Adjustment of Basic Rent. The basic rent provided for in paragraph 4(a) shall be adjusted periodically and the monthly basic rent for each period shall be as set forth below: Lease Months 1-12 (1/1/00-12/31/00) $ 50,444.10 per month Lease Months 1-12 (1/1/01-12/31/01) $ 51,957.42 per month Lease Months 1-12 (1/1/02-12/31/02) $ 53,516.15 per month
Adjustment of Basic Rent. The Basic Rent for each Lease Year during the first Fixed Rental Period will be as stated in Section 1.01. The Basic Rent for each Lease Year of each successive Fixed Rental Period, if any, will be as stated in Exhibit E, the Rent Rider.
Adjustment of Basic Rent. Basic Rent for each Lease Year of each successive Fixed Rental Period, if any, after the first Fixed Rental Period will be the greater of
Adjustment of Basic Rent. Landlord may change the Basic Rent at any time during the Term by giving Tenant no less than thirty (30) days prior written notice; provided, however, adjustments to the Basic Rent shall be subject to the provisions of Section 4.3 of this Lease. Notwithstanding anything to the contrary in this Lease, changes to the Basic Rent made pursuant to this Section shall not require a written amendment to this Lease and shall be deemed effective upon Tenant’s receipt of Landlord’s notice as required in this Section.
Adjustment of Basic Rent. Landlord may, in its sole discretion, change the Basic 467 Rent at any time during the Term by giving Tenant no less than thirty (30) days prior written notice. In 468 addition, Landlord may, in its discretion, establish a Basic Rent for rooftop parking in the Parking Facility 469 that is equal to or less than the Basic Rent for covered parking in the Parking Facility, and Landlord may, 470 in its discretion, establish a Basic Rent for reserved or assigned parking spaces that is equal to or greater 471 than the Basic Rent for similar spaces that are not reserved or assigned. Notwithstanding the foregoing, 472 no Basic Rent established by Landlord will exceed the lesser of (i) the Maximum Parking Rate, which 473 rate is shown for each applicable year of the Term in attached Exhibit C, (the “Maximum Parking Rate”), 474 or (ii) Fair Market Value, which is defined below in Section 4.3 of this Lease. Notwithstanding anything 475 to the contrary in this Lease, changes to the Basic Rent made pursuant to this Section shall not require a 476 written amendment to this Lease and shall be deemed effective upon Tenant’s receipt of Landlord’s 477 notice as required in this Section. 478
Adjustment of Basic Rent. The parties hereto acknowledge that on the Closing Date Lessor will enter into an Interest Rate Swap Agreement pursuant to which Lessor will agree to pay to the counterparty thereunder the fixed payments of Basic Rent due from Lessee pursuant to the Lease and the swap counterparty will agree to make floating payments to the order of Lessor in amounts that are intended to be sufficient to pay the interest due on the outstanding principal amount of the Loan and Yield payable on the Equity Investment. The Basic Rent payable by Lessee pursuant to the Lease was calculated on the Closing Date by reference to, among other things, the applicable Pricing Level and such Interest Rate Swap. The parties intend and agree that, to the extent that the Pricing Level changes on a Calculation Date due to a change in Guarantor’s Debt to Adjusted EBITDA Ratio, the Basic Rent due and payable by Lessee pursuant to the Lease shall be recalculated as of such Calculation Date by reference to, among other things, such Interest Rate Swap Agreement and the then applicable Pricing Level, and Lessor shall produce a new schedule of Basic Rent that will be subject to the reasonable approval of each of Lessor, Lessee, Guarantor and all of the Lenders. Following approval of the adjusted schedule of Basic Rent, the Lease will be modified or supplemented to include the adjusted schedule and thereafter Lessee shall be obligated to pay Basic Rent in accordance with such adjusted schedule.
Adjustment of Basic Rent. (a) The Lessee and the Lessor agree that Basic Rent, Termination Values and the Purchase Option Price shall be adjusted, either upwards or downwards, to reflect (i) any Proposed Tax Law Change, (ii) the principal amount, amortization and interest rate on any Additional Loan Certificates issued pursuant to Section 2.11 of the Loan Agreement to finance Nonseverable Modifications to the Unit 1 Equipment or the Common Facilities Equipment, (iii) the principal amount, amortization and interest rate on any Additional Loan Certificates issued pursuant to Section 2.11 of the Loan Agreement in connection with a refinancing of any Loan Certificates (including adjusting the interest rate on the Series A Loan Certificates to the Reset Rate pursuant to Section 2.12 of the Loan Agreement), (iv) adjusting the interest rate on the Series A Loan Certificates pursuant to paragraph (c) of Section 2.1 of the Loan Agreement, and (v) the exercise by the Lessee of its option pursuant to Section 4(b)(1) of the Tax Indemnity Agreement to make indemnity payments in the form of upward adjustments to Basic Rent. Any adjustment pursuant to clause (i), (iii), (iv), or (v) of the immediately preceding sentence shall be coordinated with any comparable adjustment made pursuant to Section 3.4 of the Foundation Operating Lease such that the aggregate adjustment shall be apportioned between this Equipment Operating Lease and the Foundation Operating Lease in the same ratio as Equipment Interest Cost bears to the Foundation Interest Cost. Any adjustments pursuant to this Section 3.4 will be calculated to preserve the Owner Participant's Net Economic Return; PROVIDED, HOWEVER, that (a) to the extent consistent with preserving such Net Economic Return, all adjustments shall minimize the present value to the Lessee of the Basic Rent or, at the Lessee's election, the Basic Rent and the Purchase Option Price and (b) all adjustments shall be consistent with the conclusions of the Appraiser set forth in the Appraisal. Adjustments will be made using the same method of computation and assumptions originally used (other than those that have changed as the result of the event giving rise to the adjustment) in the calculation of the Basic Rent and the Purchase Option Price. The adjustments contemplated by this Section 3.4 will result in corresponding adjustments to Termination Values. All Basic Rent adjustments shall be consistent with Rev. Procs. 75-21 and 75-28 and section 467 of the Code (to the exten...
Adjustment of Basic Rent. Landlord may not change the Basic Rent at any time during the first 10 years of the Term; however, during the last 10 years of the Term, if the Basic Rent is less than the monthly rental rate of other city facilities of comparable type, which rental rate is established by the City Council, the Basic Rent may be increased to the same rate of such comparable city facility or facilities by giving Tenant no less than thirty (30) days prior written notice. Notwithstanding anything to the contrary in this Lease, changes to the Basic Rent made pursuant to this Section shall not require a written amendment to this Lease and shall be deemed effective upon Tenant’s receipt of Landlord’s notice as required in this Section.
Adjustment of Basic Rent. (a) The basic rent provided for in paragraph 4(a) shall be adjusted annually on each anniversary of the Commencement Date and the monthly basic rent for each period shall be as set forth below: Lease Months 1-3 (4/1/08-6/30/08 ) $ 0 Lease Months 4-12 (7/1/08-3/31/09 ) $ 76,630.00 Lease Months 13-24 (4/1/09-3/31/10 ) $ 78,928.90 Lease Months 25-36 (4/1/10-3/31/11 ) $ 81,296.77 Lease Months 37-48 (4/1/11-3/31/12 ) $ 83,735.67 Lease Months 49-60 (4/1/12-3/31/13 ) $ 86,247.74 (b) Basic rent shall also include the Stanford Surcharge, if applicable, in the manner described in the manner described in paragraph 4(a), above, and/or paragraph 19(i), below).
Adjustment of Basic Rent. At Tenant’s request, with the prior written consent of the Administrative Agent (unless the Discharge of Participation Obligations has occurred), Landlord shall from time to time use commercially reasonable efforts to obtain Subsequent Financing, and upon the effectiveness of any such refinancing, Basic Rent shall be equitably adjusted.
