Common use of Daily IRRS Clause in Contracts

Daily IRRS. The Daily IRRS is an amount equal to the Agreed Rent minus the IRR for each Tenant who has been let a Property in accordance with this Agreement and minus the Operating Supplement (if any) in respect of a Property, with the Agreed Rent, the IRR and the Operating Supplement (if any) being pro-rated on a daily basis for each day falling within the Payment Period. Where the IRR equals or exceeds the amount of the Agreed Rent (excluding the Operating Supplement, if any) or the Market Rent for that Property, the Daily IRRS will be zero. All IRRS amounts are GST-exclusive.

Daily IRRS. The Daily IRRS is an amount equal to the Agreed Rent minus the IRR for each Tenant who has been let a Property in accordance with this Agreement and minus the Operating Supplement (if any) in respect of a Property, with the Agreed Rent, the IRR and the Operating Supplement (if any) being pro-rated on a daily basis for each day falling within the Payment Period. Where the IRR equals or exceeds the amount of the Agreed Rent (excluding the Operating Supplement, if any) or the Market Rent for that Property, the Daily IRRS will be zero. All IRRS amounts are GST-exclusive.. [IN-CONFIDENCE:RELEASE EXTERNAL]