Transfer Rent definition

Transfer Rent means any rent or other consideration paid to Tenant, directly or indirectly, by any transferee, or any other amount received by Tenant from or in connection with any Transfer (excluding consideration for any of Tenant's furniture, furnishings, fixtures, equipment and other items of personal property, the full consideration, for which Tenant shall be entitled to retain) after deducting therefrom the following transfer expenses (the "Transfer Expenses"): (a) consideration specifically allocable to Tenant's property (including Tenant's furniture, furnishings, fixtures, equipment and other items of personal property, the full consideration for which Tenant shall be entitled to retain), (b) the reasonable and actual out-of-pocket costs and expenses of Tenant in making such Transfer such as tenant improvements, brokers' fees, attorneys' fees and advertising fees each as paid to unrelated third parties, (c) any sums paid to Landlord pursuant to the last sentence of Section 14.A, and (d) if no specific allocation is made to Tenant's property, the unamortized cost of any Tenant's property (including Improvements, other alterations and Tenant's furniture, furnishings, fixtures, equipment and other items of personal property) assigned or leased to and used by such transferee specifically allocated to the Transferred portion of the Premises (or if specific allocation is not practicable, then allocated on a square foot basis based on the proportion that the Transferred portion of the Premises bears to the entire Premises). In determining Transfer Rent, the costs set forth in CLAUSES (b) and (c) above shall be amortized on a straight-line basis, with interest at the annual rate of the prime rate of The First National Bank of Boston, plus two percent (2%), over the term of such Transfer and the costs set forth in CLAUSE (d) above shall be amortized on a straight-line basis, with interest at the annual rate of the prime rate of The First National Bank of Boston, plus two percent (2%), over the initial Term of this Lease;
View Source

Examples of Transfer Rent in a sentence

  • Notwithstanding the foregoing, in the event that Lessee is unable to satisfy the Net Worth Condition, the Corporate Fixed Charge Coverage Ratio Condition and/or the Rating Agency Condition, such conditions shall be deemed satisfied if Lessee shall (1) pay to Lessor the Subject Transfer Rent Prepayment Amount (as hereinafter defined), and (2) pay to Lessor the Prepayment Charges payable by Lessor to Lender as a result of the payment of the Subject Transfer Rent Prepayment Amount.

  • In the event Landlord consents to any Transfer, Tenant shall pay to Landlord, as and when amounts are due or paid by the Transferee to Tenant, all Excess Transfer Rent.

  • The Tenant agrees to promptly furnish such information with regard to the Excess Transfer Rent as the Landlord may reasonably request from time to time.

  • Documents incorporated into this Lease, such as the Maintenance charge list, Schedule of Utility Allowances, Grievance Procedures, Smoking Policy, Community Service Policy, Pet Policy, Transfer, Rent and Occupancy policies, and any building or development rules or other regulations, may be changed from time to time by Authority and do not require a written addendum to this Lease.

  • Transfer Rent shall include any other amount received by Sublicensee from or in connection with any assignment or subletting (including, but not limited to sums paid for the sale or rental, or consideration received on account of any contribution, of Sublicensee’s personal property or sums paid in connection with the supply of electricity or HVAC or use of any services, equipment or facilities located within the Premises or any other area of the Building).

  • The acceptance of Transfer Rent or other sums by Landlord from a proposed Transferee shall not constitute Landlord's consent to a noncompliant Transfer.

  • The acceptance of any Transfer Rent by Landlord from a purported Transferee shall not constitute a waiver by Landlord of the provisions of this Section 19.

  • If an Event of Default (as defined in this Lease) occurs while the Premises or any part of the Premises is subject to a Transfer, then Landlord, in addition to its other remedies, may collect directly from the Transferee all Transfer Rent becoming due to Tenant and apply the Transfer Rent against the Rent.

  • Tenant authorizes its Transferees to make payments of Transfer Rent directly to Landlord on receipt of notice from Landlord to do so following the occurrence of an Event of Default under this Lease.

  • The Tenant agrees to promptly furnish such information with regard to the Excess Transfer Rent as the Landlord may request from time to time.