Common use of Base Rent Formula Clause in Contracts

Base Rent Formula. Each installment of Base Rent payable for any Base Rent Period will equal the sum of: (a) the product of: • the Lease Balance on the first day of such Base Rent Period, times • the Collateral Percentage for such Base Rent Period (which is expected to be 100% unless the parties agree to a reduction by a written amendment of the Pledge Agreement), times • the sum of (a) the Secured Spread for such Base Rent Period, plus (b) LIBOR for such Base Rent Period, times • the number of days in such Base Rent Period from the preceding Base Rent Date (or if there was no previous Base Rent Date, from the Effective Date) to the Base Rent Date upon which such installment becomes due, divided by • three hundred sixty, plus (b) the product of: • the Lease Balance on the first day of such Base Rent Period, times • 100% minus the Collateral Percentage for such Base Rent Period, times • the sum of (a) the Unsecured Spread for such Base Rent Period, plus (b) LIBOR for such Base Rent Period, times • the number of days in such Base Rent Period from the preceding Base Rent Date (or if there was no previous Base Rent Date, from the Effective Date) to the Base Rent Date upon which such installment becomes due, divided by • three hundred sixty. Assume, only for the purpose of illustration: that as of the first day of a Base Rent Period the Lease Balance is $10,000,000; that LIBOR for such Base Rent Period equals 4%; that the Secured Spread for such period is forty basis points (40/100 of 1%); that the Unsecured Spread for such period is one hundred basis points (100/100 of 1%); that the Collateral Percentage is 100%; and that such Base Rent Period contains exactly thirty days. Under such assumptions, Base Rent for the hypothetical Base Rent Period will equal:

Base Rent Formula. Each installment of Base Rent payable for any Base Rent Period will equal the sum of: (a) the product of: • the difference computed by subtracting Losses (if any) that BNPPLC suffered or incurred prior to the Term and that qualify as Pre-lease Force Majeure Losses, from the Lease Balance on the first day of such Base Rent Period, times • the Collateral Percentage for such Base Rent Period (which is expected to be 100% unless the parties agree to a reduction by a written amendment of the Pledge Agreement), times • the sum of (a) the Secured Spread for such Base Rent Period, plus (b) LIBOR for such Base Rent Period, times • the number of days in such Base Rent Period from the preceding Base Rent Date (or if there was no previous Base Rent Date, from the Effective Date) to the Base Rent Date upon which such installment becomes dueperiod ends, divided by • three hundred sixty, plus (b) the product of: • the difference computed by subtracting Losses (if any) that BNPPLC suffered or incurred prior to the Term and that qualify as Pre-lease Force Majeure Losses, from the Lease Balance on the first day of such Base Rent Period, times • 100% minus the Collateral Percentage for such Base Rent Period, times • the sum of (a) the Unsecured Spread for such Base Rent Period, plus (b) LIBOR for such Base Rent Period, times • the number of days in such Base Rent Period from the preceding Base Rent Date (or if there was no previous Base Rent Date, from the Effective Date) to the Base Rent Date upon which such installment becomes dueperiod ends, divided by • three hundred sixty. Assume, only for the purpose of illustration: that as of the first day of a Base Rent Period the Lease Balance is $10,000,000; that no Pre-lease Force Majeure Losses have occurred; that LIBOR for such Base Rent Period equals 4%; that the Secured Spread for such period is forty basis points (40/100 of 1%); that the Unsecured Spread for such period is one hundred basis points (100/100 of 1%); that the Collateral Percentage is 100%; and that such Base Rent Period contains exactly thirty days. Under such assumptions, Base Rent for the hypothetical Base Rent Period will equal: