Sales Breakpoint definition

Sales Breakpoint. $2,000,000.00 per annum from the Commencement Date through and including the expiration of the second (2nd) Lease Year; and $2,800,000.00 per annum for the Lease Years third (3rd) through fifth (5th)Lease Years; and $3,400,000.00 per annum for each Lease Year during the remainder of the Lease Term (prorated for any Partial Lease Year). Taxes: Calculated as set forth in Section 4.5.
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Sales Breakpoint as set forth in Item 9 of the Data Sheet for each lease year or partial lease year of the lease term, which sum will be payable in equal monthly installments in advance on the first day of each calendar month of the lease term. Should one percent (1%) of Tenant's gross sales, as required to be reported following the end of each lease year or partial lease year pursuant to Article VI, above, be more than the total contribution to the Promotional Fund required by the above provisions of this section for such lease year or partial lease year, then Tenant will pay to Landlord, as additional rent an additional contribution sufficient to make Tena▇▇'▇ ▇otal contributions to the Promotional Fund pursuant to this section 1 during such lease year or partial lease year equal to one percent (1%) of Tenant's gross sales during such lease year or partial lease year, which payment will accompany the statement of gross sales referred to above. In no event, however, shall Tena▇▇'▇ ▇ontribution for any lease year exceed $1.50 per square foot of gross leasable area of the Premises, adjusted as provided herein. For each lease year commencing after December 31, 1989, Tena▇▇'▇ ▇ontribution per square foot of gross leasable area of the Premises shall not exceed the amount derived by multiplying $1.50 by a fraction, the numerator of which is the "price index" (as defined in Article XXXIV, Section 15) for January of the calendar year during which such lease year begins, and the denominator of which is the price index for January, 1989. The failure of any other tenant to contribute to the Promotional Fund will not affect Tenant's obligations hereunder.
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Examples of Sales Breakpoint in a sentence

  • If the Sales Breakpoint changes during a Lease Year, the Sales Breakpoint for that Lease Year shall be appropriately adjusted.

  • If Minimum Rent for any Lease Year or Partial Lease Year is reduced or abated for any reason, the Sales Breakpoint shall be reduced in direct proportion to the reduction or abatement of Minimum Rent for the period of time that such reduction or abatement of Minimum Rent is in effect.

  • In the event of a Partial Lease Year, the Sales Breakpoint shall be determined by multiplying the Sales Breakpoint for the full Lease Year, by a fraction, the numerator of which shall be the number of days contained in such Partial Lease Year and the denominator of which shall be 365 days.

  • If actual Store Floor Area is modified in accordance with Section 2.l, the Minimum Annual Rent and the Sales Breakpoint shall be deemed automatically increased or decreased based upon the Store Floor Area as thus determined, and any overpayments or underpayments of Minimum Monthly Rent and Percentage Rent to Landlord shall be adjusted accordingly.

  • In addition to the payment of Minimum Rent, Tenant covenants and agrees to pay to Landlord, without notice or demand, at the Remittance Address, an amount, if any, equal to the Percentage Rent Rate applied against that portion of Tenant’s Adjusted Gross Sales during each Lease Year or Partial Lease Year in excess of the Sales Breakpoint for such period (hereinafter referred to as “Percentage Rent”).

  • Percentage Rent shall become due and payable in each Lease Year on the fifteenth (15th) day of the month immediately following the month during which Adjusted Gross Sales exceed the Sales Breakpoint for such Lease Year, and thereafter shall be paid monthly on all additional Adjusted Gross Sales made during the remainder of such Lease Year, such payments to be made concurrently with the submission by Tenant to Landlord of the written statement of monthly Adjusted Gross Sales as provided for herein.

  • Upon the occurrence of any relocation pursuant to this Section 2.5, the parties hereto shall promptly execute an amendment to this Lease reflecting such relocation of Tenant and, if applicable, any adjustment to the Minimum Rent and Sales Breakpoint.

  • The New Premises shall be subject to the same terms, conditions and covenants as the Premises except that if the Store Floor Area of the New Premises differs from the Store Floor Area of the Premises, then the Minimum Rent and Sales Breakpoint shall be proportionately adjusted.

  • In the event Tenant has not met the Gross Sales Breakpoint (as defined in Section 1.8 and adjusted per Section 5.3 each year of the Lease Term) required for the preceding (12) month period, then the option to extend is personal to Tenant and may not be exercised or be assigned, voluntarily or involuntarily, by or to any person or entity other than Tenant.

  • In addition to the Annual Rental, Additional Rent and other sums specified herein, Tenant shall pay percentage rent each year commencing in the month in which the annual Gross Sales Breakpoint is exceeded (hereinafter "Percentage Rental") calculated as a percentage of Tenant's "Gross Sales" (as that term is defined in Article VI) made from or upon the Premises during each calendar year or pro ration thereof.