Transfer Profit means, for a sublease, all rent, additional rent or other consideration paid by such Transferee in excess of the Rent payable by Tenant under this Lease (on a monthly basis during the Term, and on a per rentable square foot basis, if less than all of the Premises is transferred). Transfer Profit shall also include any bonus amount paid by Transferee to Tenant, and any payment in excess of the fair market value for services rendered by Tenant to Transferee or in excess of Tenant’s depreciated tax basis for assets, fixtures, inventory, equipment or furniture transferred by Tenant to Transferee. In determining Transfer Profit, Tenant shall be permitted to deduct any “free rent”, tenant improvement costs, and reasonable legal and brokerage costs actually paid by Tenant to third parties unaffiliated with Tenant in connection with the particular Transfer, which costs shall have been documented to Landlord’s reasonable satisfaction (which costs shall be amortized on a straight-line basis over the term of the Transfer). Tenant shall pay such portion of the Transfer Profit to Landlord on a monthly basis within ten (10) days after receipt thereof, without affecting or reducing any other obligations of Tenant hereunder. Tenant shall send each such payment with a detailed statement. Landlord shall have the right to audit Tenant’s books and records to verify the accuracy of Tenant’s statement. Table of Contents
Transfer Profit means, with respect to any particular Transfer, the excess (if any) of (x) the Transfer Inflow for such Transfer for the period beginning on the first (1st) day of the term of the applicable Transfer (if such Transfer is a sublease or sublicense) or the date that such Transfer becomes effective (if such Transfer is an assignment of the tenant’s interest under this Lease or an assignment of the subtenant’s interest under a sublease or a sublicense (or further sublease or sublicense)) (as the case may be), over (y) the sum of (a) the Transfer Outflow for such Transfer for such period, and (b) the Amortized Transfer Expenses for such Transfer for such period.
Transfer Profit means the sum of (I) the excess, if any, of (a) the aggregate base rent (specifically excluding operating expense reimbursements) actually received by Landlord (and due Landlord) under all new leases entered into by Landlord (each, a "NEW LEASE") relating to the portion of the Premises located in Building A during each applicable calendar quarter prior to the Transfer Profit Termination Date, over (b) the applicable quarterly base rent for Building A set forth on EXHIBIT A, attached hereto, and (II) the excess, if any, of (a) the base rent (specifically excluding operating expense reimbursements) actually received by Landlord (and due Landlord) under all New Leases relating to the portion of the Premises located in Building B during each applicable calendar quarter prior to the Transfer Profit Termination Date, over (b) the applicable quarterly base rent for Building B set forth on EXHIBIT A, attached hereto, provided that the Transfer Profit shall be due and paid to Tenant only to the extent that the aggregate amount thereof exceeds the amount of the Termination Fee. Tenant's right to Transfer Profit as set forth herein shall be inapplicable to (x) any space which is included in a New Lease but relates to space outside of the Premises, and (y) shall be inapplicable to any Transfer Profit attributable to any period following the Transfer Profit Termination Date. Notwithstanding anything contained herein to the contrary, Landlord and Tenant hereby acknowledge and agree that no portion of any payment or security deposit received by Landlord in connection with a settlement or other recovery from a defaulting tenant under a New Lease whose lease shall, in connection with such payment, be terminated, shall be included in amounts received by Landlord under items (I)(a) and (II)(a), above; provided, however, that notwithstanding anything contained herein to the contrary, if a tenant under a New Lease that is in arrears in its payment of base rent pays an amount to Landlord, then to the extent such tenant is then current in its monetary obligations to Landlord, Landlord shall apply such amount retroactively to base rent previously due under the applicable New Lease. Except as specifically set forth in this Section 7, Tenant shall have no right to receive any Transfer Profit.
Examples of Transfer Profit in a sentence
Tenant shall pay such Transfer Profit to Landlord on a monthly basis within ten (10) days after receipt thereof, without affecting or reducing any other obligations of Tenant hereunder.
Transfer Profit shall also include any bonus amount paid by Transferee to Tenant, and any payment in excess of the fair market value for services rendered by Tenant to Transferee or in excess of Tenant’s depreciated tax basis for assets, fixtures, inventory, equipment or furniture transferred by Tenant to Transferee.
If the Transfer Profit respecting any Transfer shall be found understated, Tenant shall within thirty (30) days after demand pay the deficiency, and if understated by more than two percent (2%) Tenant shall pay Landlord’s costs of such audit.
If Landlord consents to a Transfer, as a condition thereto, which the parties hereby agree is reasonable, Tenant shall pay to Landlord, as Additional Rent, one half (1/2) of any Transfer Profit collected by Tenant from such Transfer.
Tenant shall pay such portion of the Transfer Profit to Landlord on a monthly basis within ten (10) days after receipt thereof, without affecting or reducing any other obligations of Tenant hereunder.
More Definitions of Transfer Profit
Transfer Profit means, with respect to any particular Transfer, the excess (if any) of (x) the Transfer Inflow for such Transfer for the period beginning on the first (1st) day of the term of the applicable Transfer (if such Transfer is a sublease or sublicense) or the date that such Transfer becomes effective (if such Transfer is an assignment of the tenant's interest under this Lease), over (y) the Transfer Outflow for such Transfer for such period. Should any amount included in the Transfer Inflow cause the Transfer Profit to fail to qualify as "rents from real property," as that term is defined in Section 856(d) of the Internal Revenue Code of 1986, as amended, the fair market value of such amount, as determined by Landlord in its sole discretion, shall be excluded from the Transfer Inflow and no Transfer Profit shall be paid to Landlord with respect to such excluded amount.
Transfer Profit means for a lease assignment, all consideration paid or payable therefor. “Transfer Profit” shall mean, for a sublease, all rent, additional rent or other consideration paid by such Transferee in excess of the Rent payable by Tenant under this Lease (on a monthly basis during the Term, and on a per rentable square foot basis, if less than all of the Premises is transferred). Transfer Profit shall also include any bonus amount paid by Transferee to Tenant, and any payment in excess of the fair market value for services rendered by Tenant to Transferee or in excess of Tenant’s depreciated tax basis for assets, fixtures, inventory, equipment or furniture transferred by Tenant to Transferee. In determining Transfer Profit, Tenant shall be permitted to deduct any reasonable legal, brokerage and tenant improvement costs actually paid by Tenant to third parties unaffiliated with Tenant in connection with the particular Transfer, which costs shall have been documented to Landlord’s reasonable satisfaction (which costs shall be amortized on a straight-line basis over the term of the Transfer). Tenant shall pay such Transfer Profit to Landlord on a monthly basis within ten (10) days after receipt thereof, without affecting or reducing any other obligations of Tenant hereunder. Tenant shall send each such payment with a detailed statement. Landlord shall have the right to audit Xxxxxx’s books and records to verify the accuracy of Xxxxxx’s statement. For the avoidance of doubt, no Transfer Profit shall be due in connection with any Permitted Transfers (as defined in Section 12.7.3).
Transfer Profit means the product of (x) the Transfer Rent Per Square Foot less the Rent Per Square Foot, and (y) the number of rentable square feet constituting the portion of the Premises subject to the Transfer;
Transfer Profit means, for a sublease, all rent, additional rent or other consideration paid by such Transferee in excess of the Rent payable by Tenant under this Lease (on a monthly basis during the Term, and on a per rentable square foot basis, if less than all of the Premises is transferred). Transfer Profit shall also include any bonus amount paid by Transferee to Tenant, and any payment in excess of the fair market value for services rendered by Tenant to Transferee or in excess of Tenant’s depreciated tax basis for assets, fixtures, inventory, equipment or furniture transferred by Tenant to Transferee. In determining Transfer Profit, Tenant shall be permitted to deduct any reasonable legal, brokerage and tenant improvement costs actually paid by Tenant to third parties unaffiliated with Tenant in connection with the particular Transfer, which costs shall have been documented to Landlord’s reasonable satisfaction (which costs shall be amortized on a straight-line basis over the term of the Transfer). Tenant shall pay such Transfer Profit to Landlord on a monthly basis within ten (10) days after receipt thereof, without affecting or reducing any other obligations of Tenant hereunder. Tenant shall send each such payment with a detailed statement. Landlord shall have the right to audit Xxxxxx’s books and records to verify the accuracy of Xxxxxx’s statement. For the avoidance of doubt, no Transfer Profit shall be due in connection with any Permitted Transfers (as defined in Section 12.7.3).
Transfer Profit means any Sublease Profit and/or Assignment Profit.
Transfer Profit means, with respect to any particular Transfer for any particular calendar month, the excess (if any) of (x) the Transfer Inflow for such Transfer for such calendar month, over (y) the sum of (I) the Transfer Outflow for such Transfer for such calendar month, and (II) the Amortized Transfer Expenses for such Transfer for such calendar month.
Transfer Profit means (i) for a lease assignment, all consideration paid or payable therefor less Subtenant’s reasonable costs incurred in connection with such assignment, including, but not limited to, broker’s commissions and attorneys’ fees, and (ii) for a sublease, all rent, additional rent or other consideration paid by such transferee in excess of the total of (x) Rent payable by Tenant under this Sublease (on a monthly basis during the Term, and on a per rentable square foot basis, if less than all of the Premises is transferred), and (y) Subtenant’s reasonable costs incurred in connection with such assignment, including, but not limited to, broker’s commissions, attorneys’ fees, rent abatements, improvement allowances and the reasonable expense of any sublandlord’s work or improvements. Subtenant shall pay such Transfer Profit to Sublandlord on a monthly basis within ten (10) days after receipt thereof, without affecting or reducing any other obligations of Subtenant hereunder. Subtenant shall send each payment with a detailed statement. Sublandlord shall have the right to inspect Subtenant’s books and records to verify the accuracy of Subtenant’s statement.