REVIEW OF THE ANNUAL RENT. 7.1 In this clause the President is the President for the time being of the Royal Institution of Chartered Surveyors or a person acting on his behalf, and the Surveyor is the independent valuer appointed pursuant to clause 7.7.
7.2 The amount of Annual Rent shall be reviewed on each Review Date to equal:
(a) the Annual Rent payable immediately before the relevant Review Date (or which would then be payable but for any abatement or suspension of the Annual Rent or restriction on the right to collect it) or, if greater;
(b) the open market rent agreed or determined pursuant to this clause.
7.3 The open market rent may be agreed between the Landlord and the Tenant at any time before it is determined by the Surveyor.
7.4 If the open market rent is determined by the Surveyor, it shall be the amount that the Surveyor determines is the best annual rent (exclusive of any VAT) at which the Property could reasonably be expected to be let:
(a) in the open market;
(b) at the relevant Review Date;
(c) on the assumptions listed in clause 7.5; and
(d) disregarding the matters listed in clause 7.6.
7.5 The assumptions are:
(a) the Property is available to let in the open market:
(i) by a willing lessor to a willing lessee;
(ii) as a whole;
(iii) with vacant possession;
(iv) without a fine or a premium;
(v) for a term equal to the unexpired residue of the Contractual Term at the relevant Review Date or a term of five years commencing on the relevant Review Date, if longer; and
(vi) otherwise on the terms of this lease other than as to the amount of the Annual Rent but including the provisions for review of the Annual Rent;
(b) the willing lessee has had the benefit of any rent-free or other concession or contribution which would be offered in the open market at the relevant Review Date in relation to fitting out works at the Property;
(c) the Property may lawfully be used, and is in a physical state to enable it to be lawfully used, by the willing lessee (or any potential undertenant or assignee of the willing lessee) for any purpose permitted by this lease;
(d) the Landlord and the Tenant have fully complied with their obligations in this lease;
(e) if the Property, or any means of access to it or any Service Media serving the Property, has been destroyed or damaged, it has been fully restored;
(f) no work has been carried out on the Property that has diminished its rental value;
(g) any fixtures, fittings, machinery or equipment supplied to the Property by the Landlord t...
REVIEW OF THE ANNUAL RENT. 7.1 In this clause the President is the President for the time being of the Royal Institution of Chartered Surveyors or a person acting on his behalf, and the Surveyor is the independent valuer appointed under clause 7.7.
7.2 The amount of Annual Rent shall be reviewed on the Review Date to equal the greater of:
REVIEW OF THE ANNUAL RENT. On the Review Date the Annual Rent shall be reviewed in accordance with the Incorporated Terms.
REVIEW OF THE ANNUAL RENT. 8.1 In this clause the President is the President for the time being of the Royal Institution of Chartered Surveyors or a person acting on his behalf, and the Surveyor is the independent valuer appointed pursuant to clause 8.7.
8.2 The Annual Rent shall be reviewed on the Review Date to equal:
8.2.1 the Annual Rent payable immediately before the Review Date (or which would then be payable but for any abatement or suspension of the Annual Rent or restriction on the right to collect it and disregarding any amortised rent free period during the term) or, if greater;
8.2.2 the open market rent agreed or determined pursuant to this clause 8.
8.3 The open market rent may be agreed between the Landlord and the Tenant at any time before it is determined by the Surveyor.
8.4 If the open market rent is determined by the Surveyor, it shall be the amount that the Surveyor determines is the annual rent (exclusive of any VAT) at which the Property could reasonably be expected to be let:
8.4.1 in the open market;
8.4.2 at the Review Date;
8.4.3 on the assumptions listed in clause 8.5; and
8.4.4 disregarding the matters listed in clause 8.6.
8.5 The assumptions are:
8.5.1 the Property is available to let in the open market:
8.5.1.1 by a willing lessor to a willing tenant;
8.5.1.2 as a whole;
8.5.1.3 with vacant possession;
8.5.1.4 without a fine or a premium;
8.5.1.5 for a term of ten years commencing on the Review Date;
8.5.1.6 with a rent review date on the fifth anniversary of the Review Date; and
8.5.1.7 otherwise on the terms of this lease, other than:
8.5.1.7.1 as to the amount of the Annual Rent and the Review Date (but including the provisions for review of the Annual Rent in accordance with clause 5.1.6); and
8.5.1.7.2 clause 44 and the Schedule to this lease;
8.5.2 the willing tenant has had the benefit of any rent-free or other concession or contribution which would be offered in the open market at the Review Date in relation to fitting out works at the Property;
8.5.3 the Property may lawfully be used by the willing tenant (or any potential undertenant or assignee of the willing tenant) for any purpose permitted by this lease;
8.5.4 the Landlord and the Tenant have fully complied with their obligations in this lease;
8.5.5 if the Property or any other’ part of the Building or any Service Media serving the Property, has been destroyed or damaged, it has been fully restored;
8.5.6 no work has been carried out on the Property that has diminished the rental va...
REVIEW OF THE ANNUAL RENT. 5.1 In this clause the President is the President for the time being of the Royal Institution of Chartered Surveyors or a person acting on his behalf, and the Surveyor is the independent valuer appointed pursuant to clause 5.8.
5.2 The amount of Annual Rent shall be reviewed on the occurence of a Trigger Event and each Review Date and subject to clause 5.3 shall equal:
(a) the Annual Rent payable immediately before the relevant Review Date (or which would then be payable but for any abatement or suspension of the Annual Rent or restriction on the right to collect it) or, if greater;
(b) the open market rent agreed or determined pursuant to this clause.
5.3 The Annual Rent payable in accordance with clause 5.2 shall be subject to the following
(a) On the occurrence of the Phase 1 Trigger Event the Annual Rent shall be £500.00 or the figure calculated in accordance with clause
REVIEW OF THE ANNUAL RENT. 6.1 On or before the Review Date, the Landlord and the Tenant, acting in good faith, shall use all reasonable endeavours to agree any change in the Annual Rent for the year after that Review Date.
6.2 In default of any such agreement, the amount of Annual Rent on each Review Date shall be adjusted so that the Annual Rent is adjusted:
6.2.1 upwards for the 12 months following the Review Date, by an amount of £[amount or rent increase] for each £[unit amount above benchmark] that the Earnings Before Interest and Tax (EBIT) of EFS in the 12 months prior to the Review Date exceeds £[benchmark amount]; or
6.2.2 downwards for the 12 months following the Review Date by an amount of £[amount or rent increase] for each £[unit amount below benchmark] that the Earnings Before Interest and Tax (EBIT) of EFS in the 12 months prior to the Review Date is below £[benchmark amount].
REVIEW OF THE ANNUAL RENT. 7.1 In this clause the President is the President for the time being of the Royal Institution of Chartered Surveyors or a person acting on his behalf, and the Surveyor is the independent valuer appointed pursuant to clause 7.
REVIEW OF THE ANNUAL RENT. 7.1 The Annual Rent shall be reviewed on the Review Date to the indexed rent determined pursuant to this clause.
7.2 The indexed rent for a Review Date shall be determined by multiplying the Base Rent by the All items index value of the RPI for the month two months before the month in which that Review Date falls, then dividing the product by the All items index value of the RPI for the Base RPI Month, provided always that :-
7.2.1 if the indexed rent for the Review Date is greater than 108% of the Annual Rent payable immediately prior to the Review Date then the indexed rent for the Review Date shall be 108% of the Annual Rent payable immediately prior to the Review Date and;
7.2.2 if the indexed rent for the Review Date is less than the Annual Rent payable immediately prior to the Review Date, then the indexed rent for the Review Date shall be the same as the Annual Rent payable immediately prior to the Review Date
7.3 The Landlord shall calculate the indexed rent and shall give the Tenant written notice of the indexed rent as soon as reasonably practicable after it has been calculated
7.4 If the revised Annual Rent has not been calculated by the Landlord and notified to the Tenant on or before a Review Date, the Annual Rent payable from that Review Date shall continue at the rate payable immediately before that Review Date. No later than five working days after the revised Annual Rent is notified by the Landlord to the Tenant, the Tenant shall pay:
(a) the shortfall (if any) between the amount that it has paid for the period from the Review Date until the Rent Payment Date following the date of notification of the revised Annual Rent and the amount that would have been payable had the revised Annual Rent been notified on or before that Review Date; and
(b) interest at the Interest Rate on that shortfall calculated on a daily basis by reference to the Rent Payment Dates on which parts of the shortfall would have been payable if the revised Annual Rent had been notified on or before that Review Date and the date payment is received by the Landlord.
7.5 Time shall not be of the essence for the purposes of this clause.
7.6 Subject to clause 7.7 if there is any change to the methods used to compile the RPI including any change to the items from which the All items index of the RPI is compiled, or if the reference base used to compile the RPI changes, the calculation of the indexed rent shall be made taking into account the effect of any this change
7.7 The L...
REVIEW OF THE ANNUAL RENT. On each Review Date the Annual Rent shall be reviewed so that the rent payable under this Lease shall be an amount equivalent to the Superior Rent as reviewed and payable under the Superior Lease
REVIEW OF THE ANNUAL RENT. On the Review Date the Annual Rent shall be reviewed in accordance with paragraph 3 of Schedule 1 to this lease.
