Initial Minimum Annual definition

Initial Minimum Annual. Rent shall be $5,400,000.00 per annum ($450,000.00 per month) during the first twelve (12) months of the Term. The Minimum Annual Rent shall be adjusted on the date which is one (1) month prior to the anniversary of the Commencement Date (each of such dates being herein referred to as an "Adjustment Date") as follows: The Minimum Annual Rent shall be increased (but in no event decreased) to an amount equal to the Minimum Annual Rent applicable for the previous Lease Year multiplied by the lesser of (i) one (1) plus the CPI; or (ii) one (1) plus two and one-half percent (2.5%) during Lease Year 2 through Lease Year 10. For calculation of the CPI, such increase shall be equal to the percentage increase in the CPI between (a) the CPI for the month of June immediately preceding the applicable Adjustment Date and (b) the CPI for the month of June one year prior to the October immediately preceding the applicable Adjustment Date. The Minimum Annual Rent for Lease Year 11 shall be $7,200,000.00 per annum ($600,000.00 per month). For the remaining Lease Years, the Minimum Annual Rent shall be increased on each Adjustment Date to an amount equal to the Minimum Annual Rent applicable for the previous Lease Year multiplied by the lesser of (i) one (1) plus the CPI; or (ii) one (1) plus two and one-half percent (2.5%) during each of the remaining Lease Years. All past due rent, additional rent, and/or other sums due to Landlord under the terms of this Lease shall bear interest from the date which is five (5) days from the due date until paid by Tenant at the rate of two percent (2%) above the published prime rate of Wachovia Bank, N.A., or its successor, not to exceed the maximum rate of interest allowed by law in the state of New York, and such interest shall be deemed to be additional rent. All payments for Rent (those hereinafter stipulated as well as said Minimum Annual Rent) shall be paid via authorized debit of a special account for rent established at Wachovia or by wire transfer as follows:
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Examples of Initial Minimum Annual in a sentence

  • Lessee shall pay (i) to Ramaco, in advance, an advance minimum annual royalty in the amount of One Hundred Thousand and 00/100 Dollars ($100,000.00) per year (the “Initial Minimum Annual Royalty Payment”), with the first Initial Minimum Annual Royalty Payment being due on or before the earlier of (a) July 20, 2016, or (b) the twentieth (20th) day of the calendar month following the month in which Lessee receives the proceed s from third-party equity offerings of the stock of Ramaco Resources, Inc.

  • Thus, for example, if the Rent Commencement Date occurred on May 1, 2015, the Initial Minimum Annual Guaranty Adjustment Date shall occur on July 1, 2017, the adjustment shall be based on the Rent payable by Permittee to Port under Paragraph E for the calendar year ending December 31, 2016, and subsequent adjustments shall occur on July 1, 2018 and on each subsequent July 1st during the remainder of the Term.

  • Lessee shall pay (i) to Ramaco, in advance, an advance minimum annual royalty in the amount of One Hundred Thousand and 00/ 100 Dollars ($100,000.00) per year (the “Initial Minimum Annual Royalty Payment”), with the first Initial Minimum Annual Royalty Payment being due on or before the earlier of (a) May 20, 2016, or (b) the twentieth (20th) day of the calendar month following the month in which Lessee receives the proceeds from third-party equity offerings of the stock of Ramaco Resources, Inc.

  • The Initial Minimum Annual Concession Fee is set by the Aviation Authority at One Hundred Sixty Five Thousand and No/100 Dollars ($165,000.00).

  • The Initial Minimum Annual Concession Fee is set by the Aviation Authority at One Million Six Hundred Fifty Thousand and No/100 Dollars ($1,650,000.00).

  • The Initial Minimum Annual Concession Fee is set by the Aviation Authority at One Hundred Thousand and No/100 Dollars ($100,000.00).

  • As used in this Permit, the Initial Minimum Annual Guaranty Adjustment Date shall occur on the July 1st immediately following the expiration of the first full calendar year that commenced on or after the Rent Commencement Date.

  • Please note that the Initial Minimum Annual Concession Fee should be proposed on the basis of a full twelve (12) month period, even though the Initial Period may be longer or shorter than twelve (12) months.

  • The Initial Unit Price and the Initial Minimum Annual Charge are set out on the first page of this agreement.

  • Thus, for example, if the Rent Commencement Date occurred on May 1, 2016, the Initial Minimum Annual Guaranty Adjustment Date shall occur on July 1, 2018, the adjustment shall be based on the Rent payable by Permittee to Port under Section 4 for the calendar year ending December 31, 2017, and subsequent adjustments shall occur on July 1, 2018 and on each subsequent July 1st during the remainder of the Term.