Laundry Lease Adjustment Sample Clauses

Laundry Lease Adjustment. For purposes of this Agreement, “Restricted Laundry Lease” means a Laundry Lease which is not assignable or transferable to Buyer either by its terms or under applicable law without the consent of a third party. Restricted Laundry Leases are listed by Seller on Schedule 1.4(b). Within 15 days after the one year anniversary of the Closing Date, Buyer shall deliver to Seller a schedule (the “Lost Lease Schedule”) setting forth each Restricted Laundry Lease with respect to which Buyer has lost all benefits or has never received any benefits (as contemplated by Section 1.9 of this Agreement), in each case solely as a result of the failure to obtain the required consent to the assignment to Buyer of such Restricted Laundry Lease, and not as a result of any action by Buyer in performing the obligations under such Restricted Laundry Lease or the expiration of such Restricted Laundry Lease under its terms (each, a “Lost Lease”). Seller shall be deemed to accept the Lost Lease Schedule unless Seller delivers a notice of objection to Buyer within 15 days following receipt by Seller of the Lost Lease Schedule from Buyer. If Seller provides a notice of objection to Buyer, Seller and Buyer shall first use commercially reasonable efforts to resolve such dispute. If the parties are able to resolve such dispute, the Lost Lease Schedule shall be revised to the extent necessary to reflect such resolution and shall be conclusive and binding upon all parties and shall not be subject to dispute or review. If the parties are unable to resolve the dispute within 20 days after delivery of a notice of objection by Seller, either party may submit the dispute to arbitration in accordance with Section 7.9. The Lost Lease Schedule as determined pursuant to arbitration shall be conclusive and binding upon all parties and shall not be subject to dispute or review. For each Lost Lease under this Section 1.4(b), the Buyer shall pay to the Seller any profits received by the Buyer for such Lost Lease, after accounting for the Buyer’s expenses associated with such Lost Lease (which expenses shall be reasonable and consistent with the expenses historically incurred by the Seller with respect to such Lost Lease), during the period that the Buyer was performing under the Lost Lease. The Purchase Price shall be reduced by an amount equal to the total number of machines installed under the Lost Leases set forth on the Lost Lease Schedule as finally determined, multiplied by the Equipment Multiple...
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Related to Laundry Lease Adjustment

  • Rental Adjustments 6.1 The Basic Annual Rent then in effect (and as previously increased pursuant to this Section 6.1) shall be increased each year by three percent (3%) on each annual anniversary of the Term Commencement Date for so long as this Lease continues in effect.

  • Rental Adjustment The lesser of (i) 2%, or (ii) 1.25 times the change in the Price Index, as described in Section 4.02.

  • Sublease Rent Limitation Anything contained in this Lease to the contrary notwithstanding, Lessee shall not sublet the Leased Property on any basis such that the rental to be paid by the sublessee thereunder would be based, in whole or in part, on either (a) the income or profits derived by the business activities of the sublessee, or (b) any other formula such that any portion of the Rent would fail to qualify as “rents from real property” within the meaning of Section 856(d) of the Code, or any similar or successor provision thereto.

  • Rent Adjustment (a) If, solely as a result of Congressional enactment of any law (including, without limitation, any modification of, or amendment or addition to, the Internal Revenue Code of 1986, as amended, (“Code”)), the maximum effective corporate income tax rate (exclusive of any minimum tax rate) for calendar-year taxpayers (“Effective Rate”) is higher than thirty-five percent (35%) for any year during the lease term, then Lessor shall have the right to increase such rent payments by requiring payment of a single additional sum. The additional sum shall be equal to the product of (i) the Effective Rate (expressed as a decimal) for such year less .35 (or, in the event that any adjustment has been made hereunder for any previous year, the Effective Rate (expressed as a decimal) used in calculating the next previous adjustment) times (ii) the adjusted Termination Value (defined below), divided by (iii) the difference between the new Effective Rate (expressed as a decimal) and one (1). The adjusted Termination Value shall be the Termination Value (calculated as of the first rent due in the year for which the adjustment is being made) minus the Tax Benefits that would be allowable under Section 168 of the Code (as of the first day of the year for which such adjustment is being made and all future years of the lease term). The Termination Values and Tax Benefits are defined on the Schedule. Lessee shall pay to Lessor the full amount of the additional rent payment on the later of (i) receipt of notice or (ii) the first day of the year for which such adjustment is being made.

  • Rental Abatement Provided that any damage to either or both of the Property and the Premises is not caused by, or is not the result of acts or omissions by, any or all of Tenant and Tenant’s Parties, if (a) the Property is damaged by fire or other casualty thereby causing the Premises to be inaccessible or (b) the Premises are partially damaged by fire or other casualty, the Rent shall be proportionally abated to the extent of any actual loss of use of the Premises by Tenant.

  • Rent Adjustments 4.1 For the purpose of this Article 4, the following terms are defined as follows:

  • Base Rent Adjustment (a) The BASE RENT (subject to adjustment as set forth in Section 1.08(a) above) payable during the EXTENDED TERM, subject to the provisions of part (b) of this Section 3.03, shall be increased from the BASE RENT payable immediately prior to the first month of the EXTENDED TERM to the then fair market rental rate determined in connection with part (b) of this Section 3.03.

  • Payments of Post-Closing Adjustment Except as otherwise provided herein, any payment of the Post-Closing Adjustment, together with interest calculated as set forth below, shall (A) be due (x) within five (5) Business Days of acceptance of the applicable Closing Working Capital Statement or (y) if there are Disputed Amounts, then within five (5) Business Days of the resolution described in clause (v) above; and (B) be paid by wire transfer of immediately available funds to such account(s) as is directed by Buyer or Sellers, as the case may be.

  • Base Rent Adjustments Base Rent shall be increased on each annual anniversary of the first day of the first full month during the Term of this Lease (each an “Adjustment Date”) by multiplying the Base Rent payable immediately before such Adjustment Date by the Rent Adjustment Percentage and adding the resulting amount to the Base Rent payable immediately before such Adjustment Date. Base Rent, as so adjusted, shall thereafter be due as provided herein. Base Rent adjustments for any fractional calendar month shall be prorated.

  • Operating Expense Payments Landlord shall deliver to Tenant a written estimate of Operating Expenses for each calendar year during the Term (the “Annual Estimate”), which may be revised by Landlord from time to time during such calendar year. During each month of the Term, on the same date that Base Rent is due, Tenant shall pay Landlord an amount equal to 1/12th of Tenant’s Share of the Annual Estimate. Payments for any fractional calendar month shall be prorated.

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