Participation Rent Sample Clauses

Participation Rent. (a) Commencing on the Waterfall Expiry Date and thereafter (the “Participation Period”), in addition to Base Rent, the Tenant shall pay fifty percent (50%) of the Annual Net Cash Flow during each Operating Lease Year, or part thereof (the “Participation Rent”) to the Landlord. (b) Payments on account of Participation Rent shall be based on the actual net cash flow for each and every month during the Participation Period (calculated in the same manner as Annual Net Cash Flow, mutatis mutandis), and shall be paid to the Landlord monthly in arrears during the Participation Period. (c) Within ninety (90) days after the end of each Operating Lease Year during the Participation Period, the Landlord shall deliver to the Tenant a statement from the Landlord’s Auditors as to the Annual Net Cash Flow and a calculation of the actual Participation Rent payable by the Tenant to the Landlord in respect of such Operating Lease Year and a calculation of the amount by which such Participation Rent varies from the aggregate instalments previously paid by the Tenant on account of the Participation Rent for such Operating Lease Year pursuant to Section 3.5(b). Within thirty (30) days after the receipt of such statement, either: (i) the Tenant shall pay to the Landlord the amount by which the actual Participation Rent payable by the Tenant with respect to such Operating Lease Year exceeds the aggregate of the monthly payments made by it under Section 3.5(b); or (ii) the Landlord shall pay to the Tenant the amount by which the aggregate of the monthly payments made by the Tenant under Section 3.5(b) exceeds the actual Participation Rent payable by the Tenant with respect to such Operating Lease Year. The Tenant shall have the right to dispute the Landlord’s Auditors’ determination of the Annual Net Cash Flow under this Section 3.5(c) through the Dispute Resolution Procedure and the Landlord and the Tenant shall effect any necessary readjustment of amounts previously paid on account of Participation Rent that are required as a result of the determination of the Annual Net Cash Flow through the Dispute Resolution Procedure. (d) In respect of the Operating Lease Year in which the Waterfall Expiry Date occurs, the Tenant shall pay to the Landlord the pro rata Participation Rent for such Operating Lease Year, determined by multiplying the Annual Net Cash Flow for such Operating Lease Year by the quotient of the number of days remaining in such Operating Lease Year as of the Waterfal...

Participation Rent. In order to allow Tenant and its Subtenants to predict with precision their costs over the Term, Landlord has agreed to receive as Additional Rent the amounts described in this Section (“Participation Rent”) instead of requiring a periodic increase in Fixed Rent that is tied to a consumer price index or other index for inflation. Accordingly, Tenant shall pay the following amounts as Participation Rent:

Participation Rent. Following the Completion Date, JoePC covenants and agrees to pay the City monthly as Rent an amount to be computed and paid as follows (“Participation Rent”). Participation Rent shall be computed in two parts simultaneously paid, one part based upon Gross Hotel Revenue and one part based upon Gross Restaurant Revenue. Participation Rent shall be paid and settled in two stages: Participation Rent shall be preliminarily computed and paid monthly and finally computed and settled annually. (i) Commencing with the first calendar month next after the month in which the Opening Date occurs, and for each consecutive month thereafter (each a “Generation Month”), JoePC shall record Gross Hotel Revenue, the Occupancy Rate, the Average Daily Rate, and Gross Restaurant Revenue obtained during that Generation Month. (ii) On or before the fifth (5th) Business Day of the calendar month next following each Generation Month (each a “Reporting Month”) JoePC shall deliver to the City its internal computation of preliminary Participation Rent due for the preceding Generation Month in accordance with the formulae incorporated in this Sub-Section. JoePC shall cause its record keepers to promptly cooperate with the City to answer and resolve any questions the City may have regarding the computation of preliminary Participation Rent, but JoePC shall not be obligated to make public the amount, calculation or supporting documentation for the amount or calculation of Gross Hotel Revenue, the Occupancy Rate, the Average Daily Rate or Gross Restaurant Revenue. (iii) On or before the fifth (5th) Business Day of the calendar month next following each Reporting Month (each a “Payment Month”), JoePC shall pay the City in immediately available funds preliminary Participation Rent in the amount reported in the Reporting Month or such other amount as may be adjusted by agreement of the parties.

Participation Rent. In addition to Minimum Rent, Tenant shall pay Port a participation rent in the amount specified in the Basic Lease Information. The Participation Rent shall be documented and payable as provided below.

Participation Rent. See Confidential Attachment 1

Participation Rent. (a) In addition to First Year Rent and Base Rent, Lessee shall pay to Lessor during each Lease Year, as additional rent accrued, paid and allocated, from any Net Operating Surplus, a portion of such Net Operating Surplus, as follows: _____ * The text within the brackets has been omitted and separately filed with the Securities and Exchange Commission pursuant to a Rule 24b-2 request for confidential treatment. (i) The lesser of (x) 50% of Net Operating Surplus for that Lease Year; or (y) 2% of Lessor's Capital Investment for that Lease Year. The amounts payable to Lessor under this paragraph are called the "First Tier Participation". (ii) After the First Tier Participation for that Lease Year is paid in full, an amount equal to 50% of the amount by which Net Operating Surplus for that Lease Year exceeds the sum of the First Tier Participation for that Lease Year and 8% per annum of Lessee's Capital Investment for that Lease Year. The amounts payable to Lessor under this paragraph are called the "Second Tier Participation". The First Tier Participation and the Second Tier Participation are sometimes together called "Participation Rent". Participation Rent shall be paid and determined in the manner set forth in Sections 3.3(b) and (c) below, and Lessee shall also pay to Lessor, with each payment of Participation Rent, an amount equal to one-half of the applicable sales tax thereon.

Participation Rent. The State will participate in the annual Net Cash Flow and the Net Proceeds from Capital Events under each Component Lease other than a Residential Component. After Tenant Equity has been repaid in full, the State will then receive seven percent (7%) of the Net Cash Flow. The State will also receive seven percent (7%) of the Net Proceeds from Capital Events.

Participation Rent. Participation Rent would commence upon receipt of any gross revenues. The “Participation Rent” is defined as the City’s share of the Project Net Revenue (defined below), which shall be payable in any given Lease Year pursuant to the following priority: 1. The first $75,000 of Net Revenue (the “Annual Fund”) shall be paid to the Theatre Foundation (defined in Attachment B), which will expend such funds in grants to support Target Users (defined below) pursuant to Item 2 of Attachment B. The Annual Fund shall be increased every ten (10) years during the term of the Lease by the cumulative CPI during such period (not to exceed 20% in the aggregate for any adjustment period). If the Net Revenue for any Lease Year is insufficient to fully fund the Annual Fund, the shortfall shall be carried over to successive years (without interest) until fully paid. 2. The Developer Fee set forth in Section 4.12 below, or any balance thereof, to the extent that said Developer Fee has not been paid to Developer at the end of Project construction. The Developer Fee shall not be treated as equity and shall not be subject to any Applicable Preferred Return, as defined below. 3. Subject to the requirements of Section 4.6 below, Developer shall receive the Applicable Preferred Return (defined below) until Developer has been paid its accrued Applicable Preferred Return on outstanding Developer Equity. “Developer Equity” means funds expended by Developer (a) for third-party Project costs that (i) cannot be funded through commercially reasonable construction financing secured by a first deed of trust against Developer’s leasehold interest (which financing is consistent with Paragraph 4.4(B) below) that charges a lower interest rate than the Applicable Preferred Return and (ii) is related to the design, permitting and construction of the Initial Improvements, initial common area improvements and any initial tenant improvements (or initial tenant improvement allowances) required by a lease with a third party, (b) to fund Third Party Capital Costs (defined below) if there are no reasonable alternative financing methods secured by a first deed of trust on Developer’s leasehold interest available that charge a lower interest rate than the Applicable Preferred Return, and (c) to fund any operating or capital reserves required by a lender to the extent not covered by the initial financing proceeds or cash flow. Third party costs shall include the actual cost (wages, benefits and employer tax...

Participation Rent. Developer covenants and agrees to pay the City, as additional annual rent (“Participation Rent”), an amount equal to ten percent (10%) of the amount by which: (i) Gross Operating Profit for such Rental Year exceeds (ii) the then Participation Rent Hurdle for such Rental Year. Participation Rent shall be calculated and included in the additional information or supplemental schedule of Gross Operating Profit included in the annual Audited Financial Statements. The amount due for each Rental Year shall be payable within thirty (30) days of the delivery of the Audited Financial Statements to the Developer. Participation Rent shall be paid pro rata in each Rental Year that the Participation Rent Hurdle adjusts.

Participation Rent. In addition to the Minimum Base Rent and Percentage Rent specified in this Article 4, Tenant shall pay Landlord such amount or amounts as may be calculated and determined to be due as and for participation rent in connection with refinancings, sales, assignments or subleases of the Premises (collectively, “Participation Rent”) pursuant to, at the times and in the manner specified in this Section.