Subsequent Payments. All payments made pursuant to § 3.2 after the Initial Payment hereof must be made in advance on a quarterly basis no later than forty-five days prior to the beginning of each calendar quarter. The Company shall in good faith estimate each such quarterly payment based on the Installation Area expected to be applicable to the next quarter. Within one hundred twenty days following the end of each calendar year, the Company shall calculate the exact monetary compensation due to the City pursuant to § 3.2 hereof for all of the calendar quarters of said calendar year. Should the total monetary compensation for such calendar year thus calculated be found to have exceeded the estimated quarterly payments made by the Company for such calendar year, the Company shall, within the 120-day period following the end of the calendar year, remit to the City any balance due. Should the estimated quarterly payments made by the Company for the calendar year be found to have exceeded the total calculated monetary compensation for the year, the overpayment will constitute a credit against the next payment or payments due from the Company hereunder.
Appears in 9 contracts
Samples: Information Services Franchise Agreement, Information Services Franchise Agreement, Information Services Franchise Agreement
