Sublease Profits means any consideration paid by the Transferee for the assignment or sublease and, in the case of a sublease, the excess of the rent and other consideration payable by the subtenant over the amount of Base Rent and Additional Rent payable hereunder applicable to the subleased space, less any and all direct, out-of-pocket expenses and cash concessions, including costs for necessary Alterations, reasonable attorneys' fees and brokerage commission, paid by Tenant to procure the assignee or subtenant.
Sublease Profits. As defined in Section 5.2.1.
Sublease Profits means any consideration paid by the Transferee for the assignment or sublease and, in the case of a sublease, the excess of the rent and other consideration payable by the subtenant over the amount of Base Rent and Additional Rent payable hereunder applicable to the subleased space, less any and all direct, out-of-pocket expenses and cash concessions, including costs for necessary Alterations and brokerage commission, paid by Tenant to procure the assignee or subtenant. Tenant shall pay to Landlord as additional rent, within ten (10) days after receipt by Tenant, any such excess consideration paid by any transferee (the "Transferee") for the Transfer provided any capital expenditures and brokerage commissions in connection with any sublease shall be amortized over the term of the sublease.
Examples of Sublease Profits in a sentence
If Landlord consents to the Transfer, Landlord -------------------- shall be entitled to receive as Additional Rent hereunder, fifty percent (50%) of all "Sublease Profits" (as defined below).
If Landlord consents to the Transfer, Landlord shall be entitled to receive as Additional Rent hereunder, fifty percent (50%) of all "Sublease Profits" (as defined below).
If Landlord does not exercise such right to terminate this Lease as to, and recapture, the portion of the Premises affected by such assignment or sublease, Tenant shall have the right to consummate the assignment or sublease at such rent as Tenant may determine, provided however, that Tenant shall pay to Landlord fifty percent (50%) of Sublease Profits (as herein defined) on account thereof.
Any manufacture of the Product for sale in the USA shall be performed in full compliance with United States GMP and all applicable laws and regulations.
Upon satisfaction of the Allowed Administrative Claims and Professional Fee Claims, the Liquidation Trustee shall administer all remaining Madison Avenue Sublease Profits as General Unsecured Creditor Assets for the benefit of Allowed General Unsecured Claims, except as expressly set forth in the Plan.
More Definitions of Sublease Profits
Sublease Profits means any consideration paid by the Transferee for the assignment or sublease and, in the case of a sublease, the excess of the rent and other consideration payable by the subtenant over the amount of Base Rent and Additional Rent payable hereunder applicable to the subleased space, less any and all direct, out-of-pocket expenses and cash concessions, including costs for necessary Alterations, attorneys' fees (not to exceed One Thousand and 00/ 100 Dollars [$ 1,000.00] in attorneys' fees) and brokerage commission, paid by Tenant to procure the assignee or subtenant. Tenant shall pay to Landlord as additional rent, within twenty (20) days after receipt by Tenant, any such excess consideration paid by any transferee (the "TRANSFEREE") for the Transfer provided any capital expenditures and brokerage commissions in connection with any sublease shall be amortized over the term of the sublease.
Sublease Profits means the entire excess, after deduction of all reasonable costs of subletting (including, without limitation, marketing costs, rent concessions, reasonable attorneys' fees, commissions and tenant improvement allowances), of revenues generated by the subleasing of the Premises or portions thereof over the Rent applicable thereto. All such revenues shall be applied first to reimbursement of such costs of subletting until they are paid in full. Not more than thirty (30) days after the commencement date of a sublease which will produce Sublease Profits and annually thereafter, Tenant shall furnish Landlord with a sworn statement setting forth in detail the computation of the Sublease Profits on such sublease (which computation shall be based upon generally accepted accounting principles). Every such statement shall be conclusive and binding upon Landlord as to the Sublease Profits paid prior to the date of such statement unless within thirty (30) days after the receipt of such statement, Landlord shall notify Tenant that it disputes the correctness of the statement, specifying the particular respects in which the statement is claimed to be incorrect. If such dispute shall not have been settled by agreement within thirty (30) days after delivery of Landlord's dispute notice, it shall be settled by submission of such dispute to a national public accounting firm acceptable to Landlord and Tenant, at the expense of Landlord, except as hereinafter provided, for a final and binding determination. Upon determination of such dispute, such Sublease Profits shall be recalculated and any overpayment shall be returned, or underpayment promptly made, on demand plus interest on such overpayment or underpayment at the rate of two percent (2%) per annum over the Prime Rate. Tenant agrees to grant Landlord reasonable access to Tenant's office for the purpose of verifying Sublease Profits and to make copies of any and all bills, vouchers and other documents relating thereto, subject to reimbursement by Landlord for the cost of such copies. In the event that a review of Tenant's books and records pursuant to this Paragraph reveals that Tenant has understated Sublease Profits by in excess of five percent (5%) of the actual Sublease Profits payable to Landlord, Tenant shall also reimburse Landlord for the reasonable expenses incurred by Landlord in conducting such review of Tenant's books and records and the accounting firm costs. If a part of the consideration for any subletting...
Sublease Profits means any consideration paid by the Transferee for the assignment and in the case of a sublease, the excess of the Rent and other consideration payable by the subtenant, over the amount of Rent payable hereunder applicable to the space assigned or subleased after deducting the reasonable expenses incurred by Tenant for (i) any commercially reasonable changes, alterations and improvements to the Premises in connection with the Transfer, (ii) any brokerage commissions paid to independent third parties in connection with the Transfer, (iii) any commercially reasonable rental abatement provided to such Transferee and (iv) any reasonable attorneys’ fees incurred to document such Transfer (collectively, the “Subleasing Costs”). “Sublease Profits” shall also include, but not be limited to, key money and bonus money paid by Transferee to Tenant in connection with such Transfer, and any payment in excess of fair market value for services rendered by Tenant to Transferee or for assets, fixtures, inventory, equipment, or furniture transferred by Tenant to Transferee solely in connection with such Transfer. Tenant shall pay to Landlord as Additional Rent, within thirty (30) days after receipt by Tenant, any such excess consideration paid by any transferee (the “Transferee”) for the Transfer.
Sublease Profits shall also include, but not be limited to, key money and bonus money paid by Transferee to Tenant in connection with such Transfer, and any payment in excess of fair market value for services rendered by Tenant to Transferee or for assets, fixtures, inventory, equipment, or furniture transferred by Tenant to Transferee solely in connection with such Transfer. Tenant shall pay to Landlord as Additional Rent, within thirty (30) days after receipt by Tenant, any such excess consideration paid by any transferee (the “Transferee”) for the Transfer.
Sublease Profits shall have the meaning set forth in Section 8.07A hereof.
Sublease Profits shall be deemed to mean the amount by which (i) all rents, additional charges or other consideration payable under the sublease to, or in connection with the subletting by, Subtenant (including, but not limited to, sums paid for the sale or rental of Subtenant's fixtures, leasehold improvements, equipment, furniture or other personal property less, in the case of the sale thereof, the then fair market value or fair rental value, as applicable, of any such fixtures, leasing improvements, equipment, furniture or other personal property) after deducting therefrom (other than in the case of the Existing Sub-Sublease) the amount of any reasonable brokerage commission, attorney's fees and advertising costs, and the reasonable cost of constructing demising walls and performing other customary tenant improvements in connection with the subletting actually incurred by Subtenant in connection with such subletting, exceed the (ii) Minimum Rent and regularly scheduled items of Additional Rent accruing during the term of such sublease pursuant to the terms hereof, in each case, with respect to the portion of the Sublease Premises to be subleased. Subtenant shall also pay to Sublandlord 50% of all amounts in excess of the amounts payable by the subtenant under the Existing Sub-Sublease by reason of any amendment, modification or extension of the Existing Sub-Sublease or any new sublease with such subtenant or its affiliates, successors or assigns. The sums payable under this Section 7(e) to the extent corresponding to amounts payable by any such subtenant shall be paid to Sublandlord as and when payable by such subtenant to Subtenant.
Sublease Profits shall be deemed to mean the amount by which (i) all rents, additional charges or other consideration payable under the sublease to, or in connection with the subletting by, Subtenant (including, but not limited to, sums paid for the sale or rental of Subtenant's fixtures, leasehold improvements, equipment, furniture or other personal property less, in the case of the sale thereof, the then net unamortized or undepreciated cost of any such fixtures, leasehold improvements, equipment, furniture or other personal property which were provided and installed in the Sublease Premises at the sole cost and expense of Subtenant and for which Sublandlord has not given an allowance or other credit, determined on the basis of Subtenant's federal income tax returns) after deducting therefrom those amounts that are deducted in determining Net Profits under Section 20.4(c) of the Overlease, exceed the (ii) Fixed Rent and Additional Charges with xxxxxxx xo the portion of the Sublease Premises to be subleased accruing during the term of such sublease pursuant to the terms of this Sublease. The sums payable under this Subparagraph 23F(i) shall be paid to Sublandlord as and when payable by the subtenant to Subtenant.