Face Rate definition
Face Rate means, as to a Tenant Lease of any Demised Premises, the annual rental rate per square foot that is payable on an annual basis under such Tenant Lease as of the Incentive Payment Date; provided, however, if such Tenant Lease provides for any period of Free Rent on such date, the Face Rate shall be the annual rental rate per square foot next payable thereunder.
Examples of Face Rate in a sentence
For each PL Vintage, whenever Bank pays Servicer Supplemental Fees under Sections V or VI of this Schedule F, Servicer will pay Bank a Discount to Face True-Up equal to the amount of Supplemental Fees paid multiplied by the Discount to Face Rate for the Plan that applies to the PL Vintage.