SHARED EXCESS definition

SHARED EXCESS means fifty (50%) percent of the amount by which (1) the fixed rent and additional rent payable and actually paid by the Succeeding Tenant pursuant to the Succeeding Lease for the ReLet Space for the portion of the term thereof corresponding to the remainder of the term of this lease exceeds (2) the fixed rent and additional rent payable by Tenant as set forth in this lease for the corresponding part of the term with respect to the ReLet Space (the difference between (1) and (2) being herein called the "OVERAGE"), after (3) Landlord has recovered Landlord's reasonable and customary expenses, including without limitation, for brokerage commissions, advertising expenses, attorneys' fees and construction and design allowances, payments on account of work and/or contributions to prepare the ReLet Space for the Succeeding Tenant's occupancy (including the costs incurred by Landlord in physically separating the ReLet Space from the balance of the Demised Premises), as well as Landlord's lost income in rent concessions or due to vacancy, all of which shall be charged against the first Overage actually received by Landlord until fully recovered. The Shared Excess for the ReLet Space shall continue to be paid for so long as the Overage is being received by Landlord, provided, however, that no Shared Excess shall be required to be paid and no Overage shall apply at any time after the term of this lease would have expired pursuant to its own terms. Any payment to be made by Landlord to Tenant pursuant to this Section shall be payable solely out of the Shared Excess, if any, if, as and when actually received by Landlord to the extent attributable to the ReLet Space and to a portion of the term of the Succeeding Lease corresponding to what would have been otherwise unexpired term of this lease and shall be subject to the condition that there shall not have been any uncured default by Tenant in observing or performing any of the terms, covenants and conditions of this lease. If at the time Landlord would otherwise be obligated to make a payment under this Section, but for the fact that at such time Tenant is in breach or default of any of the terms, covenants and conditions of this lease on Tenant's part to observe, perform or comply with, Landlord shall become obligated to make such payment when such breach or default is cured, provided Landlord accepts such cure and does not terminate this lease as a result of such default, and provided further the other conditions to...
View Source

Related to SHARED EXCESS

  • Retained Excess Cash Flow means, at any date of determination, an amount, equal to the aggregate cumulative sum of the Retained Percentage of Excess Cash Flow for the Excess Cash Flow Periods ended on or prior to such date.

  • Retained Excess Cash Flow Amount means, at any date of determination, an amount, determined on a cumulative basis, that is equal to the aggregate cumulative sum of the Excess Cash Flow that is not required to be applied as a mandatory prepayment under Section 2.11(b)(i) for all Excess Cash Flow Periods ending after the Closing Date and prior to such date; provided that such amount shall not be less than zero for any Excess Cash Flow Period.

  • CCC Excess The amount equal to the excess, if any, of the Aggregate Principal Balance of all S&P CCC Collateral Obligations over an amount equal to 17.5% of the Collateral Principal Amount as of such date of determination; provided that in determining which of the S&P CCC Collateral Obligations shall be included in the CCC Excess, the S&P CCC Collateral Obligations with the lowest Market Value (expressed as a percentage of the Principal Balance of such Collateral Obligations as of such date of determination) shall be deemed to constitute such CCC Excess.

  • Cumulative Retained Excess Cash Flow Amount means, at any date, an amount, not less than zero in the aggregate, determined on a cumulative basis equal to the aggregate cumulative sum of the Retained Percentage of Excess Cash Flow for all Excess Cash Flow Periods ending after the Closing Date and prior to such date.

  • Cumulative Shared-Loss Amount means the excess, if any, of the Cumulative Loss Amount over the First Loss Tranche.