Variable Rent Clause Samples

Variable Rent. Variable Rent shall be due and payable in arrears on each Payment Date in the amounts set forth below.

Variable Rent. During the term of this Sublease, Brillian covenants and agrees to pay to TFS, without deduction or setoff of any kind, the monthly costs actually incurred for the items enumerated in Exhibit F to this Sublease (“Variable Services Rent”). Brillian shall pay to TFS this amount within fifteen (15) days from the receipt of an invoice from TFS.

Variable Rent. Section 4(c) of the Lease Agreement is hereby ------------- amended to read in its entirety as follows:

Variable Rent. From and after the Bluegrass Downs Severance Date, for purposes of any calculation of Variable Rent under the Lease, including any adjustments in Variable Rent based on increases or decreases in Net Revenue, such calculations of Net Revenue shall exclude Net Revenue attributable to the Bluegrass Downs Facility.

Variable Rent. In addition to the fixed rate described in section 3.1, additional rent will be charged in the event that the following annual thresholds are met:

Variable Rent. The Variable Rent shall be the equivalent of the amount resulting from applying the percentage of 95% (ninety-five percent) to the Gross Revenues of the Lessee generated in the relevant past Year Rent, in the currency corresponding to such Gross Revenues (the “Variable Rent”). The Variable Rent shall be payable within the first three months following the close of each fiscal year in question.

Variable Rent i. From and after the date hereof, for purposes of any calculation of Variable Rent under the Lease, including any adjustments in Variable Rent based on increases or decreases in Net Revenue, such calculations of Net Revenue shall exclude Net Revenue attributable to the ▇▇▇▇▇▇’▇ ▇▇▇▇ Facility. ii. Article II of the Lease is hereby amended such that the definition of “Base Net Revenue Amount” is hereby deleted and replaced with the following:

Variable Rent. In addition to the Fixed Rent payable hereunder, Lessee agrees to pay the Lessor “Variable Rent” (plus all applicable sales tax). Variable Rent shall consist of those charges allocable to the Premises such as real estate taxes, casualty, liability and loss of rent insurance, common area maintenance expenses, common area utilities, landscape maintenance and pest control, Variable Rent shall be calculated based on a calendar year provided that if a lease year begins other than on January 1 and ends other than December 31, then said first or last lease year, as the may be, shall be prorated accordingly with respect to determining the amount of Variable Rent payable for said partial lease year. During each lease year, Lessee shall pay to Lessor on the first day of each calendar month thereof, together with the monthly installment of Fixed Rent, an amount equal to 1/12 of the estimated amount of Variable Rent. The estimate for 2005 shall be based on the information shown in Exhibit “C” attached hereto and made a part hereof. As soon after the end of said calendar year as practical, Lessor shall deliver to the Lessee a statement showing the actual amount paid by the Lessor for the expenses included in Variable Rent and, to the extent that said actual amount of Variable Rent apply to Lessee, Lessee shall pay, within ten days after receipt of said statement, the excess amount of Variable Rent due Lessor. In the event that Lessee’s estimated payments exceed the actual amount of Variable Rent, then Lessor shall grant the Lessee a credit equal to said excess to be applied against the next payment of Lessee’s monthly payment of Fixed and Variable Rent. Lessee’s estimated monthly payments of Variable Rent shall be adjusted as of January 1 of each year to reflect an amount equal to 1/12 of the actual Variable Rent payable by Lessee to Lessor pursuant to the provisions hereof for the preceding calendar year adjusted by any increases or decreases in said expenses which can be definitely ascertained for the succeeding year. Lessee’s obligation to pay Variable Rent hereunder shall be treated with the same dignity as Lessee’s obligation to pay Fixed Rent hereunder and Lessor shall have all rights and remedies provided for in this Lease in the event Lessee fails to pay the Variable Rent.

Variable Rent i. From and after the date hereof, for purposes of any calculation of Variable Rent under the Lease, including any adjustments in Variable Rent based on increases or decreases in Net Revenue, such calculations of Net Revenue shall exclude Net Revenue attributable to the Southern Indiana Facility. ii. Article II of the Lease is hereby amended such that the definition of “Base Net Revenue Amount” is hereby deleted and replaced with the following: