Prevailing Market Rate definition

Prevailing Market Rate in respect of a Contract shall mean the prevailing market rate applicable at the time of execution of a Transaction in such Contract on the SEF determined with reference to the mid- level rate across all open bids and offers in respect of such Contract on the SEF at such time.
Prevailing Market Rate means a reasonable estimate of the price for a recyclable material that will be paid by a collection facility serving the area within the boundaries of a responsible unit during the year for which an application for assistance is sub- mitted.
Prevailing Market Rate means the rate of base rental rate being charged by Landlord to new tenants having a financial condition comparable to that of Tenant for comparable space within the Building for a comparable term as of the date of Tenant's exercise of the Option. For purposes of this Exhibit, the phrase "new tenants" shall mean (i) tenants who executed comparable leases within six (6) months prior to Tenant's exercise of the applicable Option or (ii) if no comparable lease exists within that six (6) month period, tenants who have executed comparable leases within twelve (12) months prior to Tenant's exercise of that Option. Landlord shall notify Tenant of the then prevailing market rate ("Rate Notice") promptly after Tenant's exercise of the Option; and if such rate is not acceptable to Tenant, then Tenant has the right to rescind its exercise of the Option by providing a written revocation notice to Landlord within ten (10) days of Tenant's receipt of Landlord's Rate Notice. In such case Tenant will have no further right to renew this Lease under Exhibit "E".

Examples of Prevailing Market Rate in a sentence

If either party fails to deliver its Determination in a timely manner, then the Prevailing Market Rate shall be the amount specified by the other party.

Landlord’s Determination may be more or less than its initial proposal of Prevailing Market Rate.

If the higher of such Determinations is not more than one hundred five percent (105%) of the lower of such Determinations, then the Prevailing Market Rate shall be the average of the two Determinations.

If the Prevailing Market Rate is not resolved by exchange of the Determinations, the Prevailing Market Rate shall be determined as follows, each party being bound to its Determination and such Determinations constituting the only two choices available to the Appraisal Panel (as hereinafter defined).

If Tenant timely rejects Landlord’s proposal, Landlord and Tenant shall first negotiate in good faith in an attempt to agree upon the Prevailing Market Rate for the Extension Term.


More Definitions of Prevailing Market Rate

Prevailing Market Rate means, on any day, the prevailing buying/selling spot or forward rate for a sale/purchase contract quoted by the Bank on such day.
Prevailing Market Rate means the annual market rental rate for space in comparable buildings in Selma, Texas, comparable to the extent practicable in size, condition, age, class, location and use to the Leased Premises and for a term of not less than five (5) years with tenants with credit similar to Tenant (adjusted using market rates to take into account that no rental increases shall occur during the five (5) year term of the extension, no concessions, inducements, landlord work, brokerage commission, allowances and other incentives) provided in leases executed during the twelve (12) month period prior to the date of Landlord’s written notice to Tenant of Landlord’s determination of the Prevailing Market Rate. Landlord will deliver written notice to Tenant of its determination of the Prevailing Market Rate no later than thirty (30) days after Landlord receives Tenant’s notice of exercise of its option to extend for the applicable Extension Term. If Tenant believes that the Prevailing Market Rate quoted by Landlord is not consistent herewith, Tenant shall so notify Landlord within ten (10) days after receipt of Landlord’s written notice of the Prevailing Market Rate, and Landlord and Tenant shall commence negotiations as of the date Tenant delivers such notice to attempt to agree upon the Prevailing Market Rate. If Landlord and Tenant are unable to reach agreement on the Prevailing Market Rate within thirty (30) days after the date of Landlord’s determination, Tenant may elect, by written notice to Landlord given within five (5) business days after the expiration of such 30-day period, to require that the disagreement be resolved by arbitration in the manner set forth herein. If Tenant does not provide such notice within the aforementioned five (5) business day period, Tenant will be deemed to have revoked and waived its option to extend the Term under this Article XX for the applicable Extension Term. If Tenant timely requests arbitration of the dispute, Landlord and Tenant shall then undertake arbitration and shall separately engage a licensed commercial real estate broker to determine the Prevailing Market Rate as defined herein. Within ten (10) business days after the real estate brokers has been selected, they shall simultaneously submit a market analysis which sets forth their opinion of the Prevailing Market Rate. If such opinions conclude a Prevailing Market Rate within 2% of each other, then the mean of the two opinions shall establish the Prevailing Market Rate for t...
Prevailing Market Rate means the then prevailing market rate for monthly rental for leases of second (2nd) generation space in the Market Area comparable to the renewal of the lease of the Premises (or the portion thereof, as applicable) and for a term equal to the term of the Extension Period, taking into account the length of the noncancellable lease term, rental concessions, the size of the space, the age and condition of the Building, the location of the Building, the amenities of the Building, the allowance for improvements, the pass through of operating expenses, taxes and insurance, the creditworthiness of Tenant, parking fees, and the residual value of existing improvements. The Prevailing Market Rate shall be determined between Landlord and Tenant by mutual agreement; however, if Landlord and Tenant cannot agree, the Prevailing Market Rate shall be established in the manner specified for determining Prevailing Market Rate contained in subparagraph f. below.
Prevailing Market Rate means the current market rental rate for the Premises as determined by Landlord but shall not be more than the rate at which Landlord would offer such space or space of approximately the same size and location to a third party. In no event, however, shall the Annual Basic Rent during the Renewal Term be less than the Annual Basic Rent reserved under this Lease for the Rental Year immediately preceding the Renewal Term for which the determination is being made.
Prevailing Market Rate means prevalent rate of rent of private or other building situated in the vicinity where an Evacuee Trust Property is located.
Prevailing Market Rate means the prevailing market rent per rentable square foot per month as of the date of the Option Notice for comparable space in the Building or any other comparable building located in the Project, and for a lease term comparable to the applicable Extension Term. If there is no such comparable space in the Project being offered to prospective tenants for a comparable lease term during the six (6) months immediately preceding the date of the Option Notice, the Prevailing Market Rate shall be based upon the prevailing market, rent being charged for comparable space and lease term in buildings comparable to the Building in the Vista, California metropolitan area ("Market Area") with similar amenities and taking into consideration location, leasehold improvements, the term of the lease required, the total amount of space within the Premises, the extent of all services to be provided and such other factors generally used by MAI appraisers in determining rental values for properties similar to the Premises. Regardless of whether the applicable proposed new Base Rent to be charged for the Premises during the applicable Extension Term is based upon the then Prevailing Market Rate for comparable space and lease term for a building in the Project, or based upon the then Prevailing Market Rate for comparable space and lease term in comparable buildings in the Market Area, in no event will rent which has not been set or adjusted during the six (6) months immediately preceding the date of the Option Notice be considered "prevailing" or "current".