Renewal Rent. (a) During the Renewal Lease Term, Lessee shall pay to Lessor on each Payment Date, in the manner and in the funds of the type specified in Section 3.3, Renewal Rent in arrears.
(b) The Renewal Rent payable by Lessee on each Payment Date during any Fixed Renewal Lease Term shall be the lower of (i) the Renewal Rent Limit and (ii) the Fair Market Rental Value of the Aircraft for such Renewal Lease Term. The Renewal Rent payable by Lessee on each Payment Date during any Subsequent Renewal Lease Term shall be the Fair Market Rental Value of the Aircraft for such Renewal Lease Term. Any such Fair Market Rental Value shall be determined not more than 120 days and not less than 100 days prior to the date of commencement of such Renewal Lease Term by mutual agreement of Lessor and Lessee or, if they shall be unable to agree, by an appraisal in accordance with Section 17.4. Notwithstanding the foregoing, (i) on the first Payment Date of a Renewal Term, Lessee shall pay to Lessor a pro-rated amount of Renewal Rent equal to (x) the Renewal Rent applicable to such Renewal Term divided by 180 multiplied by (y) the actual number of days elapsed in such Payment Period and (ii) on the last Payment Date in such Renewal Term Lessee shall pay to Lessor an amount equal to the Renewal Rent minus the amount referred to in the preceding clause (i).
Renewal Rent. Basic Annual Rental during the Renewal Terms shall be at NINETY-FIVE PERCENT (95%) of the prevailing rate (including also annual increases, other additional charges, and market concessions) as reasonably determined by Landlord and Tenant for other similar space in the Germantown sub-market similar to the Demised Premises tendered by Landlord to Tenant prior to Tenant’s Work (the “Renewal Rental”). Notwithstanding the foregoing, the Renewal Rental payable by Tenant for the first lease year of the first Renewal Term shall not be less than the Basic Annual Rental payable by Tenant during the seventh (7th) Lease Year of the Initial Term, nor more than one hundred five percent (105%) of the Basic Annual Rental payable by Tenant during the 10th Lease Year of the Initial Term. The Renewal Rental payable by Tenant for the first Lease Year of the second Renewal Term shall not be less than the Basic Annual Rental payable by Tenant during the third (3rd) Lease Year of the first Renewal Term, nor more than one hundred five percent (105%) of the Basic Annual Rental payable by Tenant during the 5th Lease Year of the first Renewal Term. Furthermore, the Basic Annual Rental payable by Tenant during the first Lease Year of each Renewal Term shall be subject to a fixed escalation of not less than three percent (3%) per year as of the commencement of the second and each succeeding Lease Year during the applicable Renewal Term. Landlord shall notify Tenant as to the Renewal Rental within ten (10) business days after request by Tenant for such information, which request shall be made by Tenant not earlier than two hundred seventy (270) days before the end of the then current Term. Basic Annual Rental shall be payable during the Renewal Terms in the manner as prescribed in this Lease. In addition to the Renewal Rental, Tenant shall pay to Landlord, at the times indicated herein, the Additional Rent and other sums required to be paid by Tenant pursuant to the terms of this Lease.
Renewal Rent. (a) During the Renewal Lease Term, Lessee shall pay to Lessor on each Payment Date, in the manner and in the funds of the type specified in Section 3.3, Renewal Rent in advance.
(b) The Renewal Rent payable by Lessee on each Payment Date during any Renewal Lease Term shall be the Fair Market Rental Value of the Aircraft for such Renewal Lease Term. Any such Fair Market Rental Value shall be determined not more than 10 Business Days after Lessee gives a Preliminary Notice by mutual agreement of Lessor and Lessee or, if they shall be unable to agree, by an appraisal in accordance with Section 17.4.
Renewal Rent. (a) During the Renewal Lease Term, Lessee shall pay to Lessor on each Payment Date, in the manner and in the funds of the type specified in Section 3.3, Renewal Rent in arrears.
(b) The Renewal Rent payable by Lessee on each Payment Date during the First Renewal Lease Term shall be the lower of (i) an amount equal to one-half of the average of the semiannual Basic Rent amounts payable during the Base Lease Term and (ii) the Fair Market Rental Value of the Aircraft for such Renewal Lease Term. The Renewal Rent payable by Lessee on each Payment Date during any Subsequent Renewal Lease Term shall be the Fair Market Rental Value of the Aircraft for such Subsequent Renewal Lease Term. Any such Fair Market Rental Value shall be determined not more than 35 days after delivery of a Preliminary Notice by mutual agreement of Lessor and Lessee or, if they shall be unable to agree, by an appraisal in accordance with Section 17.4.
Renewal Rent. Lessee shall promptly pay (or cause to be paid) to Lessor Renewal Rent on each Rent Payment Date during the Renewal Term in the amount determined pursuant to Section 22 hereof).
Renewal Rent. (a) During each Renewal Term, Lessee shall pay to Lessor on each Payment Date, in the manner and in the funds of the type specified in ss. 3.3, Renewal Rent in arrears.
(b) The Renewal Rent payable by Lessee on each Payment Date during each Renewal Term shall be the Fixed Rate (or, if less, the Applicable Percentage of the Fair Market Rental Value). Any such Fair Market Rental Value shall be determined not more than 120 days and not less than 100 days before the first day of such Renewal Term by mutual agreement of Lessor and Lessee or, if they do not agree, by an appraisal in accordance with ss. 17.4.
Renewal Rent. Lessee shall pay to Lessor on each Rent Payment Date during a Renewal Term, in the manner and place set forth in Section 5.2, rent for the current calendar month calculated in accordance with Schedule 12.2 (“Renewal Rent”).
Renewal Rent. For the first year of each Renewal Term, an annual amount equal to the Rent for the Renewal Leased Properties for the applicable Renewal Term which shall be determined in accordance with Section 1.4(b) or Section 41.14, as applicable.
Renewal Rent. The Basic Rent payable hereunder for the Premises during a Renewal Term (the “First Renewal Rent” or “Second Renewal Rent,” as applicable) shall be equal to ninety-five percent (95%) of the Fair Market Rental Rate (as defined and determined pursuant to Article 33 below) as of the applicable commencement date for such Renewal Term (the “Renewal Term Commencement Date”), provided, however, that in no event shall the Basic Rent payable during a Renewal Term be less than the Base Rent payable hereunder during the twelve month period immediately preceding the commencement of such Renewal Period.
Renewal Rent. On each Payment Date during any Renewal Term in effect, Lessee shall pay to Agent, for the benefit of the Lessors, Renewal Rent under each Lease Supplement to which Lessee is a party, consisting of the amount of Fixed Rent set forth opposite the applicable Payment Date on Schedule II to each such Lease Supplement and Variable Rent accrued on the Supplement Balance of each such Lease Supplement during the Rent Period ended on such Payment Date.
