Where a commercial lease contains a market rent review provision with a cap and collar that expressly applies 'in the first year following any Market Rent Review Date', and a separate percentage ratchet provision that increases rent by reference to 'the annual rent payable immediately prior to the Percentage Review Date', the ratchet increase is applied to the rent actually payable (as capped or collared), not to the unconstrained market rent. A court should not construe a contract with an explicable commercial result in a manner that increases the commercial benefits to one party based on general assumptions about the purpose of rent review clauses.
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