Sublease Expenses definition
Sublease Expenses shall have the meaning set forth in Section 12.7 hereof.
Sublease Expenses means: (i) in the event of a sale 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 sublease, such as brokers' fees, attorneys' fees, and advertising fees paid to unrelated third parties, (iii) any sums paid to Landlord pursuant to Section 12.2(B) hereof, (iv) the cost of improvements or alterations made by Tenant expressly and solely for the purpose of preparing that portion of the Premises for such subtenancy if not used by Tenant subsequent to the expiration of the term of the sublease, and (v) the unamortized or undepreciated cost of any Tenant's Property leased to and used by such subtenant. In determining Sublease Rent, the costs set forth in clauses (ii), (iii) and (iv) shall be amortized on a straight-line basis over the term of such sublease and the costs set forth in clause (v) shall be amortized on a straight line basis over the greater of the longest useful life of such improvements, alterations or Property (as permitted pursuant to the Internal Revenue Code of 1986, as amended) and the term of such sublease.
Sublease Expenses shall be determined on a cash basis for each calendar year and shall mean the sum of:
Examples of Sublease Expenses in a sentence
The amounts reported to Landlord by Master Tenant for Sublease Income and Sublease Expenses shall conform to the amounts reported on Master Tenant’s federal income tax return filed with the Internal Revenue Service.
All monetary obligations of Subtenant under this Sublease, including Sublease Expenses, shall be deemed rent and shall be referred to herein as "Rent".
The Annual Statement shall also contain a detailed breakdown showing how Master Tenant calculated Sublease Income and Sublease Expenses.
If Subtenant shall fail to pay any Rent so that it is received within five (5) days (or ten (10 days in the case of Sublease Expenses and Abatement Reimbursement Rent only) of the date when payment is due, such unpaid amount shall bear interest from the due date to the date of payment at the lower of the following rates: (i) the Agreed Rate and (i) the maximum rate allowed by applicable usury law.
If Subtenant shall fail to pay any Rent so that it is received within five (5) days (or ten (10) days in the case of Sublease Expenses only) of the date when payment is due, such unpaid amount shall bear interest from the due date to the date of payment at the lower of the following rates: (i) the Agreed Rate and (ii) the maximum rate allowed by applicable usury law.
More Definitions of Sublease Expenses
Sublease Expenses. The reasonable out-of-pocket costs and expenses paid or incurred by Tenant to third parties in connection with Optioned Sublease Space and the procurement of any sublease therefor, including, without limitation: (a) marketing or advertising expenses incurred in connection with the subleasing of the applicable Optioned Sublease Space; (b) brokerage commissions payable to the Sublease Broker and any subtenant’s broker; (c) tenant improvement allowances or similar tenant inducements (including free rent) provided to the subtenant in connection with its subleasing of the Optioned Sublease Space (or applicable portion thereof); (d) costs to separately demise the applicable Optioned Sublease Space (or applicable portion thereof) from the balance of the Demised Premises and costs to make Alterations necessary to prepare the Optioned Sublease Space (or the applicable portion thereof) for subtenant’s initial occupancy; and (e) attorneys’ fees and expenses incurred in connection with the negotiation, drafting and execution of the applicable Third Party Sublease; provided, however, that for purposes of any calculations under Section 9.9, all Sublease Expenses (other than free rent, which shall be amortized as provided in Section 9.9(d)) will be deducted in the period they are actually paid, except that (i) Sublease Expenses paid prior to the Sublease Option Start Date shall be deducted from installments of Optioned Sublease Rent next coming due, commencing from and after the Sublease Option Start Date until such Sublease Expenses have been credited in full, and (ii) any Sublease Expenses that were paid during any prior period that were not credited in full during such prior period (whether because such Sublease Expenses were not finally determined and paid prior to the applicable Payment Date or otherwise) against the applicable installment of Optioned Sublease Rent shall be credited against future installments of Optioned Sublease Rent until such Sublease Expenses have been credited in full.
Sublease Expenses means: (i) in the event of a sale 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 sublease, such as brokers' fees, attorneys' fees, and advertising fees paid to unrelated third parties, (iii) any sums paid to Landlord pursuant to Section 12.2(B) hereof, (iv) the cost of improvements or alterations made by Tenant expressly and solely for the purpose of preparing that portion of the Premises for such subtenancy (or cash allowances in lieu thereof, provided that the same are consistent with the then existing market conditions in midtown Manhattan) if not used by Tenant subsequent to the expiration of the term of the sublease, and (v) the unamortized or undepreciated cost of any Tenant's Property leased to and used by such subtenant. In determining Sublease Rent, the costs set forth in clauses (ii), (iii) and (iv) shall be amortized on a straight-line basis over the term of such sublease and the costs set forth in clause (v) shall be amortized on a straight line basis over the greater of the longest useful life of such improvements, alterations or Property (as permitted pursuant to the Internal Revenue Code of 1986, as amended) and the term of such sublease.
Sublease Expenses means all reasonable transaction costs actually incurred by Tenant relating to such sublease including but not limited to brokers' fees, attorneys' fees, free rent and the cost of improvements or alterations made by Tenant expressly and solely for the purpose of preparing that portion of the Premises for such subtenancy.
Sublease Expenses means: (i) the reasonable out-of-pocket costs and expenses of Tenant in making such sublease, such as brokers' fees, advertising fees paid to unrelated third parties, and attorney's fees, (ii) any sums paid to Landlord for approving any such sublease including attorneys fees, (iii) in each year a prorated portion of the cost of improvements or alterations made by Tenant expressly and solely for the purpose of preparing the Leased Premises or any portion thereof for such subtenancy, such proration being the total cost divided by the number of years in the term of the sublease (excluding any renewal term), and (iv) each year an amount equal to one-[lengt h of initial term] (1/ ) of the total cost of any of Tenant’s personal property, equipment or machinery installed in the Leased Premises that are sold, rented or contributed to the Subtenant as part or in connection with the sublease transaction, and then the amount so calculated further divided by the Space Factor, with such sum then multiplied by the number of rentable square feet being subleased.
Sublease Expenses means: (i) in the event of a sale 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 sublease, such as brokers' fees, attorneys' fees, and advertising fees paid to unrelated third parties, (iii) any sums paid to Landlord pursuant to Section 12.2(B) hereof, (iv) the cost of improvements or alterations made or paid for by Tenant expressly and solely for the purpose of preparing that portion of the Premises for such subtenancy, and (v) rent concessions and abatements, and lease takeover liabilities. In determining Sublease Rent, the costs set forth in clauses (i), (ii), (iii), (iv) and (v) shall be amortized on a straight-line basis over the term of such sublease with interest thereon at the Base Rate (but in no event greater than twelve percent (12%) per annum).
Sublease Expenses means: (u) in the event of a sale of Tenant's personal property, the then unamortized or undepreciated cost thereof determined on the basis of Tenant's federal income tax returns, (v) the reasonable out-of-pocket costs and expenses of Tenant in making such sublease, such as brokers' fees, attorneys' fees, and advertising fees paid to unrelated third parties, (w) the commercially reasonable cost of improvements or alterations made by Tenant expressly and solely for the purpose of preparing the Demised Premises for such subtenancy if not used by Tenant subsequent to the expiration of the term of the sublease, and (x) the unamortized or undepreciated cost of any Tenant's personal property leased to and used by such subtenant. In determining Sublease Rent, the costs set forth in clauses (v) and (w) shall be amortized on a straight-line basis over the term of such sublease and the costs set forth in clause (x) shall be amortized on a straight line basis over the greater of the longest useful life of such improvements, alterations or personal property (as permitted pursuant to the Internal Revenue Code of 1986, as amended) and the term of such sublease.
Sublease Expenses means: (a) all reasonable out-of-pocket expenses actually incurred by Tenant in connection with such assignment or sublease, (b) any reasonable and customary brokerage commissions actually paid by Tenant on account of such sublease or assignment, (c) any reasonable advertising costs actually paid by Tenant in connection such assignment or sublease; (d) any out-ofpocket costs actually paid by Tenant in providing concessions to the assignee or subtenant in connection with such transaction (such as the cost of any tenant improvement allowance or other payment provided by Tenant to such assignee or subtenant); and (e) any reasonable fees and charges actually paid by Tenant to attorneys, architects and space planners reasonably necessary to effect such sublease.