Variable Rent definition

Variable Rent. The Variable Rent component of Rent, as defined in more detail in clauses (b) and (c) of the definition of “Rent.”

Variable Rent means the additional monthly rent (exclusive of GST chargeable thereon) payable by the successful tenderer during the Term which is computed as a percentage of the monthly Total Revenue, such percentage being the Variable Rent Percentage;

Variable Rent means, in respect of all Vehicles leased to the Lessee under the relevant Master Lease Agreement on any date during a Calculation Period, on any Lease Payment Date, or any other date on which accrued rent is due and payable (such date being, for the purpose of this definition only, a Lease Payment Date):

Examples of Variable Rent in a sentence

• The receipt by Landlord of any Variable Rent Statement or any Variable Rent paid in accordance therewith for any period shall not constitute an admission of the correctness thereof.

• At any time within two (2) years of receipt of any Variable Rent Statement, Landlord shall have the right to cause to be conducted an independent audit of the matters covered thereby, conducted by a nationally-recognized independent public accounting firm mutually reasonably agreed to by the Parties.

• Such audit shall be limited to items necessary to ascertain an accurate determination of the calculation of the Variable Rent payable hereunder, and shall be conducted during normal business hours at the principal executive office of Tenant.

• If it shall be determined as a result of such audit (i) that there has been a deficiency in the payment of Variable Rent, such deficiency shall become due and payable by Tenant to Landlord, within thirty (30) days after such determination, or (ii) that there has been an excess payment of Variable Rent, such excess shall become due and payable by Landlord to Tenant, within thirty (30) days after such determination.

• If it shall be determined as a result of such audit that the applicable Variable Rent Statement did not understate the per annum Variable Rent payable during any Variable Rent Payment Period by more than two and one-half percent (2.5%), then Landlord shall pay to Tenant all reasonable, out-of-pocket costs and expenses incurred by Tenant in making such determination, including the cost of the audit.

More Definitions of Variable Rent

Variable Rent means, for August 2014 and each calendar month thereafter during the Term, the product of (a) Base Rent for such month times (b) the Excess Product Volume Factor for such month; provided, however, that Variable Rent shall not, for any month, exceed the difference, if any, between (x) the quotient obtained by dividing (i) Base Rent by (ii) one (1) minus 30%, less (y) Base Rent [i.e., (Base Rent / (1 – 30%)) – Base Rent].

Variable Rent means, with respect to each Rent Period, an amount equal to interest accrued on the Lease Balance (or, with respect to a Schedule, on the Schedule Balance) outstanding during such period at the Interest Rate.

Variable Rent means, for any calendar month (or portion thereof) during the Term, the lesser of (a) 10% of Excess Oil Revenue for such month (or portion thereof) and (b) 28% of Base Rent (i.e., 38.9% of Minimum Rent) for such month (or portion thereof).

Variable Rent has the meaning stated in Section 6.2.

Variable Rent means, in respect of each Payment Date falling during an Interest Period (the “Relevant Payment Date”), rent for each day during the part of such Interest Period which starts on the preceding Payment Date and ends on the relevant Payment Date (a “Relevant Period”) in an aggregate amount in Dollars equal to the relevant Applicable Rate for each such day, each multiplied by the Outstanding Charter Hire Principal on the preceding Payment Date or (in respect of the first payment of Variable Rent under this Charter) the Delivery Date, for such Relevant Period and by reference to the actual number of days elapsed during such Relevant Period.”;

Variable Rent means the variable rent payable by the Lessee pursuant to each Lease Agreement, being a 100%, 100%, 70%, 60% and 50% share of Collective NPI Excess for each year from 2006 to 2010, respectively

Variable Rent means the amounts due for the Engine Cycle Rate and Engine Hour Rate as calculated under Section 4.5.