Common use of Interim Rent Clause in Contracts

Interim Rent. For each Phase, during the period commencing on the Phase Commencement Date and ending on the Phase Completion Date for such Phase, Interim Rent with respect to such Phase shall accrue on Equipment Cost during each Interim Rental Period at a rate per annum equal to the LIBO Rate prevailing on the first day of such Interim Rental Period plus 45 basis points; provided, that if there is less than one month remaining after the end of any Interim Rental Period until the Phase Completion Date for such Phase, Interim Rent for the final Interim Rental Period shall instead be determined on the basis of 80% of the Base Rate. Interim Rent shall be paid in arrears on the last day of the Interim Rental Period with respect thereto. In the event any Equipment Cost on which interest accrued based on the LIBO Rate is prepaid other than on the last day of the Interim Rental Period with respect thereto (including by reason of the occurrence of a Lease Termination Date for any reason), the Lessee shall compensate the Lessor for any funding losses incurred by it as a result of such prepayment. On the Phase Completion Date for each Phase, all Soft Costs incurred during the period from the Phase Commencement Date through the Phase Completion Date for such Phase shall be capitalized and added to Equipment Cost for such Phase; provided, that in no event shall the aggregate Equipment Cost for all Phases exceed $50,000,000, and to the extent any such capitalization of Soft Costs would cause the aggregate Equipment Cost for all Phases to exceed $50,000,000, the amount of the excess shall be payable to the Lessor on the Phase Completion Date on which such excess occurs. In the event any Vendor requires any advance payments, progress payments or full payments prior to the Lease Addition Date of the Equipment proposed to be added to the Lease for any Phase, the Lessee shall execute and deliver to the Lessor a Progress Payment Agreement for such Phase, and the Lessor will make available amounts pursuant thereto for such purpose. For any Equipment which is the subject of any payments made by the Lessor under a Progress Payment Agreement for any Phase, unpaid Additional Rent under such Progress Payment Agreement with respect to such Equipment shall be capitalized and, together with the amount of such payments made by the Lessor with respect to such Equipment, shall be added to and constitute part of the Equipment Cost for such Phase.

Interim Rent. For each Phase, during the period commencing on the Phase Commencement Date and ending on the Phase Completion Date for such Phase, Interim Rent with respect to such Phase shall accrue on Equipment Cost during each Interim Rental Period at a rate per annum equal to the LIBO Rate prevailing on the first day of such Interim Rental Period plus (a) with respect to any portion of the Equipment Cost for any Phase funded before the aggregate funded Equipment Cost equals $80,000,000, 45 basis points, and (b) with respect to any portion of the Equipment Cost for any Phase funded after the aggregate funded Equipment Cost equals or exceeds $80,000,000, 60 basis points; provided, that if there is less than one month remaining after the end of any Interim Rental Period until the Phase Completion Date for such Phase, Interim Rent for the final Interim Rental Period shall instead be determined on the basis of 80% of the Base Rate. Interim Rent shall be paid in arrears on the last day of the Interim Rental Period with respect thereto. In the event any Equipment Cost on which interest accrued based on the LIBO Rate is prepaid other than on the last day of the Interim Rental Period with respect thereto (including by reason of the occurrence of a Lease Termination Date for any reason), the Lessee shall compensate the Lessor for any funding losses incurred by it as a result of such prepayment. On the Phase Completion Date for each Phase, all Soft Costs incurred during the period from the Phase Commencement Date through the Phase Completion Date for such Phase shall be capitalized and added to Equipment Cost for such Phase; provided, that in no event shall the aggregate Equipment Cost for all Phases exceed $50,000,000100,000,000, and to the extent any such capitalization of Soft Costs would cause the aggregate Equipment Cost for all Phases to exceed $50,000,000100,000,000, the amount of the excess shall be payable to the Lessor on the Phase Completion Date on which such excess occurs. In the event any Vendor requires any advance payments, progress payments or full payments prior to the Lease Addition Date of the Equipment proposed to be added to the Lease for any Phase, the Lessee shall execute and deliver to the Lessor a Progress Payment Agreement for such Phase, and the Lessor will make available amounts pursuant thereto for such purpose. For any Equipment which is the subject of any payments made by the Lessor under a Progress Payment Agreement for any Phase, unpaid Additional Rent under such Progress Payment Agreement with respect to such Equipment shall be capitalized and, together with the amount of such payments made by the Lessor with respect to such 181 Equipment, shall be added to and constitute part of the Equipment Cost for such Phase.

Interim Rent. For each PhaseFacility, during the period commencing on the Phase Facility Commencement Date and ending on the Phase Facility Completion Date for such PhaseFacility, Interim Rent with respect to such Phase Facility shall accrue on Equipment in an amount equal to the sum of (i) the outstanding Facility Cost during each Interim Rental Period at times a rate per annum equal to the sum of the Adjusted LIBO Rate prevailing on the first day of such Interim Rental Period plus 45 basis pointsthe Applicable Margin and (ii) during the Construction Period, a fee (the component of Interim Rent computed pursuant to this clause (ii) being the "Commitment Fee") on the amount of the unused Commitment at a rate equal to the Commitment Fee Rate determined by reference to the Pricing Schedule, times the amount of the unused Commitment; provided, that (x) if the Lessee notifies the Lessor at least 3 Business Days prior to the commencement of any Interim Rental Period that it desires for Interim Rent during such Interim Rental Period to accrue based on the Base Rate, then for such Interim Rental Period, Interim Rent shall instead be determined on the basis of the Base Rate plus the Applicable Margin, and (y) if there is less than one month remaining after the end of any Interim Rental Period until the Phase Facility Completion Date for such PhaseFacility, Interim Rent for the final Interim Rental Period shall instead be determined on the basis of 80% of the Base RateRate plus the Applicable Margin. Interim Rent shall be paid As provided in arrears on the last day of the Interim Rental Period with respect thereto. In Section 27(e), in the event any Equipment Facility Cost on which interest Rent accrued based on the Adjusted LIBO Rate is prepaid other than on the last day of the Interim Rental Period with respect thereto (including by reason of the occurrence of a Lease Termination Date for any reason), the Lessee shall compensate the Lessor for any funding losses incurred by it as a result of such prepayment. On the Phase Facility Completion Date for each PhaseFacility, all Soft Costs incurred and Interim Rent accrued during the period from the Phase Facility Commencement Date through the Phase Facility Completion Date for such Phase Facility shall be capitalized and added to Equipment Facility Cost for such PhaseFacility; provided, that in no event shall the aggregate Equipment Facility Cost for all Phases Facilities (including all Capitalized Expenses) exceed $50,000,000the Commitment, and to the extent any such capitalization of Soft Costs or Interim Rent would cause the aggregate Equipment Facility Cost for all Phases Facilities to exceed $50,000,000the Commitment, the amount of the excess shall be payable to the Lessor on the Phase Facility Completion Date on which such excess occurs. In the event any Vendor requires any advance payments, progress payments or full payments prior to the Lease Addition Date of the Equipment proposed to be added to the Lease for any Phase, the Lessee shall execute and deliver to the Lessor a Progress Payment Agreement for such Phase, and the Lessor will make available amounts pursuant thereto for such purpose. For any Equipment which is the subject of any payments made by the Lessor under a Progress Payment Agreement for any Phase, unpaid Additional Rent under such Progress Payment Agreement with respect to such Equipment shall be capitalized and, together with the amount of such payments made by the Lessor with respect to such Equipment, shall be added to and constitute part of the Equipment Cost for such Phase.

Interim Rent. For each Phase(a) In the event the computation of the fair market rental value of the Offer Space under this Article 42 is not determined until after the applicable Offer Space Effective Date, during Tenant shall pay Base Rent for the Offer Space at a rate per RSF equal to one-half the sum of the Offer FMV Amount determinations made by the two arbitrators appointed by Landlord and Tenant pursuant to Section 42.04, and at such time as the Base Rent is determined, (i) the Base Rent shall be retroactively adjusted to the applicable Offer Space Effective Date, (ii) the parties shall (within ten (10) days of written demand made by one on the other for a reconciliation of the Base Rent paid by Tenant for the period commencing on the Phase Commencement applicable Offer Space Effective Date through the date preceding the date Tenant commences the payment of the Base Rent in the recomputed amount, the “ROFO Interim Period”) reconcile the amount paid by Tenant for the Offer Space during the ROFO Interim Period, and ending on if Tenant shall have overpaid for the Phase Completion Date for such PhaseROFO Interim Period, Interim Rent with respect to such Phase Landlord shall accrue on Equipment Cost during each Interim Rental Period at a rate per annum equal credit the overage to the LIBO Rate prevailing next payment of Base Rent payable under this Lease (provided that if such overpayment exceeds one (1) month’s payment of Base Rent as so recomputed, Landlord shall, within five (5) Business Days after such reconciliation, pay to Tenant the amount of such overage), and if Tenant shall have underpaid such amount, Tenant shall, within thirty (30) days after Landlord’s written demand therefor, pay the deficiency to Landlord and (iii) commencing on the first day of such Interim Rental Period plus 45 basis points; providedthe month following the month in which the reconciliation referred to in the preceding clause (ii) of this Section 42.05(a) was made, that if there is less than one month remaining after the end Tenant shall start making monthly installments of any Interim Rental Period until the Phase Completion Date for such Phase, Interim Base Rent for the final Interim Rental Period shall instead be determined on Offer Space in question in the basis of 80% of the Base Rate. Interim Rent shall be paid in arrears on the last day of the Interim Rental Period with respect thereto. In the event any Equipment Cost on which interest accrued based on the LIBO Rate is prepaid other than on the last day of the Interim Rental Period with respect thereto (including by reason of the occurrence of a Lease Termination Date for any reason), the Lessee shall compensate the Lessor for any funding losses incurred by it as a result of such prepayment. On the Phase Completion Date for each Phase, all Soft Costs incurred during the period from the Phase Commencement Date through the Phase Completion Date for such Phase shall be capitalized and added to Equipment Cost for such Phase; provided, that in no event shall the aggregate Equipment Cost for all Phases exceed $50,000,000, and to the extent any such capitalization of Soft Costs would cause the aggregate Equipment Cost for all Phases to exceed $50,000,000, the amount of the excess shall be payable to the Lessor on the Phase Completion Date on which such excess occurs. In the event any Vendor requires any advance payments, progress payments or full payments prior to the Lease Addition Date of the Equipment proposed to be added to the Lease for any Phase, the Lessee shall execute and deliver to the Lessor a Progress Payment Agreement for such Phase, and the Lessor will make available amounts pursuant thereto for such purpose. For any Equipment which is the subject of any payments made by the Lessor under a Progress Payment Agreement for any Phase, unpaid Additional Rent under such Progress Payment Agreement with respect to such Equipment shall be capitalized and, together with the amount of such payments made by the Lessor with respect to such Equipment, shall be added to and constitute part of the Equipment Cost for such Phaserecomputed amount.

Interim Rent. For each Phase, during During the period commencing on the Phase Commencement Closing Date and ending on the Phase Completion Date for such PhaseBasic Term Commencement Date, Interim Rent with respect to such Phase shall accrue on Equipment Cost during each Interim Rental Period at a rate per annum equal to the sum of (i) the Adjusted LIBO Rate prevailing on the first day of such Interim Rental Period plus 45 basis pointsthe Applicable Margin; provided, that (i) as to Equipment purchased after the commencement of any Interim Rental Period and prior to the last day thereof, Interim Rental for such Equipment during such Interim Rental Period shall accrue on Equipment cost therefor at a rate equal to the Base Rate, (ii) if the Lessee notifies the Lessor at least 3 Business Days prior to the commencement of any Interim Rental Period that it desires for Interim Rent during such Interim Rental Period to accrue based on the Base Rate, then for such Interim Rental Period, Interim Rent shall instead accrued on Equipment Cost at a rate equal to the Base Rate, (iii) if there is less than one month remaining after the end of any Interim Rental Period until the Phase Completion Date for such PhaseBasic Term Commencement Date, Interim Rent for the final Interim Rental Period shall instead be determined accrue on the basis of 80% of Equipment Cost at a rate equal to the Base Rate. Interim Rent shall be paid in arrears on the last day of the Interim Rental Period with respect thereto. In the event any Equipment Cost on which interest Rent accrued based on the Adjusted LIBO Rate is prepaid other than on the last day of the Interim Rental Period with respect thereto (including by reason of the occurrence of a Lease Termination Date for any reason), the Lessee shall compensate the Lessor for any funding losses incurred by it as a result of such prepayment. On the Phase Completion Date for each PhaseBasic Term Commencement Date, all Soft Costs incurred and Interim Rent accrued during the period from the Phase Commencement Acquisition Date through the Phase Completion Basic Term Commencement Date for such Phase shall be capitalized and added to Equipment Cost for such PhaseCost; provided, that in no event shall the aggregate Equipment Cost for (including all Phases Capitalized Expenses) exceed $50,000,000the Commitment, and to the extent any such capitalization of Soft Costs or Interim Rent would cause the aggregate Equipment Cost for all Phases to exceed $50,000,000the Commitment, the amount of the excess shall be payable to the Lessor on the Phase Completion Basic Term Commencement Date on which such excess occurs. In the event any Vendor requires any advance payments, progress payments or full payments prior to the Lease Addition Acquisition Date of the Equipment proposed to be added to the Lease for any PhaseLease, the Lessee shall execute and deliver to the Lessor a Progress Payment Agreement for such PhaseAgreement, and the Lessor will make available amounts pursuant thereto for such purpose. For any Equipment which is the subject of any payments made by the Lessor under a Progress Payment Agreement for any PhaseAgreement, unpaid Additional Rent under such Progress Payment Agreement with respect to such Equipment shall be capitalized and, together with the amount of 3 such payments made by the Lessor with respect to such Equipment, shall be added to and constitute part of the Equipment Cost for such PhaseCost.

Interim Rent. For each Phase, during the period commencing on the Phase Commencement Date and ending on the Phase Completion Date for such Phase, Interim Rent with respect to such Phase shall accrue on Equipment Cost during each Interim Rental Period at a rate per annum equal to the LIBO Rate prevailing on the first day of such Interim Rental Period plus 45 basis pointsthe Applicable Margin; provided, that if there is less than one month remaining after the end of any Interim Rental Period until the Phase Completion Date for such Phase, Interim Rent for the final Interim Rental Period shall instead be determined on the basis of 80% of the Base Rate. Interim Rent shall be paid in arrears on the last day of the Interim Rental Period with respect thereto. In the event any Equipment Cost on which interest accrued based on the LIBO Rate is prepaid other than on the last day of the Interim Rental Period with respect thereto (including by reason of the occurrence of a Lease Termination Date for any reason), the Lessee shall compensate the Lessor for any funding losses incurred by it as a result of such prepayment. On the Phase Completion Date for each Phase, all Soft Costs incurred during the period from the Phase Commencement Date through the Phase Completion Date for such Phase shall be capitalized and added to Equipment Cost for such Phase; provided, that in no event shall the aggregate Equipment Cost for all Phases exceed $50,000,000103,000,000, and to the extent any such capitalization of Soft Costs would cause the aggregate Equipment Cost for all Phases to exceed $50,000,000103,000,000, the amount of the excess shall be payable to the Lessor on the Phase Completion Date on which such excess occurs. In the event any Vendor requires any advance payments, progress payments or full payments prior to the Lease Addition Date of the Equipment proposed to be added to the Lease for any Phase, the Lessee shall execute and deliver to the Lessor a Progress Payment Agreement for such Phase, and the Lessor will make available amounts pursuant thereto for such purpose. For any Equipment which is the subject of any payments made by the Lessor under a Progress Payment Agreement for any Phase, unpaid Additional Rent under such Progress Payment Agreement with respect to such Equipment shall be capitalized and, together with the amount of such payments made by the Lessor with respect to such Equipment, shall be added to and constitute part of the Equipment Cost for such Phase.