Assignment Profit definition
Assignment Profit as used herein shall mean an amount equal to the excess of (x) all sums and other consideration paid to Tenant by the assignee for or by reason of such assignment, including, without limitation, any sums paid for Tenant’s fixtures, leasehold improvements, equipment, furniture, furnishings or other personal property over (y) the Transaction Costs (as hereinafter defined).
Assignment Profit means an amount equal to all sums and other considerations paid to Tenant by the assignee for or by reason of such assignment (including, but not limited to, sums paid for the sale or rental of Tenant’s fixtures, leasehold improvements, equipment, furniture, furnishings or other personal property, less, in the case of a sale thereof, the then net unamortized or undepreciated portion (determined on the basis of amortization schedules prepared per GAAP) of the amount, if any, by which the original cost thereof exceeded any amounts paid for or contributed by Landlord which were applied by Tenant against such original cost pursuant to the terms of this Lease) after deducting therefrom the amount of “Tenant’s Costs”, as hereinafter defined.
Assignment Profit shall be deemed to mean rent and/or other consideration received by Tenant specifically as consideration for: (i) the assignment of this Lease and/or of Tenant's leasehold interest in the Premises (including all "Permanent Leasehold Improvements", excepting "Tenant's Personal Property", as such terms are defined in Section 4.04, above), or (ii) a subletting of the Premises, including all Permanent Improvements, excepting Tenant's Personal Property, after the deduction by Tenant of all reasonable and out-of-pocket expenses incurred in connection with any such transfer, but shall specifically exclude any money or other consideration received by Tenant for, and appropriately and reasonably allocable to, Tenant's Personal Property, and/or for Tenant's business and/or its good will, stock, and/or other tangible and intangible items not comprising a portion of the Premises or Tenant's interest therein (all of the foregoing, collectively, "Tenant's Business Property"). Any consideration received by Tenant for Tenant's Business Property shall remain the sole property of Tenant. No consent by Landlord to an assignment of this Lease and no assignment made as hereinafter permitted, shall be effective until there shall have been delivered to Landlord (a) an agreement, in recordable form, executed by Tenant and the proposed assignee, wherein and whereby such assignee assumes due performance of the obligation on Tenant's part to be performed under this Lease to the end of the term hereof, and (b) the written consent of such assignment of the holder of any fee or leasehold mortgage to which this Lease is then subject shall have been obtained and delivered to Landlord if so required by the terms of such fee or leasehold mortgage. Notwithstanding the assumption by such assignee of due performance, Tenant shall continue to be fully responsible for the due performance of Tenant's obligations hereunder in the same manner and to the same extent as if no such assignment had been made. Any assignment, mortgage, pledge, sublease or hypothecation of this Lease, or of the interest of Tenant hereunder, without full compliance with any and all requirements set forth in this Lease shall be a breach of this Lease and, if not cured within thirty (30) days of notice from Landlord (or such extended period of time, to the extent reasonably required), a default hereunder.
Examples of Assignment Profit in a sentence
Tenant shall pay to Landlord from time to time an amount equal to fifty percent (50%) of Assignment Profit promptly after Tenant receives funds that constitute Assignment Profit.
In the event Landlord consents to an assignment, as consideration for Landlord's consent, Tenant shall pay to Landlord as and when received by Tenant, as Additional Rent, an amount equal to 50% of the Assignment Profit (hereinafter defined).
Assignor and Assignee acknowledge that Subsection (i) of Article 12J of the Lease provides that Assignor shall pay to Landlord a sum (the "Assignment Profit") equal to one hundred percent (100%) of all sums and other consideration paid to Assignor by Assignee for or by reason of such assignment (less all expenses reasonably and actually incurred by Assignor in connection with the assignment as further described in Article 12J of the Lease).
Section 2.02(i) Assignment Profit Percentage......................
Tenant shall pay to Landlord from time to time an amount equal to one hundred percent (100%) of Assignment Profit promptly after Tenant receives funds that constitute Assignment Profit.
More Definitions of Assignment Profit
Assignment Profit means all consideration payable to Tenant, directly or indirectly, by any assignee, or any other amount received by Tenant from or in connection with any assignment of this Lease (including, but not limited to, sums paid (x) for the sale or rental, or consideration received on account of any contribution, of Tenant's Property, or (y) in connection with a Recapture Assignment) after deducting therefrom: (i) in the event of a sale (or contribution) of Tenant's Property, the then unamortized or undepreciated cost thereof determined on the basis of Tenant's federal income tax returns, (ii) the reasonable out-of-pocket costs and expenses of Tenant in making such assignment, such as brokers' fees, attorneys' fees, and advertising fees paid to unrelated third parties, (iii) any real property transfer tax of the United States or the City or State of New York (other than any income tax), (iv) any sums paid by Tenant to Landlord pursuant to Section 12.2 hereof, (v) the cost of improvements or alterations made by Tenant expressly and solely for the purpose of preparing the Premises for such assignment, as determined by Tenant's federal income tax returns, (vi) the unamortized or undepreciated cost of any Tenant's Property leased to and used by such assignee, and (vii) the then unamortized or undepreciated cost of the Alterations determined on the basis of Tenant's federal income tax returns. If the consideration paid to Tenant for any assignment is paid in installments, then the expenses specified above shall be amortized over the period during which such installments are paid.
Assignment Profit means an amount equal to all sums and other considerations paid to Tenant by the assignee for or by reason of such assignment (including, but not limited to, sums paid for the sale or rental of Tenant’s fixtures, leasehold improvements, equipment, furniture, furnishings or other personal property, less, in the case of a sale thereof, the then net unamortized or undepreciated cost thereof (determined on the basis of Tenant’s federal income tax returns) after deducting therefrom the amount of Tenant’s Costs.
Assignment Profit has the meaning provided in Section 12.7.
Assignment Profit and "Sublease Profit", Tenant's Costs with respect thereto shall be deducted as and when they are paid by Tenant (or, as necessary, deducted from future Assignment Profit or Sublease Profit, as the case may be, to the extent that current Tenant Costs exceed current Assignment Profit or Sublease Profit, as the case may be).
Assignment Profit shall have the meaning set forth in Section 8.07C hereof.
Assignment Profit means any amount in excess of the sum of (a) the rental and other charges due under this Lease plus (b) the reasonable, out-of-pocket expenses (including brokerage commissions, marketing and advertising expenses, legal fees, costs to prepare the space for a subtenant, allowances, rent abatements, free rent periods and other concessions) which Tenant reasonably incurred in connection with the procurement of such sublease or assignment, whether such excess be in the form of an increased monthly or annual rental, or a lump sum payment (and if the subleased or assigned space does not constitute the entire Premises, the existence of such excess shall be determined on a pro-rata basis); provided, however, that “Assignment Profit” shall not include (1) any non-rent consideration paid in connection with a business sale or merger or other similar business transaction for which the assignment is necessary but fulfilling a larger purpose than solely the assignment, or (2) any bona fide payments (which are not disguised rent) for furniture and/or office equipment or other personal property or services accompanying the assignment or sublease).
Assignment Profit as used herein shall mean an amount equal to all sums and other considerations paid to Tenant by the assignee for or by reason of such assignment including, but not limited to, sums paid for the sale or rental of Tenant’s fixtures, leasehold improvements, equipment, furniture, furnishings or other personal property, less, in the case of a sale thereof, the then net unamortized or undepreciated portion (determined on a straight-line basis over the Term of this Lease) of the amount, if any, by which the original cost thereof exceeded any amounts paid for or contributed by Landlord which were applied or could have been applied by Tenant against such original cost pursuant to the terms of this Lease.