Minimum ML Rent definition
Examples of Minimum ML Rent in a sentence
The Master Lease Tenant shall be entitled to offset against the Minimum ML Rent payable each month an amount equal to the aggregate amount of rent actually received in the Clearing Account from tenants (other than the Master Lease Tenant) under Leases (other than the Master Lease) at the Property during and attributable to the immediately preceding Interest Period.
In calculating the Debt Service Coverage Ratio solely for purposes of determining the Minimum ML Rent, the Net Operating Income component of such calculation shall be deemed to be the Minimum ML Rent.
Borrower and Master Lease Tenant have entered into the Master Lease, pursuant to which Master Lease Tenant leases from the Borrower the entirety of the Master Lease Space, which Master Lease provides for free rent from the date hereof through and including April 30, 2007 and requires that, on the first (1st) day of each calendar month, commencing on May 1, 2007 the Master Lease Tenant pay to Borrower a fixed base rent equal to Minimum ML Rent (defined below).
On each Calculation Date, the Minimum ML Rent shall be adjusted to take into account any changes in LIBOR and such adjusted Minimum ML Rent shall apply for the calendar quarter following such Calculation Date.
As of the date hereof the Minimum ML Rent is $15,800,000 annually.