Minimum Annual Guaranteed Rent definition

Minimum Annual Guaranteed Rent. “MAG” means Guaranteed Rent as more fully defined in Section 3.01.
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Minimum Annual Guaranteed Rent means the rent due under a Lease for the Project/Phase upon Construction Completion or upon the date set forth in the Project Schedule. Developer shall pay to County Minimum Annual Guaranteed Rent, as applicable, in accordance with the terms of the Lease(s) resulting from this Agreement attached hereto as Schedule 1.6 in all material respects. Participation Rent shall mean a percentage of Gross Income generated by the development, or Phase if applicable. Developer shall pay the greater of Participation Rent or Minimum Annual Guaranteed Rent, as applicable, in accordance with the terms of the Lease(s) resulting from this Agreement attached hereto as Schedule 1.6 in all material respects. Penalty Rent shall mean the rent due under a Lease if a Developer has not received a Certificate of Occupancy by the date set forth for Construction Completion in the Project Schedule, subject to Unavoidable Delays and duly requested changes to the Project Schedule which are approved by the County in writing. Developer shall pay to Penalty Rent, as applicable, in accordance with the terms of the Lease(s) resulting from this Agreement attached hereto as Schedule 1.6 in all material respects. Parties shall mean the County together with the Developer. Permit shall mean any permit issued or to be issued by the appropriate agency or person, including but not limited to applicable permits for construction, demolition, installation, foundation, dredging, filling, the alteration or repair or installation of sanitary plumbing, water supply, gas supply, electrical wiring or equipment, elevator or hoist, HVAC, sidewalk, curbs, gutters, drainage structures, paving and the like. Phase or Phases shall have the meaning ascribed to such term(s) in Section 1.5. Phased Development shall have the meaning ascribed to such term in Section 1.5.
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Examples of Minimum Annual Guaranteed Rent in a sentence

  • From and after the Rental Commencement Date, Concessionaire shall pay to the City the greater of Minimum Annual Guaranteed Rent or Percentage Rent.

  • The parties acknowledge that in no event shall the Minimum Annual Guaranteed Rent be less than the CPI Adjusted Minimum Annual Guaranteed Rent.

  • The Minimum Annual Guaranteed Rent shall be payable monthly in advance in equal installments (i.e. 1/12 of the MAG per month) on the first (1st) day of each month (the “Monthly MAG Payment”).

  • The Monthly MAG Payment shall be adjusted on January 1st of each Year to correspond with the new Minimum Annual Guaranteed Rent (as adjusted herein).

  • The parties may extend this Agreement for subsequent years subject to any applicable negotiated changes.

  • The Minimum Annual Guaranteed Rent shall be increased effective on the Delivery Date of any and all additional areas which become a part of the Premises based on the total number of square feet of all Units contained within such additional Premises and the Monthly MAG Payment shall be similarly adjusted as of such date.

  • For avoidance of doubt, City and TCM acknowledge that the Minimum Annual Guaranteed Rent shall be calculated from time to time based on the total number of square feet contained within the Units as such Units are reflected in each DIP Approval and as subject to verification by the Chief Executive Officer pursuant to Section 2.1.1 above.

  • Additional Fees shall have the meaning ascribed to such term in Section 3.9. Additional Rent shall mean all costs and expenses owed by developer to County under a Lease other than Initial Annual Rent, Minimum Annual Guaranteed Rent, Penalty Delayed Completion Rent and Participation Rent.

Related to Minimum Annual Guaranteed Rent

  • Maximum Annual Debt Service Requirement means, at any given time of determination, the greatest amount of principal, interest and Amortization Installments coming due in any current or future Bond Year with regard to the Series of Bonds for which such calculation is made; provided, the amount of interest coming due in any Bond Year shall be reduced to the extent moneys derived from the proceeds of Bonds are used to pay interest in such Bond Year.

  • Maximum Annual Debt Service means, as of the date of any calculation, the largest Annual Debt Service during the current or any future Bond Year.

  • Guaranteed Sum means: The maximum aggregate amount of R

  • Annual Fixed Rent See Exhibit A, and Section 3.1.

  • Fixed Rent shall have the meaning set forth in Section 1.1 hereof.

  • Maximum Guaranteed Amount means as of the date of determination with respect to a Guarantor, the lesser of (a) the amount of the Guaranteed Obligations outstanding on such date and (b) the maximum amount that would not render such Guarantor’s liability under this Guaranty Agreement subject to avoidance under Section 548 of the United States Bankruptcy Code (or any successor provision) or any comparable provision of applicable state law.

  • Minimum Royalty shall have the meaning set forth in Section 7.3.

  • Annual Base Rent means the business’s annual lease payment minus taxes, insurance and operating or maintenance expenses.

  • Guaranteed Substantial Completion Date or “Guaranteed Substantial Completion Dates” has the meaning set forth in Section 5.3B.

  • a guaranteed income payment means a payment made under article 15(1)(c) (injury benefits) or 29(1)(a) (death benefits) of the Armed Forces and Reserve Forces (Compensation Scheme) Order 2011;

  • Guaranteed Amount means the aggregate amount of each Guaranteed Debt that is guaranteed at any time by Partner Guarantors.

  • Base Rent As defined in Section 3.1.

  • Minimum DSCR means, with respect to a Supplemental Loan, (i) if the Senior Indebtedness bears interest at a fixed rate, 1.25:1, or (ii) if the Senior Indebtedness bears interest at a floating rate, 1.10:1.

  • Guaranteed Amounts means the amounts due from time to time from the Issuer to (i) the Covered Bondholders with respect to each Series of Covered Bonds (excluding any additional amounts payable to the Covered Bondholders under Condition 9(a) (Gross-up by the Issuer)) and (ii) the Other Issuer Creditors pursuant to the relevant Transaction Documents.

  • Guaranteed Agreement means the Framework Agreement and each Call-Off Contract made between the Supplier and each Other Contracting Body;

  • Minimum Rent means the sum of Sixty-Six Million One Hundred Seventy-Six Thousand Five Hundred and Twenty-Six Dollars ($66,176,526) per annum; subject, in each case, to adjustment as provided in Section 3.1.1(b).

  • Monthly Rent means the monthly installment of Minimum Annual Rent plus the monthly installment of estimated Annual Operating Expenses payable by Tenant under this Lease.

  • Lease Year means each consecutive twelve-month period beginning with the Commencement Date, except that if the Commencement Date is not the first day of a calendar month, then the first Lease Year shall be the period from the Commencement Date through the final day of the twelve months after the first day of the following month, and each subsequent Lease Year shall be the twelve months following the prior Lease Year.

  • Annual Renewal Date means the date in any calendar year, subsequent to the year in which the Policy comes into effect, corresponding numerically with the Policy Commencement date in that subsequent year.

  • Annual Rent means the amount payable by Tenant to Landlord in respect of each year of the Term under Article 4.01.

  • Monthly Base Rent The monthly rent specified in Section 1.01(8).

  • Guaranteed Advance Payment Sum means: The maximum amount of R .........................................................................

  • Guaranteed Liabilities means: (a) the Company’s prompt payment in full, when due or declared due and at all such times, of all Obligations and all other amounts pursuant to the terms of the Revolving Credit Agreement, the Notes, and all other Loan Documents heretofore, now or at any time or times hereafter owing, arising, due or payable from the Company to any one or more of the Revolving Secured Parties, including principal, interest, premiums and fees (including, but not limited to, loan fees and reasonable fees, charges and disbursements of counsel (“Attorney Costs”)); (b) each Loan Party’s prompt, full and faithful performance, observance and discharge of each and every agreement, undertaking, covenant and provision to be performed, observed or discharged by such Loan Party under the Revolving Credit Agreement, the Notes and all other Loan Documents; and (c) the prompt payment in full by each Loan Party, when due or declared due and at all such times, of obligations and liabilities now or hereafter arising under Related Swap Contracts and Secured Cash Management Arrangements; provided, however, that the “Guaranteed Liabilities” shall exclude any Excluded Swap Obligations. The Guarantors’ obligations to the Revolving Secured Parties under this Guaranty Agreement are hereinafter collectively referred to as the “Guarantors’ Obligations” and, with respect to each Guarantor individually, the “Guarantor’s Obligations”. Notwithstanding the foregoing, the liability of each Guarantor individually with respect to its Guarantor’s Obligations shall be limited to an aggregate amount equal to the largest amount that would not render its obligations hereunder subject to avoidance under Section 548 of the United States Bankruptcy Code or any comparable provisions of any applicable state law. Each Guarantor agrees that it is jointly and severally, directly and primarily liable (subject to the limitation in the immediately preceding sentence) for the Guaranteed Liabilities. The Guarantors’ Obligations are secured by various Security Instruments referred to in the Revolving Credit Agreement, including without limitation, the Security Agreement and the Pledge Agreement.

  • Average Annual Debt Service means, at the time of calculation, the sum of the Annual Debt Service for the remaining years of the loan to the last scheduled maturity of the loan divided by the number of those years.

  • Guaranteed loan means the loan in the original principal amount specified in Clause 4 of the Special Conditions made by the Guarantee Holder to the State-Owned Enterprise under the Loan Agreement and denominated in Guarantee Currency or, where the context may require, the amount thereof from time to time outstanding, the proceeds of which shall be applied to the Investment Project.

  • Guaranteed energy savings contract means a contract that includes all of the following: