Common use of Adjustments to Rent Clause in Contracts

Adjustments to Rent. Basic Rent and the schedules of Casualty values, Termination Values and Special Casualty Values attached hereto shall be adjusted (upward or downward) to preserve Net Economic Return if there is any Change in Tax Law other than a change in respect of a minimum tax; provided, however, that the aggregate amount of such downward adjustments shall not exceed the aggregate amount of such upward adjustments. Adjustments under this paragraph (d) shall be (1) made not more than once a year and (2) limited in the aggregate to the extent necessary such that the aggregate amount of Basic Rent theretofore and thereafter payable throughout the Basic Lease Term (computed for such purposes only without regard to any adjustments theretofore made pursuant to Section 3(e)) shall not exceed by more than 4% the aggregate amount of Basic Rent which would have been payable throughout the Basic Lease Term (calculated as aforesaid) had no such adjustments been made. The provisions of this Section 3(d) to the contrary notwithstanding, if any Change in Tax Law is, or becomes, applicable to the transaction contemplated by this Facility Lease in consequence of the transfer 47:1 of the Owner Participant's beneficial interest in the Trust (whether or not permitted by section 15 of the Participation Agreement) or if such change in Tax Law would not have been applicable to such transaction had no such transfer occurred, then no adjustment shall be, or be required to be, made pursuant to this Section 3.(d) ; provided, however, that this sentence shall not apply to the initial transfer of the owner Participant's beneficial interest in the Trust to one of its Affiliates.

Adjustments to Rent. Basic Rent and the schedules of Casualty valuesValues, Termination Values and Special Casualty Values attached hereto shall be adjusted (upward or downward) to preserve Net Economic Return if there is any change in the Code or successor legislation enacted by the Ninety-ninth Congress or if there is adopted, promulgated, issued or published, prior to January 15, 1997, proposed, temporary or final regulations resulting therefrom (regardless of the effective date of such regulations) herein referred to as a Change in Tax Law other than a change in respect of a minimum tax; provided, however, that the aggregate amount of such downward adjustments shall not exceed the aggregate amount of such upward adjustmentsLaw). Adjustments under this paragraph (d) shall be (1) made not more than once a year and (2) limited in the aggregate to the extent extent, if any, necessary such that the aggregate amount of Basic Rent theretofore and thereafter payable throughout the Basic Lease Term (computed for such purposes purpose only without regard to any adjustments theretofore made pursuant to Section 3(e)) or 3(h) shall not exceed by be more than 411% upward and 10% downward from the aggregate amount of Basic Rent which would have been payable throughout the Basic Lease Term (calculated computed as aforesaid) had prior to any adjustment theretofore made pursuant to this Section 3(d); provided, however, that no downward adjustment shall be made hereunder unless and until the aggregate amount of all such downward adjustments been madeshall exceed 1% and then only to the extent such aggregate exceeds 1% (resulting in a maximum downward adjustment of 10%). The foregoing 11% maximum, 10% minimum and 1% "deadband" limitations were determined on the basis of an assumed interest rate on the Notes set forth in Schedule 1 hereunto and are subject to adjustment in connection with any refunding of the Initial Series Note to provide the same protection to the Owner Participant and the Lessee as provided in the original calculations thereof by the Owner Participant. The provisions of this Section 3(d) to the contrary notwithstanding, if any Change in Tax Law is, or becomes, applicable to the transaction contemplated by this Facility Lease in consequence of the transfer 47:1 transfer of the Owner Participant's beneficial interest in the Trust (whether or not permitted by section Section 15 of the Participation Agreement) or if such change Change in Tax Law would not have been applicable to such transaction had no such transfer occurred, then no adjustment shall be, or be required to be, made pursuant to this Section 3.(d) paragraph (d); provided, however, that this sentence shall not apply to the initial transfer of the owner ParticipantOwner Participants's beneficial interest in the Trust to one of its Affiliates.

Adjustments to Rent. Basic Rent and the schedules of Casualty valuesValues, Termination Values and Special Casualty Values attached hereto shall be adjusted (upward or downward) to preserve Net Economic Return if there is any Change in Tax Law other than a change Change in respect of a minimum tax; provided, however, that the aggregate amount of such downward adjustments shall not exceed the aggregate amount of such upward adjustments. Adjustments under this paragraph (d) shall be (1) made not more than once a year and (2) limited in the aggregate to the extent necessary such that the aggregate amount of Basic Rent theretofore and thereafter payable throughout the Basic Lease Term (computed for such purposes only without regard to any adjustments theretofore made pursuant to Section 3(e)) shall not exceed by more than 4% the aggregate amount of Basic Rent which would have been payable throughout the Basic Lease Term (calculated as aforesaid) had no such adjustments been made. The provisions of this Section 3(d) to the contrary notwithstanding, if any Change in Tax Law is, or becomes, applicable to the transaction contemplated by this Facility Lease in consequence consequences of the transfer 47:1 of the Owner Participant's beneficial interest in the Trust (whether or not permitted by section 15 of the Participation Agreement) or if such change in Tax Law would not have been applicable to such transaction had no such transfer occurred, then no adjustment shall be, or be required to be, made pursuant to this Section 3.(d) ; provided, however, that this sentence shall not apply to the initial transfer of the owner Participant's beneficial interest in the Trust to one of its Affiliates.

Adjustments to Rent. Basic Rent and the schedules of Casualty valuesValues, Termination Values and Special Casualty Values attached hereto shall be adjusted (upward or downward) to preserve Net Economic Return if there is any Change in Tax Law other than a change Change in respect of a minimum tax; provided, however, that the aggregate amount of such downward adjustments shall not exceed the aggregate amount of such upward adjustments. Adjustments under this paragraph (d) shall be (1) made not more than once a year and (2) limited in the aggregate to the extent necessary such that the aggregate amount of Basic Rent theretofore and thereafter payable throughout the Basic Lease Term (computed for such purposes only without regard to any adjustments theretofore made pursuant to Section 3(e)) shall not exceed by be more than 4% the aggregate amount following percentages of Basic Rent which would have been payable pay able throughout the Basic Lease Term (calculated as aforesaid): (i) had no such adjustments 22% in the event that the Outstanding Notes have not been madereoptimized in accordance with their terms and (ii) 15.5% if the Outstanding Notes have been reoptimized in full in accordance with their terms. The provisions of this Section 3(d) to the contrary notwithstanding, if any Change in Tax Law is, or becomes, applicable to the transaction contemplated by this Facility Lease in consequence of the transfer 47:1 transfer of the Owner Participant's beneficial interest in the Trust (whether or not permitted by section Section 15 of the Participation Agreement) or if such change Change in Tax Law would not have been applicable to such transaction had no such transfer occurred, then no adjustment shall be, or be required to be, made pursuant to this Section 3.(d) paragraph (d); provided, however, that this sentence shall not apply to the initial transfer of the owner Owner Participant's beneficial interest in the Trust to one of its Affiliates.