Common use of Percentage Rentals Clause in Contracts

Percentage Rentals. Percentage Rentals payable by Tenants under Tenant Leases shall be separately prorated as of the Adjustment Time between CBL/OP and Contributors in the manner provided in this Section 6.4.4. Such proration shall preliminarily be based on 105% of the Percentage Rentals received by Property Owner for the year period preceding the Adjustment Time (the "Projected Percentage Rentals"), with such amount being allocated in the following manner: Contributors shall be entitled to an amount equal to the product obtained by multiplying the Projected Percentage Rentals by a fraction, the numerator of which is the number of days between January 1, 2005 and the day preceding the Adjustment Time, and the denominator of which is 365, and CBL/OP shall be entitled to the balance of the Projected Percentage Rentals (the "Preliminary Percentage Rent Proration"). Subsequent to the Closing Date, the Preliminary Percentage Rent Proration shall be adjusted in the following manner: the proration of Percentage Rentals shall be made on a Tenant Lease-by-Tenant Lease basis and shall be based upon the fiscal year set forth in each applicable Tenant Lease for the determination of Percentage Rental. The actual fiscal year for Percentage Rental during which the Closing occurs is hereinafter referred to as the "Applicable Percentage Rental Fiscal Year." Upon the expiration of the Applicable Percentage Rental Fiscal Year, CBL/OP and Contributors shall prorate the total annual Percentage Rental due from a Tenant for such Tenant's Applicable Percentage Rental Fiscal Year as follows: (a) Contributors shall be entitled to the portion of the Percentage Rental paid by each Tenant equal to the product obtained by multiplying the total annual Percentage Rental paid by such Tenant by a fraction, the numerator of which fraction is the number of days in the Applicable Percentage Rental Fiscal Year preceding the Adjustment Time and the denominator of which is the total number of days in the Applicable Percentage Rental Fiscal Year; and (b) CBL/OP shall be entitled to the portion of the Percentage Rental paid by each Tenant equal to the product obtained by multiplying the total annual Percentage Rental paid by such Tenant by a fraction, the numerator of which fraction is the total number of days in the Applicable Percentage Rental Fiscal Year after the Adjustment Time and the denominator of which is the number of days in the Applicable Percentage Rental Fiscal Year. Any resulting adjustment shall be effected in conformance with Section 6.9.

Percentage Rentals. Percentage Rentals payable by Tenants under Tenant Leases shall be separately prorated as of the Adjustment Time between CBL/OP and Contributors Property Owner in the manner provided in this Section 6.4.4. Such proration shall preliminarily be based on 105% of the Percentage Rentals received by Property Owner for the year period preceding the Adjustment Time (the "Projected Percentage Rentals"), with such amount being allocated in the following manner: Contributors Property Owner shall be entitled to an amount equal to the product obtained by multiplying the Projected Percentage Rentals by a fraction, the numerator of which is the number of days between January 1, 2005 and the day preceding the Adjustment Time, and the denominator of which is 365, and CBL/OP shall be entitled to the balance of the Projected Percentage Rentals (the "Preliminary Percentage Rent Proration"). Subsequent to the Closing Date, the Preliminary Percentage Rent Proration shall be adjusted in the following manner: the proration of Percentage Rentals shall be made on a Tenant Lease-by-Tenant Lease basis and shall be based upon the fiscal year set forth in each applicable Tenant Lease for the determination of Percentage Rental. The actual fiscal year for Percentage Rental during which the Closing occurs is hereinafter referred to as the "Applicable Percentage Rental Fiscal Year." Upon the expiration of the Applicable Percentage Rental Fiscal Year, CBL/OP and Contributors Property Owner shall prorate the total annual Percentage Rental due from a Tenant for such Tenant's Applicable Percentage Rental Fiscal Year as follows: (a) Contributors Property Owner shall be entitled to the portion of the Percentage Rental paid by each Tenant equal to the product obtained by multiplying the total annual Percentage Rental paid by such Tenant by a fraction, the numerator of which fraction is the number of days in the Applicable Percentage Rental Fiscal Year preceding the Adjustment Time and the denominator of which is the total number of days in the Applicable Percentage Rental Fiscal Year; and (b) CBL/OP shall be entitled to the portion of the Percentage Rental paid by each Tenant equal to the product obtained by multiplying the total annual Percentage Rental paid by such Tenant by a fraction, the numerator of which fraction is the total number of days in the Applicable Percentage Rental Fiscal Year after the Adjustment Time and the denominator of which is the number of days in the Applicable Percentage Rental Fiscal Year. Any resulting adjustment shall be effected in conformance with Section 6.9.

Percentage Rentals. Percentage Rentals payable by Tenants under Tenant Leases shall be separately prorated as of the Adjustment Time between CBL/OP and Contributors in the manner provided in this Section 6.4.4. Such proration shall preliminarily be based on 105% of the Percentage Rentals received by Property Owner for the year period preceding the Adjustment Time (the "Projected Percentage Rentals"), with such amount being allocated in the following manner: Contributors shall be entitled to an amount equal to the product obtained by multiplying the Projected Percentage Rentals by a fraction, the numerator of which is the number of days between January 1, 2005 and the day preceding the Adjustment Time, and the denominator of which is 365, and CBL/OP shall be entitled to the balance of the Projected Percentage Rentals (the "Preliminary Percentage Rent Proration"). Subsequent to the Closing Date, the Preliminary Percentage Rent Proration shall be adjusted in the following manner: the proration of Percentage Rentals shall be made on a Tenant Lease-by-under each Tenant Lease on the basis and shall be based upon of the fiscal year set forth in each applicable Tenant Lease for the payment of Percentage Rentals. All interim Percentage Rental payments made before the Closing Date shall be retained by Seller until year-end adjustment and determination of Seller’s allocable share thereof, except that interim payments received by either party for the month in which the Closing Date occurs shall be prorated as between Seller and Buyer as of the Proration Date, and the party receiving the interim payment shall remit to (if received after the Closing Date) or credit (if received on or before the Closing Date) the other party its proportionate share, if any. All amounts received by Buyer after the Closing Date as interim payments of Percentage Rentals shall be retained by Buyer until year-end adjustment and determination of Seller’s allocable share thereof. Upon final determination of Percentage Rental. The actual Rentals owed by a Tenant under its Tenant Lease for the fiscal year for Percentage Rental during under that Tenant Lease in which the Closing occurs is hereinafter referred to as the "Applicable Percentage Rental Fiscal Year." Upon the expiration of the Applicable Percentage Rental Fiscal YearDate occurs, CBL/OP Seller and Contributors Buyer shall prorate the total annual Percentage Rental due from a Tenant adjust between themselves amounts owed for such Tenant's Applicable fiscal year on account of Percentage Rental Fiscal Year as follows: (a) Contributors Rentals, and Seller’s allocable share of such Percentage Rentals shall be entitled to the portion of the Percentage Rental paid by each Tenant equal to the product obtained an amount determined by multiplying total Percentage Rentals owed by the total annual Percentage Rental paid by such Tenant by a fraction, the fraction whose numerator of which fraction is the number of days in such fiscal year on or before the Applicable Percentage Rental Fiscal Year preceding the Adjustment Time Closing Date, and the whose denominator of which is the total number of days in such fiscal year. Prior to such adjustment between Seller and Buyer, at the Applicable end of the fiscal year for each Tenant Lease for which Percentage Rentals are due, Buyer shall xxxx or credit Tenants any amount due. To the extent received by Buyer under the applicable Tenant Lease, Buyer shall furnish Seller with financial statements indicating the sales and Percentage Rental Fiscal Year; and figures for each Tenant for all relevant periods. Within thirty (b30) CBL/OP days after collection, Buyer shall be entitled remit to the portion Seller its allocable share, less interim payments previously retained by Seller, if any. If Seller has retained amounts in excess of its allocable share, Seller shall, within thirty (30) days after written notice from Buyer of the excess owed Buyer, remit such excess to Buyer. Any Percentage Rental paid by each Rentals with respect to Tenant equal Leases terminated before the Closing Date shall belong entirely to the product obtained by multiplying the total annual Percentage Rental paid by such Tenant by a fractionSeller, the numerator of which fraction is the total number of days in the Applicable Percentage Rental Fiscal Year and Buyer shall remit to Seller all payments made to Buyer after the Adjustment Time and the denominator Closing Date on account of which is the number of days in the Applicable such Percentage Rental Fiscal YearRentals. Any resulting adjustment Percentage Rentals with respect to Tenant Leases commencing on or after the Closing Date shall be effected in conformance with Section 6.9belong entirely to Buyer.

Percentage Rentals. Percentage Rentals payable by Tenants under Tenant Leases shall be separately prorated as under each Lease on the basis of the Adjustment Time between CBL/OP and Contributors in the manner provided in this Section 6.4.4. Such proration shall preliminarily be based on 105% of the Percentage Rentals received by Property Owner for the year period preceding the Adjustment Time (the "Projected Percentage Rentals"), with such amount being allocated in the following manner: Contributors shall be entitled to an amount equal to the product obtained by multiplying the Projected Percentage Rentals by a fraction, the numerator of which is the number of days between January 1, 2005 and the day preceding the Adjustment Time, and the denominator of which is 365, and CBL/OP shall be entitled to the balance of the Projected Percentage Rentals (the "Preliminary Percentage Rent Proration"). Subsequent to the Closing Date, the Preliminary Percentage Rent Proration shall be adjusted in the following manner: the proration of Percentage Rentals shall be made on a Tenant Lease-by-Tenant Lease basis and shall be based upon the fiscal year set forth in each applicable Tenant Lease for the payment of Percentage Rentals. All interim Percentage Rental payments made before the Closing Date shall be retained by Seller with respect to the Shopping Center until year-end adjustment and determination of Seller’s allocable share thereof. All amounts received by Purchaser after the Closing Date as interim payments of Percentage Rentals shall be retained by Purchaser until year-end adjustment and determination of Seller’s allocable share thereof. Upon final determination of Percentage Rental. The actual Rentals paid by a tenant under its Lease for the fiscal year for Percentage Rental during under that Lease in which the Closing occurs is hereinafter referred to as the "Applicable Percentage Rental Fiscal Year." Upon the expiration of the Applicable Percentage Rental Fiscal YearDate occurs, CBL/OP Seller and Contributors Purchaser shall prorate the total annual Percentage Rental due from a Tenant adjust between themselves amounts paid for such Tenant's Applicable fiscal year on account of Percentage Rental Fiscal Year as follows: (a) Contributors Rentals, and Seller’s allocable share of such Percentage Rentals shall be entitled to the portion of the Percentage Rental paid by each Tenant equal to the product obtained an amount determined by multiplying total Percentage Rentals paid for the total annual Percentage Rental paid Shopping Center by such Tenant by a fraction, the fraction whose numerator of which fraction is the number of days in such fiscal year on or before the Applicable Proration Date, and whose denominator is 365. Prior to such adjustment between Seller and Purchaser, at the end of the fiscal year for each Lease for which Percentage Rentals are due, Purchaser shall xxxx or credit tenants any amount due. To the extent received by Purchaser under the applicable Lease, Purchaser shall furnish Seller with financial statements indicating the sales and Percentage Rental Fiscal Year preceding the Adjustment Time and the denominator figures for each tenant for all relevant periods. Within thirty (30) days after collection, Purchaser shall remit to Seller its allocable share, less interim payments previously retained by Seller, if any. If Seller has retained amounts in excess of which is the total number of its allocable share, Seller shall, within thirty (30) days in the Applicable Percentage Rental Fiscal Year; and (b) CBL/OP shall be entitled to the portion after written notice from Purchaser of the excess owed Purchaser, remit such excess to Purchaser. Any Percentage Rental paid by each Tenant equal Rentals with respect to Leases terminated before the product obtained by multiplying the total annual Percentage Rental paid by such Tenant by a fractionClosing Date shall belong entirely to Seller, the numerator of which fraction is the total number of days in the Applicable Percentage Rental Fiscal Year and Purchaser shall remit to Seller all payments made to Purchaser after the Adjustment Time and the denominator Closing Date on account of which is the number of days in the Applicable such Percentage Rental Fiscal YearRentals. Any resulting adjustment shall be effected in conformance Percentage Rentals with Section 6.9.respect to Leases commencing on or