New Allowance definition

New Allowance. A total amount equal to $1,729,240.00 to be paid by Landlord for the Construction Costs for the New Tenant Improvements as provided in this Exhibit. Any unused portion of New Allowance shall remain the property of Landlord, and Tenant shall have no interest in said funds, except for the Remaining New Allowance as defined below. Tenant shall have until June 1, 2015 (the “Outside Date”) to Substantially Complete the New Tenant Improvements and use the New Allowance for payment of Construction Costs for the New Tenant Improvements. If Tenant has not Substantially Completed the New Tenant Improvements and complied with the requirements in this Exhibit for payment of New Allowance by the Outside Date, Tenant shall not be entitled to any remaining unused amount of New Allowance, except as provided in Section 3.3 where Tenant may use up to $1,136,160.00 (i.e., up to $10.00 per square foot of rentable space in the Demised Premises) (“Remaining New Allowance”) of the unused New Allowance as a credit towards minimum guaranteed rental coming due under the Lease, as amended by the Seventh Amendment, whether before or after the commencement of the Seventh Amendment Extended Term.
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New Allowance is defined in Recital C above.
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Examples of New Allowance in a sentence

  • In consideration for Landlord agreeing to contribute the New Allowance, Tenant hereby acknowledges and agrees that Landlord shall have no obligation to contribute or fund any undisbursed balance of the Expansion TI Allowance referred to in Paragraph 3(b) of the First Amendment to Lease executed by Landlord and Tenant; it being understood and agreed that Tenant waives its right to require Tenant to contribute or fund any undisbursed balance of such Expansion TI Allowance.

  • Tenant may elect to have the Remaining New Allowance applied towards minimum guaranteed rental under the Lease, as amended by this Seventh Amendment.

  • Tenant shall pay for the New Tenant Improvements, except for the New Allowance which Landlord shall advance as hereinafter provided.

  • Notwithstanding anything to the contrary in the Lease, the Seventh Amendment or this Exhibit, Landlord shall have the right, in its sole and absolute discretion, at any time to pay Tenant for the amount of the New Allowance (or such amount that has not be used by Tenant) in full satisfaction of Landlord’s obligation to pay the New Allowance.

  • In the event the Reinsurer exercises its right to raise the Rate Table Multiple, a new allowance will be payable according to the following formula: [(1 - CA) X CRTM] ----------------- NA = 1 - NRTM where: NA = New Allowance CA = Current allowance CRTM = Current Rate Table Multiple NRTM = New Rate Table Multiple SUBSTANDARD PREMIUMS: SUBSTANDARD TABLE EXTRA Premiums will be increased by any (flat) extra premium or substandard premium charged the insured on the face amount initially reinsured.

  • Landlord agrees that no portion of the New Allowance is to be used to pay for costs of cleaning up or remediating any hazardous or toxic materials, if any, in the Premises or anywhere else in, on or under the Project.

  • Tenant’s failure to pay for the cost of the Tenant Improvements in excess of the New Allowance within such 30-day period shall be a Default by Tenant under the Lease.

  • Memorandum of Agreement which provides three lump-sum payments in consideration of the investment in tools by the mechanic (or Working ▇▇▇▇▇▇▇ - Central Garage, as the case may be).

  • Tenant shall pay all costs of designing and constructing Alterations in or to the Premises to the extent that the cost thereof exceeds the New Allowance.

  • Each disbursement request may seek disbursement of that portion of the New Allowance in an amount equal to the proportion of the Alterations completed and covered by the disbursement request, as determined under the approved schedule of values multiplied by a fraction, the numerator of which is the lesser of the New Allowance or the total contract price for the applicable Alterations and the denominator of which is the total contract price for the applicable Alterations.