Tenant’s ASC definition
Tenant’s ASC means the amount equal to the product of the annual Fixed Rent per RSF payable by Tenant under this Lease for each calendar year during the Term subsequent to the calendar year in which Delivery of Possession occurs (anticipated to be 2017) multiplied by the PILOT Rate pursuant to the Agreement for the year in question. For such period of time during the Term in which the Agreement is not in effect, if the Taxes for the Real Property for any calendar year or partial calendar year, during the Term are greater than the Taxes for the year subsequent to the calendar year in which Delivery of Possession occurs (anticipated to be 2017 Taxes) (adjusted proportionately for periods less than a calendar year), then Tenant will pay to Landlord as Additional Rent, Tenant’s Share of all such excess Taxes. Notwithstanding the foregoing or anything to the contrary in this Lease, Tenant shall not be responsible for any increase in Taxes solely due to a future sale or transfer of the Premises or the Building. As more particularly set forth in Section 4,2, Base Operating Expenses are fixed at $10.00 per RSF and Tenant will not be obligated to pay for increases in Operating Expenses during the 12 calendar month period following the First Phase Rent Commencement Date.
Tenant’s ASC means, (i) if the Annual Service Charge (as defined in the Financial Agreement) is an amount equal to a percentage of the actual Annual Gross Revenue (as defined in the Financial Agreement) of the of Project, then an amount (“Tenant’s Stated ASC”) equal to the product of the portion of the Annual Gross Revenue that is payable by Tenant to Landlord for each calendar year during the Term, which the parties agree shall mean (I) the Monthly Rent, Additional Rent set forth in this Lease, and all other expenses ordinarily paid by a landlord includable in Annual Gross Revenue (as required under the Financial Agreement) or, (II) if the Annual Gross Revenue is based on the stated Annual Gross Revenue for the Project (as defined in the Financial Agreement) as set forth on Exhibit F to the Financial Agreement (and not calculated based on the actual Annual Gross Revenue of the Project), an amount equal to such stated Annual Gross Revenue for the Project set forth on Exhibit F multiplied by a percentage equal to Tenant’s payments of Monthly Rent, Additional Rent set forth in this Lease, and all other expenses ordinarily paid by a landlord includable in Annual Gross Revenue (as required under the Financial Agreement) divided by such amounts payable by all of the tenants in the Building (such amount set forth in clauses (I) or (II) above, “Tenant’s Revenue Amount”), multiplied by the applicable percentage rate under the Financial Agreement for the calendar year in question; or (ii) if the Minimum Annual Service Charge (as defined in the Financial Agreement) is greater than the applicable percentage of Annual Gross Revenue, then Tenant’s ASC shall mean an amount equal to the greater of (A) Tenant’s Stated ASC and (B) Tenant’s share of the Minimum Annual Service Charge, calculated as a percentage equal to Tenant’s Revenue Amount divided by the Annual Gross Revenue payable by all tenants in the Building, which Annual Gross Revenue shall be determined in the same manner as Tenant’s Revenue Amount, or (iii) if the provisions of clause (ii) of Section 4.2 of the Financial Agreement shall then be applicable, Tenant’s ASC shall mean an amount equal to the greatest of (x) Tenant’s Stated ASC, (y) the amount set forth in clause (B) herein or (z) Tenant’s share of the amount payable pursuant to clause (c) of Section 4.2(ii) of the Financial Agreement (i.e., 20% of the Ordinary Taxes (as defined in the Financial Agreement) for the calendar year in question), which ▇▇▇▇▇▇’s share sha...
Tenant’s ASC means the amount equal to the product of the annual Fixed Rent and Storage Space Rent payable by Tenant under this Lease for each calendar year during the Term subsequent to calendar year 2016 multiplied by the PILOT Rate pursuant to the Agreement for the year in question. By way of example and not of limitation, if the PILOT Rate is 10.25% and Tenant pays to Landlord $654,825.00 [26,193 RSF x $25.00 per RSF] in Fixed Rent and $6,000.00 [400 RSF x $15.00 per RSF] in Storage Space Rent for calendar year 2020, Tenant’s ASC would be $67,734.56 [$660,825.00 (654,825.00 + $6,000.00) x 10.25%] and Tenant’s portion of Taxes due and payable to Landlord, as Additional Rent, for calendar year 2020 would be $4,027.17 [$67,734.56 - $63,707.39]. For such period of time during the Term in which the Agreement is not in effect, if the Taxes for the Real Property for any calendar year or partial calendar year, during the Term are greater than the calendar year 2016 Taxes (adjusted proportionately for periods less than a calendar year), then Tenant will pay to Landlord as Additional Rent, Tenant’s Share of all such excess Taxes.