Tax Excess shall be as defined in Section 4.2.1(a).
Tax Excess means the amount, in any Tax Year by which the Taxes for said year exceed the Tax Base, multiplied by Tenant’s Proportionate Share of Taxes.
Tax Excess means, with respect to any Calculation Period, the positive difference between (a) the Tax Liability for the Calculation Period, minus (b) an amount equal to the product of (1) an amount equal to (A) EBITDA for the Calculation Period, minus (B) the CapEx Allowance for the Calculation Period, multiplied by (2) twenty percent (20%).
Examples of Tax Excess in a sentence
Landlord shall provide Tenant with a good faith estimate of the Expense Excess and of the Tax Excess for each calendar year during the Term.
On or before the first day of each month, Tenant shall pay to Landlord a monthly installment equal to one-twelfth of Tenant’s Pro Rata Share of Landlord’s estimate of both the Expense Excess and Tax Excess.
If Landlord does not provide Tenant with an estimate of the Expense Excess or the Tax Excess by January 1 of a calendar year, Tenant shall continue to pay monthly installments based on the previous year’s estimate(s) until Landlord provides Tenant with the new estimate.
Tenant’s Share of the Expense Excess and Tenant’s Share of the Tax Excess for any partial Expense Year shall be prorated based on the number of days in such Expense Year.
Notwithstanding any contrary provision hereof, if, after Landlord’s delivery of any Statement, an increase or decrease in Taxes occurs for the applicable Expense Year or for the Base Year (whether by reason of reassessment, error, or otherwise), Taxes for such Expense Year or the Base Year, as the case may be, and the Tax Excess for such Expense Year shall be retroactively adjusted.
More Definitions of Tax Excess
Tax Excess shall have the meaning set forth in Section 10(a)(i). "Tax Refund" shall have the meaning set forth in Section 10(a)(i). "Taxes" shall have the meaning set forth in Section 10(a)(i).
Tax Excess. If in any real estate tax fiscal year occurring during the Lease Term, the Taxes for such year exceed the Base Taxes (as defined in the Reference Data section), the Tenant shall pay to the Landlord as additional rent an amount (hereinafter called the "Tax Excess") equal to the Tenant's Proportionate Share of any such excess. Beginning with the first installment of Base Rent, and continuing thereafter during the Lease Term, Tenant shall pay to Landlord on the first day of each calendar month one-twelfth (1/12) of the sum equal to Landlord's reasonable estimate of the Tax Excess for such fiscal year, and such payments shall be credited to the Tax Excess, if any, payable for the applicable fiscal year. Such estimated payments shall be timed so that Landlord has the amounts available on the due dates for tax bills in the Town of Rockland. During the fiscal year, Landlord shall give to Tenant Tax Escalation Statement(s) based upon tax bills received from time to time from the Town of Rockland, showing the Tax Excess together with the total of estimated payments applied. Any balance due Landlord shall be payable by Tenant thirty (30) days following receipt by Tenant of each Tax Escalation Statement. Any excess estimated payments shall be carried to the credit of Tenant until the issuance of the last such Tax Escalation Statement for each fiscal year and if the statement indicates an overpayment, it shall be credited by Landlord to Tenant against the Rent next due hereunder, provided that any excess credit shall be repaid to Tenant within thirty (30) days following the end of the fiscal year in which occurs the expiration of the Lease Term, subject to set off against sums due from Tenant to Landlord.
Tax Excess means the amount, in any Tax Year by which the Taxes for said year exceed the Tax Base, multiplied by Tenant's Proportionate Share for Taxes. Landlord may bill Xxxant annually, semi-annually, quarterly, or monthly for such Tax Excess as may be due, and Tenant shall pay such bills within ten (10) days after receipt of the same. Appropriate credit against Tax Excess shall be given for any refund obtained by reason of a reduction in any Taxes by the Courts or other governmental agency responsible therefor. The original computation as well as reimbursement or payments of additional charges, if any, or allowances, if any under the provisions of this Section XI shall be based on the original assessed valuations with adjustments to be made at a later date when the tax refund, if any, shall be paid to Landlord by the taxing authority. Expenditures for legal fees and for other similar or dissimilar expenses incurred in obtaining the tax refund shall be charged against the tax refund before the adjustments are made for the Tax Year. In no event shall Tenant be entitled to receive a credit against Tax Excess for any tax year in an amount greater than Tenant's share of the Tax Excess for such fiscal tax year.
Tax Excess means the amount, in any Tax Year by which the Taxes for said year exceed the Tax Base, multiplied by Tenant's Proportionate Share for Taxes. Landlord may bill Xxxant annually, semi-annually, quarterly, or monthly for such Tax Excess as may be due, and Tenant shall pay such bills within ten (10) days after receipt of the same.
Tax Excess. Section 6.1
Tax Excess. (as defined in Section 6.2 of the Lease) and Tenant’s payments for the “Operating Cost Excess” (as defined in Section 7.5 of the Lease), for the portion of the Term on and after the First Additional Premises Rent Commencement Date, the “Rentable Floor Area of the Premises” shall comprise a total of 16,467 square feet including both the Rentable Floor Area of the Initial Premises (being 7,234 square feet) and the Rentable Floor Area of the First Additional Premises (being 9,233 square feet). For the portion of the Lease Term prior to the First Additional Premises Rent Commencement Date, the “Rentable Floor Area of the Premises” shall continue to be the Rentable Floor Area of the Initial Premises for such purposes. (B) For the purposes of computing Tenant’s payments for electricity (as determined pursuant to Sections 5.2 and 7.5 of the Lease), for the portion of the Term on and after the First Additional Premises Commencement Date, the “Rentable Floor Area of the Premises” shall comprise a total of 16,467 square feet including both the Rentable Floor Area of the Initial Premises (being 7,234 square feet) and the Rentable Floor Area of the First Additional Premises (being 9,233 square feet). For the portion of the Lease Term prior to the First Additional Premises Commencement Date, the “Rentable Floor Area of the Premises” shall continue to be the Rentable Floor Area of the Initial Premises for such purposes. 7. (A) For the purposes of computing Tenant’s payments of the Tax Excess pursuant to Article VI of the Lease on and after January 1, 2022, the definition of “Base Taxes” contained in Section 6.1 of the Lease shall be deleted in its entirety and replaced with the following: “Base Taxes” means Landlord’s Tax Expenses (hereinbefore defined) for fiscal tax year 2023 (that is the period beginning July 1, 2022 and ending June 30, 2023). For the portion of the Lease Term prior to January 1, 2022, such definition shall remain unchanged for such purposes. (B) For the purposes of computing Tenant’s payments of the Operating Cost
Tax Excess. Tenant's Proportionate Share of the amount by which Taxes for any Tax Year exceed Base Taxes (See Section 6(B)).