Common use of PILOT Payment Clause in Contracts

PILOT Payment. (i) From and after the first PILOT payment period after the first of the earlier of January 1 or July 1 to occur after the Lease Assignment Date, PILOT shall be payable in advance, in equal semi-annual installments, on or prior to January 1 and July 1 of each and every Lease Year. Upon the Expiration Date or earlier termination of this Lease, Landlord shall repay or provide an appropriate credit for any prepaid PILOT in respect of the period after such Expiration Date or earlier termination of this Lease. (ii) Except as qualified by the immediately following sentence, for so long as any portion of Landlord’s obligation to reimburse Excess Site Acquisition Costs (Allocated) to Tenant shall remain owing and unpaid, Tenant’s payment of PILOT shall be in the form of (x) a credit against eighty-five percent (85%) of the PILOT then due and payable pursuant to Section 3.1 hereof, in reimbursement of the Excess Site Acquisition Costs (Allocated) and (y) a payment of the remaining fifteen percent (15%) as otherwise required in accordance with the provisions of this Lease. The offset described in the immediately preceding sentence is available to Tenant if, and only if: (A) no Event of Default has occurred and is continuing hereunder (but such right shall be immediately reinstated, on a prospective basis only, upon Tenant’s curing of such Event of Default); (B) the PILOT payment required by this Section 3.1 is made in a timely manner; and (C) notice is provided to Landlord with each payment of PILOT setting forth the outstanding balance of the unreimbursed Excess Site Acquisition Costs (Allocated), such notice to be substantially in the form set forth in Exhibit H attached hereto. If such conditions are not fulfilled, then Tenant shall pay 100% of the PILOT then due and payable and the provisions of Section 3.04 of the Site 8 South LADA shall apply to Landlord’s obligation to reimburse the Excess Site Acquisition Costs (Allocated).

PILOT Payment. (i) From and after the first PILOT payment period after the first of the earlier of January 1 or July 1 to occur after the Lease Assignment Delivery Date, PILOT shall be payable in advance, in equal semi-annual installments, on or prior to January 1 and July 1 of each and every Lease YearYear (except that in respect of the Lease Year in which the Delivery Date occurs, in the event that the Delivery Date does not occur on January 1 or July 1, Tenant shall pay to Landlord PILOT in an amount equal to the product of (A) the applicable annual PILOT and (B) a ratio, the numerator of which is the number of days in the period from the Delivery Date through the first to occur of December 31 or June 30 and the denominator of which is 365, such payment to be payable to Landlord within ten (10) Business Days after the Delivery Date). Upon the Expiration Date or earlier termination of this Lease, Landlord shall repay or provide an appropriate credit for any prepaid PILOT in respect of the period after such Expiration Date or earlier termination of this Lease. (ii) Except as qualified by the immediately following sentence, for so long as any portion of Landlord’s 's obligation to reimburse Excess Site Acquisition Costs (Allocated) to Tenant shall remain owing and unpaid, Tenant’s 's payment of PILOT shall be in the form of (x) a credit against eighty-five percent (85%) of the PILOT then due and payable pursuant to Section SECTION 3.1 hereof, in reimbursement of the Excess Site Acquisition Costs (Allocated) and (y) a payment of the remaining fifteen percent (15%) as otherwise required in accordance with the provisions of this Lease. The offset described in the immediately preceding sentence is available to Tenant if, and only if: (A) no Event of Default has occurred and is continuing hereunder (but such right shall be immediately reinstated, on a prospective basis only, upon Tenant’s 's curing of such Event of Default); (B) the PILOT payment required by this Section SECTION 3.1 is made in a timely manner; and (C) notice is provided to Landlord with each payment of PILOT setting forth the outstanding balance of the unreimbursed Excess Site Acquisition Costs (Allocated)Costs, such notice to be substantially in the form set forth in Exhibit H EXHIBIT L attached hereto. If such conditions are not fulfilled, then Tenant shall pay 100% of the PILOT then due and payable and the provisions of Section 3.04 of the Site 8 South LADA shall apply to Landlord’s 's obligation to reimburse the Excess Site Acquisition Costs (Allocated)Costs.