Global Basic Rent Adjustment Sample Clauses

Global Basic Rent Adjustment. (a) The parties hereto contemplate that the Costs of the Project leased hereunder ("Costs of the Project"), as defined in Section 1.1 of the Loan Agreement, will equal the aggregate sum of Thirty Million Three Hundred Thousand Dollars ($30,300,000.00), such amount being herein also sometimes called the "Target Cost." If the Project is completed for less than the Target Cost (resulting in the transfer of such surplus amount of Bond proceeds from the Acquisition Fund to the Bond Fund (each as defined in the Loan Agreement) under Section 5.3(b) of the Indenture, the application of such amount by the Trustee under Section 5.4(a) of the Indenture to the redemption of Bonds at par pro rata at the earliest possible date and the corresponding reduction in the amount of principal and interest payments due on the Bonds), the Global Basic Rent during the Primary Term shall be reduced as follows: (1) Basic Rent during the portion of the Primary Term occurring after the Occupancy Commencement Date shall be reduced proportionately, and (2) quarterly Company Payments shall be reduced by an amount equal to (x) the product of 0.5% times such surplus amount of bond proceeds divided by (y) four (4).
Sample 1
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Global Basic Rent Adjustment. If upon completion of the Project (in accordance with Section 4.4 of the Loan Agreement) funds remain in the Acquisition Fund [resulting in the transfer of such surplus amount from the Acquisition Fund to the Bond Fund (each as defined in the Loan Agreement) under Section 5.3(b) of the Indenture, the application of such amount by the Trustee under Section 5.4(a) of the Indenture to the redemption of Bonds at par pro rata at the earliest possible date and the corresponding reduction in the amount of principal and interest payments due on the Bonds], the Basic Rent during the portion of the Primary Term occurring after the Occupancy Commencement Date shall be reduced proportionately. Further, to the extent that the Costs of the Project, as defined in Section 1.1 of the Loan Agreement, necessary to effect completion of the Project as contemplated by Section 4.4 of the Loan Agreement, are less than Forty-Two Million Five Hundred Thousand Dollars ($42,500,000.00), quarterly Company Payments shall be reduced by an amount equal to (x) the product of 0.5% times the difference between $42,500,000 and such lesser actual Costs of the Project divided by (y) four (4).
Sample 1

Related to Global Basic Rent Adjustment

  • Base Rent Adjustment (a) The BASE RENT (subject to adjustment as set forth in Section 1.08(a) above) payable during the EXTENDED TERM, subject to the provisions of part (b) of this Section 3.03, shall be increased from the BASE RENT payable immediately prior to the first month of the EXTENDED TERM to the then fair market rental rate determined in connection with part (b) of this Section 3.03.

  • Base Rent Adjustments Base Rent shall be increased on each annual anniversary of the first day of the first full month during the Term of this Lease (each an “Adjustment Date”) by multiplying the Base Rent payable immediately before such Adjustment Date by the Rent Adjustment Percentage and adding the resulting amount to the Base Rent payable immediately before such Adjustment Date. Base Rent, as so adjusted, shall thereafter be due as provided herein. Base Rent adjustments for any fractional calendar month shall be prorated.

  • Rent Adjustment (a) If, solely as a result of Congressional enactment of any law (including, without limitation, any modification of, or amendment or addition to, the Internal Revenue Code of 1986, as amended, (“Code”)), the maximum effective corporate income tax rate (exclusive of any minimum tax rate) for calendar-year taxpayers (“Effective Rate”) is higher than thirty-five percent (35%) for any year during the lease term, then Lessor shall have the right to increase such rent payments by requiring payment of a single additional sum. The additional sum shall be equal to the product of (i) the Effective Rate (expressed as a decimal) for such year less .35 (or, in the event that any adjustment has been made hereunder for any previous year, the Effective Rate (expressed as a decimal) used in calculating the next previous adjustment) times (ii) the adjusted Termination Value (defined below), divided by (iii) the difference between the new Effective Rate (expressed as a decimal) and one (1). The adjusted Termination Value shall be the Termination Value (calculated as of the first rent due in the year for which the adjustment is being made) minus the Tax Benefits that would be allowable under Section 168 of the Code (as of the first day of the year for which such adjustment is being made and all future years of the lease term). The Termination Values and Tax Benefits are defined on the Schedule. Lessee shall pay to Lessor the full amount of the additional rent payment on the later of (i) receipt of notice or (ii) the first day of the year for which such adjustment is being made.

  • Rent Adjustments 4.1 For the purpose of this Article 4, the following terms are defined as follows:

  • Rental Adjustment The lesser of (i) 2%, or (ii) 1.25 times the change in the Price Index, as described in Section 4.02.

  • Rental Adjustments 6.1 The Basic Annual Rent then in effect (and as previously increased pursuant to this Section 6.1) shall be increased each year by three percent (3%) on each annual anniversary of the Term Commencement Date for so long as this Lease continues in effect.

  • CPI Adjustment The fixed fees and other fees expressed as stated dollar amounts in this schedule and in the Agreement shall be increased annually commencing on the one-year anniversary date of the Effective Date by the percentage increase since the Effective Date in consumer prices for services as measured by the United States Consumer Price Index entitled "All Services Less Rent of Shelter" or a similar index should such index no longer be published.

  • Subsequent Adjustments In the event that the Assuming Institution or the Receiver discovers any errors or omissions as contemplated by Section 8.2 or any error with respect to the payment made under Section 8.3 after the Settlement Date, the Assuming Institution and the Receiver agree to promptly correct any such errors or omissions, make any payments and effect any transfers or assumptions as may be necessary to reflect any such correction plus interest as provided in Section 8.4.

  • Audit Adjustment If any audit of the records, books or accounts relating to the Properties discloses an overpayment or underpayment of Management Fees, Owner or Manager shall promptly pay to the other party the amount of such overpayment or underpayment, as the case may be. If such audit discloses an overpayment of Management Fees for any fiscal year of more than the correct Management Fees for such fiscal year, Manager shall bear the cost of such audit.

  • Year-End Adjustment If necessary, on or before the last day of the first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the amount of the investment advisory fees waived or reduced and other payments remitted by the Adviser to the Fund or Funds with respect to the previous fiscal year shall equal the Excess Amount.

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