Sublease Profits. As defined in Section 5.2.1.
Sublease Profits means any consideration paid by the Transferee for the assignment or sublease and, in the case of a sublease, the excess of the rent and other consideration payable by the subtenant over the amount of Base Rent and Additional Rent payable hereunder applicable to the subleased space, less any and all direct, out-of-pocket expenses and cash concessions, including costs for necessary Alterations and brokerage commission, paid by Tenant to procure the assignee or subtenant. Tenant shall pay to Landlord as additional rent, within ten (10) days after receipt by Tenant, any such excess consideration paid by any transferee (the "Transferee") for the Transfer provided any capital expenditures and brokerage commissions in connection with any sublease shall be amortized over the term of the sublease.
Sublease Profits means any consideration paid by the Transferee for the assignment or sublease and, in the case of a sublease, the excess of the rent and other consideration payable by the subtenant over the amount of Base Rent and Additional Rent payable hereunder applicable to the subleased space.
Examples of Sublease Profits in a sentence
If Landlord consents to the Transfer, Landlord -------------------- shall be entitled to receive as Additional Rent hereunder, fifty percent (50%) of all "Sublease Profits" (as defined below).
If Landlord does not exercise such right to terminate this Lease as to, and recapture, the portion of the Premises affected by such assignment or sublease, Tenant shall have the right to consummate the assignment or sublease at such rent as Tenant may determine, provided however, that Tenant shall pay to Landlord fifty percent (50%) of Sublease Profits (as herein defined) on account thereof.
If Landlord consents to the Transfer, Landlord shall be entitled to receive as Additional Rent hereunder, fifty percent (50%) of all "Sublease Profits" (as defined below).
If Landlord consents to a Transfer, Landlord shall be entitled to receive, as Additional Rent hereunder, fifty percent (50%) of all Sublease Profits (as defined below).
If Landlord consents to the proposed assignment or sublease, Landlord shall be entitled to receive as Additional Rent hereunder, one hundred percent (100%) of all Sublease Profits.
More Definitions of Sublease Profits
Sublease Profits means the entire excess, after deduction of all reasonable costs of subletting (including, without limitation, marketing costs, rent concessions, reasonable attorneys' fees, commissions and tenant improvement allowances), of revenues generated by the subleasing of the Premises or portions thereof over the Rent applicable thereto. All such revenues shall be applied first to reimbursement of such costs of subletting until they are paid in full. Not more than thirty (30) days after the commencement date of a sublease which will produce Sublease Profits and annually thereafter, Tenant shall furnish Landlord with a sworn statement setting forth in detail the computation of the Sublease Profits on such sublease (which computation shall be based upon generally accepted accounting principles). Every such statement shall be conclusive and binding upon Landlord as to the Sublease Profits paid prior to the date of such statement unless within thirty (30) days after the receipt of such statement, Landlord shall notify Tenant that it disputes the correctness of the statement, specifying the particular respects in which the statement is claimed to be incorrect. If such dispute shall not have been settled by agreement within thirty (30) days after delivery of Landlord's dispute notice, it shall be settled by submission of such dispute to a national public accounting firm acceptable to Landlord and Tenant, at the expense of Landlord, except as hereinafter provided, for a final and binding determination. Upon determination of such dispute, such Sublease Profits shall be recalculated and any overpayment shall be returned, or underpayment promptly made, on demand plus interest on such overpayment or underpayment at the rate of two percent (2%) per annum over the Prime Rate. Tenant agrees to grant Landlord reasonable access to Tenant's office for the purpose of verifying Sublease Profits and to make copies of any and all bills, vouchers and other documents relating thereto, subject to reimbursement by Landlord for the cost of such copies. In the event that a review of Tenant's books and records pursuant to this Paragraph reveals that Tenant has understated Sublease Profits by in excess of five percent (5%) of the actual Sublease Profits payable to Landlord, Tenant shall also reimburse Landlord for the reasonable expenses incurred by Landlord in conducting such review of Tenant's books and records and the accounting firm costs. If a part of the consideration for any subletting...
Sublease Profits. (as defined below). The term "Sublease Profits" shall mean any consideration paid by the Transferee for the assignment and, in the case of a sublease, the excess of the rent and other consideration payable by the subtenant over the amount of Base Rent and Additional Rent payable hereunder applicable to the subleased space, less any and all direct, out-of-pocket expenses and cash concessions, including costs for necessary Alterations, attorneys' fees (not to exceed One Thousand Dollars [$1,000.00] in attorneys' fees) and brokerage commissions, paid by Tenant to procure the assignee or subtenant. Tenant shall pay to Landlord as additional rent, within twenty (20) days after receipt by Tenant, any such excess consideration paid by any transferee (the "Transferee") for the Transfer, provided any capital expenditures and brokerage commissions in connection with any sublease shall be amortized over the term of the sublease.
Sublease Profits. As used herein, "Sublease Profits" means the amount by which rents paid by Tenant's subtenant or assignee for the Premises exceed the Base Rent and the Common Area Operating Expenses after deducting (a) all costs incurred by Tenant for Tenant's Work, Alterations and Utility Installations made to the Premises at Tenant's expense to effect the sublease or assignment; and (b) the amount of any real estate commissions paid by Tenant to a third party in connection with the sublease or assignment, in both cases, amortized over the term of the sublease or assignment. One hundred percent (100%) of the Sublease Profits for the first three (3) years of any subleases or assignments entered into by Tenant within one (1) year after the Commencement Date shall be retained by Tenant. Fifty percent (50%) of any other Sublease Profits will be retained by Tenant and the remaining fifty percent (50%) of such Sublease Profits shall be paid to Landlord by Tenant on a monthly basis as they are received by Tenant.
Sublease Profits means the amount by which rents paid by Tenant's subtenant or assignee for the Premises exceed the Base Rent and the Common Area Operating Expenses after deducting (a) all costs incurred by Tenant for Tenant's Work, Alterations and Utility Installations made to the Premises at Tenant's expense to effect the sublease or assignment; and (b) the amount of any real estate commissions paid by Tenant to a third party in connection with the sublease or assignment, in both cases, amortized over the term of the sublease or assignment. One hundred percent (100%) of the Sublease Profits for the first three (3) years of any subleases or assignments entered into by Tenant within one (1) year after the Commencement Date shall be retained by Tenant. Fifty percent (50%) of any other Sublease Profits will be retained by Tenant and the remaining fifty percent (50%) of such Sublease Profits shall be paid to Landlord by Tenant on a monthly basis as they are received by Tenant.
Sublease Profits means any consideration paid by the Transferee for the assignment and in the case of a sublease, the excess of the Rent and other consideration payable by the subtenant, over the amount of Rent payable hereunder applicable to the space assigned or subleased after deducting the reasonable expenses incurred by Tenant for (i) any commercially reasonable changes, alterations and improvements to the Premises in connection with the Transfer, (ii) any brokerage commissions paid to independent third parties in connection with the Transfer, (iii) any commercially reasonable rental abatement provided to such Transferee and (iv) any reasonable attorneys’ fees incurred to document such Transfer (collectively, the “Subleasing Costs”). “Sublease Profits” shall also include, but not be limited to, key money and bonus money paid by Transferee to Tenant in connection with such Transfer, and any payment in excess of fair market value for services rendered by Tenant to Transferee or for assets, fixtures, inventory, equipment, or furniture transferred by Tenant to Transferee solely in connection with such Transfer. Tenant shall pay to Landlord as Additional Rent, within thirty (30) days after receipt by Tenant, any such excess consideration paid by any transferee (the “Transferee”) for the Transfer.
Sublease Profits shall also include, but not be limited to, key money and bonus money paid by Transferee to Tenant in connection with such Transfer, and any payment in excess of fair market value for services rendered by Tenant to Transferee or for assets, fixtures, inventory, equipment, or furniture transferred by Tenant to Transferee solely in connection with such Transfer. Tenant shall pay to Landlord as Additional Rent, within thirty (30) days after receipt by Tenant, any such excess consideration paid by any transferee (the “Transferee”) for the Transfer.
Sublease Profits shall have the meaning set forth in Section 8.07A hereof.