Lease Quarter definition
Examples of Lease Quarter in a sentence
Percentage Rent shall be paid by Lessee to Lessor not later than the date forty-five (45) days after the end of each Lease Quarter as herein provided.
If such CFO Certificate indicates that any Percentage Rent is due for such Lease Quarter (or such Lease Year, as applicable), based upon the cumulative total of Gross Revenues through the end of such Lease Quarter and the applicable Percentage Rent Breakpoint reflected in such statement, then Lessee shall pay and deliver any Percentage Rent then due with the statement and CFO Certificate for such Lease Quarter (or such Lease Year, as applicable).
In this Lease, "Quarter" means a period of 3 consecutive, 4 calendar-week periods.
On or before twenty (20) days after the end of each Lease Quarter, Tenant shall deliver to Landlord, a copy of each such Sublease of permanent showroom space in excess of 2,000 square feet of gross leasable space duly executed by Tenant and such subtenant in the preceding Lease Quarter and the first page and signature pages of all other Subleases of permanent showroom space duly executed by Tenant and subtenant in the preceding Lease Quarter.
With respect to the Annual Percentage Rent Breakpoint for each Lease Year: (1) the “First Lease Quarter Percentage Rent Breakpoint” shall be 25% of the Annual Percentage Rent Breakpoint for such Lease Year; (2) the “Second Lease Quarter Percentage Rent Breakpoint” shall be 50% of the Annual Percentage Rent Breakpoint for such Lease Year; and (3) the “Third Lease Quarter Percentage Rent Breakpoint” shall be 75% of the Annual Percentage Rent Breakpoint for such Lease Year.
Tenant shall deliver to Landlord a Certificate from the chief financial officer of Tenant (a “Percentage Rent Certificate”) with each Percentage Rent payment setting forth the calculation of the Percentage Rent payment for the most recently completed Lease Quarter of each Lease Year during the Term and Percentage Rent year to date through such recently completed Lease Quarter.
In the case of any underpayment of Rent arising out of variation in Total Sales from Lease Quarter to Lease Quarter, the accrual date shall be the payment due date for the final installment of Rent for such preceding Lease Year.
Commencing on the Commencement Date, Tenant shall pay to Landlord, at the address of Landlord specified at the top of this Lease, or at such other address as Landlord shall have designated, from time to time, by notice to Tenant, the “Base Rent” set forth below, which Base Rent shall thereafter be due and payable to Landlord on the first (1st) day of each Lease Quarter (as hereinafter defined) in advance and without further notice.
If Tenant remains in the possession of the Premises after the Expiration Date or earlier termination of this Lease, such continued possession shall, at Landlord’s option, create a month-to-month tenancy on the same terms and conditions as specified herein except that Base Rent shall be increased to [*****] ([*****]%) percent of the Base Rent payable in the last Lease Quarter of the Term.
If the Commencement Date shall be any day other than the first day of a calendar month, then (y) the first Lease Year shall end on the last day of the calendar month in which the first anniversary of the Commencement Date occurs, and (z) Base Rent and other charges for the first and last Lease Quarter of such first Lease Year shall be pro rated on a per diem basis.