Percentage Rent Period definition
Examples of Percentage Rent Period in a sentence
Seller shall be entitled to all percentage rent attributable to the period prior to Closing Date for any Percentage Rent Period ending prior to Closing Date.
Lessee shall deliver to the Lessor a statement setting forth the Gross Revenues during the applicable Percentage Rent Period ("Annual Percentage Rent Statement"), and Lessee shall pay to the City the amount of Percentage Rent due and payable, if any, to the Lessor pursuant to the terms of this Lease.
Payments of additional rent based upon the amount by which a designated percentage of any Tenant’s gross revenues achieved during the applicable period for which such rent is due under the applicable Lease (the “Percentage Rent Period”) exceeded base or fixed rent, breakpoint or some other standard (the “Percentage Rent”), if any, for any Percentage Rent Period in which a Closing occurs shall be apportioned between the applicable Seller Party and Purchaser.
After Closing, Seller shall promptly remit to Buyer any Percentage Rent received by Seller attributable to Buyer’s Percentage Rent Period and Buyer shall promptly remit to Seller any Percentage Rent received by Buyer attributable to Seller’s Percentage Rent Period; this provision shall survive the Closing.
Notwithstanding the foregoing, the parties hereto acknowledge that they are simultaneously herewith entering into or are parties to a Consulting Agreement, a Severance Agreement and a Settlement Agreement.
For the purpose of computing the amounts payable as Percentage Rent for the first Percentage Rent Period and the first Lease Year, the Gross Receipts received during the first partial month, if any, shall be added to the Gross Receipts for the first Percentage Rent Period.
Provided, further, if any tenant of the Property is obligated to pay percentage rent based upon the calendar year or lease year or appropriate fiscal quarter in which the date of Closing occurs (the "PERCENTAGE RENT PERIOD"), Seller shall be entitled to a portion thereof determined by dividing (i) the number of days which elapsed between the commencement date of the Percentage Rent Period for each such tenant, and the Closing Date, by (ii) the total number of days in such Percentage Rent Period.
As used herein, Seller's "allocable share" with respect to each Lease means a fraction, the numerator of which is the number of days in the Applicable Percentage Rent Period in which such Lease is in effect prior to the Closing Date and the denominator of which is the aggregate number of days in which such Lease is in effect during the entire Applicable Percentage Rent Period.
The amount of the last payment of Percentage Rent, if for less than a full Percentage Rent Period, shall be a sum equivalent to the amount, if any, by which the percentage designated above of the Gross Receipts for the remaining Term following the last full Percentage Rent Period exceeds the Monthly Minimum Rent payable for the same remainder of the Term.
Lessee shall deliver to the City a statement setting forth the Gross Revenues during the applicable Percentage Rent Period, and Lessee shall pay to the City the amount, if any, by which the applicable percentage of the Gross Revenues exceeds the annual Minimum Breakpoint (as the same is increased pursuant to the terms of this Lease).