Percentage Lease definition

Percentage Lease means, (A) with respect to a Current Hotel that is a Transfer Hotel, the percentage lease with respect to such hotel represented by the Second Consolidated Lease Amendment between the Additional Lessor and the Additional Lessee, (B) with respect to a Current Hotel that is not a Transfer Hotel, the percentage lease with respect to such hotel represented by the Third Consolidated Lease Amendment between the Lessor and the Lessee and (C) with respect to each Additional Hotel, the percentage lease entered into between the Lessor and the Lessee with respect to such hotel.
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Percentage Lease means any lease entered into by and between the Partnership and (i) the Lessee or (ii) the Summerfield Lessee, (f) Summerfield Lessee means those affiliates of Wyndham International, Inc. that lease hotels from the Partnership or any subsidiary partnership under Percentage Leases; and (g) "knowledge" means the actual knowledge of the executive officers of the applicable entity, after reasonable inquiry or investigation; provided, that, where "knowledge" qualifies a representation or warranty of the Company or the Partnership with respect to the Summerfield Lessee, "knowledge" means the actual knowledge of the executive officers of the Company without further inquiry or investigation. If the foregoing is in accordance with your understanding of our agreement, please sign and return to us the enclosed duplicate hereof, whereupon this letter and your acceptance shall represent a binding agreement among the Company and the several Underwriters. Very truly yours, Innkeepers USA Trust By: /s/ Xxxx X. Xxxxxx ----------------------------------------------- Name: Xxxx X. Xxxxxx Title: General Counsel & Secretary Innkeepers USA Limited Partnership By: Innkeepers Financial Corporation, general partner By: /s/ Xxxx X. Xxxxxx ----------------------------------------------- Name: Xxxx X. Xxxxxx Title: Vice President The foregoing Agreement is hereby confirmed and accepted as of the date specified in Schedule I hereto. First Union Securities, Inc. By: /s/ J. Xxxx Xxxxxxxx --------------------------------------------- Name: J. Xxxx Xxxxxxxx Title: Managing Director, Equity Syndicate For itself and the other several Underwriters named in Schedule I to the foregoing Agreement SCHEDULE I Number of Underwriters Offered Shares to be Purchased ------------ ------------------------------ First Union Securities, Inc. 866,668 Banc of America Securities LLC 866,666 Xxxx Xxxxx Xxxx Xxxxxx, Incorporated 866,666 ------------ Total 2,600,000 SCHEDULE II Bold text indicates state of formation. Entity States ------ ------ 1. Innkeepers USA Trust MD, FL 2. Innkeepers Financial Corporation VA, FL 3. Innkeepers USA Limited Partnership VA, FL 4. Innkeepers Financial Corporation II VA, CA 5. Innkeepers Residence Sili I, L.P. VA, CA 6. Innkeepers Summerfield General, L.P. VA, CA 7. Innkeepers Residence Sili II, L.P. VA, CA 8. Innkeepers Residence San Mateo, L.P. VA, CA 9. Innkeepers RI General, L.P. VA, CA(1) 10. Innkeepers Hospitality, Inc. VA 11. Innkeepers Hospitality II, Inc. VA 12. Innkee...
Sample 1
Percentage Lease. No Security Deposit : 6,942.19 Percentage 0.00 Other Deposit : 0.00 Base Sales Amount 0.00 Square Feet (GLA) : 0 Billing Month : 0 Usable Sq. Ft. : 0 Annual Sales 0.00 Gross Sq. Ft. : 0 Prorata Sq. Ft. : 0 Parking Information : Number of Reserved Parking Spaces : 0 Storage Space : n ------------------------------------------------------------------------------ --------------[ Xxxx Xx ]---------------- Effective Date : 3/01/98 Expiration Date : 2/28/03 Move-In Date : 3/01/98 Move-Out Date : Option Date : 2/28/03 -----------------------------------------
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Examples of Percentage Lease in a sentence

  • Popular types of lease agreements used for restaurants/retail stores include: a Modified Gross Lease, Percentage Lease or a Net Lease (Double Net Lease or Triple Net Lease).

  • The Hotel is owned in fee by Apple Suites, Inc., a Virginia corporation ("Fee Owner") and leased to Owner pursuant to a lease between Fee Owner and Owner with a commencement date of even date herewith covering the Hotel (hereinafter the "Percentage Lease").

  • Percentage Lease In a percentage lease, the tenant pays the base rent on the property and a monthly percentage of the gross revenue from the business operating the rented space.

  • The following lists of material differences between the Percentage Lease filed as Exhibit 10.2 and the Percentage Lease identified by the Exhibit number below and is being filed pursuant to Instruction 2 to Item 601 of Regulation S-K.

  • Percentage Lease A percentage lease is when a lessee pays a base rent (minimum rent) plus a percentage of the business’s gross income for the total rent payment.

  • Either party to the Percentage Lease may terminate the Percentage Lease upon an Event of Default under the Loan Documents.

  • In no event shall any Manager be removed or replaced or the terms of the Percentage Lease or any Management Agreement modified or amended without the prior written consent of Mortgagee, which approval may be conditioned upon, among other things, receipt by Mortgagee of a no-downgrade confirmation from each Rating Agency, except as otherwise provided herein.

  • Any currently existing or future Affiliate of BHR or the Lessees that is or in the future may be a Lessee under a Percentage Lease shall become a party to this Agreement, entitled to the same rights, benefits and remedies to which BHR and the other Lessees are entitled hereunder by execution of an addendum to this Agreement.

  • Manager further agrees that any Incentive Fees payable under the Management Agreement are subject and subordinate to, at the option of Westboy or Owner, as the case may be, debt service and rent payable under the Percentage Lease up to the Annual Debt Service Priority Amount, as hereinafter defined.

  • Lessor shall establish and maintain an account to provide a reserve for the Capital Expenditures costs at the Facility and each other facility covered by a Percentage Lease.


More Definitions of Percentage Lease

Percentage Lease means any lease entered into by and between the Operating Partnership and (i) the IH Lessee or (ii) the Summerfield Lessee; (d) Summerfield Lessee means those affiliates of Wyndham International, Inc. that lease hotels from the Operating Partnership or any of the Company’s subsidiaries under Percentage Leases; (e) “knowledge” means the actual knowledge of the executive officers of the applicable entity, after reasonable inquiry or investigation; provided, that, where “knowledge” qualifies a representation or warranty of the Company or the Operating Partnership with respect to the IH Lessee, the IH Manager or the Summerfield Lessee, “knowledge” means the actual knowledge of the executive officers of the Company without further inquiry or investigation; and (f) “Governing Instruments” of a party means the declaration of trust, articles or certificate of incorporation, charter, bylaws, certificate of limited partnership, partnership agreement, articles of organization, operating agreement or other governing instrument, as applicable, of the party. If the foregoing is in accordance with your understanding, please so indicate in the space provided below for that purpose, whereupon this letter shall constitute a binding agreement among the Company, the Operating Partnership and the Underwriters. By: /s/ Xxxxx Xxxxxx Title: Executive Vice President, Chief Financial Officer and Treasurer INNKEEPERS USA LIMITED PARTNERSHIP By: Innkeepers Financial Corporation, its general partner By: /s/ Xxxxx Xxxxxx Title: Vice President Accepted in St. Louis, Missouri as of the date first above written, on behalf of ourselves and each of the several Underwriters named in Schedule I hereto.
Sample 1
Percentage Lease and "Summerfield Suites Lessee". For purposes of this Agreement, (a) "business day" means any day on which the New York Stock Exchange, Inc. is open for trading, (b) "subsidiary" has the meaning set forth in Rule 405 of the Rules and Regulations, (c) "Partnership" means Innkeepers USA Limited Partnership, a Virginia limited partnership, and each subsidiary partnership (each, a "Subsidiary Partnership"), as the context requires, (d) "General Partner" means collectively, as the context requires, the First General Partner and each of the general partners of the Subsidiary Partnerships, (e) "Lessee" means JF Hotel, Inc., a Virginia corporation, and its sister corporations which lease hotels from the Partnership, as the context requires, which term shall also include, as the context requires, affiliates thereof, (f) "Percentage Lease" means any lease entered into by and between the Partnership and (i) the Lessee or (ii) the Summerfield Suites Lessee, and (g) Summerfield Suites Lessee means Summerfield Suites Lease Company, L.P.
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Percentage Lease shall have the meaning set forth in the Recitals.
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Percentage Lease means any lease entered into by and between the Partnership and (i) the Lessee or (ii) the Summerfield Suites Lessee, and (g) Summerfield Suites Lessee means Summerfield Suites Lease Company, L.P.
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Percentage Lease means the percentage lease agreement to be entered into by the Acquiror and the Lessee at Closing with respect to the Hotel and the hotels acquired pursuant to the Other Contribution Agreements, the form of which is attached to the Master Addendum as Item 5; specific rent provisions to be included in the Percentage Lease for the Property are attached as EXHIBIT G.
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Percentage Lease shall have the meaning set forth in Section 2.
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Related to Percentage Lease

  • Percentage Rent As defined in Subsection 3.1(b).

  • Base Lease means the Base Lease Agreement delivered concurrently with this Lease between the Company and the Issuer.

  • Lease Balance means, as of any date of determination, the sum of (a) the Equity Balance (if same has not been paid as of such date)

  • Class B Loss Percentage With respect to any Determination Date and any Class of Class B Certificates then outstanding, the percentage calculated by dividing the Principal Balance of such Class by the Class B Principal Balance (determined without regard to any Principal Balance of any Class of Class B Certificates not then outstanding), in each case determined as of the preceding Determination Date.

  • Percentage Interest means, with respect to each Note Holder, a fraction, expressed as a percentage, the numerator of which is the Note Principal Balance of the Note held by such Note Holder and the denominator of which is the sum of the Note Principal Balances of all of the Notes.

  • Percentage Share means the percentage of the Aggregate Commitments to be provided by a Lender under this Agreement as indicated on Annex I hereto, as modified from time to time to reflect any assignments permitted by Section 12.06(b).

  • Percentage Allocation is defined in Section 4.3(b)(ii)(y).

  • Net Rentable Area means with respect to any Project, the floor area of any buildings, structures or improvements available for leasing to tenants (excluding storage lockers and parking spaces), as reasonably determined by the Administrative Agent, the manner of such determination to be consistent for all Projects unless otherwise approved by the Administrative Agent.

  • Operating Lease means, as applied to any Person, any lease (including, without limitation, leases which may be terminated by the lessee at any time) of any Property (whether real, personal or mixed) which is not a Capital Lease other than any such lease in which that Person is the lessor.

  • Tenant’s Percentage Share means the percentage specified in the Basic Lease Information.

  • Excess Rent means the excess of (a) all consideration received by Tenant from a Transfer over (b) Rent payable under this Lease after deducting reasonable tenant improvements paid for by Tenant, reasonable attorneys’ fees and any other reasonable out-of-pocket costs paid by Tenant as a result of the Transfer (but specifically excluding any Rent paid to Landlord while the Premises is vacant).

  • Class B-6 Percentage As to any Distribution Date, except as set forth in the next sentence, the percentage calculated by multiplying (i) the Subordinated Percentage by (ii) a fraction, the numerator of which is the Class B-6 Principal Balance (determined as of the Determination Date preceding such Distribution Date) and the denominator of which is the sum of the Principal Balances of the Classes of Class B Certificates eligible to receive principal distributions for such Distribution Date in accordance with the provisions of Section 4.01(d). Except as set forth in Section 4.01(d)(ii), in the event that the Class B-6 Certificates are not eligible to receive distributions of principal in accordance with Section 4.01(d)(i), the Class B-6 Percentage for such Distribution Date will be zero.

  • Proportionate Percentage has the meaning set forth in Section 4.2(a) of this Agreement.

  • Rentable Area when applied to the Premises, is that area equal to the usable area of the Premises, plus an equitable allocation of Rentable Area within the Building that is not then utilized or expected to be utilized as usable area, including that portion of the Building devoted to corridors, equipment rooms, restrooms, elevator lobby, atrium and mailroom.

  • Remaining Present Value means, as of any date with respect to any lease, the present value as of such date of the scheduled future lease payments with respect to such lease, determined with a discount rate equal to a market rate of interest for such lease reasonably determined at the time such lease was entered into.

  • Parking space leasing data means the following government data on an application for, or lease of, a parking space: residence address, home telephone number, beginning and ending work hours, place of employment, location of parking space, and work telephone number.

  • Existing Lease shall have the meaning assigned thereto in Section 10.7.

  • Co-op Lease With respect to a Co-op Loan, the lease with respect to a dwelling unit occupied by the Mortgagor and relating to the stock allocated to the related dwelling unit.

  • Monthly Rent means the monthly installment of Minimum Annual Rent plus the monthly installment of estimated Annual Operating Expenses payable by Tenant under this Lease.

  • Class A Loss Percentage As to any Determination Date and any Class of Class A Certificates (other than the Class A-PO Certificates) then outstanding, the percentage calculated by dividing the Principal Balance of such Class by the Class A Loss Denominator (determined without regard to any such Principal Balance of any Class of Class A Certificates not then outstanding), in each case determined as of the preceding Determination Date.

  • Net Acres means, as computed separately with respect to each Lease, (i) Seller’s Working Interest in the Lease multiplied by (ii) the number of gross acres covered by the Lease multiplied by (iii) the undivided interest in the oil and gas mineral fee estate in the land covered by the Lease.

  • Original Class B-6 Percentage The Class B-6 Percentage as of the Cut-Off Date, as set forth in Section 11.13.

  • Sub-Lease means the sub-lease entered into following the approval of an Approved Sub-lease;

  • Percentage means, for any Lender on any date of determination, the percentage obtained by dividing such Lender's Commitment on such day by the total of the Commitments on such date, and multiplying the quotient so obtained by 100%.

  • Tenant’s Percentage means the percentage determined by converting a fraction, the numerator of which is the rentable area of the Leased Premises as finally determined by the Architect pursuant to Section 2 and the denominator of which is the aggregate of the rentable area, determined in accordance with the Standard, of all leased premises from time to time existing in the Building, whether actually rented or not, inclusive of the Leased Premises. For purposes of this Lease, the percentage is agreed to be twenty-five point zero percent (25.0 %). (c) Landlord shall by each December 15 during the term of this Lease deliver to Tenant a statement of the estimated Operating Expenses for the calendar year immediately following the date of such statement. Landlord's failure to deliver to Tenant such statement by such date, however, shall not preclude Landlord's recovery of Operating Expenses. On the later of the execution of this Lease or thirty (30) days prior to the Commencement Date, Landlord shall also give Tenant an estimate of the annual Operating Expenses from the Commencement Date through December 31 of the calendar year in which the term of this Lease is estimated to commence. If the estimated Operating (d) Landlord shall by April 30 of each year during the term of this Lease deliver to Tenant a statement of the actual Operating Expenses for the preceding calendar year, but Landlord's failure to deliver such statement by such date shall not preclude Landlord's recovery of Operating Expenses. If the actual Operating Expenses for such calendar year shall exceed the Base Operating Expenses for such calendar year, Tenant shall, within thirty (30) days following the delivery of such statement, pay to Landlord an amount equal to the product of the actual Operating Expenses (less the Base Operating Expenses) multiplied by Tenant's Percentage; provided, however, payments by Tenant, if any, of estimated Operating Expenses pursuant to this Section 4 shall be credited against the amount due. The actual Operating Expenses shall be prorated, if applicable, in the case of the first and last years of the term of the Lease. If the actual Operating Expenses for such calendar year are greater than the Base Operating Expenses but are less than the estimated Operating Expenses for such calendar year collected by Landlord pursuant to this Section 4, then Tenant shall receive a credit against future monthly payments of estimated Operating Expenses payable by Tenant in an amount equal to the product of the excess of estimated Operating Expenses over actual Operating Expenses multiplied by Tenant's Percentage. (e) Notwithstanding anything to the contrary contained herein, the amount of rent payable under this Lease shall never be less than the Base Monthly Rent.

  • Cost-plus-a-percentage-of-cost contract means a contract under which the contractor is paid a percentage of the total actual expenses or costs in addition to the contractor's actual expenses or costs.