Replacement Premises definition

Replacement Premises means a healthcare facility or facilities, of comparable or superior type, use, and quality to the Option Premises, and, subject to customary due diligence and property investigations by Landlord, reasonably acceptable to Landlord to be added to the Premises demised under this Master Lease in place of the Option Premises, as of the date of closing. As used herein, “Rent Coverage Ratio” means, as of the date of determination, the ratio of (A) the Portfolio EBITDARM for the immediately preceding 6 calendar months, minus (I) an assumed management fee equal to five percent (5%) of the gross revenues generated during such six month period, and (II) one-twelfth (1/12) of the CapEx Amount multiplied by the aggregate rentable square footage of the Facilities on the calculation date and further multiplied by the number of months in the period of determination, to (B) the total amount of the Minimum Rent and Additional Rent due for such six month period pursuant to the terms of this Master Lease. As used herein, “Portfolio EBITDARM” means, for any period of determination, the aggregate net income (or loss) of Tenant for such period to the extent derived from the collective operation of the Premises, adjusted to add thereto, to the extent allocable to the Premises, without duplication, any amounts deducted in determining such net income (or loss) for (a) interest expense, (b) income tax expense, (c) depreciation and amortization expense, (d) rental expense, and (e) management fee expense, in each case determined in conformity with generally accepted accounting principles, consistently applied. With respect to any Replacement Premises that has been operating for less than twelve (12) months as of the Option Exercise Date, Portfolio EBITDARM shall be calculated using a commercially reasonable estimate of the net income (or loss) of Tenant for such Replacement Premises during the first year of operations. Such commercially reasonable estimate of net income (or loss) shall be based on documentation that is reasonably satisfactory to Landlord and shall be calculated utilizing accounting and forecasting principles consistently applied and reasonably satisfactory to Landlord. Notwithstanding anything herein which may be interpreted to the contrary, Tenant shall be responsible for all costs and expenses incurred by Landlord or Tenant in connection with the transfer of the Option Premises to Tenant and the transfer of the Replacement Premises to Landlord, including, without l...
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Replacement Premises means other location(s) within the Airport Terminals containing substantially the same area, visibility, and exposure to passenger traffic as the portion(s) of the Premises being reclaimed by City. Severe Decline in Enplanements for Three Consecutive Months: Refers to the actual Enplanements achieved during a one-month period is less than 75% of the actual Enplanements of the same month in the previous year, and such shortfall continues for three (3) consecutive months.
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Replacement Premises means such depots and offices as the Council
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Examples of Replacement Premises in a sentence

  • If the Replacement Premises are larger in size than the original Premises, there shall be no adjustment in Tenant’s Base Rent; however, Tenant’s Proportionate Share shall be appropriately modified, thereby resulting in a potential increase in Tenant’s Additional Rent.

  • If, however, the Replacement Premises is a smaller size (as to rentable square feet) than the original Premises, Landlord shall appropriately adjust both Tenant’s Base Rent and its Proportionate Share.

  • If the Replacement Premises are larger in size than the original Premises, there shall be no adjustment in Tenant's Base Rent; however, Tenant's Proportionate Share shall be appropriately modified, thereby resulting in a potential increase in Tenant's Additional Rent.

  • The Expansion Premises is contiguous to the Replacement Premises.

  • The Replacement Premises and Expansion Premises consist of a total of approximately 12,103 rentable square feet.

  • Notwithstanding the foregoing, Tenant shall, prior to the Replacement Premises Carpet Replacement by Landlords, at Tenant’s sole cost and expense, have any and all furniture moved within, or removed from, the Replacement Premises (and moved back to their original place after such installation) as required and in order to permit the Replacement Premises Carpet Replacement by Landlord.

  • If, however, the Replacement Premises is a smaller size (as to rentable square feet) than the original Premises, Landlord shall appropriately adjust both Tenant's Base Rent and its Proportionate Share.

  • Concessionaire shall pay all other costs to improve and fit out the Replacement Premises.

  • The designated period of time for Landlord’s installation of new carpet throughout the Replacement Premises, as defined in Section 9(b) of the Third Amendment, is extended to January 31, 2013.

  • Subject to completion of the Expansion Premises Tenant Improvements, Tenant accepts the Replacement Premises in an “AS IS” condition.