Initial Determination Date definition
Examples of Initial Determination Date in a sentence
The interest rate on this Note shall initially be determined as of the first Friday most immediately preceding the date of this Note that is a business day (the "Initial Determination Date") and shall thereafter be redetermined quarterly until maturity based upon the Prime Rate in effect as of the first Friday most immediately preceding each ensuing calendar quarter from the date hereof that is a business day (each such date being hereinafter referred to as a "Redetermination Date").
Landlord will notify Tenant, within sixty (60) days after the Initial Determination Date, as to Landlord's opinion of the Fair Market Rent.
On the date Tenant gives Landlord written notice of its exercising an option to renew this Lease for a renewal term, but no earlier than twelve (12) calendar months prior to the commencement of the renewal term in question (the "Initial Determination Date"), the parties shall discuss and attempt to determine the Fair Market Rent by mutual agreement pursuant to the following procedure.
If the Landlord's opinion is higher than the Rent Minimum and the parties are unable to reach agreement within ninety (90) days after the Initial Determination Date and Landlord's opinion of such Fair Market Rent, if rendered by Landlord, is greater than the Rent Minimum, then either party may initiate the appraisal procedure in paragraph 4 below.
On the Initial Determination Date, Tenant will notify Landlord as to Tenant's opinion of such Fair Market Rent.