Common use of Adjustments to Rent Percentages Clause in Contracts

Adjustments to Rent Percentages. (a) If (i) the actual Closing Date is a date other than as set forth in Schedule 2 to the Participation Agreement, (ii) the actual amount of Transaction Expenses paid by the Lessor as a percentage of Lessor's Cost is other than as set forth in Schedule 2 to the Participation Agreement, (iii) the Owner Participant's Net Economic Return is affected by any amendment to the Code or the regulations (including proposed regulations to the extent the Owner Participant advises the Lessee of such amendment to proposed regulations in writing prior to the time of closing on the Closing Date) thereunder (other than the alternative minimum tax) that is enacted, adopted or promulgated (or, in the case of proposed regulations, proposed to be effective) on or prior to the Closing Date, (iv) the actual Debt Rate is other than as set forth in Schedule 2 to the Participation Agreement, (v) any other Pricing Assumption proves to be incorrect, (vi) the Secured Notes are refinanced or refunded at any time pursuant to Section 15 of the Participation Agreement, or (vii) Additional Notes are issued by the Lessor in connection with a Supplemental Financing of a Modification to the Production System pursuant to Section 14 of the Participation Agreement, then, in each case, subject to the following provisions of this Section 4 and to the provisions of Section 3.5, the Basic Rent Percentages shall be appropriately adjusted (A) in the case of an adjustment pursuant to clause (i), (iii), (iv) or (v) above, prior to the Closing Date and (B) in the case of an adjustment pursuant to clause (ii), (vi) or (vii) above, after the Closing Date, in each case so as to (x) preserve the Owner Participant's Net Economic Return, (y) to the extent consistent with clause (x), minimize the Net Present Value of Basic Rent, and (z) minimize the Termination Value Percentages and Stipulated Loss Value Percentages to the extent possible consistent with clauses (x) and (y) above.

Adjustments to Rent Percentages. (a) If (i) the actual Closing Date is a date other than as set forth in Schedule 2 to the Participation Agreement, (ii) the actual amount of Transaction Expenses paid by the Lessor as a percentage of Lessor's ’s Cost is other than as set forth in Schedule 2 to the Participation Agreement, (iiiiii)(A) the Owner Participant's ’s Net Economic Return is affected by any amendment to the Code or the regulations (including proposed regulations to the extent the Owner Participant advises the Lessee of such amendment to proposed regulations in writing prior to the time of closing on the Closing Date) thereunder (other than the alternative minimum tax) that is enacted, adopted or promulgated on or prior to the Closing Date (or, or in the case of proposed regulations, are proposed prior to the Closing Date and have a proposed effective date prior to the Closing Date), or (B) the Owner Participant’s Net Economic Return would be effectiveaffected by any proposed amendment to the Code (for this purpose, a proposed amendment to the Code means any amendment to the Code, whether codified or in effective date provisions which are not codified, introduced in a xxxx proposed by a member of the U.S. House Ways and Means Committee or the U.S. Senate Finance Committee or proposed by the U.S. President (or his staff) or the U.S. Department of the Treasury, in any case, prior to the Closing Date) or proposed regulations that have been proposed on or prior to the Closing Date and have a proposed effective date on or after the Closing Date, (iv) the amount of the Notes, the actual Debt Rate and/or amortization of the Notes is other than as set forth in Schedule 2 to the Participation Agreement, (v) on or prior to the Closing Date any other Pricing Assumption proves to be incorrect, (vi) the Secured Notes are refinanced or refunded at any time pursuant to Section 15 of the Participation Agreement, or (vii) Additional Notes are issued by the Lessor in connection with a Supplemental Financing of a Modification to the Production System pursuant to Section 14 of the Participation Agreement, then, in each Spinnaker Lease Agreement 2005-l case, subject to the following provisions of this Section 4 and to the provisions of Section 3.5, the Basic Base Rent Percentages and the Base Rent Allocations shall be appropriately adjusted (A) in the case of an adjustment pursuant to clause (i), (iiiii), (iii)(A), (iv) or (v) above, prior to the Closing Date and (B) in the case of an adjustment pursuant to clause (iiiii)(B), (vi) or (vii) above, after the Closing Date (provided that as a condition to any adjustment pursuant to clause (iii)(B) above, the Owner Participant shall, on or prior to the Closing Date, deliver to the Lessee a list of all such proposed amendments along with a description in reasonable detail of the economic impact on the Owner Participant’s Net Economic Return and any necessary adjustments therefor and such adjustment shall be finalized and first effective on the first Base Rent Payment Date occurring at least 30 days after such enactment; provided further that if any such proposed amendment does not appear on such list, such proposed amendment shall not be the basis of any adjustment, even if subsequently adopted), in each case so as to (x) first, preserve the Owner Participant's ’s Net Economic Return, Return and (y) to the extent consistent with clause (x), second, minimize the Net Present Value of Basic Base Rent, and (ziii) third, minimize the Termination Value Percentages and Stipulated Loss Value Percentages factors to the extent possible consistent with clauses (x) and (y) above.