Common use of Look Back Payment Clause in Contracts

Look Back Payment. In addition to the Advance Minimum Rent and the Minimum Rent paid under this Section 3.1.1, within sixty (60) days after the Threshold Guaranty Repayment Date, the Tenant will pay to the Landlord as Minimum Rent an amount equal to the difference between the Minimum Rent calculated pursuant to paragraph 2 of Exhibit "A-1" and an amount equal to the Minimum Rent that would have been payable to the Landlord from the first day after the last day of the Base Year until the Threshold Guaranty Repayment Date if the amount of Minimum Rent due under paragraph 2 of Exhibit "A-1" was multiplied by a rate of 10.50% (as opposed to 10.25%) (the "Look Back Payment"). If the Look Back Payment due from Tenant to Landlord is not paid within sixty (60) days after the Threshold Guaranty Repayment Date, Tenant shall not be in Default under this Agreement but shall pay to Landlord a late charge computed at 3% of the Look Back Payment from the due date of the Look Back Payment to the date of payment thereof.