Third Party Rentals definition
Examples of Third Party Rentals in a sentence
Third Party Rentals, less the amount retained by BellSouth as set forth in Section 5.3, within thirty (30) days of the end of the prior month, free and clear of any claims and without any set-off or recoupment.
All monthly payments shall be predicated upon actual Third Party Rentals collected by the Receiving Party during the prior month.
Third Party Rentals shall specifically include gross rents or other recurring consideration paid by Sublessees who have, prior to the expiration or termination of this Agreement, who have executed an SLA to either Crown or BellSouth.
For purposes of this Agreement, "Third Party Rentals" shall be defined as gross rents or other consideration paid by third parties, commencing at any time from the date first written above and continuing for so long as such third party, its successors and assigns, utilizes the Tower Site.
The remaining [*] percent ([*]) of the Third Party Rentals shall be paid to or retained by BellSouth, as applicable.
The Receiving Party agrees to, at all times during this Agreement and during the existence of any SLAs related thereto, maintain financial records, including books of account, which detail all Third Party Rentals and all out of pocket expenses incurred by the Receiving Party in connection with the collection of Third Party Rentals.
In the event Crown is the Receiving Party, Crown shall remit to BellSouth the Third Party Rentals, less the amount of Crown's marketing fee in respect thereof, within thirty (30) days of the end of the prior month, free and clear of any claims and without any set-off or recoupment.
The Receiving Party shall use commercially reasonable efforts to collect the Third Party Rentals in the same manner as it would collect from its own tenants.
If any such audit concludes that in any month the Receiving Party's calculation of Third Party Rentals is more than five percent (5%) less than the actual amount thereof, the Receiving Party shall reimburse the other party for all fees, costs and expenses paid by that party for the audit.
Crown and BellSouth specifically acknowledge that they shall have no recourse against the other as a result of a failure of payment or other breach of obligation by any third party related to Third Party Rentals.