Calculation of Percentage Rent Sample Clauses

Calculation of Percentage Rent. Subject to proration as set forth above, Tenant shall pay Percentage Rent in respect of each Fiscal Year under this Agreement equal to (a) ten percent (10%) of the Total Facility Revenue for such Fiscal Year in excess of the Threshold, less (b) the amount by which annual Minimum Rent in the Fiscal Year for which Percentage Rent is being calculated exceeds the amount of annual Minimum Rent due for the first (1st) Accounting Year under this Agreement.
Sample 1Sample 2Sample 3See All (8)
AutoNDA by SimpleDocs
Calculation of Percentage Rent. Percentage Rent shall be calculated on an annualized calendar year, i.e. Lease Year, basis, or pro rata portion thereof, and deficits or losses shall not be carried forward from one calendar year to the next calendar year in making such computation. Tenant shall provide Landlord by February 1 of each year an estimated pro forma statement for that Lease Year showing the expected Gross Revenue, and the amount of expected Percentage Rent calculated in good faith on the basis of information then available to Tenant. Within thirty
Sample 1
Calculation of Percentage Rent. Tenant covenants and agrees to pay to Landlord, from and after the Delivery Date and through the date that is one (1) day before the Scheduled PILOT Conversion Date, Percentage Rent, determined in accordance with this SECTION 3.2(a). Percentage Rent for any Lease Year shall be the sum of the following amounts: (i) the sum of: (A) Twenty percent (20%) of the amount, if any, by which the lesser of (1) Adjusted Gross Revenues for such Lease Year and (2) the product of (x) 0.15 and (y) the Budgeted Retail Construction Costs exceeds (3) the product of (x) 0.13 and (y) the Budgeted Retail Construction Costs; and
Sample 1
Calculation of Percentage Rent. Percentage Rent for any Lease Year shall be 15% of the amount by which Gross Revenues for the applicable Lease Year exceed $8,000,000.
Sample 1
Calculation of Percentage Rent. (A) Subject to the terms of this Article 3, Tenant shall pay to Landlord, as additional rent, an annual amount equal to the product obtained by multiplying (i) the Percentage Rent Rate, by (ii) the excess of (X) the Gross Sales for each Sales Year, over (Y) the Applicable Breakpoint. (B) If (i) any Sales Year includes less than twelve (12) full calendar months, (ii) during any Sales Year, Tenant is entitled to an abatement or reduction in Fixed Rent pursuant to the provisions hereof, or (iii) during any Sales Year, Tenant does not occupy the Premises for the conduct of business by reason of the occurrence of a fire or other casualty, then the Applicable Breakpoint for such Sales Year shall be reduced appropriately. (C) The Gross Sales for any period during which the applicable Permitted Party is not open for business for retail trade for any reason other than as permitted hereunder (any such period being referred to herein as a “Closing Period”) shall be deemed to be an amount equal to the product obtained by multiplying (x) the Gross Sales for the portion of the Sales Year immediately preceding the Sales Year during which the Closing Period occurs that corresponds to the calendar days comprising the Closing Period (such portion of such immediately preceding Sales Year being referred to herein as the “Base Sales Period”), by (y) the sum of (i) one (1), and (ii) the percentage increase (if any) in Gross Sales that occurred from the calendar month immediately succeeding the Base Sales Period to the calendar month immediately succeeding the Closing Period; provided, however, that if the Sales Year during which the Closing Period occurs is the first (1st) Sales Year, then the monthly amount of Gross Sales for the Closing Period shall be deemed to be the average of the monthly amount of Gross Sales for the period of three (3) months immediately succeeding the last day of the Closing Period. Nothing contained in this Section 3.2(C) limits Landlord’s rights against Tenant at law, in equity or as otherwise set forth herein if Tenant (or another Permitted Party) closes its business in the Premises to retail trade in violation of the provisions of this Lease.
Sample 1
Calculation of Percentage Rent. Percentage Rent is the amount (if any) calculated by applying the percentage stated in Item 8 to the amount by which the Gross Sales for the Lease Year exceed the Percentage Rent Qualification Threshold.
Sample 1
Calculation of Percentage Rent. Tenant covenants and agrees to pay to Landlord, from and after the Lease Assignment Date and through the date that is one (1) day before the Scheduled PILOT Conversion Date (with respect to the PA Retail Space, in respect of any period for which the amount of PA Retail Space is equal to or greater than 5,000 square feet), Percentage Rent, determined in accordance with this Section 3.2(a). Percentage Rent for any Lease Year shall be the sum of: (i) Twenty percent (20%) of the amount, if any, by which the lesser of (A) Adjusted Gross Revenues for such Lease Year and (B) the product of (1) 0.15 and (2) the PA Budgeted Retail Construction Costs exceeds (C) the product of (1) 0.13 and (2) the PA Budgeted Retail Construction Costs; and (ii) Thirty percent (30%) of the amount, if any, by which (A) Adjusted Gross Revenues for such Lease Year exceeds (B) the product of (1) 0.15 and (2) the PA Budgeted Retail Construction Costs; and (iii) the sum of: (A) Twenty percent (20%) of the amount, if any, by which the lesser of (1) Roof Top Garden Adjusted Gross Revenues for such Lease Year and (2) the product of (x) 0.15 and (y) the Budgeted Roof Top Garden Construction Costs exceeds (3) the product of (x) 0.13 and (y) the Budgeted Roof Top Garden Construction Costs; and (B) Thirty percent (30%) of the amount, if any, by which (A) Roof Top Garden Adjusted Gross Revenues for such Lease Year exceeds (B) the product of (1) 0.15 and (2) the Budgeted Roof Top Garden Construction Costs; and (iv) the sum of: (A) Twenty percent (20%) of the amount, if any, by which the lesser of (1) Lobby Sublease Space Adjusted Gross Revenues for such Lease Year and (2) the product of (x) 0.15 and (y) the Budgeted Lobby Sublease Space Construction Costs exceeds (3) the product of (x) 0.13 and (y) the Budgeted Lobby Sublease Space Construction Costs; and (B) Thirty percent (30%) of the amount, if any, by which (A) Lobby Sublease Space Adjusted Gross Revenues for such Lease Year exceeds (B) the product of (1) 0.15 and (2) the Budgeted Lobby Sublease Space Construction Costs. It is agreed that in making the calculation set forth in this Section 3.2(a), in respect of the Lease Year during which the Lease Assignment Date has occurred, the Adjusted Gross Revenues, the Roof Top Garden Adjusted Gross Revenues and/or the Lobby Sublease Space Adjusted Gross Revenues for such Lease Year shall be the Adjusted Gross Revenues, the Roof Top Garden Adjusted Gross Revenues and/or the Lobby Sublease Space Adjusted...
Sample 1
AutoNDA by SimpleDocs
Calculation of Percentage Rent. In addition to the Minimum Rent to be paid by Tenant pursuant to Section 4, Tenant shall pay to Landlord, at the time and in the manner herein specified, without demand, deduction or offset (except as specifically permitted in this Lease), additional rent in an amount equal to the product of the percentage rent rate set forth in Paragraph 1.16 (the “Percentage Rent Rate”) multiplied by the dollar amount of Tenant’s “Gross Sales” (as defined in Paragraph 7.1(d) below) made in, upon, or from the Premises during each calendar year of the Term, less the aggregate amount of the Minimum Rent, Tenant’s Share of Adjustments (as set forth in Paragraph 7.2), and Tenant’s Monthly Parking Fee (as set forth in Paragraph 25.3(b) of the Addendum), and Promotional Fund dues (as set forth in Paragraph 30), previously paid or payable by Tenant and allocable to said Lease Year calendar year (“Annual Breakpoint”) (such additional rent is referred to herein as “Percentage Rent”). Clearly agree about what items can be of fset against percentage rent. Minimum rent is common, but common area maintenance charges, taxes, promotion fund payments, etc. may also be of fset.
Sample 1

Related to Calculation of Percentage Rent

  • Basis for calculation of periodic payments All interest and commitment fee and any other payments under any Finance Document which are of an annual or periodic nature shall accrue from day to day and shall be calculated on the basis of the actual number of days elapsed and a 360 day year.

  • Interest Rates Payments and Calculations (a) Interest Rate. Except as set forth in Section 2.3(b), or as ------------- specified to the contrary in any Loan Document, any Advances under this Exim Agreement shall bear interest, on the average daily balance, at a rate equal to the Prime Rate per annum.

  • Computation of Periods If the date to perform any act or give any notice specified in the Contract Documents (including the last date for performance or provision of notice “within” a specified time period) falls on a non-Business Day, such act or notice may be timely performed on the next succeeding day which is a Business Day. Notwithstanding the foregoing, requirements contained in the Contract Documents relating to actions to be taken in the event of an emergency and other requirements for which it is clear that performance is intended to occur on a non-Business Day, shall be required to be performed as specified, even though the date in question may fall on a non-Business Day.

  • Percentage Rent Tenant shall (i) not later than the tenth (10th) day after the close of each calendar month, deliver to Landlord at the Center office a written statement certified under oath by Tenant or an officer of Tenant, showing Gross Sales and Adjusted Gross Sales made in such calendar month; and (ii) not later than thirty (30) days after the end of each Lease Year or Partial Lease Year, deliver to Landlord at the Center office a statement of Gross Sales and Adjusted Gross Sales for such Lease Year or Partial Lease Year the correctness of which is certified to by Tenant or an officer of Tenant. If Tenant fails to prepare and deliver any statement of Gross Sales and Adjusted Gross Sales required hereunder, within the time or times specified above, then Landlord shall have the right, in addition to the other rights and remedies set forth in this Lease, (a) to collect from Tenant a sum which shall be $250.00 which shall be deemed liquidated damages for administrative and overhead expenses resulting from such failure, and (b) to estimate Tenant’s Adjusted Gross Sales for any non-reported period and bill Tenant’s Percentage Rent accordingly. Landlord reserves the right, at Xxxxxxxx’s option, to adjust Percentage Rent xxxxxxxx when actual Adjusted Gross Sales reports are received. Percentage Rent shall become due and payable in each Lease Year on the fifteenth (15th) day of the month immediately following the month during which Adjusted Gross Sales exceed the Sales Breakpoint for such Lease Year, and thereafter shall be paid monthly on all additional Adjusted Gross Sales made during the remainder of such Lease Year, such payments to be made concurrently with the submission by Tenant to Landlord of the written statement of monthly Adjusted Gross Sales as provided for herein. Tenant will preserve for at least three (3) years at Tenant’s notice address all original books and records disclosing information pertaining to Gross Sales and Adjusted Gross Sales and such other information respecting Gross Sales and Adjusted Gross Sales as Landlord requires, including, but not limited to, cash register tapes, sales slips, sales checks, gross income and sales tax returns, bank deposit records, sales journals and other supporting data including itemized records of permitted exclusions. Landlord and its agents shall have the right during business hours to examine and audit such books and records preserved by Xxxxxx. If such examination or audit discloses a liability for Percentage Rent three percent (3%) or more in excess of the Percentage Rent paid by Tenant for any period and at least $500.00 of Percentage Rent is owed as the result of such audit, or if Tenant’s Gross Sales and Adjusted Gross Sales cannot be verified due to the insufficiency or inadequacy of Tenant’s records, or if Tenant shall have failed to furnish Landlord any monthly statement of Gross Sales and Adjusted Gross Sales during any Lease Year, Tenant shall promptly pay Landlord the cost of said audit. Tenant shall, in any event, pay to Landlord the amount of any deficiency in rents which is disclosed by such audit. If such examination or audit discloses an overpayment of Percentage Rent, then the excess, less the cost of such examination or audit, shall be credited to Xxxxxx’s account. Tenant’s obligation to preserve all original books and records shall survive the expiration of the Lease Term or the earlier termination of this Lease.

  • Annual Percentage Rate Each Receivable has an APR of not more than 25.00%.

  • Calculation of Charges Contractor shall provide an invoice to the City on a monthly basis for goods delivered and/or Services completed in the immediate preceding month, unless a different schedule is set out in Appendix B, “Calculation of Charges.” Compensation shall be made for goods and/or Services identified in the invoice that the City, in his or her sole discretion, concludes has been satisfactorily performed. In no event shall the amount of this Agreement exceed [insert whole dollar amount in numbers and words -- no pennies and no “.00”]. The breakdown of charges associated with this Agreement appears in Appendix B, “Calculation of Charges.” A portion of payment may be withheld until conclusion of the Agreement if agreed to by both Parties as retainage, described in Appendix B. In no event shall City be liable for interest or late charges for any late payments. City will not honor minimum service order charges for any services covered by this Agreement.

  • Interest Rates and Letter of Credit Fee Rates Payments and Calculations (a) Interest Rates. Except as provided in Section 2.13(c) and Section 2.15(a), all Obligations (except for the undrawn portion of the face amount of Letters of Credit) that have been charged to the Loan Account pursuant to the terms hereof shall bear interest at a per annum rate equal to the lesser of (i) the LIBOR Rate plus the Applicable Margin, or (ii) the maximum rate of interest allowed by applicable laws; provided, that following notice to Borrower in accordance with Section 2.15(a) hereof, all Obligations that have been charged to the Loan Account pursuant to the terms hereof shall bear interest at a per annum rate equal, during the duration of the circumstances described in Section 2.15(a), to the lesser of (A) the Base Rate plus the Applicable Margin as calculated pursuant to Section 2.15(a) or (B) the maximum rate of interest allowable by applicable laws.

  • INTEREST CALCULATION COSTS 10.1 As set forth in 31 CFR 205.27, interest calculation costs are defined as those costs necessary for the actual calculation of interest, including the cost of developing and maintaining clearance patterns in support of the interest calculations. Interest calculation costs do not include expenses for normal disbursing services, such as processing of checks or maintaining records for accounting and reconciliation of cash balances, or expenses for upgrading or modernizing accounting systems. Interest calculation costs in excess of $50,000 in any year are not eligible for reimbursement, unless the State provides justification with the annual report. 10.2 The State expects to incur the following types of interest calculation costs: Costs of calculating interest, including the cost of developing and maintaining clearance patterns in support of interest calculations. 10.3 The State shall submit all claims for reimbursement of interest calculation costs with its Annual Report in accordance with 31 CFR 205.

  • Calculation of Overtime If the overtime work has been carried out before as well as after the regular working hours during a certain day, the overtime periods shall be added together. Only full half hours are included in the calculation.

  • Cost of Living Adjustments Effective December 1, 2021, Compensation Plan salary rates shall be increased by two and five tenths percent (2.5%) but not less than eighty-five dollars ($85) per month (prorated for part-time employees). Effective December 1, 2022, Compensation Plan salary rates shall be increased by three and one tenth percent (3.1%) but not less than one hundred dollars ($100) per month (prorated for part-time employees). (See Appendix C & E.)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!