Indexed Rent Clause Samples

Indexed Rent. 3.1 On each Notional Rent Review Date, the Notional Rent is to be reviewed to the higher of: 3.1.1 the Notional Rent immediately before that Notional Rent Review Date; and 3.1.2 the revised Notional Rent (rounded up to the nearest £10) calculated in accordance with the following formula: R = A × C Where: R is the revised Notional Rent; A is the Notional Rent immediately before that Notional Rent Review Date; C is the Current Figure; and B is the Base Figure. 3.2 Subject to clause 3.3, on each Rent Review Date, the Indexed Rent will be the Notional Rent calculated for the corresponding Notional Rent Review Date. 3.3 If the formula in paragraph 3.1.2 produces an increase of more than 3% or less than 1% then the increase in the revised Notional Rent will be limited to 3% or at least 1% as appropriate.