Definition of Fair Market Rental Rate Sample Clauses

Definition of Fair Market Rental Rate. For purposes of this Lease, the Fair Market Rental Rate for (i) the Extension Premises for each Option Period, or (ii) for any other amount of space in the Project to be leased by Tenant pursuant to Sections 30.5, 30.6, 30.7, 30.8, 30.10 or 30.19 shall be equal to the monthly base rental rate at which willing tenants, as of the commencement of the Option Period (or other lease term in question) in arms-length transaction, are leasing non-sublease, non-encumbered, non-equity, non-expansion, non-renewal space comparable in size, location, floor height and quality to the Extension Premises (or other premises) in question (“Comparable Transactions”) in the Project or in other first-class high-rise office buildings in the Downtown Los Angeles Central Business District market outlined on Exhibit “N” attached hereto (the “Market”) with appropriate adjustments to account for differences in the Adjustment Factors (as defined below) between the predetermined terms of the renewal or expansion as set forth herein, and the terms of the transactions used for comparison. The intent of this provision is that the determination of Fair Market Rental Rate shall provide for Tenant the same rent and other economic benefits, and for Landlord the same economic benefits and burdens, that an independent landlord would give to an independent comparable tenant in an independent but Comparable Transaction, and to the extent that the economic concessions which would be granted to a Comparable Tenant in a comparable transaction differ from those to be provided to Tenant hereunder, appropriate adjustment (duplicating the adjustment that the open market would make) in the Fair Market Rental Rate shall be made to account for such differences. In any determination of Fair Market Rental Rate, consideration shall be given to any reasonably relevant factors that may be part of the subject transaction hereunder or the Comparable Transactions used for purposes of comparison, including without limitation, the following factors (the “Adjustment Factors”): (a) monthly base rental rates per rentable square foot; (b) abatement provisions reflecting free rent during the lease term or the grant of a construction period during which rent is to be paid; (c) any period for which operating expenses are waived; (d) the size, location and floor height of the premises being leased, and the size, location, age, quality, prestige, services and amenities of the Project and the other Buildings, to the extent suc...
Sample 1
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Definition of Fair Market Rental Rate. The term “fair market rental rate” as used herein shall mean the annual amount per rentable square foot, projected during the relevant period, that a willing, comparable, non-equity renewal tenant (excluding sublease, assignment and new tenant transactions) would pay, and a willing, comparable landlord of a comparable quality building located in the vicinity of the Building would accept, at arm’s length (what Lessor is accepting in current transactions for the Project may be considered), for space unencumbered by any other tenant’s expansion rights and comparable in size and quality as the leased area at issue taking into account the age, quality and layout of the existing improvements in the leased area at issue (with consideration given to the fact that the improvements existing in the Premises are specifically suitable to Lessee) and taking into account items that professional real estate brokers customarily consider in renewal transactions, including, but not limited to, rental rates, space availability, tenant size, refurbishment allowances, operating expenses, parking charges, and any other amounts then being charged by Lessor or the lessors of such similar industrial buildings but specifically disregarding concessions then being granted by comparable landlords to new tenants in comparable buildings located in the vicinity of the Building.
Sample 1
Definition of Fair Market Rental Rate. A. The term “fair market rental rate” as used in this Lease will mean the annual amount per rentable square foot, projected during the relevant period that a willing, comparable, non-equity renewal tenant (excluding sublease and assignment transactions with terms less than five (5) years) would pay, and a willing, institutional landlord of a comparable Class A office building located in the Jxxx Xxxxx Airport area of Irvine and Newport Beach, California (the “Comparison Area”) would accept, in an arm’s length transaction (what Landlord is accepting in then current transactions for the buildings on the Property may be used for purposes of projecting rent for the relevant period), for space of comparable size, quality and floor height as the Premises taking into account the age, quality and layout of the existing improvements in the Premises and taking into account items that professional real estate brokers customarily consider, including, but not limited to, term (without consideration of options to extend such term), rental rates, office space availability, tenant size, tenant improvement allowances, operating expenses and base year allowances, parking charges and any other lease considerations, if any, then being charged or granted by Landlord or the lessors of such similar Class A office buildings. The fair market rental rate shall take into account the condition and type of the improvements in the Premises, any tenant improvement allowance that a landlord would give a tenant for similarly improved second generation premises, the amenities in the Premises, Building and Property, the amount of operating expenses and other expenses for the Property that Tenant is required to pay for the Premises, and the type of utilities and other services provided by Landlord under the Lease. The fair market rental rate will be an effective rate, not specifically including, but accounting for, the appropriate economic considerations described above.
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Definition of Fair Market Rental Rate. (a) The term "
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Related to Definition of Fair Market Rental Rate

  • Rental Rate 4. The Lessee shall pay rent to the Lessor for the premises at the following rate: $ per month Payment shall be made at the end of each month upon submission of properly executed vouchers.

  • Fair Market Rent In the event that it becomes necessary to determine the Fair Market Rent of any Facility for any purpose of this Master Lease, and the parties cannot agree among themselves on such Fair Market Rent within twenty (20) days after the first request made by one of the parties to do so, then either party may notify the other of a person selected to act as appraiser (such person, and each other person selected as provided herein, an “Appraiser”) on its behalf. Within fifteen (15) days after receipt of any such Notice, the other party shall by notice to the first party appoint a second person as Appraiser on its behalf. The Appraisers thus appointed, each of whom must be a member of The Appraisal Institute/American Institute of Real Estate Appraisers (or any successor organization thereto, or, if no such organization exists, a similarly nationally recognized real estate appraisal organization) with at least ten (10) years of experience appraising properties similar to the Facilities, shall, within forty-five (45) days after the date of the notice appointing the first appraiser, proceed to appraise the applicable Facility to determine the Fair Market Rent thereof as of the relevant date; provided, that if one Appraiser shall have been so appointed, or if two Appraisers shall have been so appointed but only one such Appraiser shall have made such determination within fifty (50) days after the making of the initial appointment, then the determination of such Appraiser shall be final and binding upon the parties. If two (2) Appraisers shall have been appointed and shall have made their determinations within the respective requisite periods set forth above and if the difference between the amounts so determined shall not exceed ten percent (10%) of the lesser of such amounts, then the Fair Market Rent shall be an amount equal to fifty percent (50%) of the sum of the amounts so determined. If the difference between the amounts so determined shall exceed ten percent (10%) of the lesser of such amounts, either party may request the appointment of Experts pursuant to Article XXXIV.

  • Rental Rates Schedules for (i) proposed rental rates on heavy construction equipment, and (ii) proposed wage rates of operating engineers. The Design-Builder firm shall certify that the proposal for rental rates and proposal for wage rates comply with the Contract Documents.

  • Determination of Fair Market Value For purposes of this Section 10.2, “fair market value” of a share of Common Stock as of a particular date (the “Determination Date”) shall mean:

  • Definition of Rent All costs and expenses which Tenant assumes or agrees to pay to Landlord under this Lease shall be deemed additional rent (which, together with the Base Rent is sometimes referred to as the "Rent"). The Rent shall be paid to the Building manager (or other person) and at such place, as Landlord may from time to time designate in writing, without any prior demand therefor and without deduction or offset, in lawful money of the United States of America.

  • Calculation of Rent All calculation of Rent payable hereunder shall be computed based on the actual number of days elapsed over a year of three hundred sixty (360) days or, to the extent such Rent is based on the Prime Lending Rate, three hundred sixty-five (365) (or three hundred sixty-six (366), as applicable) days.

  • Fair Rental Value If a loss covered under Section I makes that part of the "residence premises" rented to oth- ers or held for rental by you not fit to live in, we cover the fair rental value of such premises less any expenses that do not continue while it is not fit to live in. Payment will be for the shortest time required to repair or replace such premises.

  • Borrower Information Used to Determine Applicable Interest Rates The parties understand that the applicable interest rate for the Obligations and certain fees set forth herein may be determined and/or adjusted from time to time based upon certain financial ratios and/or other information to be provided or certified to the Lenders by the Borrower (the “Borrower Information”). If it is subsequently determined that any such Borrower Information was incorrect (for whatever reason, including without limitation because of a subsequent restatement of earnings by the Borrower) at the time it was delivered to the Administrative Agent, and if the applicable interest rate or fees calculated for any period were lower than they should have been had the correct information been timely provided, then, such interest rate and such fees for such period shall be automatically recalculated using correct Borrower Information. The Administrative Agent shall promptly notify the Borrower in writing of any additional interest and fees due because of such recalculation, and the Borrower shall pay such additional interest or fees due to the Administrative Agent, for the account of each Lender, within five (5) Business Days of receipt of such written notice. Any recalculation of interest or fees required by this provision shall survive the termination of this Agreement, and this provision shall not in any way limit any of the Administrative Agent’s, the Issuing Bank’s, or any Lender’s other rights under this Agreement.

  • Determination of Option Rent In the event Tenant timely and appropriately exercises an option to extend the Lease Term, Landlord shall notify Tenant of Landlord’s determination of the Option Rent within thirty (30) days thereafter. If Tenant, on or before the date which is ten (10) days following the date upon which Tenant receives Landlord’s determination of the Option Rent, in good faith objects to Landlord’s determination of the Option Rent, then Landlord and Tenant shall attempt to agree upon the Option Rent using their best good-faith efforts. If Landlord and Tenant fail to reach agreement within ten (10) days following Tenant’s objection to the Option Rent (the “Outside Agreement Date”), then Tenant shall have the right to withdraw its exercise of the option by delivering written notice thereof to Landlord within five (5) days thereafter, in which event Tenant’s right to extend the Lease pursuant to this Section 2.2 shall be of no further force or effect. If Tenant does not withdraw its exercise of the extension option, each party shall make a separate determination of the Option Rent, as the case may be, within ten (10) days after the Outside Agreement Date, and such determinations shall be submitted to arbitration in accordance with Sections 2.2.3.1 through 2.2.3.7, below. If Tenant fails to object to Landlord’s determination of the Option Rent within the time period set forth herein, then Tenant shall be deemed to have objected to Landlord’s determination of Option Rent.

  • Determination of One-Month LIBOR Pursuant to the terms of the Global Agency Agreement, the Global Agent shall calculate the Class Coupons for the applicable Classes of Notes (including MAC Notes on which the Exchange Administrator has directed the Global Agent to make payments) for each Accrual Period (after the first Accrual Period) on the applicable LIBOR Adjustment Date. “One-Month LIBOR” will be determined by using the “Interest Settlement Rate” for U.S. dollar deposits with a maturity of one month set by ICE Benchmark Administration Limited (“ICE”) as of 11:00 a.m. (London time) on the LIBOR Adjustment Date (the “ICE Method”). ICE’s Interest Settlement Rates are currently displayed on Bloomberg L.P.’s page “BBAM.” That page, or any other page that may replace page BBAM on that service or any other service that ICE nominates as the information vendor to display the ICE’s Interest Settlement Rates for deposits in U.S. dollars, is a “Designated Page.” ICE’s Interest Settlement Rates currently are rounded to five decimal places. If ICE’s Interest Settlement Rate does not appear on the Designated Page as of 11:00 a.m. (London time) on a LIBOR Adjustment Date, or if the Designated Page is not then available, One-Month LIBOR for that date will be the most recently published Interest Settlement Rate. If ICE no longer sets an Interest Settlement Rate, Freddie Mac will designate an alternative index that has performed, or that Freddie Mac (or its agent) expects to perform, in a manner substantially similar to ICE’s Interest Settlement Rate.

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