Contraction Payment definition

Contraction Payment means (a) an amount equal to the unamortized costs (amortized over a 180 month period at an interest rate of 6%) incurred or paid by Landlord in connection with this Lease for (x) the brokerage commissions applicable to the Cancelled Floor, (y) the Work Allowance applicable to the Cancelled Floor, and (z) the so-called “free rent” applicable to the Cancelled Floor (consisting of the Base Rent which would have been payable for the Twelfth Floor Premises if the same were due during the period commencing on the Commencement Date applicable to the Twelfth Floor Premises and ending on the day immediately preceding the Rent Commencement Date applicable to the Twelfth Floor Premises, but excluding any free rent or rent credits due Tenant under Sections 2.04(b), 7.03, 11.05 and 17.03(b) hereof); and (b) an amount equal to six (6) monthly installments of Base Rent, Tenant’s Operating Payment and Tenant’s PILOT Payment as of the month in which the Contraction Option Effective Date will occur. Tenant may request from Landlord, at any time after the eighth (8th) anniversary of the Rent Commencement Date applicable to the Twelfth Floor Premises, Landlord’s calculation of the unamortized costs payable in accordance with clause (a) of this Section 37.01. Time is of the essence with respect to the giving of the Contraction Notice and the making of the Contraction Payment by the dates specified. If Tenant shall fail timely to deliver the Contraction Notice or shall timely deliver the Contraction Notice but shall fail to pay therewith the first half of the Contraction Payment, Tenant shall conclusively be deemed to have waived the Contraction Option. If Tenant timely delivers the Contraction Notice and the first half of the Contraction Payment, but shall fail timely to pay the second half of the Contraction Payment, then at Landlord’s option, exercisable by notice to Tenant, either (x) Tenant’s exercise of the Contraction Option shall be null and void, the lease of the Cancelled Floor to Tenant shall remain in full force and effect after the Contraction Option Effective Date as if the Contraction Notice had never been given and Tenant shall have no further rights under this Article 37 or (y) Tenant’s exercise of the Contraction Option shall remain in effect and Tenant’s lease of the Cancelled Floor shall end on the Contraction Option Effective Date in accordance with all of the provisions of this Article 37, and Landlord may exercise any and all rights and remedies availabl...
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Contraction Payment shall have the meaning set forth in Section 45.2 of this Lease.
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Contraction Payment means the sum equal to the amount of principal which would remain unpaid as of the Contraction Date with respect to a loan in an original principal amount equal to “Landlord’s Transaction Costs” ( as herein defined) for the Contraction Premises and which is repaid in equal monthly payments of principal and interest on a direct reduction basis over the term of the Lease with interest at the rate of ten (10%) percent per annum, compounding monthly in advance. For the purposes hereof, “Landlord’s Transaction Costs” shall be equal to the sum of (a) any free rent provided by Landlord to Tenant, plus (b) the brokerage commission paid by Landlord to the Brokers, plus (c) the attorney’s fees incurred by Landlord to prepare and negotiate this Lease, plus (d) the Work Allowance.
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Examples of Contraction Payment in a sentence

  • Time is of the essence of delivery of the Contraction Option Notice and the Contraction Payment.

  • Failure of Tenant to make the Contraction Payment in accordance with this paragraph shall render this Contraction Option void and of no effect.

  • Tenant shall pay the First Contraction Payment one-half (1/2) upon delivery of Tenant's First Contraction Notice and one-half (1/2) thirty (30) days prior to the effective date.

  • The Contraction Notice and the Contraction Payment must be received by Landlord no later than the date that is 12 months prior to the Contraction Date (“Contraction Notice/Payment Due Date”), failing which the Contraction Option is deemed waived (provided Landlord reserves the right to waive in writing the requirement that Tenant fully and/or timely pay the Contraction Payment).

  • Upon Tenant’s request after the Commencement Date, Landlord shall notify Tenant of its calculation of the Contraction Payment.

  • Further, after Landlord’s receipt of the applicable Contraction Payment, and so long as Tenant has surrendered the applicable Contraction Space in the condition required under the Lease, neither party shall have any rights, liabilities or obligations under the Lease with respect to the applicable Contraction Space for the period accruing after the applicable Contraction Date, except those which, by the provisions of the Lease, expressly survive the termination of the Lease.

  • Time is of the essence with respect to the giving of the Contraction Notice and the making of the Contraction Payment by the dates specified.

  • If Tenant fails to pay the Year 3 Contraction Payment on or before the date thirty days prior to the third anniversary of the Rental Commencement Date, the Lease shall not be terminated as to the Year 3 Contraction Space, and Landlord shall be entitled to retain any Year 3 Notice Penalty paid by Tenant.

  • The Second Contraction Payment (as hereinafter defined) shall be paid to Landlord on the Second Contraction Date.

  • Tenant shall pay Landlord a sum equal to two (2) years of the then-escalated gross rent which would next become due in connection with the First Contraction Space after the effective date set forth in Tenant's First Contraction Notice (the "First Contraction Payment").


More Definitions of Contraction Payment

Contraction Payment means the amount determined in accordance with the formula set forth on Schedule 7.
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Contraction Payment has the meaning given in Section 1.03(b).
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Related to Contraction Payment

  • Production Payment means a production payment obligation (whether volumetric or dollar denominated) of the Borrower or any of its Restricted Subsidiaries which are payable from a specified share of proceeds received from production from specified Oil and Gas Properties, together with all undertakings and obligations in connection therewith.

  • Completion Payment means the payment for the 20% of the Charges for each Apprenticeship that under the ESFA Rules is only paid once an Apprentice takes their end point assessment, including as the case may be Apprenticeships funded by Transferred Levy Funds;

  • Capitation Payment means a payment the STATE makes periodically to the MCO for each Enrollee covered under the Contract for the provision of services as defined in Article 6 regardless of whether the Enrollee receives these services during the period covered by the payment.

  • Agreement Payment means a Payment paid or payable pursuant to this Agreement.

  • Down payment means all partial payments, whether made in cash or otherwise, received by or for the benefit of the seller before or substantially contemporaneous with either the execution of the installment sale contract or the delivery of the motor vehicle sold under that contract, whichever occurs later.

  • Production Payments means, collectively, Dollar-Denominated Production Payments and Volumetric Production Payments.

  • Termination Payment has the meaning set forth in Section 6.03.

  • Estimated Swap Termination Payment means, with respect to an Early Termination Date, an amount determined by Party A in good faith and in a commercially reasonable manner as the maximum payment that could be owed by Party B to Party A in respect of such Early Termination Date pursuant to Section 6(e) of the ISDA Master Agreement, taking into account then current market conditions.

  • Rent Payment means the amount payable by Lessee for the Assets as specified in the applicable Schedule.

  • Payment Ahead means, with respect to a Precomputed Receivable and a Collection Period, any Excess Payment (not representing, when added to any Deferred Prepayment with respect to such Precomputed Receivable, a prepayment in full of such Precomputed Receivable) which the Servicer, in accordance with its customary servicing practices, will apply towards the payment of Scheduled Payments due in one or more future Collection Periods.

  • Transfer Payment Received As defined in Section 4.03.

  • Termination Payments has the meaning specified in Section 10(a).

  • Settlement Payment means the transfer, or contractual undertaking (including by automated clearing house transaction) to effect a transfer, of cash or other property to effect a Settlement.

  • Separation Payment means any lump sum cash payment in excess of Earned Salary and Accrued Obligations payable to Employee under this Agreement.

  • Transfer Payment Either or both of a Transfer Payment Made or a Transfer Payment Received.

  • PAGA Payment means the penalties pursuant to PAGA that the Parties have agreed is a

  • Upfront Payment has the meaning set forth in Section 4.1.

  • Termination Payment Date means the earlier of the first Distribution Date following the liquidation or sale of the Receivables as a result of an Insolvency Event and the occurrence of the Scheduled Series 1995-1 Termination Date.

  • Monthly Payment Amount means, with respect to each Payment Date, a payment equal to the amount of interest which has accrued during the related Interest Accrual Period, computed at the Interest Rate.

  • Amortization Payment shall have the meaning set forth in Section 2(d).

  • Rental Payments means the rental payments paid by the occupant of a unit, excluding any supplemental rental assistance to the occupant from the State, the federal government, or any other public agency, but including any mandatory fees or charges imposed on the occupant by the Owner as a condition of occupancy of the unit.

  • Payment Amount has the meaning specified in Section 6.1.