Additional Monthly Base Rent shall be determined as the missing component of an annuity, which annuity shall have (i) the Additional Allowance Amount as the present value amount, (ii) ninety (90) as the number of payments, (iii) eighty-three one hundredths (0.83), which is equal to ten percent (10%) divided by twelve (12) months per year, as the monthly interest factor, and (iv) the Additional Monthly Base Rent as the missing component of the annuity. In the event Tenant elects to utilize all or any portion of the Additional Allowance, then (a) the parties shall promptly execute an amendment (the “Additional Allowance Amendment”) to the Lease setting forth the monthly Base Rent as increased by the Additional Monthly Base Rent, and (b) Tenant shall pay to Landlord, concurrently with Tenant’s execution and delivery of the Additional Allowance Amendment to Landlord, an amount equal to the product of (A) the Additional Monthly Base Rent, and (B) the number of calendar months that have elapsed, in whole or in part, during the New Premises Term, through and including the date of such payment to Landlord. The Additional Monthly Base Rent shall not be abated pursuant to Section 4.1 of this Second Amendment. If Tenant elects to utilize the Additional Allowance, then Tenant’s use of the Additional Allowance Amount shall be subject to the terms of Section 2.4 below, with references therein to the Tenant Improvement Allowance also applying to the Additional Allowance Amount. Further, in the event that Tenant exercises its right to use all or any portion of the Additional Allowance, then, as a condition to Landlord’s obligation to disburse any portion of the Additional Allowance, Tenant shall cause the L-C amount to be increased by an amount equal to forty percent (40%) of the Additional Allowance Amount (the “Additional L-C Amount”). EXHIBIT B
Additional Monthly Base Rent shall be determined as the missing component of an annuity, which annuity shall have (i) the amount of the Additional Improvement Allowance utilized by Tenant as the present value amount, (ii) the number of full calendar months in the Expansion Term as the number of payments, (iii) eighty-three one-hundredths (.83), which is equal to ten percent (10%) divided by twelve (12) months per year, as the monthly interest factor, and (iv) the Additional Monthly Base Rent as the missing component of the annuity.
Additional Monthly Base Rent means either (A) to the extent the Additional Allowance is applicable to the construction of Improvements in the 6310 Initial Premises, an amount equal to the missing component of an annuity, which annuity shall have (i) such actual amount of the Additional Allowance (if any) utilized by Tenant in connection with the construction of the Improvements in the 6310 Initial Premises (expressed as a total amount up to Ten and 00/100 Dollars ($10.00)/per rentable square foot (e.g., Three Hundred Sixty-Four Thousand Four Hundred Forty and 00/100 Dollars ($364,440.00)) as the present value amount, (ii) seventy-two (72) as the number of payments, and (iii) 0.81, which is equal to nine percent and three quarters (9.75%) divided by twelve (12) months per year, as the monthly interest factor, or (B) to the extent the Additional Allowance is applicable to the construction of Improvements in the 6310 Must-Take Premises, an amount equal to the missing component of an annuity, which annuity shall have (i) such actual amount of the Additional Allowance (if any) utilized by Tenant in connection with the construction of the Improvements in the 6310 Must-Take Premises (expressed as a total amount up to Ten and 00/100 Dollars ($10.00)/per rentable square foot (e.g., Two Hundred Fifty Nine Thousand Seven Hundred Ten and 00/100 Dollars ($259,710.00)) as the present value amount, (ii) a whole number which is equal to the number of full calendar months during the 6310 Must-Take Premises Term, and (iii) 0.81, which is equal to nine and three quarters percent (9.75%) divided by twelve (12) months per year, as the monthly interest factor.
Examples of Additional Monthly Base Rent in a sentence
The "Additional Monthly Base Rent" shall be determined as the missing component ofan annuity, which annuity shall have (i) the amount of the Additional Improvement Allowance which Tenant elects to utilize as the present value amount, (ii) the number of months of the Lease Term as the number of payments, (iii) 0.67%, which is equal to 8% divided by twelve (12) monthsper year, as the monthly interest factor and (iv) the Additional Monthly Base Rent as the missing component of the annuity.
As a result of Xxxxxx’s use of the Utilized Additional TI Allowance, Tenant is required to pay Additional Monthly Base Rent calculated as provided in Section 4 of the Tenant Work Letter, which Additional Monthly Base Rent shall be equal to $ per month, payable on or before the first (1st) day of each month commencing as of , and continuing through the expiration of the initial Lease Term.
For the avoidance of doubt, Tenant shall continue to pay any Additional Monthly Base Rent payable under the Lease through the Lease Expiration Date.
More Definitions of Additional Monthly Base Rent
Additional Monthly Base Rent shall be the sum of an amount equal to the missing component of an annuity, which annuity shall have (i) such actual amount of the Improvement Allowance utilized by Tenant as the present value amount, (ii) seventy (70) as the number of payments, and (iii) 0.006667, which is equal to eight percent (8%) divided by twelve (12) months per year, as the monthly interest factor. In the event Tenant uses any portion of the Improvement Allowance, then Landlord and Tenant shall promptly execute an amendment to this Lease setting forth, to the extent applicable, the amount of the Improvement Allowance and the Additional Monthly Base Rent computed in accordance with this Section 2.1.1.
Additional Monthly Base Rent shall be calculated as follows. The initial monthly payment of the Additional Monthly Base Rent shall be equal to the missing component of an annuity, which annuity shall have (i) the amount of the Alterations Allowance utilized by Tenant as the present value amount, (ii) 120 as the number of payments (notwithstanding the fact that there are only 84 months in the initial Lease Term), (iii) 10% as the annual interest factor, and (iv) the Additional Monthly Base Rent as the missing component of an annuity. The Additional Monthly Base Rent amount shall increase on each anniversary of the initial payment of the Additional Monthly Base Rent, to be equal to 103% of the Additional Monthly Base Rent payable during the prior period. Landlord and Tenant acknowledge that the foregoing determination and calculation of the Additional Monthly Base Rent is not exactly equivalent to the amounts that would be repayable if the Alterations Allowance were treated as a traditional loan amount, but the parties nonetheless agree that such amounts shall be payable by Tenant as provided herein.
Additional Monthly Base Rent shall be determined as the missing component of an annuity, which annuity shall have (i) the amount of the Additional Improvement Allowance utilized by Tenant as the present value amount, (ii) the number of months remaining in the Lease Term as the number of payments, (iii) 10% as the annual interest factor, and (iv) the Additional Monthly Base Rent as the missing component of the annuity. At Landlord’s option, Landlord and Tenant shall enter into an amendment to this Lease memorializing the applicable Base Rent increase(s) attributable to such Additional Monthly Base Rent amount payable by Tenant hereunder.
Additional Monthly Base Rent shall be determined as the missing component of an annuity, which annuity shall have (i) the amount of the Additional Improvement Allowance utilized by Tenant as the present value amount, (ii) the number of months remaining in the Lease Term as the number of payments, (iii) 9% as the annual interest factor, and (iv) the Additional Monthly Base Rent as the missing component of the annuity. At Landlord’s option, Landlord and Tenant shall enter into an amendment to this Lease memorializing the applicable Base Rent increase(s) attributable to such Additional Monthly Base Rent amount payable by Tenant hereunder. Following Tenant’s election to use all or any portion of the Additional Improvement Allowance, Landlord and Tenant shall enter into an agreement in the form of Schedule 2 to this Exhibit B in order to document the amount of the Additional Monthly Base Rent.
Additional Monthly Base Rent means the amount sufficient to fully amortize the Additional Allowance utilized by Tenant over the "Amortization Period" (as that term is defined below) based up on equal monthly payments of principal and interest throughout such Amortization Period, with interest imputed on the outstanding principal balance at the rate of eight point five percent (8.5%) per annum. The "Amortization Period" shall mean (i) for any Additional Allowance attributable to the 6290 Initial Premises, a period of seven (7) years commencing upon the Expansion Commencement Date, (ii) for any Additional Allowance attributable to the 6290 Must-Take Premises, the period from the 6290 Must-Take Premises Commencement Date through the New Expiration Date, and (iii) for any Additional Allowance attributable to the Existing Premises, the period commencing upon the earlier of (A) the date of substantial completion of Improvements in the Existing Premises or (B) the date which is sixty (60) days after the date Tenant commences construction of Improvements in the Existing Premises, through the New Expiration Date. In no event shall the Additional Monthly Base Rent be subject to abatement.
Additional Monthly Base Rent shall be determined as the missing component of an annuity, which annuity shall have (w) the amount of the Additional Tenant Improvement Allowance which Tenant actually utilizes as the present value amount, (x) the number of monthly rental payments that Tenant shall be required to make during the then-remaining term of Tenant’s lease of the Premises as the number of payments (excluding the Base Rent Abatement Period), (y) sixty-seven hundredths (.67), which is equal to eight percent (8%) divided by twelve (12) months per year, as the monthly interest factor and (z) the Additional Monthly Base Rent as the missing component of the annuity. Landlord and Tenant acknowledge that the Additional Tenant Improvement Allowance may be requested by Tenant, and paid to Tenant, in multiple disbursements, and the parties shall follow the distribution process set forth in Section 2.1.3 and/or Section 2.1.4, below, as applicable, for each such disbursement.
Additional Monthly Base Rent shall be determined as the missing component of an annuity, which annuity shall have (i) the amount of the Additional Allowance utilized by Tenant as the present value amount, (ii) eighty-four (84) as the number of payments, (iii) 0.833, which is equal to ten percent (10%) divided by twelve (12) months per year, as the monthly interest factor, and (iv) the Additional Monthly Base Rent as the missing component of the annuity. In the event Tenant uses any portion of the Additional Allowance, then all references in this Work Letter to the “Improvement Allowance,” shall be deemed to include the Additional Allowance utilized by Tenant.