Exchange Space definition
Exchange Space means the number of square feet, if any, by which the Net Rentable Area of the Minimum Leased Premises exceeds the Net Rentable Area of the Lease Premises. On the Commencement Date, the Exchange Space shall equal Thirty-Four Thousand Eight Hundred Ninety-One (34,891) square feet. The Exchange Space shall be recalculated, as of the Commencement Date, following the re-measurement of the Buildings in conformity with the Measurement Standard. The Exchange Space shall be reduced, from time to time, by the Net Rentable Area of all Expansion Space added to Leased Premises pursuant to Article X (effective, in each such case, as of the date the Expansion Space becomes Leased Premises) and increased, from time to time, by the Net Rentable Area of any Contraction Premises removed from the Leased Premises by Tenant’s exercise of Relocation Rights, but not Early Termination Rights or Termination Rights (effective, in each such case, as of the date the Contraction Premises is no longer Leased Premises).
Exchange Space means, during the period beginning on the Commencement Date and ending on February 28, 2005, the number of square feet, if any, by which the Net Rentable Area of the Minimum Leased Premises exceeds the Net Rentable Area of the Lease Premises under this Lease plus the Net Rentable Area of the premises leased by Tenant under the Separate Leases. Landlord and Tenant stipulate and agree that, on the Commencement Date, the Exchange Space equals 71,591 square feet of Net Rentable Area. From and after March 1, 2005, Exchange Space shall mean the number of square feet, if any, by which the Net Rentable Area of the Minimum Leased Premises exceeds the Net Rentable Area of the Leased Premises under this Lease, without regard to the Net Rentable Area of the premises leased by Tenant under the Continuing Term Master Lease or the Separate Leases. The Exchange Space shall be reduced, from time to time, by the Net Rentable Area of (a) all Coterminous Expansion Space added to Leased Premises pursuant to Article X of this Lease (effective, in each such case, as of the date the Coterminous Expansion Space becomes Leased Premises) and (b) any Exchange Space removed from this Lease by Tenant’s express election and direction to use Early Termination Rights and/or Termination Rights to so remove such Exchange Space from this Lease in conformity with the provisions of Sections 11.4 and 11.5, as applicable, and increased, from time to time, by the Net Rentable Area of any Contraction Premises removed from the Leased Premises under this Lease by Tenant’s exercise of Relocation Rights, but not Early Termination Rights or Termination Rights (effective, in each such case, as of the date the Contraction Premises is no longer Leased Premises).
Exchange Space shall have the meaning as set forth in Section 28.5.
Examples of Exchange Space in a sentence
Annual Basic Rent and Exchange Space Rent, if any, shall be due and payable in equal monthly installments on the first day of each calendar month during the Term, in advance.
More Definitions of Exchange Space
Exchange Space means the number of square feet, if any, by which the Net Rentable Area of the Minimum Leased Premises exceeds the Net Rentable Area of the Lease Premises. On the Commencement Date, the Exchange Space shall equal 34,891 square feet. The Exchange Space shall be recalculated, as of the Commencement Date, following the re-measurement of the Buildings in conformity with the Measurement Standard. The Exchange Space shall be reduced, from time to time, by the Net Rentable Area of all Expansion Space added to Leased Premises pursuant to Article X (effective, in each such case, as of the date the Expansion Space becomes Leased Premises) and increased, from time to time, by the Net Rentable Area of any Contraction Premises removed from the Leased Premises by Tenant’s exercise of Relocation Rights, but not Early Termination Rights or Termination Rights (effective, in each such case, as of the date the Contraction Premises is no longer Leased Premises).