Monthly Estimate Statements Sample Clauses
Monthly Estimate Statements. Prior to the first day of each quarter during the Term, the Steering Committee, with such assistance from MSC and MPM as the Steering Committee shall request, shall (i) estimate (or calculate, as applicable) the (x) Actual Cost of each Service Provider in respect of Services to be provided by it for each month during such quarter, and (y) cost shares of each of the parties as calculated pursuant to this Article V and the estimated net cost share payment, if any, that will be owed by either MSC or MPM, as applicable, to the other party (the “Estimated Monthly Allocation Payment”) for each month during such quarter and (ii) direct the applicable Service Provider to prepare and issue invoices for each Estimated Monthly Allocation Payment to be paid by the other party, which invoices shall be delivered on the first day of each month during such quarter (or as promptly as practicable thereafter). Within ten (10) days of delivery of an invoice for the Estimated Monthly Allocation Payment, the applicable Recipient shall promptly make payment of the Estimated Monthly Allocation Payment. MSC and MPM, as applicable, may elect to cause all or a portion of the Estimated Monthly Allocation Payment to be satisfied by one or more of their subsidiaries, including, in the case of MSC, those subsidiaries listed on Exhibit C and, in the case of MPM, those subsidiaries listed on Exhibit D, which, for the avoidance of doubt, may include settlement in non-U.S. jurisdictions in currency other than U.S. dollars converted at the Exchange Rate for the applicable Recipient.
Monthly Estimate Statements. (a) Prior to the first day of each month during the term of the applicable Service, HPI shall (i) estimate (or calculate, as applicable) the Covered Costs of Services to be provided for such month, which shall be based upon an annual budget of HPI and SEG as previously agreed upon by HPI and SEG (the “Estimated Monthly Payment”) and (ii) prepare and issue invoices for such Estimated Monthly Payment to be paid by SEG, which invoices shall be delivered on the first day of each month (or as promptly as practicable thereafter). Not later than five (5) Business Days following delivery of an invoice for the Estimated Monthly Payment, SEG shall promptly pay the Estimated Monthly Payment to, or as directed by, HPI. SEG may elect to cause all or any portion of the Estimated Monthly Payment to be satisfied by one or more of its Subsidiaries.
(b) With respect to any Capital Expenditure, HPI shall invoice SEG for twenty five percent (25%) of the SEG Allocated Capital Expenditure Cost for such Capital Expenditure plus, at HPI’s election, twenty five percent (25%) of any Covered Costs incurred by HPI as a result of this invoice process upon each of the 3-month, 6-month, 9-month and 12-month anniversary of the date that HPI initially made such Capital Expenditure. SEG shall, or shall cause one or more of its Subsidiaries to, reimburse HPI in full within five (5) Business Says following SEG’s receipt of each such invoice.