Kickout definition

Kickout means the accidental release or failure of a cross brace.
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Kickout clauses allow the tenant, the landlord, or both to terminate the lease if the tenant’s gross sales fail to meet a designated threshold during a designated period. The clause should clearly specify the gross sales threshold and the measurement period. The landlord should require satisfactory documentation of appli- cable gross sales, such as the certified annual report of gross sales or its equivalent. The tenant’s rights should not accrue unless it has continuously operated throughout the period, strictly in compliance with the lease requirements. The land- lord should insist on this, lest a tenant close down and then open and operate in a desultory fashion through the meas- urement period in order to acquire the termination right. The kickout remedy is simply the early termination of the lease. The clause should specify whether the parties have the right to recover their capital investment in the lease (e.g., the cost of the leasehold improvements and allowances, bro- kerage commissions, and legal fees), depending on who terminates. Tenants often object to giving the landlord a termi- nation right, arguing that the landlord is only “entitled” to the base rent, which remains payable in full if the tenant does not terminate. In many cases, the landlord truly expects to receive percentage rent and wants the right to dismiss any tenant who cannot produce it. More often, the landlord insists on a mutual termination right to keep the tenant honest. With a unilateral termination right, the tenant has every reason to establish a low gross sales threshold to its kickout rights, since this amounts to a termination option. By placing the tenant in jeopardy of losing its store via the landlord’s exercise of the kickout right, the landlord gains some assurance that the tenant will not set an artificially low gross sales trigger to its own kickout right.
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Examples of Kickout in a sentence

  • Except as provided in the Kickout Agreement, in the event the closing under any of the Related Agreements is cancelled or postponed, the Closing under this Agreement shall be cancelled or postponed.

  • In no event, however, shall Buyer deliver a Kickout Notice with respect to a Pooled Property if all such Lender Encumbered Properties subject to the Pooled Loan would exceed the Maximum Kickout Properties.

  • PAR Form SSP (Sale & Settlement of Other Property Contingency), Form SSPCM (Sale & Settlement of Other Property Contingency with the right to Continue Marketing), and Form SSPTKO (Sale & Settlement of Other Property Contingency with Timed Kickout) all have the appropriate language.

  • In addition, in light of their agreement to this Section 10.10, each Investor hereby acknowledges and agrees that their signature to the LP Agreement will not be required as of the Kick-out Date (as defined in the LP Agreement).

  • Such exclusion shall not be deemed one of Buyer's Kickout Options.

  • If such Required JV Consent is not obtained on or before the date that is twenty (20) days before the anticipated Closing Date, and if the Closing occurs on the then-anticipated Closing Date, the applicable Included Interest the contribution of which requires such Required JV Consent will be permanently deemed a “Kickout Interest” for purposes of this Agreement and the contribution of such Kickout Interest shall not occur.

  • Notwithstanding anything to the contrary contained herein, no Kickout Interest shall be transferred at the Closing, and the Asset Value of a Kickout Interest shall not be taken into account when calculating the amount of Consideration payable at Closing.

  • Until such an action is completed, the applicable JBG Included Interests shall be deemed to be a Kickout Interest.

  • If any such action is not completed on or before the date that is twenty (20) days before the anticipated Closing Date for any reason, then, and if the Closing occurs on the then-anticipated Closing Date, then the applicable JBG Included Interest will be permanently deemed a “Kickout Interest” for purposes of this Agreement and the contribution of such Kickout Interest shall not occur.

  • If such Required Ground Lease Consent is not obtained on or before the date that is twenty (20) days before the anticipated Closing Date, the applicable Included Interest the contribution of which requires such Required Ground Lease Consent will be permanently deemed a “Kickout Interest” for purposes of this Agreement and the contribution of such Kickout Interest shall not occur.

Related to Kickout

  • Outreach means the Outreach to potential Clients to link them to appropriate Mental Health 27 Services and may include activities that involve educating the community about the services offered and 28 requirements for participation in the programs. Such activities should result in the CONTRACTOR 29 developing their own Client referral sources for the programs they offer.

  • Medical Assistance Program means the medical assistance provided pursuant to Chapter 319v of the Connecticut General Statutes (CGS) and authorized by Title XIX of the Social Security Act. The program is also referred to as Medicaid.

  • Industrial Activity means activities subject to NPDES Industrial Permits as defined in 40 CFR, Section 122.26 (b)(14).

  • SEF Activity means business for which a Participant is subject to the BSEF Rules, which is purportedly conducted subject to the BSEF Rules, or which should have been conducted subject to the BSEF Rules including Permitted Transactions and Block Trades.

  • Criminal sexual activity means the commission of an act as defined in Section 886 of Title 21 of the Oklahoma Statutes, which is the act of sodomy; and