Additional Minimum Rent definition

Additional Minimum Rent means with respect to any Fiscal Year an amount equal to the aggregate of Additional Minimum Rent applicable to each Lessor Expenditure hereafter made by Lessor. For each Lessor Expenditure hereafter made by Lessor, Additional Minimum Rent shall be paid by Lessee for each Fiscal Year in an amount equal to the product of: (a) the Subsequently Agreed Lease Rate applicable to such additional Lessor Expenditure and (b) the amount of such Lessor Expenditure. Lessor shall notify Lessee in writing as to the Additional Minimum Rent amount, and the calculation thereof, at the time of each Lessor Expenditure.
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Additional Minimum Rent shall have the meaning given to such term in Section 3.1.2.
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Additional Minimum Rent shall be payable as provided in Exhibit C attached hereto during the Initial Term, and shall be subject to adjustment for increases or decreases in the Landlord’s Investment in the same manner as Minimum Rent.. No Additional Minimum Rent shall be payable during the Extended Terms, as the Minimum Rent will have been determined for the Extended Terms to include an increase for such rent. As provided in Exhibit C, Additional Minimum Rent for the first three (3) Accounting Years is accrued and payment is deferred until the following two Accounting Years. Tenant may pay in advance any part or all of Deferred Additional Minimum Rent that may then have been accrued, and upon notice from Tenant to Landlord, all Additional Minimum Rent thereafter accruing shall be payable monthly on a current basis (as accrued, and without deferral).
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Examples of Additional Minimum Rent in a sentence

  • The Additional Minimum Rent shall be payable to Lessor in the same manner and location as the Minimum Rent.

  • Tenant shall keep and maintain at all times in accordance with GAAP (separate and apart from its other books, records and accounts) complete and accurate up to date books and records adequate to reflect clearly and correctly the results of operations of the Leased Property, on an accrual basis, including but not limited to, each calculation of Additional Minimum Rent.

  • Such books and records shall be available for at least four (4) years after the applicable quarterly calculation of Additional Minimum Rent for Landlord’s inspection, copying, review and audit at Landlord’s expense during reasonable business hours and upon reasonable notice for the purpose of verifying the accuracy of Tenant’s calculation of Additional Minimum Rent.

  • Such deficiency shall be calculated and paid at the time each payment of Minimum Rent, Additional Minimum Rent (if applicable) or any other sum shall otherwise become due under this Lease, or, at the option of Landlord, at the end of the Term of this Lease.

  • Tenant shall pay, in lawful money of the United States of America which shall be legal tender for the payment of public and private debts, without offset, abatement, demand or deduction (unless otherwise expressly provided in this Agreement), Minimum Rent and Additional Minimum Rent to Landlord and Additional Charges to the party to whom such Additional Charges are payable, during the Term.

  • With respect to any future Improvement or renovation which Lessor agrees to fund, all such amounts shall be deemed Additional Lessor Expenditures and increase the amount of Additional Minimum Rent payable hereunder for subsequent Fiscal Years.

  • For the purposes of calculation of Minimum Rent for the first Accounting Period of the first Extended Term, the references to Minimum Rent for the immediately preceding Accounting Year and Minimum Rent for the immediately preceding Accounting Period shall be deemed to include Additional Minimum Rent for the applicable preceding periods.

  • Subject to proration as set forth above, Tenant shall pay Additional Minimum Rent during each Fiscal Year of this Agreement in the amount set forth on Schedule 3.1.2(b) attached hereto and made a part hereof.

  • If such audit discloses a deficiency in the payment of Minimum Rent or Additional Minimum Rent (if applicable), Tenant shall forthwith pay to Landlord the amount of the deficiency, together with interest at the Disbursement Rate from the date such payment should have been made to the date of payment therefore.

  • The Leased Property constitutes one economic unit and the Minimum Rent and Additional Minimum Rent and all other provisions have been negotiated and agreed to based on a lease of all of the Leased Property as a single, composite, inseparable transaction.