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. 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.
(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"), SAMP shall record Gross Hotel Revenue, the Occupancy Rate, the Average Daily Rate and Xxxxx Xxxxxx 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") SAMP 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. SAMP 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 SAMP 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 Xxxxx Xxxxxx Revenue.
(iii) On or before the fifth (5th) Business Day of the calendar month next following each Reporting Month (each a "Payment Month"), SAMP 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. 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. During the term of this Lease, Tenant shall pay to Lessor in addition to the Base Rent and the Escalation Rent, a percentage rent (the "Participation Rent"):
(a) With respect to each Fiscal Year through the Fiscal Year preceding the first Adjustment Year an amount equal to 10% of Participation Rent Net Cash Flow for such Fiscal Year; and
(b) With respect to each Fiscal Year commencing with the first Adjustment Year an amount equal to 15% of Participation Rent Net Cash Flow for such Fiscal Year.
(c) At the time Tenant delivers to Lessor the Annual Accounting Statement for each Fiscal Year (as provided in Section 2.5) it shall pay to Lessor the Participation Rent with respect to such Fiscal Year. Tenant shall be entitled to deduct from Participation Rent which would otherwise be due hereunder the amount of any Minority Business Enterprise Credit, which has not previously been deducted from Participation Rent.
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:
(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. (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.