How is Current Number defined in a legal contract?
- Current Number means the most recent Index issued for the final month of the period being discussed. This is given by the Bureau of Labor Statistics or another applicable [agency] if they are publishing the Index. If not, it's an index of consumer prices considered comparable to the Index by the [organization]. Adjustments may be required to account for changes dating back to January 1, 1984 in the base, items included, or the manner they are compiled. Seen in 6 SEC Filings
- Current Number means the index figure immediately before the month in which commences the particular Lease Period. If the most recent Current Number is higher than the Base Number, then the Fixed Minimum Rent for the upcoming Lease Period will increase to a sum product achieved by multiplying the Fixed Minimum Rent specified in [clause] of this lease by a fraction. This fraction's numerator is the Current Number, and its denominator is the Base Number. This increased Fixed Minimum Rent remains effective throughout the Lease Period following the latest Current Number. Seen in 3 SEC Filings
Note: The Genie AI Legal Assistant pulled this data out of the SEC EDGAR Database of 500,000 records from the past 22 years of filings. We regularly update this page as new filings and definitions come in.
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Which definition should you use?
🤔 Our AI Legal Assistant has combined and improved the above descriptions to create market-standard 'Genie definitions' below, with guidance on which documents and which industry to use for each.
Genie Definition 1
Current Number means the final published Index during a specific period given by the [Relevant Bureau] or a similar [Agency].
Relevant Contract Types
Relevant Circumstances
- When determining rent adjustments and escalations based on market trends
- When a lease term is contingent upon changes in an index or market trends
- When calculating adjustments for inflation or cost of living in long-term leases
Relevant Sectors
Genie Definition 2
Current Number means the Index figure preceding the start of a Lease Period that determines rent adjustment calculations.
Relevant Contract Types
Relevant Circumstances
- When initiating a lease period with preset conditions for rent adjustment
- When contractually agreeing upon standard phrases for calculating rent adjustment
Relevant Sectors
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Current Number means the final published Index during a specific period given by the [Relevant Bureau] or a similar [Agency].
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