Adjustments to Basic Rent. (i) In the event of a refinancing as contemplated by Section 16 of the Participation Agreement, then the Basic Rent percentages set forth in Exhibit B-1, the Termination Value percentages set forth in Exhibit C and the EBO Amounts set forth on Exhibit D shall be recalculated (upwards or downwards) by the Owner Participant as contemplated by such Section 16 to (1) maintain the Owner Participant's Net Economic Return and (2) to the extent possible consistent with clause (1) hereof, to minimize the Net Present Value of Rents to Lessee;
(ii) In the event that Lessee pays an indemnity obligation under the Tax Indemnity Agreement, then the Termination Value percentages set forth in Exhibit C and the EBO Amounts set forth on Exhibit D shall be recalculated (upwards or downwards) by the Owner Participant, using the same methods and assumptions (except to the extent such assumptions shall be varied to take into account the Loss (as defined in the Tax Indemnity Agreement) that is the subject of such indemnification and any prior or contemporaneous Loss) used to calculate the Termination Value percentages and the EBO Amounts on the Delivery Date, in order to (1) maintain the Owner Participant's Net Economic Return and (2) to the extent possible consistent with clause (1) hereof, minimize the Net Present Value of Rents to Lessee.
(iii) Whenever Basic Rent is recalculated pursuant to this Section 3(c), the Owner Participant shall redetermine the Termination Value percentages set forth in Exhibit C and the EBO Amounts set forth in Exhibit D in a manner consistent with such recalculation.
(iv) Any recalculation of Basic Rent and Termination Value percentages pursuant to this Section 3(c) shall be determined by the Owner Participant and shall be subject to the verification procedures set forth in Section 3(g) hereto. Such recalculated Basic Rent and Termination Value percentages shall be set forth in a Lease Supplement or an amendment to this Lease.
(v) Anything contained in the Participation Agreement or this Lease to the contrary notwithstanding (I) each installment of Basic Rent payable hereunder, whether or not adjusted in accordance with this Section 3(c), shall be, under any circumstances and in any event, in an amount at least sufficient for Lessor to pay in full, on the date on which such installment of Basic Rent is due, any payments then scheduled to be made on account of the principal of and interest on the Equipment Notes and (II) the amount of Termination Val...
Adjustments to Basic Rent. The Basic Rent shall be adjusted upwards on each Basic Rent Payment Date by an amount, determined by Agent and notified to Lessor and Lessee prior to the Basic Rent Payment Date, which represents the amount of interest due and payable on the Loans relating to the Aircraft on such Basic Rent Payment Date and determined in accordance with the Credit Agreement.
Adjustments to Basic Rent. (i) In the event that Lessee pays an indemnity obligation under the Tax Indemnity Agreement, then the Basic Rent, Termination Value amounts set forth in EXHIBIT C and the EBO Amount set forth in EXHIBIT D shall be recalculated upwards or downwards by the Lessor using the same methods and assumptions (except to the extent such assumptions shall be varied to take into account the Loss (as defined in the Tax Indemnity Agreement) that is the subject of such indemnification and any prior or contemporaneous Loss) used to calculate Basic Rent amounts, the Termination Value amounts and the EBO Amount on the Delivery Date in order to (1) maintain the Lessor's Net Economic Return and (2) to the extent possible consistent with CLAUSE (1) hereof, minimize the Net Present Value of Rents to Lessee.
(ii) Any recalculation of Basic Rent, Termination Value amounts and the EBO Amount pursuant to this SECTION 3(c) shall be determined by Lessor and shall be subject to the verification procedure set forth in SECTION 3(g) hereto.
(iii) Any such adjusted Basic Rent, Termination Value amounts and the EBO Amount shall be set forth in a Lease Supplement or an amendment to the Lease.
Adjustments to Basic Rent. With respect to any Renewal Term, Escalated Basic Rent shall not be adjusted until the April 1st first occurring after the first anniversary of the applicable Renewal Term. As of such April 1st date and thereafter on each succeeding April 1st during the applicable Renewal Term, Escalated Basic Rent shall be increased by 2.25% over the Basic Rent in effect for the most recent one (1) year period immediately preceding each of the foregoing dates (each such date being hereinafter referred to as the "Basic Rent Adjustment Date").
Adjustments to Basic Rent. The monthly basic rent shall be increased annually by five percent (5%) and otherwise adjusted as follows January 1, 2001 through June 30, 2001 or sooner $63,035.50 per month July 1, 2001 or sooner through December 31, 2001 $47,575.00 per month January 1, 2002 through December 31, 2002 $49,953.75 per month January 1, 2003 through December 31, 2003 $52,451.44 per month
Adjustments to Basic Rent. The annual basic rent reserved in this Lease and payable hereunder shall be adjusted, as of the times and in the manner set forth in this Article.
Adjustments to Basic Rent. (i) If the Delivery Date does not occur on [____________________] or Transaction Expenses paid by Lessor pursuant to Article 12 of the Participation Agreement are other than [_____]% of Lessor's Cost, then in each case the Basic Rent percentages set forth in Exhibit B-1, the allocation of Basic Rent set forth in Exhibit B-2, the Stipulated Loss Value percentages set forth in Exhibit C, the Termination Value percentages set forth in Exhibit D[, the Initial Installments, the Remaining Installments] and the Special Purchase Price shall be recalculated by Owner Participant, on or prior to [__________________], using the same methods and assumptions used to calculate original Basic Rent percentages and allocations, Stipulated Loss Value and Termination Value percentages[, the Initial Installments, the Remaining Installments] and the Special Purchase Price in order to: (1) maintain Owner Participant's Net Economic Return and (2) to the extent possible consistent with clause (1) hereof, minimize the Net Present Value of Rents. In such recalculation there will be no change in the amortization of the Equipment Notes.
Adjustments to Basic Rent. The monthly basic rent shall be adjusted as follows January 1, 2002 through January 31, 2002 $54,602.30 per month February 1, 2002 * through June 30, 2002 $61,824.75 per month July 1, 2002 ** through December 31, 2003 $68,160.75 per month January 1, 2003 through December 31, 2003 $74,704.44 per month * or the 1054 Expansion Commencement Date ** or fee 1052 Expansion Commencement Date In the event Tenant occupies 1054 Xxxxxx prior to February 1, 2002 or the 1054 Expansion Commencement Date occurs after February 1, 2002, or Tenant occupies 0000 Xxxxxx prior to July 1, 2002 or the 1052 Expansion Commencement Date occurs after July 1, 2002, then the basic rent shall be adjusted and prorated accordingly.
Adjustments to Basic Rent. Basic Rent shall be adjusted (i) upwards on each Basic Rent Payment Date by an amount, determined by the Agent and notified to the Lessor and the Lessee prior to the Basic Rent Payment Date, that represents the amount of interest due and payable on the Loans relating to the Aircraft on such Basic Rent Payment Date and determined in accordance with the Credit Agreement, and (ii) downwards on each Basic Rent Payment Date by an amount equal to the amount of principal payments deferred pursuant to Section 2.4(A)(ii) of the Credit Agreement (such downward adjustment to be applied pro rata among the Leases).
Adjustments to Basic Rent. The Basic Rent shall be subject to adjustment, in the manner hereinafter set forth, for increases in the index known as United States Department of Labor, Bureau of Labor Statistics, Consumer Price Index, All Urban Consumers, United States City Average, All Items, (1982-84=100) (“CPI”) or the successor index that most closely approximates the CPI. If the CPI shall be discontinued with no successor or comparable successor index, Landlord and Tenant shall attempt to agree upon a substitute index or formula, but if they are unable to so agree, then the matter shall be determined by arbitration in accordance with the rules of the American Arbitration Association then prevailing in New York City. Any decision or award resulting from such arbitration shall be final and binding upon Landlord and Tenant and judgment thereon may be entered in any court of competent jurisdiction. In no event will the annual Basic Rent as adjusted by the CPI adjustment be less than the Basic Rent in effect for the one (1) year period immediately preceding such adjustment.
