Allocated Minimum Rent. With respect to each Facility, the amount of rent allocated to such Facility as determined by Section 3.1.1 and Exhibit X-0, Xxxxxxx X-0 and Exhibit A-3 attached hereto; provided, however, that Lessor and Lessee acknowledge and agree that such allocation is solely for purposes of implementing the provisions of Sections 3.1.3, 5.2, 16.5 and 31.2.1 hereof and the determination of Transfer Consideration. Except for such Sections, the Minimum Rent and other Rent payable hereunder is payable for all the Facilities as a single, indivisible, integrated and unitary economic unit and that but for such integration, the Minimum Rent and other Rent payable under this Lease would have been computed on a different basis. Alteration: Any alteration, or addition or improvement of or to any portion of the Leased Property, including any Capital Addition or Capital Project, but excluding any Planned Capital Refurbishment Project.
Allocated Minimum Rent means that portion of the Minimum Rent allocated to any one or more Separated Property which shall be calculated as follows: Minimum Rent shall be multiplied by a fraction the numerator of which shall be the NOI of the Separated Property and the denominator of which shall be the aggregate NOI for all of the Leased Property (including the NOI of the Separated Property). By way of example only, assume the Leased Property consists of ten (10) facilities, assume Minimum Rent is Ten Million Dollars ($10,000,000.00), assume that only one (1) Facility is to become a Separate Property, assume that the NOI of the Separate Property is One Million Dollars ($1,000,000.00), and further assume that the aggregate NOI for all of the Leased Property is Ten Million Dollars ($10,000,000.00). In that scenario, the Allocated Minimum Rent for the Separate Property would be One Million Dollars ($1,000,000.00), which is the product of the Minimum Rent ($10,000,000.00) multiplied by a fraction the numerator of which is One Million Dollars ($1,000,000.00) and the denominator of which is Ten Million Dollars ($10,000,000.00). -39-
Allocated Minimum Rent. With respect to each Facility, the amount of Minimum Rent allocated to such Facility as set forth on Exhibit C attached hereto (or any amendment or supplement thereto) (subject to increase as set forth in Article III or any other express provision of this Lease or any amendment hereto providing for an increase in Minimum Rent)."
Examples of Allocated Minimum Rent in a sentence
The first monthly payment of Allocated Minimum Rent for such Facility shall be payable on the applicable Commencement Date with respect to such Facility (prorated as to any partial calendar month at the beginning of the Term).
Thereafter, Lessee shall pay monthly Allocated Minimum Rent for such Facility at the new rate set forth in Lessor's notice.
Within ten (10) days after Lessee’s receipt of Lessor’s notice, Lessee shall pay to Lessor an amount equal to the new monthly Allocated Minimum Rent for such Facility times the number of months from the commencement of the then current Lease Year (or other applicable period) with respect to such Facility to the date of receipt of Lessor’s notice, less the aggregate amount paid by Lessee on account of monthly Allocated Minimum Rent for such Facility for the same period.
Notwithstanding the foregoing provisions of this Section 3.1.3, if at any time Lessor funds any amount on account of a Planned Capital Refurbishment Project at an Applicable Facility in accordance with Section 9.8, the then-current Pre-Adjusted Allocated Minimum Rent for such Facility (and the then-current Pre-Adjusted Minimum Rent) shall be increased on the date of such funding by an amount equal to the product of (a) the amount so funded and (b) the Lease Rate).
Thereafter, Lessee shall pay monthly Allocated Minimum Rent for such Facility for the applicable period at the new rate set forth in Lessor’s notice.
More Definitions of Allocated Minimum Rent
Allocated Minimum Rent. With respect to each Facility, the amount of rent allocated to such Facility as determined by Section 3.1.1 and Exhibit X-0, Xxxxxxx X-0, Exhibit A-3 and Exhibit A-4 attached hereto; provided, however, that Lessor and Lessee acknowledge and agree that such allocation is solely for purposes of implementing the provisions of Sections 5.2, 16.5 and 31.2.1 hereof and the determination of Transfer Consideration for purposes of Section 24.1. Except for such Sections, the Minimum Rent and other Rent payable hereunder is payable for all the Facilities as a single, indivisible, integrated and unitary economic unit and that but for such integration, the Minimum Rent and other Rent payable under this Lease would have been computed on a different basis.
Allocated Minimum Rent. With respect to each Facility, the amount of rent allocated to such Facility as determined by Section 3.1.1 and Exhibit X-0, Xxxxxxx X-0, Exhibit X-0, Xxxxxxx X-0, Exhibit X-0, Xxxxxxx X-0, Xxxxxxx X-0, Exhibit X-0, Xxxxxxx X-0, Exhibit A-10, Exhibit A-11 and Exhibit A-12 attached hereto; provided, however, that Lessor and Lessee acknowledge and agree that such allocation is solely for purposes of implementing the provisions of Sections 3.1.4, 5.2, 15.1.2, 16.5 and 31.2.1 hereof and the determination of Transfer Consideration. Except for such Sections, the Minimum Rent and other Rent payable hereunder is payable for all the Facilities as a single, indivisible, integrated and unitary economic unit and that but for such integration, the Minimum Rent and other Rent payable under this Lease would have been computed on a different basis. Alteration: Any alteration, or addition or improvement of or to any portion of the Leased Property, including any Capital Addition or Capital Project.
Allocated Minimum Rent. With respect to each Facility, the amount of Minimum Rent allocated to such Facility as set forth on Exhibit C attached hereto (or any amendment or supplement thereto) (subject to increase as set forth in Article III or any other express provision of this Lease or any amendment hereto providing for an increase in Minimum Rent); provided, however, that Lessor and Lessee acknowledge and agree that such allocation is solely for purposes of implementing the provisions of Sections 5.2, 5.3 and 31.2 hereof and the determination of Transfer Consideration for purposes of Section 24.1.2.2. Except for such Sections, the Minimum Rent, Additional Rent and other Rent payable hereunder is payable for all Facilities as a single, integrated and indivisible economic unit, and that but for such integration, the Minimum Rent, Additional Rent and other Rent payable under this Lease would have been computed on a different basis.
Allocated Minimum Rent means, with respect to each Facility, at any given time, the amount of Minimum Rent allocated to such Facility as set forth in Exhibit A, as the same shall be increased as set forth in Exhibit E.
Allocated Minimum Rent. With respect to each Facility, the amount of Minimum Rent allocated to such Facility as determined by Section 3.1 and Exhibit B attached hereto (or any replacement to Exhibit B for any applicable Extended Term as provided in Section 3.1(b) below), as the same shall be increased each applicable Lease Year by the Minimum Rent Increase Amount pursuant to Section 3.1(c) below.
Allocated Minimum Rent. With respect to each Facility, the amount of Minimum Rent allocated to such Facility as determined by the applicable Minimum Rent Schedule for such Facility as set forth on Exhibit B-2 attached hereto and incorporated herein by this reference.
Allocated Minimum Rent. As defined in the Lease.