisions, during each month of the Term of this Lease. Minimum Monthly Rent for a period constituting less than a full month shall be prorated on the basis of a thirty (30)-day month.

  • Base Rent Adjustment (a) The BASE RENT (subject to adjustment as set forth in Section 1.08(a) above) payable during the EXTENDED TERM, subject to the provisions of part (b) of this Section 3.03, shall be increased from the BASE RENT payable immediately prior to the first month of the EXTENDED TERM to the then fair market rental rate determined in connection with part (b) of this Section 3.03.

  • Basic Annual Rent It is the intent of both parties that the Basic Annual Rent herein specified shall be absolutely net to the Landlord throughout the term of this Lease, and that all costs, expenses and obligations relating to Tenant’s pro-rata share of the Building, Property and/or Building, Property and/or Leased Premises which may arise or become due during the term shall be paid by Tenant in the manner hereafter provided. For purposes of this Part IV and the Lease in general, the following words and phrases shall have the meanings set forth below:

  • Minimum Annual Royalty During the TERM of this SUB-LICENSE, ADAPTIMMUNE shall pay to LTC a non-refundable minimum annual royalty (“MINIMUM ANNUAL ROYALTY”) of: (a) *** dollars ($***) for each full or partial calendar year during which there is no APPROVAL OBTAINED for any LICENSED T CELL PRODUCT, and (b) for the first full calendar year following the date that there is APPROVAL OBTAINED and thereafter, a non-refundable MINIMUM ANNUAL ROYALTY that is equal to fifty percent (50%) of ADAPTIMMUNE’s earned running royalties for the sale by ADAPTIMMUNE and its AFFILIATES of such LICENSED T CELL PRODUCTS in the previous calendar year. The MINIMUM ANNUAL ROYALTY will be fully-creditable against running royalties due and payable by ADAPTIMMUNE and its AFFILIATES on account of running royalties under Section 4.3 for the applicable calendar year for which such MINIMUM ANNUAL ROYALTY relates, but shall not be creditable against any MILESTONE PAYMENTS (defined at Section 4.4) made at any time. Any difference between the MINIMUM ANNUAL ROYALTY due for a particular calendar year, and the running royalties due and payable for such calendar year, will be paid along with the royalty payment and royalty report due for the fourth (4th) quarter of each calendar year (e.g. within forty-five (45) days of each December 31) in accordance with Section 4.6. For clarification purposes, MINIMUM ANNUAL ROYALTIES are not refundable in whole or in part.

  • Minimum Annual Royalties Company shall pay to JHU minimum annual royalties as set forth in Exhibit A. These minimum annual royalties shall be due, without invoice from JHU, within thirty (30) days of each anniversary of the EFFECTIVE DATE beginning with the first anniversary. Running royalties and sublicense consideration accrued under Paragraphs 3.3 and 3.4, respectively, and paid to JHU during the one year period preceding an anniversary of the EFFECTIVE DATE shall be credited against the minimum annual royalties due on that anniversary date.

  • Monthly Rent The rent payable pursuant to Paragraph 5.A., as adjusted from time to time pursuant to the terms of this Lease.

  • Maximum Annual Operating Expense Limit The Maximum Annual Operating Expense Limit with respect to each Fund shall be the amount specified in Schedule A based on a percentage of the average daily net assets of each Fund.

  • Rent Adjustment (a) If, solely as a result of Congressional enactment of any law (including, without limitation, any modification of, or amendment or addition to, the Internal Revenue Code of 1986, as amended, (“Code”)), the maximum effective corporate income tax rate (exclusive of any minimum tax rate) for calendar-year taxpayers (“Effective Rate”) is higher than thirty-five percent (35%) for any year during the lease term, then Lessor shall have the right to increase such rent payments by requiring payment of a single additional sum. The additional sum shall be equal to the product of (i) the Effective Rate (expressed as a decimal) for such year less .35 (or, in the event that any adjustment has been made hereunder for any previous year, the Effective Rate (expressed as a decimal) used in calculating the next previous adjustment) times (ii) the adjusted Termination Value (defined below), divided by (iii) the difference between the new Effective Rate (expressed as a decimal) and one (1). The adjusted Termination Value shall be the Termination Value (calculated as of the first rent due in the year for which the adjustment is being made) minus the Tax Benefits that would be allowable under Section 168 of the Code (as of the first day of the year for which such adjustment is being made and all future years of the lease term). The Termination Values and Tax Benefits are defined on the Schedule. Lessee shall pay to Lessor the full amount of the additional rent payment on the later of (i) receipt of notice or (ii) the first day of the year for which such adjustment is being made.

  • Annual Rent (i) Office space and Pro Rata Share of Building Common Areas - $16.15 per square foot, or $2,366,863.25

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