Scenario One Clause Samples

Scenario One. If, on January 31, 2023 (provided that the City has previously received timely notice and has reasonably reviewed and confirmed the Eligible Tenant(s)), 33,567 square feet of the 100,700 rentable square foot Building is deemed to be Eligible Square Footage occupied by one or more Eligible Tenants, while the remaining 67,133 rentable square feet of the Building is not occupied by Eligible Tenants, then the Total Annual PILOT for the Building shall be as set forth below (and as illustrated in the schedule attached hereto as Exhibit C-1): (i) For tax year 2022: (A) For the entire 100,700 rentable square footage of the Building, the PILOT would be equal to seventy-five percent (75%) of the Ad Valorem Taxes which would otherwise be due for the then-applicable taxable year for the Project if the Project were not exempt from ad valorem real estate taxation. (ii) For tax year 2023 and thereafter: (A) For the 33,567 rentable square feet occupied by the Eligible Tenants, the PILOT would be equal to fifty percent (50%) of the Ad Valorem Taxes which would otherwise be due for the then-applicable taxable year for the Project if the Project were not exempt from ad valorem real estate taxation; PLUS (B) For the 67,133 remaining square feet in the Building, the PILOT would be equal to seventy-five percent (75%) of the Ad Valorem Taxes which would otherwise be due for the then-applicable taxable year for the Project if the Project were not exempt from ad valorem real estate taxation;

Scenario One. Scenario One contemplates (i) the Rehabilitator’s base case loss estimates for both the General and Segregated Accounts, (ii) realization of RMBS Litigation proceeds equal to 100% of the nominal cash flows employed in Ambac’s GAAP financial statements as of March 31, 2017, and (iii) the high end of our valuation range for AUK ($350 million assuming a 5.1% discount rate), with dividends from AUK to AAC assumed to commence in 2036. Under Scenario One, all post-transaction Policy Claims would be paid in full, the new Senior Secured Notes would be paid in full, the Tier 2 Notes would be paid in full, and holders of Surplus Notes and Junior Surplus Notes would be paid in full. See Exhibit D. 31 The discount incorporated in the effective consideration package is the same for non-affiliated third parties and AFG provided that AFG’s retention of the SA SSNs is excluded from this calculation.

Scenario One. All terms and conditions of an Expansion under Scenario One including, without limitation, shell Base Building, Tenant Improvements, time for buildout, Tenant improvement allowance and all other economic factors will be the product of good faith negotiation between the parties since these terms and conditions are not inferable from the terms of this Lease due to the nature of development and changing economic conditions, except for the following terms and conditions, and no agreement regarding an Expansion under Scenario One shall be binding upon either party until a mutually acceptable amendment to this Lease has been executed by Landlord and Tenant with the approval of their respective counsel: (i) The Term of this Lease for the entire Premises, including the Expansion, will be adjusted and extended for a term of ten (10) years commencing on the date the Expansion Area is Ready for Occupancy, subject to further extension(s) under paragraph 46, except that the total Term of this Lease shall in no event exceed thirty (30) years, which shall end no later than twenty (20) years after the end of the initial Term calculated under paragraph 3.1. (ii) The rental rate setting the Rent for the new square footage in the Expansion (the "New Space") (but not the original Premises) shall be based initially on the then-prevailing Market Rental Rate for a comparable building improvement in the vicinity of the Premises as reasonably determined by Landlord and Tenant. If Landlord and Tenant are unable to agree on the Market Rental Rate, Landlord and Tenant shall select a highly qualified and reputable real estate professional with at least ten (10) years of experience in the relevant leasing market (the "Arbiter") to determine the Market Rental Rate. If Landlord and Tenant are unable to agree on the Arbiter, the resident manager of the largest commercial real estate brokerage firm in Tucson will select the Arbiter from a major brokerage firm other than the resident manager's own firm. The term "largest" means the brokerage firm with the largest sales volume in the preceding calendar year. The term "major" means a brokerage firm ranking in the top four in sales volume in Tucson. the terms "largest" and "major" shall exclude (1) CB Commercial; (2) Picor; and (3) DMI Estate Properties, Inc. The initial rental rate setting the Rent for the New Space will be periodically adjusted based on the formulas in paragraphs 4.1 and 46 that determine the Rent for the original Premises.