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. In addition to the Fixed Rent and all other rents and charges reserved hereunder and as part of the total Rent to be paid to Landlord under this Lease, Tenant agrees to pay to Landlord, as Additional Rent for each Lease Year, or portion thereof, during the Term, an amount ("Participation Rent") calculated in accordance with the formula set forth in Exhibit D-1 attached hereto and made a part hereof. For the purposes of computing the amount of Participation Rent due, if any, each Lease Year shall be considered as an independent accounting period and no charge or credit may be taken in any subsequent Lease Year on account of any Subrent in any prior Lease Year. Tenant's obligation under this Section 4.4 shall survive the expiration or earlier termination of this Lease. Participation Rent shall be determined and paid, without any prior demand therefor, as follows: Not later than the fifteenth (15th) day of each month during the Term (including, without limitation, the fifteenth (15th) day of the month subsequent to the month during which this Lease shall have terminated or expired), Tenant shall deliver, or cause to be delivered, to Landlord a true, correct and complete statement (each such statement, a "Monthly Statement") in the form from time to time approved by Landlord, showing (i) the Subrent made (A) in the immediately preceding calendar month and (B) for the entire elapsed portion of the Lease Year, including the immediately preceding month, and including a detailed itemization of all permissible exclusions therefrom, (ii) all installments of Participation Rent theretofore made by Tenant in respect of such Lease Year and (iii) a calculation of the installment of Participation Rent then due. Simultaneously with the rendition of each such statement, Tenant shall pay to Landlord an installment of Participation Rent equal to the Participation Rent due for the entire elapsed portion of the current Lease Year, including the immediately preceding month, less the aggregate installments of Participation Rent previously paid by Tenant in respect of such current Lease Year, in each instance as calculated in accordance with Exhibit D-1 attached hereto and made a part hereof. Not later than thirty (30) days after the close of each Lease Year (including, without limitation, any Lease Year ending upon the expiration or termination of this Lease), Tenant shall deliver, or cause to be delivered, to Landlord, a true, correct and complete statement (each such statement,...
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. (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:
Participation Rent. Beginning the day after XXXX’s gross profits exceed gross expenses plus debt service, SAMP 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 based upon Gross Revenue. Participation Rent shall be paid and settled in two stages: in two parts simultaneously paid, one part based upon Gross Hotel Revenue and one part based upon Xxxxx Xxxxxx Revenue. Participation Rent shall be preliminarily computed and paid monthly and finally computed and settled annually.
Participation Rent. See Confidential Attachment 1.
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.
Participation Rent. 5.3.1. Commencing on the Commencement Date, and during the remainder of the Term, Tenant shall pay to Landlord, if applicable, at the times and in the manner hereinafter specified, the Participation Rent. Notwithstanding anything to the contrary in this Lease, Tenant’s obligation to pay Participation Rent shall terminate as of the date of the First Sale. Commencing on the Commencement Date, Participation Rent shall be calculated on a Lease Year basis and paid in estimated payments on a Quarterly basis within forty-five (45) days after the end of each Quarter in which, or after the date that, the Net Cash Flow for the current year exceeds Cash Flow Xxxxx 0, and Participation Rent shall be reconciled on or prior to the date that is one hundred twenty (120) days after the expiration of each Lease Year during the Term.
Participation Rent. 7 2.5 Annual Accounting Statements .................................... 8 2.6 Net Rent; Manner of Payment ..................................... 9
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.
