Rack Rental Value definition

Rack Rental Value means the annual rent (exclusive of VAT) at which the Property might reasonably be expected to be let in the open market at the Review Date ASSUMING 1.2.1 the letting is on the same terms as those contained in this lease but subject to the following qualifications: (i) the term shall commence on the Review Date and be equal to the unexpired residue of the Contractual Term at the Review Date; (ii) the amount of the Principal Rent shall be disregarded but it shall be assumed that the Principal Rent is subject to review on the terms of and at the same intervals as the Principal Rent under this Lease; 1.2.2 the Property is available to let as a whole, with vacant possession, by a willing landlord to a willing tenant, without premium; 1.2.3 the Property has been constructed to the specification prescribed by the Reinstatement/Review Specification; 1.2.4 the Property is ready, fit and available for immediate occupation and use for the Permitted Use; 1.2.5 all the obligations on the part of the Tenant contained in this lease have been fully performed and observed; 1.2.6 no work has been carried out to the Property which has reduced the rental value of the Property; 1.2.7 if the whole or any part of the Property has been destroyed or damaged it has been fully reinstated; BUT DISREGARDING 1.2.8 any goodwill attached to the Property by reason of any business carried on there; 1.2.9 any effect on rent of the fact that any Tenant and any undertenant is or has been in occupation of the Property; 1.2.10 any effect on rent of any improvements at the Property made with the Landlord’s consent by the Tenant or any undertenant, except improvements carried out pursuant to an obligation to the Landlord or at the expense of the Landlord; PROVIDED THAT the Rack Rental Value shall be that which would be payable after the expiry of any rent free period or concessionary rent period for fitting out (or the receipt of any contribution to fitting out works or other inducement in lieu thereof) which might be given on a letting of the Property, so that no discount reduction or allowance is made to reflect (or compensate the tenant for the absence of) any such rent free or concessionary rent period or contribution or inducement;
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Rack Rental Value the clear yearly open market rent at which the relevant Unit might reasonably be expected to be let by willing parties without a fine or premium for a term of 15 years (or such other term as may be appropriate in the market at the relevant time) on the assumption that:
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Rack Rental Value means the annual rent (exclusive of VAT) at which the Property might reasonably be expected to be let in the open market at the Relevant Review Date ASSUMING
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More Definitions of Rack Rental Value

Rack Rental Value means the annual rent (exclusive of VAT) at which the Property might reasonably be expected to be let in the open market at the Relevant Review Date ASSUMING 1.2.1 the letting is on the same terms as those contained in this lease but subject to the following qualifications: (i) the term shall commence on the Relevant Review Date and be for a term equal to the unexpired residue of the Term; (ii) the amount of the Principal Rent shall be disregarded, but it shall be assumed that the Principal Rent is subject to review every five (5) years to the Rack Rental Value; 1.2.2 the Property is available to let as a whole, with vacant possession, by a willing landlord to a willing tenant, without premium;
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Rack Rental Value means the annual rent (exclusive of VAT) at which the Premises might reasonably be expected to be let in the open market at the Relevant Review Date ASSUMING 1.2.1 the letting is on the same terms as those contained in this Lease but subject to the following qualifications: (i) the term shall commence on the Relevant Review Date and be the residue of the Contractual Term remaining at the Relevant Review Date; (ii) the amount of the Principal Rent shall be disregarded, but it shall be assumed that the Principal Rent is subject to review on the terms of and at the same intervals as the Principal Rent under this Lease; 1.2.2 the Premises are available to let as a whole, with vacant possession, by a willing landlord to a willing tenant, without premium;
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Rack Rental Value means the annual rent (exclusive of VAT) at which the Premises might reasonably be expected to be let in the open market at the Relevant Review Date ASSUMING 1.2.1 the letting is on the same terms as those contained in this Lease but subject to the following qualifications: (i) the term shall be one of 10 years commencing on the Relevant Review Date (ii) the amount of the Principal Rent shall be disregarded but it shall be assumed that the principal rent is subject to review on the terms of and at the same intervals as the Principal Rent under this Lease 1.2.2 the Premises are available to let as a whole with vacant possession by a willing landlord to a willing tenant without premium 1.2.3 the Premises have been constructed at the Landlord's expense in accordance with the Specification 1.2.4 all the covenants contained in this Lease have been fully performed and observed 1.2.5 no work has been carried out to the Premises by the Tenant or any undertenant which has reduced the rental value of the Premises.
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Rack Rental Value means the rent at which the Demised Premises might be expected to be let as a whole in the open market without taking a premium at the beginning of the Review Period in question by a willing landlord to a willing tenant for a term equal to the residue of the term of this Lease (or [10 years] whichever is the longer) with vacant possession at the commencement of the term and upon the same terms (other than as to the amount of the rent and as hereinafter provided) as this Lease and on the assumption if not a fact that:
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Rack Rental Value means the annual rent (exclusive of VAT) at which the Property might reasonably be expected to be let in the open market at the Second Review Date;
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Rack Rental Value means the amount representing the annual rent or (if at the Review Date the Demised Premises are in multiple occupation) the aggregate annual rents which on that date could reasonably be expected to be obtained in the open market for the Demised Premises as a whole on making the assumptions (if not a fact). 1.1.15.1 That they were then vacant and in good and substantial repair and condition and fit and fitted out and available for immediate, occupation and use 1.1.15.2 That the covenants conditions and stipulations in this Lease contained and on the part of the Tenant to be performed and observed bad been performed and observed 1.1.15.3 That no work has been carried out thereon by the Tenant or any undertenant or their respective predecessors in title which has diminished the letting value of the Demised Premises 1.1.15.4 That if the Demised Premises have been destroyed or damaged they have been fully restored 1.1.15.5 That the Tenant would be in the market for the Demised Premises at the Review Date with other willing lessees 1.1.15.6 If a willing lessee would in the open market be given a period of occupation of the Demised Premises rent free or at a concessionary rent at the commencement of a lease that the willing lessee would have the benefit of such a period of occupation of the Demised Premises prior to the grant of the lease on the Review Date and that he would accordingly be prepared to pay the full rent from the Review Date 1.1.15.7 That the use of the Demised Premises permitted by the terms of this Lease is permitted under the Planning Acts permanently and without conditions restrictions or limitations 1.1.15.8 That the Building comprised within the Demised Premises has a net internal area of Eleven thousand six hundred and ninety five (11,695) square feet on the grant of a lease thereof by a willing landlord to a willing tenant for a term of years equal to ten years but calculated from the Review Date without any fine or premium being taken and otherwise upon the terms and conditions of this Lease (except as to the amount of rents hereby reserved but including the provisions for a rent review after five years) as varied from time to time and with the benefit of any licences granted by the Landlord and ally waiver or variation beneficial to the Tenant of any of the covenants and conditions herein contained and taking no account of: 1.1.15.9 Any goodwill attributable to the Demised Premises by reason of any trade or business carried on therein by...
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Related to Rack Rental Value

  • Rental Value means Business Income that consists of:

  • Fair Rental Value as used in this Lease, shall be equal to the annual rent per rentable square foot (including additional rent and considering any “base year” or “expense stop” applicable thereto), including all escalations, at which tenants (pursuant to leases consummated within the twelve (12) month period preceding the first day of the Option Term), are leasing non-sublease, non-encumbered, non-equity space which is not significantly greater or smaller in size than the subject space, with a comparable level of improvements (excluding any property that Tenant would be allowed to remove from the Premises at the termination of the Lease), for a comparable lease term, in an arm’s length transaction, which comparable space is located in the “Comparable Buildings,” as that term is defined in this Section 2.2.2, below (transactions satisfying the foregoing criteria shall be known as the “Comparable Transactions”), taking into consideration the following concessions (the “Concessions”): (a) rental abatement concessions, if any, being granted such tenants in connection with such comparable space; (b) tenant improvements or allowances provided or to be provided for such comparable space, and taking into account the value, if any, of the existing improvements in the subject space, such value to be based upon the age, condition, design, quality of finishes and layout of the improvements and the extent to which the same can be utilized by a general office/lab user other than Tenant; and (c) other reasonable monetary concessions being granted such tenants in connection with such comparable space; provided, however, that in calculating the Fair Rental Value, no consideration shall be given to the fact that Landlord is or is not required to pay a real estate brokerage commission in connection with Tenant’s exercise of its right to extend the Lease Term, or the fact that landlords are or are not paying real estate brokerage commissions in connection with such comparable space. The Concessions shall be reflected in the effective rental rate (which effective rental rate shall take into consideration the total dollar value of such Concessions as amortized on a straight-line basis over the applicable term of the Comparable Transaction (in which case such Concessions evidenced in the effective rental rate shall not be granted to Tenant)) payable by Tenant. The term “Comparable Buildings” shall mean the Building and those other life sciences buildings which are comparable to the Building in terms of age (based upon the date of completion of construction or major renovation of to the building), quality of construction, level of services and amenities, size and appearance, and are located in South San Francisco, California and the surrounding commercial area.

  • Fair Market Rental Value or "Fair Market Sales Value" shall mean with respect to any property or service as of any date, the cash rent or cash price obtainable in an arm's length lease, sale or supply, respectively, between an informed and willing lessee or purchaser under no compulsion to lease or purchase and an informed and willing lessor or seller or supplier under no compulsion to lease or sell or supply of the property or service in question, and shall, in the case of any Unit or an Owner Lessor's Interest, be determined (except pursuant to Section 17 of the Facility Lease or as otherwise provided below or in the Operative Documents) on the basis that (a) the conditions contained in Sections 7 and 8 of the Facility Lease shall have been complied with in all respects, (b) the lessee or buyer shall have rights in, or an assignment of, the Operative Documents to which the Owner Lessor is a party and the obligations relating thereto, (c) the Unit or the Owner Lessor's Interest, as the case may be, is free and clear of all Liens (other than Owner Lessor's Liens, Owner Participant's Liens and Indenture Trustee's Liens), (d) taking into account the remaining terms of the Site Lease and the Site Sublease, and (e) in the case of the Fair Market Rental Value, taking into account the terms of the Facility Lease and the other Operative Documents. If the Fair Market Sales Value or Fair Market Rental Value of the Owner Lessor's Interest is to be determined during the continuance of a Lease Event of Default or in connection with the exercise of remedies by the Owner Lessor pursuant to Section 17 of the Facility Lease, such value shall be determined by an appraiser appointed solely by the Owner Lessor on an "as-is", "where-is" and "with all faults" basis and shall take into account all Liens (other than Owner Lessor's Liens, Owner Participant's Liens and Indenture Trustee's Liens); provided, however, in any such case where the Owner Lessor shall be unable to obtain constructive possession sufficient to realize the economic benefit of the Owner Lessor's Interest, Fair Market Sales Value or Fair Market Retail Value of the Owner Lessor's Interest shall be deemed equal to $0. If in any case other than in the preceding sentence the parties are unable to agree upon a Fair Market Sales Value or Fair Market Rental Value of the Owner Lessor's Interest within 30 days after a request therefor has been made, the Fair Market Sales Value or Fair Market Rental Value of the Owner Lessor's Interest shall be determined by appraisal pursuant to the Appraisal Procedures. Any fair market value determination of a spare part or Severable Modification for purposes of Section 5.2(d) of the Facility Lease shall take into consideration any liens or encumbrances to which the spare part or Severable Modification being appraised is subject and which are being assumed by the transferee, and that such spare part or Severable Modification is being transferred on an "as-is", "where-is" basis.

  • Market Rental Rate means, at the time of reference, the gross rentable floor space of the Leased Premises multiplied by the greater of: (a) that annual rate of Basic Rent per square foot of gross rentable floor space which is then being quoted by the Landlord for comparable Other Leased Premises (or would then be quoted if comparable Other Leased Premises were then available) or (b) that annual rate of Basic Rent per square foot of gross rentable floor space in effect during the Expiring Term.

  • Fair Market Rental Rate means the fair market value annual rental rate per square foot of Rentable Area that Landlord and its Affiliates and the owners of comparable office building projects in the Xxxx Xxxxx Airport submarket have recently accepted in lease transactions between non-affiliated parties with non-equity tenants for comparable space, for a comparable period of time (“Comparable Transactions”). In any determination of Comparable Transactions, appropriate consideration shall be given to annual rental rates per square foot of Rentable Area, the type of escalation clauses (e.g., whether increases in additional rent are determined on a net or gross basis, and if gross, whether such increases are determined according to a base year or a base dollar amount expense stop), taking into account all rental and other concessions granted in such Comparable Transactions (as well as such concessions to which Tenant may be entitled in this Lease), length of the lease term, size and location of premises being leased, base, shell and core delivery conditions, building standard work letter and/or tenant improvement or refurbishment allowances, if any (taking into account the level of existing Base Building Improvements and tenant improvements in the Premises), free rent periods for construction of new tenant improvements and other generally applicable conditions of tenancy for such Comparable Transactions. The intent is that the Fair Market Rental Rate will reflect the rent and other economic benefits and concessions that Landlord or its Affiliates (and other landlords of comparable office building projects in the Xxxx Xxxxx Airport submarket) have otherwise given in recent Comparable Transactions, as adjusted to reflect the level and type of economic concessions that Landlord may elect to give Tenant hereunder during the Renewal Term, so that Tenant will pay and Landlord will receive a net effective rent equal to the net effective rental rate in Comparable Transactions, after adjusting for any differences between the economic concessions that Landlord is making to Tenant hereunder and the economic concession that Landlord or its Affiliates (and other landlords of comparable office building projects in the Xxxx Xxxxx Airport submarket) have otherwise made in current Comparable Transactions. If, for example, after applying the criteria set forth above, a Comparable Transaction provides a comparable non-equity tenant with comparable space at a base rent equal to Thirty-Two Dollars ($32) per square foot of Rentable Area, with a Ten Dollars ($10) base amount expense stop, three (3) months’ free rent, four (4) months of free rent to construct tenant improvements, Forty Dollars ($40) per rentable square foot tenant improvement allowance, and certain other generally applicable economic terms and/or concessions, the Fair Market Rental Rate shall not be Thirty-Two Dollars ($32) per square foot of Rentable Area only, but shall be the economic equivalent of Thirty-Two Dollars ($32) per square foot of Rentable Area, a Ten Dollar ($10) base amount expense stop, three (3) months’ free rent, four (4) months of free rent to construct tenant improvements, Forty Dollars ($40) per rentable square foot tenant improvement allowance or payment in lieu of such allowance (said allowance or payment to be adjusted to reflect the value of existing improvements in the Premises) and such other generally applicable economic terms and concessions, as adjusted to reflect the concessions (including renovation allowances, free rent or construction periods) if any, granted by Landlord to Tenant during the Renewal Term.

  • Fair Market Rental The fair market rental of the Leased Property means the rental which a willing tenant not compelled to rent would pay a willing landlord not compelled to lease for the use and occupancy of such Leased Property pursuant to the Lease for the term in question, (a) assuming that Lessee is not in default thereunder and (b) determined in accordance with the appraisal procedures set forth in Article 24 or in such other manner as shall be mutually acceptable to Lessor and Lessee.

  • Base Rental means the amount of rent due to Landlord per square foot for the first year of the Term. Base Rental for the first year of Term shall be $24 per square foot for the building and $7.50 per square foot for the drive thru at the Premises. Year Per Sq Ft First Floor Per Sq Ft Drive Thru Total Per Annum Total Per Month 1 $ 24 $ 7.50 $ 101,286 $ 8,440.50

  • Fair Market Rent for the Subject Leased Property means for any Renewal Term shall mean an amount determined as follows: Landlord shall designate an independent MAI appraiser to determine the Fair Market Rent of the Subject Leased Property for the applicable Renewal Term within twenty (20) days after Tenant’s notice of its exercise of the applicable renewal option. Within thirty (30) days after selection of Landlord’s appraiser, Landlord shall notify Tenant of the determination made by Landlord’s appraiser with respect to the Fair Market Rent. Tenant shall then have ten (10) days to dispute such determination and to select its own independent MAI appraiser. In the event that Tenant fails to select its appraiser within such ten (10) day period, the determination of Landlord’s appraiser shall constitute such Fair Market Rent. Within ten (10) days after selection of Tenant’s appraiser, the two appraisers shall meet and attempt to agree as to the Fair Market Rent for the Subject Leased Property for the Renewal Term in question. In the event that such appraisers are unable to agree as to such Fair Market Rent then: (i) if the difference between the two determinations is less than five percent (5%) of the lower determination, then the average of the two determinations shall be deemed to constitute such Fair Market Rent; or (ii) if the difference between the two determinations is equal to or greater than five percent (5%) of the lower determination, then the two appraisers shall jointly select a third independent MAI appraiser, which appraiser shall select which of the determinations of the first two appraisers shall constitute such Fair Market Rent. Such third appraiser shall not have the right to vary or modify the determinations of the appraisers selected by Landlord and Tenant. Any appraiser selected pursuant to this paragraph must have at least ten (10) years experience in appraising commercial real estate in the area in which the Subject Leased Property is located. The appraisers shall not have the right to amend, modify or vary any of the terms of this Lease and the determination of the appraisers in accordance with this paragraph shall be final, binding and conclusive upon Landlord and Tenant. ]

  • Market Rent means the Base Rent for the Demised Premises at the time in question which Landlord sets forth in a notice (hereinafter referred to as the "Market Rent Notice") to Tenant. No later than thirty (30) days after Tenant may exercise Tenant's option to extend this Lease for the Renewal Term, Landlord shall send the Market Rent Notice to Tenant for said Renewal Term and shall specify in the Market Rent Notice for the period contained in the Renewal Term as applicable. In the event that Tenant shall, in good faith, disagree with the Market Rent set forth in the Market Rent Notice established by Landlord for the Demised Premises, Tenant shall, within ten (10) days after receipt of the Market Rent Notice, furnish Landlord with a written explanation in reasonable detail of the basis for Tenant's good faith disagreement, the amount which, in Tenant's good faith opinion, is the Market Rent for the period contained in the Renewal Term (hereinafter referred to as the "Tenant's Notice"). If Tenant's Notice is not received by Landlord within said ten (10) day period, the Market Rent shall be the Market Rent set forth in the Market Rent Notice to Tenant. If Tenant's notice is received by Landlord within said ten (10) day period, the Market Rent for the Demised Premises shall be established as follows: (i) No later than twenty (20) days following the receipt of the Market Rent Notice from Landlord, Tenant shall select an individual as an appraiser of its choice and give Landlord written notice of such appraiser's name, address and telephone number. (ii) Within ten (10) days after receipt of such notice by Landlord, Landlord shall select an appraiser of its choice and give Tenant written notice of such appraiser's name, address and telephone number. (iii) The two appraisers so selected by Landlord and Tenant shall then select an individual as a third appraiser within fifteen (15) days after receipt by Tenant of Landlord's notification as to its selection of an appraiser, and furnish Landlord and Tenant written notice of such appraiser's name, address and telephone number. (iv) All appraisers selected pursuant to this provision shall be M.A.I. appraisers, unless Landlord and Tenant shall otherwise agree in writing, each having at least ten (10) years experience with commercial property in the state of the location of the Demised Premises. Each of the three (3) selected appraisers shall then determine the fair rental value of the Demised Premises for each applicable period of the Renewal Term and the Market Rent hereunder for each Renewal Term, as applicable, shall be determined to be the average of the three (3) appraisals for each such years.

  • Rental Rate means the average annualized composite rate for United States treasury bonds issued for periods of ten years and longer plus two percent. The rental rate shall not exceed ten and three-quarters percent nor fall below eight and one-quarter percent.

  • Total Value means either the fair market value or the actual price paid for a covered animal part or product, whichever is greater.

  • Net Rent means all rental Landlord actually receives from any reletting of all or any part of the Premises, less any indebtedness from Tenant to Landlord other than Rent (which indebtedness is paid first to Landlord) and less the Re-entry Costs (which costs are paid second to Landlord).

  • Incremental value means a figure derived by multiplying the marginal value of the property located within a project area on which tax increment is collected by a number that represents the adjusted tax increment from that project area that is paid to the agency.

  • Rental Return Date means the return date listed on the car rental agreement.

  • Automatic Renewal Term has the meaning set forth in Section 10(a) hereof.

  • Base Rent Period Annual Rate Per Square Foot Monthly Base Rent

  • Additional Rental has the meaning set forth in Section 4.03.

  • Casualty Value means the market value of the Equipment at the end of the Term or when in relation to a Total Loss, the market value the Equipment would have had at the end of the Term but for the Total Loss. The Casualty Value may be less than but will not be more than the original purchase price of the Equipment.

  • Rental Vehicle means the “auto” rented or leased by the “renter” from the “policyholder” and described in the “rental agreement.”

  • Net Rentable Area means with respect to any Project, the floor area of any buildings, structures or improvements available for leasing to tenants (excluding storage lockers and parking spaces), as reasonably determined by the Administrative Agent, the manner of such determination to be consistent for all Projects unless otherwise approved by the Administrative Agent.

  • Adjusted Fair Market Value means, in the event of a Change in Control, the greater of (i) the highest price per Share paid to holders of the Shares in any transaction (or series of transactions) constituting or resulting in a Change in Control or (ii) the highest Fair Market Value of a Share during the ninety (90) day period ending on the date of a Change in Control.

  • Residential Rental Unit means an area legally licensed or permitted for use as a living space containing a sleeping area, bathing and sanitation facilities and cooking facilities equipped with a cooking range, refrigerator and sink, all of which are separate and distinct from other Residential Rental Units. Reg. §§ 1.103-8(a) 8(i).

  • Open Market Rent means the yearly open market rent without any deductions whatsoever at which the Leasehold Area might reasonably be expected to be let as a whole on the open market with vacant possession at the Relevant Review Date by a willing lessor to a willing lessee (which expression “willing lessee” shall for the avoidance of doubt include the lessee) and without any premium or any other consideration for the grant of it for a term equal to the length of the Term remaining unexpired at the Relevant Review Date or a period of fifteen years from the Relevant Review Date whichever is the longer and otherwise on the same terms and conditions and subject to the same covenants and provisions contained in this Lease (other than the amount of the rent payable hereunder but including provisions for the review of rent in the same form as this Lease at similar intervals): (i) assuming: (A) that the Leasehold Area is at the Relevant Review Date fit, ready and available for immediate occupation by the willing lessee so that they are immediately capable of being used by the willing lessee for all purposes required by the willing lessee that would be permitted under this Lease, and in calculating the Open Market Rent it shall be assumed that the willing lessee has enjoyed whatever rent concessions are being offered in the open market for fitting out purposes and that all Utilities and other facilities necessary for such occupation are connected to and immediately available for use at the Leasehold Area; (B) that no work has been carried out to the Leasehold Area by the Lessee or its predecessors in title during the Term, which has diminished the rental value of the Leasehold Area; (C) that if the Leasehold Area or any part it has been destroyed or damaged, it has been fully re-built and reinstated; (D) that the Leasehold Area is in a good state of repair and decorative condition; (E) that all the covenants on the part of the Lessor and the Lessee contained in this Lease have been fully performed and observed; (F) that the Leasehold Area may be used for the Permitted User or any licence granted pursuant to it; (ii) but disregarding: (A) any effect on rent of the fact that the Lessee or its predecessors in title have been in occupation of the Leasehold Area or any part of it; (B) any goodwill attaching to the Leasehold Area by reason of the business then carried on at the Leasehold Area by the Lessee or its predecessors in title; (C) any effect on the rental value of the Leasehold Area attributable to the existence at the Relevant Review Date of any works executed by and at the expense of the Lessee (or any party lawfully occupying the Leasehold Area under the Lessee) with the consent of all relevant persons where required in on or to the Leasehold Area ;

  • Rental company means a person or entity in the business

  • Retail value of a prize means:

  • Gross Fair Market Value means the value of the assets of the Company, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets; and