Common use of Formula for Calculation Clause in Contracts

Formula for Calculation. In addition to Minimum Annual Rent, Tenant covenants and agrees to pay to Landlord as additional rent for each Lease Year the sum of Three percent (3.0%) of the amount by which Tenant's Gross Sales for such Lease Year exceeds the Minimum Annual Rent ("Percentage Rent"). Percentage Rent shall be payable, in arrears, on or before March 10 for the immediately preceding Lease Year. The amount of Percentage Rent payable by Tenant hereunder for the first Lease Year shall be prorated by computing the Percentage Rent that would be payable based on Gross Sales for the first 365 days of the Term and multiplying that number by a fraction, the numerator of which is the number of days in the first Lease Year and the denominator of which is 365. Such prorated Percentage Rent for the first Lease Year shall be payable prior to the 455th day of the Term. The Percentage Rent payable by Tenant for the final Lease Year shall be prorated by computing the Percentage Rent that would be payable based on Gross Sales for the last 365 days of the Term and multiplying that number by a fraction, the numerator of which is the number of days in the final Lease Year and the denominator of which is 365. Such prorated Percentage Rent for the final Lease Year shall be payable within 90 days after the Term expiration date.

Formula for Calculation. In addition to Minimum Annual Rent, Tenant covenants and agrees to pay to Landlord Land- lord as additional rent for each Lease Year the sum of Three percent (3.0%) of the amount by which Tenant's Gross Sales for such Lease Year exceeds the Minimum Annual Rent ("Percentage Rent"). Percentage Rent shall be payable, in arrears, on or before March 10 for the immediately preceding Lease Year. The amount of Percentage Rent payable by Tenant hereunder for the first Lease Year shall be prorated by computing the Percentage Rent that would be payable based on Gross Sales for the first 365 days of the Term and multiplying that number by a fraction, the numerator of which is the number of days in the first Lease Year and the denominator of which is 365. Such prorated Percentage Rent for the first Lease Year shall be payable prior to the 455th day of the Term. The Percentage Rent payable by Tenant for the final Lease Year shall be prorated by computing the Percentage Rent that would be payable based on Gross Sales for the last 365 days of the Term and multiplying that number by a fraction, the numerator of which is the number of days in the final Lease Year and the denominator of which is 365. Such prorated Percentage Rent for the final Lease Year shall be payable within 90 days after the Term expiration date.