Turnover Rent means the amount that is calculated in accordance with and payable under Part 10 of the Schedule;
Turnover Rent means the amount by which the Specified Percentage of the Turnover in each Turnover Period exceeds the Base Rent payable in respect of that Turnover Period; and130
Turnover Rent the amount that is calculated in accordance with and payable under Schedule 9; “Uninsured Risk”31 any risk expressly specified in the Insured Risks definition that: is not insured against because, at the time the insurance is taken out or renewed, insurance is not generally available in the UK market on normal commercial terms; or is not, at the date of the damage or destruction, insured against by reason of a limitation or exclusion imposed by the insurers but will not include loss or damage (or the risk of it) caused by reason of the Tenant’s act or failure to act;
Examples of Turnover Rent in a sentence
If any Turnover has been understated, the Landlord will be entitled to issue a further demand for any additional Turnover Rent following the audit and the Tenant must pay the additional Turnover Rent to the Landlord within [10 Business Days] plus interest at the Interest Rate calculated from the date that the Turnover Rent would have been paid had the Turnover Rent not been understated.
If the Landlord and the Tenant have any dispute as to the amount of the Turnover or the Turnover Rent payable then either the Landlord or the Tenant can require the dispute to be decided by an independent [expert] [arbitrator].
To preserve the operation of this Part of the Schedule and to enable the Turnover Rent to be accurately assessed, the Tenant must ensure that: any person other than the Tenant who contributes to Turnover is subject to the same obligations with respect to Records as are imposed on the Tenant in this Part of the Schedule; the Landlord has the same rights in respect of any such person(s) as it does in this Part of the Schedule in respect of the Tenant.
On receipt of an Annual Turnover Certificate, the Landlord must calculate the Turnover Rent for the Turnover Period and serve on the Tenant a demand for any balance due taking into account all On-Account Payments made in respect of the relevant Turnover Period.
The Tenant must pay an On-Account Payment for each On-Account Period on account of the Turnover Rent.
More Definitions of Turnover Rent
Turnover Rent means one and one half percent (1.5%) of all gross monthly sales defined as all sales of cannabis, cannabis-infused products and non-cannabis products sold by Tenant, any assignee of Tenant or any subtenants of the Premises. All sales as referenced in the preceding sentence shall include, without limitation, sales tracked through state approved tracking software and include sales to patients via the dispensary or delivery or, via wholesale transactions with a licensed Registered Marijuana Dispensary or other legal transactions permitted under Massachusetts law. Tenant hereby represents and warrants to Landlord that Tenant shall include provisions requiring subtenants of the Premises to pay Turnover Rent in all subleases entered into by Tenant with respect to the Premises. Landlord shall have the right to request confirmation of such representation from time to time. If Turnover Rent is payable as Base Rent, Tenant shall pay such Turnover Rent one month in arrears not later than ten (10) days following the end of the month for which Turnover Rent is payable. Tenant shall require monthly accounting of gross sales from all subtenants so that Tenant can determine the amount of Turnover Rent that shall be owed each month, and Tenant shall provide copies of such monthly accounting records to Landlord when Tenant pays Turnover Rent. Landlord shall have the right to audit Tenant’s records with respect to the monthly gross sales of its subtenants for the purpose of confirming the Turnover Rent paid not more than once per year.
Turnover Rent for a calendar month shall be the sum equivalent to the difference between 12% of the aggregate of the Gross Receipts (the “Reference Amount”) during the relevant calendar month and the monthly Basic Rent for that calendar month. If the Reference Amount does not exceed the monthly Basic Rent for that calendar month, no Turnover Rent shall be payable for that month. Classified Limited is also responsible for payment of management charge, promotion charge, government rates and other outgoings. The total consideration payable under the Tenancy Agreement for the Term including the Basic Rent (i.e. excluding the Turnover Rent), management charge, promotion charge, government rates and other outgoings payable by Classified Limited is estimated to be approximately HK$4.2 million. The consideration payable under the Tenancy Agreement is expected to be funded by the internal resources of the Group. The Group is principally engaged in restaurant operations in Hong Kong. The Premises have been rented to Classified Limited since August 2010 to operate the Group’s casual European café under the trade name of “Classified”. The existing tenancy agreement for the Premises expired on 31 July 2020. The Directors believe that the Premises represent a prime location for food and beverages business in Central. The terms of the Tenancy Agreement, including the Basic Rent and Turnover Rent, were determined after arms’ length negotiation between Classified Limited and Hongkong Land after taking into account the prevailing market rent, lease terms of similar premises in the proximity of the Premises and the terms of the previous tenancy agreement entered into by Classified Limited in respect of the Premises. The Directors are of the view that the entry of the Tenancy Agreement and the terms and conditions thereof are fair and reasonable and in the interests of the Company and its shareholders as a whole.
Turnover Rent for a calendar month shall be the sum equivalent to the difference between 12% of the Gross Receipts during the relevant calendar month and the monthly Basic Rent for that calendar month. If the amount of 12% of the Gross Receipts in any month does not exceed the monthly Basic Rent for that calendar month, no Turnover Rent shall be payable for that month. Classified Limited is also responsible for payment of management fees, air-conditioning charges, promotional charges and Government rates. The total consideration payable under the Tenancy Agreement for the Term including the Basic Rent (i.e. excluding the Turnover Rent), Government rates, management fees, air-conditioning charges and promotional charges by Classified Limited is estimated to be approximately HK$3.6 million. The consideration payable under the Tenancy Agreement is expected to be funded by the internal resources of the Group. The Group is principally engaged in restaurant operations in Hong Kong. The Premises have been rented to Classified Limited since October 2014 to operate the Group’s casual European cafe “Classified”. The existing tenancy agreement for the Premises had expired on 5 October 2023. The Directors believe that the Premises represent a prime location for food and beverages business in the Repulse Bay and had good performance in revenue and profitability in spite of the outbreak of the Novel Coronavirus (COVID-19) epidemic in recent years. The terms of the Tenancy Agreement, including the Basic Rent and Turnover Rent, were determined after arms’ length negotiation between Classified Limited and Gold Shine after taking into account the prevailing market rent, lease terms of similar premises in the proximity of the Premises and the terms of the previous tenancy agreement entered into by Classified Limited in respect of the Premises. The Directors are of the view that the entry of the Tenancy Agreement and the terms and conditions thereof are fair and reasonable and in the interests of the Company and its shareholders as a whole.
Turnover Rent for a calendar month shall be the sum equivalent to the difference between 12% of the aggregate of the Gross Receipts (the “Reference Amount”) during the relevant calendar month and the monthly Basic Rent for that calendar month. If the Reference Amount does not exceed the monthly Basic Rent for that calendar month, no Turnover Rent shall be payable for that month. Classified Limited is also responsible for payment of management fees, air-conditioning charges, promotional charges and government rates. The total consideration payable under the Tenancy Agreement for the Initial Term including the Basic Rent (i.e. excluding the Turnover Rent), government rates, management fees, air-conditioning charges and promotional charges by Classified Limited is estimated to be approximately HK$4.8 million. The consideration payable under the Tenancy Agreement is expected to be funded by the internal resources of the Group. The Group is principally engaged in restaurant operations in Hong Kong. The Premises have been rented to Classified Limited since October 2014 to operate the Group’s casual European cafe “Classified”. The existing tenancy agreement for the Premises will expire on 5 October 2020. The Directors believe that the Premises represent a prime location for food and beverages business in the Repulse Bay and both revenue and profitability in the first quarter of 2020 were higher than that of the same period in 2019 in spite of the spread of the outbreak of the Novel Coronavirus (COVID-19) epidemic. The terms of the Tenancy Agreement, including the Basic Rent and Turnover Rent, were determined after arms’ length negotiation between Classified Limited and Gold Shine after taking into account the prevailing market rent, lease terms of similar premises in the proximity of the Premises and the terms of the previous tenancy agreement entered into by Classified Limited in respect of the Premises. The Directors are of the view that the entry of the Tenancy Agreement and the terms and conditions thereof are fair and reasonable and in the interests of the Company and its shareholders as a whole.
Turnover Rent for a calendar month shall be the sum equivalent to the difference between 13% of the aggregate of the Gross Receipts during the relevant calendar month (the “Reference Amount”) and the monthly Basic Rent for that calendar month. If the Reference Amount does not exceed the monthly Basic Rent for that calendar month, no Turnover Rent shall be payable for that month. Classified Limited is also responsible for payment of service charge, promotion levy, government rates and other outgoings. The total consideration payable under the Tenancy Agreement for the Term including the Basic Rent (i.e. excluding the Turnover Rent), service charge, promotion levy, government rates and other outgoings payable by Classified Limited is estimated to be approximately HK$4.4 million. The consideration payable under the Tenancy Agreement is expected to be funded by the internal resources of the Group.
Turnover Rent for each year of the Term means if the Turnover in the immediately preceding Turnover Period is:- More then €X,000,000 the sum of the rent payable shall be €Y,000,000 of Y% of the sum of the turnover
Turnover Rent means a component of the Rent corresponding to the sum of the Landlord´s share in the Tenant´s Turnover and the Landlord´s share in the Turnover from the Tenant´s foreign exchange rate gains. The amount of the Turnover Rent shall be determined as a sum of amounts calculated from (i) the percentage from the Turnover achieved by the Tenant in accordance with the Contract, and (ii) the percentage from the Turnover from foreign exchange rate gains achieved by the Tenant in accordance with the Contract.