Rent Escalation Condition definition

Rent Escalation Condition means, as to any Lease Year, that the Prior Period Resident Revenues determined with respect to such Lease Year for all of the Leased Property (immediately prior to the commencement of such Lease Year) equal or exceed 90% of the Adjusted Base Year Resident Revenues for such Leased Property. By way of illustration only, for purposes of determining whether the Rent Escalation Condition has been satisfied for the Lease Year commencing as of January 1, 2013 and expiring as of December 31, 2013, the Resident Revenues for the period commencing as of November 1, 2011 and ending as of October 31, 2012 would be compared to the Adjusted Base Year Resident Revenues, in each case determined on the basis of that portion of the Leased Property that is subject to this Lease immediately prior to January 1, 2012, to determine whether the Prior Period Resident Revenues equal or exceed 90% of the Adjusted Base Year Resident Revenues.
Sample 1
Rent Escalation Condition means, as to any Lease Year, that the Prior Period Resident Revenues determined with respect to such Lease Year for all of the Leased Property (immediately prior to the commencement of such Lease Year) equal or exceed 90% of the Adjusted Base Year Resident Revenues for such Leased Property. By way of illustration only, for purposes of determining whether the Rent Escalation Condition has been satisfied for the Lease Year commencing as of January 1, 2011 and expiring as of December 31, 2011, the Resident Revenues for the period commencing as of November 1, 2009 and ending as of October 31, 2010 would be compared to the Adjusted Base Year Resident Revenues, in each case determined on the basis of that portion of the Leased Property that is subject to this Lease immediately prior to January 1, 2010, to determine whether the Prior Period Resident Revenues equal or exceed 90% of the Adjusted Base Year Resident Revenues.
Sample 1
Rent Escalation Condition means, as to any Lease Year, that the Prior Period Patient Revenues determined for such Lease Year equal or exceed fifty percent (50%) of the Adjusted Base Year Patient Revenues determined on the basis of those Leased Properties that are subject to this Lease during the period for which the Prior Period Patient Revenues are determined. By way of illustration only, for purposes of determining whether the Rent Escalation Condition has been satisfied for the Lease Year commencing as of August 1, 2009 and expiring as of July 31, 2010, the Prior Period Patient Revenues for the period commencing as of June 1, 2008 and ending as of May 31, 2009 would be compared to the Adjusted Base Year Patient Revenues determined on the basis of those Leased Properties that are subject to this Lease during such Prior Period Patient Revenues period to determine whether such Prior Period Patient Revenues equal or exceed fifty percent (50%) of the Adjusted Base Year Patient Revenues.
Sample 1

Examples of Rent Escalation Condition in a sentence

  • Commencing on the first Rent Adjustment Date and on each Rent Adjustment Date thereafter, provided that, as of such Rent Adjustment Date, the Rent Escalation Condition has been met for the just ending Lease Year, the annual Base Rent shall increase by the Annual Rent Increase for the Lease Year then just beginning.

  • The Chair thanked the Head of Shared Assurance Services for his address and the Members accepted the importance of an on-going training programme for Audit Committee Members.

  • The Base Year Patient Revenues applicable to the Transferred Premises for purposes of determining whether the Rent Escalation Condition under such New Lease has been satisfied shall be equal to the aggregate of the Allocated Base Year Patient Revenues for all of the Transferred Premises.

  • Notwithstanding anything contained herein to the contrary, if the Rent Escalation Condition fails with respect to any one or more Lease Years during the Term, the Fixed Rent determined for the next Lease Year with respect to which the Rent Escalation Condition is satisfied shall be determined as if the Rent Escalation Condition had been satisfied for all previous Lease Years and the Fixed Rent had been escalated pursuant to, and in accordance with, the terms of this Section 3.1.2 for all prior Lease Years.

  • The Base Year Resident Revenues applicable to the Transferred Premises for purposes of determining whether the Rent Escalation Condition under such New Lease has been satisfied shall be equal to the aggregate of the Allocated Base Year Resident Revenues for all of the Transferred Premises.

  • However, if the Rent Escalation Condition has not been met for one or more Lease Years, the Base Rent for the next Lease Year with respect to which the Rent Escalation Condition is satisfied shall be determined as if the Rent Escalation Condition had been satisfied for all previous Lease Years and the Base Rent had escalated pursuant to, and in accordance with, this §2.2.1 for all prior Lease Years.

  • If, as of any Rent Adjustment Date, the Rent Escalation Condition has not been so met for the just ending Lease Year, then no Base Rent increase shall occur for the Lease Year then just beginning.

  • However, if the Rent Escalation Condition has not been met as of one or more Rent Adjustment Dates, the Initial Rate for the next Lease Year with respect to which the Rent Escalation Condition is satisfied shall be determined as if the Rent Escalation Condition had been satisfied as of all previous Rent Adjustment Dates and the Initial Rate had escalated pursuant to, and in accordance with, this §2(a) for all prior periods.

  • On each Rent Adjustment Date, provided that, as of such date, the Rent Escalation Condition has been met for the just ending Lease Year, the Initial Rate then in effect will be increased by the Initial Rate Increaser Amount.

  • The Rent Escalation Condition need not be satisfied for the increases described in the immediately preceding sentence to occur.


More Definitions of Rent Escalation Condition

Rent Escalation Condition has the meaning set forth in the Lease.
Sample 1
Rent Escalation Condition means, as to any Lease Year, that the Prior Period Patient Revenues determined for such Lease Year equal or exceed seventy percent (70%) of the Adjusted Base Year Patient Revenues for those Leased Properties that were subject to this Lease during the period for which the Prior Period Patient Revenues are being determined. By way of illustration only, for purposes of determining whether the Rent Escalation Condition has been satisfied for the Lease Year commencing as of April 1, 2010 and expiring as of March 31, 2011, the Patient Revenues for the period commencing as of February 1, 2010 and ending as of January 31, 2011 would be compared to the Adjusted Base Year Patient Revenues, determined on the basis of those Leased Properties that were subject to this Lease during such Prior Period Patient Revenues period to determine whether the Prior Period Patient Revenues equal or exceed seventy percent (70%) of the Adjusted Base Year Patient Revenues.
Sample 1
Rent Escalation Condition means, as to any Lease Year, that: the Prior Period Operating Income determined for such Lease Year equals or exceeds seventy-five percent (75%) of the Adjusted Base Year Operating Income determined on the basis of those Leased Properties that are subject to this Lease during the period for which the Prior Period Operating Income is determined. By way of illustration only, for purposes of determining whether the Rent Escalation Condition has been satisfied for the Lease Year commencing as of November 1, 2005 and expiring as of October 31, 2006, the Prior Period Operating Income for the period commencing as of September 1, 2004 and expiring as of August 31, 2005 would be compared to the Adjusted Base Year Operating Income for such period for the Leased Properties that are subject to this Lease during such period to determine whether such Prior Period Operating Income equals or exceeds seventy-five percent (75%) of the Adjusted Base Year Operating Income for such period.
Sample 1

Related to Rent Escalation Condition

  • Early Termination Conditions means the types of conditions listed in Schedule A.

  • Extension Minimum Condition means a condition to consummating any Extension that a minimum amount (to be determined and specified in the relevant Extension Request, in the Borrower’s sole discretion) of any or all applicable Classes be submitted for Extension.

  • Termination Conditions means, collectively, (a) the payment in full in cash of the Obligations (other than (i) contingent indemnification obligations not then due and (ii) Obligations under Secured Hedge Agreements and Secured Cash Management Agreements) and (b) the termination of the Commitments and the termination or expiration of all Letters of Credit under this Agreement (unless the Outstanding Amount of the L/C Obligations related thereto has been Cash Collateralized on terms reasonably acceptable to the applicable Issuing Bank, backstopped by a letter of credit reasonably satisfactory to the applicable Issuing Bank or deemed reissued under another agreement reasonably acceptable to the applicable Issuing Bank).

  • Extension Conditions Defined in Section 3.06(a).

  • Minimum Extension Condition has the meaning assigned to such term in Section 2.23(b).

  • Acceptance Condition means, with respect to an Offer, the condition set forth in the Offer Documents with respect to the number of acceptances to an Offer which must be secured to declare such Offer unconditional as to acceptances which shall be more than 50% of the Target shares carrying voting rights.

  • Final Completion Date means the date on which Final Completion occurs.

  • Normal Operating Conditions means those Service conditions which are within the control of Grantee. Those conditions which are not within the control of Grantee include, but are not limited to, natural disasters, civil disturbances, power outages, telephone network outages, and severe or unusual weather conditions. Those conditions which are ordinarily within the control of Grantee include, but are not limited to, special promotions, pay-per-view events, rate increases, regular peak or seasonal demand periods, and maintenance or upgrade of the Cable System.

  • Minimum Condition has the meaning set forth in Annex I.

  • Base Rent $ 25,024 per month ("Base Rent"), payable on the 1st day of each month commencing on the Commencement Date (Also see Paragraph 4.) [ ] If this box is checked, this Lease provides for the Base Rent to be adjusted per Addendum ___, attached hereto.

  • Market Rent the yearly rent at which the Premises might reasonably be expected to be let on the open market on the Rent Review Date, on the terms of the Hypothetical Lease and applying the Assumptions and the Disregards.94 Rent review On the Rent Review Date, the Main Rent is to be reviewed to the higher of: the Main Rent reserved immediately before the Rent Review Date; and the Market Rent. The reviewed Main Rent will be payable from and including the Rent Review Date. Dispute resolution The Market Rent at the Rent Review Date may be agreed between the Landlord and the Tenant. If they have not done so (whether or not they have tried) by [the date three months before] the Rent Review Date, either the Landlord or the Tenant can require the Market Rent to be decided by an independent [expert/arbitrator].95 If the Landlord and the Tenant do not agree on who should decide the Market Rent, the [expert/arbitrator] will be appointed by the President of the Royal Institution of Chartered Surveyors on the application of either the Landlord or the Tenant. [The arbitration must be conducted in accordance with the Arbitration Act 1996.][The expert will:] [invite the Landlord and the Tenant to submit to him a proposal for the Market Rent with any relevant supporting documentation; give the Landlord and the Tenant an opportunity to make counter submissions; give written reasons for his decisions, which will be binding on the parties; and be paid by the Landlord and the Tenant in the shares and in the manner that he decides (or failing a decision, in equal shares).] The [expert/arbitrator] must be an independent chartered surveyor of not less than ten years’ standing who is experienced in the rental valuation of property similar to the Premises and who knows the local market for such premises. If the [expert/arbitrator] dies, becomes unwilling or incapable of acting or it becomes apparent for any other reason that he will be unable to decide the Market Rent within a reasonable time, he may be replaced by a new [expert/arbitrator] who must be appointed on the terms set out in this paragraph 3. Responsibility for the costs of referring a dispute to an [expert/arbitrator], including costs connected with the appointment of the [expert/arbitrator] but not the legal and other professional costs of any party in relation to a dispute, will be decided by the [expert/arbitrator] and failing a decision, they will be shared equally between the parties. Consequences of delay in agreeing the revised rent If, by the Rent Review Date, the reviewed Main Rent has not been ascertained, then: the Main Rent reserved under this Lease immediately before the Rent Review Date will continue to be payable until the reviewed Main Rent has been ascertained; following the ascertainment of the reviewed Main Rent, the Landlord will demand the difference (if any) between the amount the Tenant has actually paid and the amount that would have been payable had the Main Rent been ascertained before the Rent Review Date; and the Tenant must pay that difference to the Landlord within 10 Business Days after that demand and interest at three per cent below the Interest Rate calculated on a daily basis on each instalment of that difference from the date on which each instalment would have become payable to the date of payment. If not paid those sums will be treated as rent in arrear. Rent review memorandum When the Market Rent has been ascertained, a memorandum recording the Main Rent reserved on review must be entered into. The Landlord and the Tenant will each bear their own costs in relation to that memorandum. Time not of the essence For the purpose of this Schedule 2 time is not of the essence.96

  • Final Completion means the date determined and certified by A/E and Owner on which the Work is fully and satisfactorily complete in accordance with the Contract.

  • Base Rental means the amount of rent due to Landlord per square foot for the first year of the Term. Base Rental for the first year of Term shall be $32.50 per square foot for the building and $7.50 per square foot for the drive thru at the Premises. Year Per SqFt First Floor Per SqFt Drive Thru TotalPer Annum TotalPer Month 1 $ 32.50 $ 7.50 $ 151,512.00 $ 12,626.00

  • Step Down Conditions As of any Distribution Date on which any decrease in any Senior Prepayment Percentage may apply, (i) the outstanding Principal Balance of all Mortgage Loans 60 days or more Delinquent (including Mortgage Loans in REO and foreclosure), averaged over the preceding six month period, as a percentage of the aggregate of the Class Certificate Principal Balances of the Classes of Subordinate Certificates on such Distribution Date, does not equal or exceed 50% and (ii) cumulative Realized Losses with respect to all of the Mortgage Loans do not exceed: · for any Distribution Date on or after the seventh anniversary until the eighth anniversary of the first Distribution Date, 30% of the aggregate Certificate Principal Balance of the Subordinate Certificates as of the Closing Date, · for any Distribution Date on or after the eighth anniversary until the ninth anniversary of the first Distribution Date, 35% of the aggregate Certificate Principal Balance of the Subordinate Certificates as of the Closing Date, · for any Distribution Date on or after the ninth anniversary until the tenth anniversary of the first Distribution Date, 40% of the aggregate Certificate Principal Balance of the Subordinate Certificates as of the Closing Date, · for any Distribution Date on or after the tenth anniversary until the eleventh anniversary of the first Distribution Date, 45% of the aggregate Certificate Principal Balance of the Subordinate Certificates as of the Closing Date, and · for any Distribution Date on or after the eleventh anniversary of the first Distribution Date, 50% of the aggregate Certificate Principal Balance of the Subordinate Certificates as of the Closing Date.

  • Sublease Payment means any payment required to be made by the District pursuant to Section 7 of the Sublease.

  • Poor foundation conditions means those areas where features exist which indicate that a natural or man-induced event may result in inadequate foundation support for the structural components of an SWLF unit.

  • Construction Completion Date means the date by which the overall development of the Project is completed in accordance with the provisions of this Agreement and when the Construction Completion Certificate is issued by the Independent Engineer as per Article 14.1.

  • Annual Base Rent means the business’s annual lease payment minus taxes, insurance and operating or maintenance expenses.

  • The Completion Date means the date of completion of the Works as certified by the Employer’s Representative.

  • Minimum Extended Summer Resource Requirement means, for Delivery Years through May 31, 2017, the minimum amount of capacity that PJM will seek to procure from Extended Summer Demand Resources and Annual Resources for the PJM Region and for each Locational Deliverability Area for which the Office of the Interconnection is required under Tariff, Attachment DD, section 5.10(a) to establish a separate VRR Curve for such Delivery Year. For the PJM Region, the Minimum Extended Summer Resource Requirement shall be equal to the RTO Reliability Requirement minus [the Limited Demand Resource Reliability Target for the PJM Region in Unforced Capacity]. For an LDA, the Minimum Extended Summer Resource Requirement shall be equal to the LDA Reliability Requirement minus [the LDA CETL] minus [the Limited Demand Resource Reliability Target for such LDA in Unforced Capacity]. The LDA CETL may be adjusted pro rata for the amount of load served under the FRR Alternative. Minimum Generation Emergency:

  • Rent Restriction Test means the test pursuant to Section 42 of the Code whereby the gross rent charged to tenants of the low-income apartment units in the Apartment Housing cannot exceed 30% of the qualifying income levels of those units under Section 42.

  • Market Rental Rate per square foot of rentable area shall mean (i) the annual rate of net or base or fixed rent reasonably determined to be the prevailing market net or base or fixed rental rate for comparable space in the Lisle/Naperville, Illinois area which has been built out for occupancy (taking into consideration the age of the build-out and the duration of the terms for which such space is being leased, location and/or floor level within a building, when the applicable rate becomes effective, quality and location of the applicable building, differences in rentable area for the applicable building, and differences in base building standards at the applicable building) and shall include prevailing concessions such as, but not limited to, rental concessions, tenant improvement work, allowances, brokerage commissions, time following delivery of the space for construction of tenant improvements without payment of Rent, etc, for terms commencing on or about the commencement date for the term for which Market Rental Rate is being determined hereunder (provided however, that in determining Market Rental Rate, there shall be no further rent abatement periods following delivery of the space for construction of tenant improvements, with respect to the First Offer Space under Article 27 and with respect to Expansion Space B under Expansion Option 2 pursuant to Article 28 above, if applicable, in that the rental abatement periods for construction of tenant improvements have already been agreed to by the parties and set forth in Section 27(f)(l) and Section 28(h)(l), respectively, above; and in the event that any such pre-agreed free-rent construction periods differ from “market” at the time of determination of Market Rental Rate, then the other components of Market Rental Rate shall be equitably adjusted accordingly), plus (ii) additional components of the Market Rental Rate consistent with additional components of rent charged for comparable space in the Lisle/Naperville, Illinois area, which may include, among the other then prevailing components of rent, periodic adjustments or additions to a fixed rent based on a share of real estate taxes and other expenses (such as Tenant’s Proportionate Share of Operating Costs and Taxes) and increases to adjust for inflation, and which may also include an additional market-level security deposit based upon security deposits being imposed upon other tenants at comparable office buildings in Lisle/Naperville, Illinois leasing comparable space and having comparable concession packages and being of comparable credit worthiness as that of Tenant. Comparable arms length lease transactions (and, as it relates to a determination under Article 29, renewal transactions) at the Building and/or bona fide written proposals or offers to lease comparable space at the Building (and, as it relates to a determination under Article 29, to renew leases of comparable space) received by Landlord from third parties (at arm’s length) or given by Landlord to third parties (at arm’s length) may be used by Landlord and thereupon have preferential value as an indication of the Market Rental Rate.

  • Additional Conditions means the terms and conditions set out in the Offer Document.

  • Payment Condition at any time of determination with respect to any Specified Transaction, that the following conditions are all satisfied: (x) (1) 30-Day Specified Excess Availability (divided by Availability as of such time of determination and expressed as a percentage) and (2) the Specified Availability on the date of such Specified Transaction (divided by Availability as of such time of determination and expressed as a percentage), in each case exceed the applicable Availability Percentage (as defined below), (y) unless the Fixed Charge Condition (as defined below) is satisfied (to the extent applicable), the Parent Borrower shall be in Pro Forma Compliance with a minimum Consolidated Fixed Charge Coverage Ratio of at least 1.00:1.00 and (z) if reasonably requested by the Administrative Agent, the Borrower Representative shall have delivered to the Administrative Agent (i) a copy of calculations required by preceding clause (y) in reasonable detail and (ii) a calculation of Specified Unrestricted Cash. As used herein, the following terms shall have the following meanings: (i) “Availability Percentage” shall mean (a) in respect of any Restricted Payment pursuant to Subsection 8.3(k), 12.5%; (b) in respect of (A) any investment or acquisition permitted pursuant to clause (u) of the definition of “Permitted Investments” or (B) clause (c)(i) of the definition of “Permitted Acquisitions,” 10.0%; (c) in respect of any payment, repurchase or redemption pursuant to Subsection 8.6(a), 12.5%; (d) in respect of any merger, consolidation, amalgamation or asset sale pursuant to Subsection 8.2(a) or 8.2(b), 10.0%; and (e) in respect of any Asset Sale that would otherwise have to comply with Subsection 8.5, 10.0%; and (ii) “Fixed Charge Condition” shall mean 30-Day Specified Excess Availability (divided by Availability as of such time of determination and expressed as a percentage) exceeds: (a) in respect of any Restricted Payment pursuant to Subsection 8.3(k), 17.5%; (b) in respect of any acquisition permitted pursuant to clause (c)(i) of the definition of “Permitted Acquisitions”, 15.0%; (c) in respect of any investment permitted pursuant to clause (u) of the definition of “Permitted Investments”, 15.0%; (d) in respect of any payment, repurchase or redemption pursuant to Subsection 8.6(a), 15.0%; and (e) in respect of (A) any merger, consolidation, amalgamation or asset sale pursuant to Subsection 8.2(a) or 8.2(b) or (B) any Asset Sale that would otherwise have to comply with Subsection 8.5, 15.0%.

  • Rent Payment means the amount payable by Lessee for the Assets as specified in the applicable Schedule.

  • Completion Payment means the payment for the 20% of the Charges for each Apprenticeship that under the ESFA Rules is only paid once an Apprentice takes their end point assessment, including as the case may be Apprenticeships funded by Transferred Levy Funds;