Proceeds from Sale, Assignment or Refinance Sample Clauses

Proceeds from Sale, Assignment or Refinance. The parties agree that the Lessor shall be entitled to receive as Additional Rent the greater of (i) two percent (2%) of the Gross Proceeds on Sale, Assignment, or Finance (as defined below); or, (ii) twenty percent (20%) of the "Net Refinancing Proceeds" (as defined below) and twenty percent (20%) of the "Net Proceeds on Sale or Assignment" (as defined below). (1) For purposes of this Lease, "Net Refinancing Proceeds" means the proceeds received by or on behalf of Xxxxxx from the refinancing of any loan or loans secured directly or indirectly by a mortgage lien on Xxxxxx's leasehold estate (or the revenues from the leasehold estate) or directly or indirectly by a security interest in one or more membership interests in Lessee, and the proceeds of any one or more loans to Lessee secured by a subordinate lien on the Lessee's leasehold estate or subordinate security interest in one or more membership interests in Lessee more than one year after the Rent Commencement Date, net of (i) unaffiliated bona fide third party expenses which in amount and category are customary, reasonable and incident to such refinancing(s), (ii) amounts paid in satisfaction of any bona fide indebtedness secured by an outstanding Leasehold Mortgage being refinanced, (iii) the costs and expenses of new construction, renovation or repair of Improvements situated on the Premises which are permitted under this Lease, which costs are evidenced by a binding third party contract to perform such work, and which, at the closing of such financing, are to be commenced and financed by said loan and (iv) real property transfer gains tax, if any (e.g.; the former New York State Tax Law Article 31B or other re-enactment thereof). (2) For the purposes of this Lease, "Net Proceeds on Sale or Assignment", means the proceeds received by or on behalf of the Lessee upon a sale of the Improvements and simultaneous assignment of this Lease as permitted by Paragraph 17.C. or upon subletting of all of the Property, or upon the sale or transfer of membership interests in Lessee (or if Lessee is not a limited liability company, upon the sale or transfer of an interest in any corporation, partnership, or other legal entity comprising Lessee), except to the extent permitted by Paragraph 17.G. below, net of (i) unaffiliated, bona fide third party expenses which in amount and category are customary and incident to such sale, assignment, transfer or sublet, (ii) unaffiliated, bona fide third party outstanding indeb...