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2. Variable Rent
Variable Rent shall be calculated on the following formula.
[ A x ( B - C - D - E F )]
Whereat
A = Variable Rent at 80 percent
B = Operating revenue generated from Glow
Trinity Silom Building in such particular
month (e.g. revenues from rooms, meals,
beverages and other operations)
C = Operating costs incurred for Glow Trinity
Silom Building in such particular month
(e.g. operating costs for rooms, meals,
beverages and other operations)
D = Expenses arising out of operation of
Glow Trinity Silom Building in such
particular month (e.g. sale and
management expenses etc.)
E = Other expenses of Glow Trinity Silom
Building in such particular month (e.g.
building tax, insurance premium and
management fee etc.)
F = Fixed Rent (including Accrued Unpaid
Amount)
During the lease term, the parties agree to compare the Variable
Rent actually paid already in each fiscal year (Paid Variable Rent)
with the Variable Rent calculated from the financial information as
shown in the audited annual financial statements of the Lessee that
are submitted by the Lessee to the Fund (Actual Variable Rent)
Both parties agree to jointly complete the calculation of the Actual
Variable Rent within 20 business days after the end of fiscal year of
the Fund (the Calculation Date)
Where the Actual Variable Rent, after calculation, happens to be
zero or lesser, the Lessee shall not be required to pay the Variable
Rent to the Fund
In the event that the Paid Variable Rent does not equal to the Actual
Variable Rent, the parties agree as follows:-
2.1 If the Paid Variable Rent is more than the Actual Variable Rent,
the Fund shall take any of the following actions
(a) Return the balance to the Lessee within 15 business days
Information Memorandum of Trinity Property Fund 20