Estimated Payments definition

Estimated Payments has the meaning set forth in Section 6.7(d).
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Estimated Payments shall be an amount equal to 1/12th of Tenant’s Proportionate Share of Estimated Operating Costs for any given calendar year. Tenant shall pay such Estimated Payments to Landlord in advance on the first day of each month. If Landlord determines in its reasonable opinion that Landlord’s initial determination of Estimated Operating Costs was incorrect, then Landlord shall have the right to adjust the Estimated Operating Costs and the Estimated Payments as necessary; provided, however, Landlord shall not have the right to adjust such Estimated Operating Costs and/or Estimated Payments more than once in any one calendar year or more than twenty percent (20%) of the Landlord’s initial estimate. Notwithstanding the foregoing sentence, the twenty percent (20%) cap on increasing the Landlord’s initial estimate in any one year shall not create any type of cap or otherwise adversely effect or reduce any Operating Cost Reimbursement (defined below) that Tenant may owe to Landlord hereunder. If Landlord fails to timely notify Tenant prior to the beginning of a calendar year of the Estimated Operating Costs and Estimated Payments for the upcoming calendar year, then Tenant shall continue to pay the Estimated Payments for the prior calendar year until Landlord does notify Tenant of the new Estimated Operating Costs and Estimated Payments. Within a reasonable period after the end of each calendar year, Landlord shall furnish Tenant a statement indicating in reasonable detail the actual Operating Costs for the previous calendar year and the parties shall, within thirty (30) days thereafter, make any payment or allowance necessary to adjust Tenant’s Estimated Payments to Tenant’s actual share of such Operating Costs as indicated by such annual statement (“Operating Cost Reimbursement”). Any payment due Landlord shall be payable by Tenant within thirty (30) days after Landlord’s written demand therefor. Any amount due Tenant shall be credited against Rent installments next becoming due under this Paragraph 3(c) or refunded to Tenant, if requested by Tenant. Real Estate Taxes for each calendar year shall be the Real Estate Taxes that accrue for the year (which, under the current law, are payable in the following calendar year). A final tax b▇▇▇ shall be conclusive evidence of the amount of Real Estate Taxes, unless Landlord appeals the amount of such Real Estate Taxes or the assessment of the Building. The terms and provisions of this Paragraph 3 shall survive the expiration ...
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Examples of Estimated Payments in a sentence

  • If, during any Operating Expense Year, there is a change in the information on which Tenant is then making its Estimated Payments so that the prior estimate is no longer accurate, Landlord may revise the estimate and there shall be such adjustments made in the monthly Rent on the first day of the month following notice to Tenant as shall be necessary by either increasing or decreasing, as the case may be, the amount of monthly Rent then being paid by Tenant for the balance of the Operating Expense Year.

  • If the Estimated Payment made by Tenant exceeds Tenant’s Cost Allocation for such year, then Landlord shall credit against Tenant’s next ensuing Estimated Payment(s) an amount equal to the difference until the credit is exhausted.

  • If T▇▇▇▇▇’s Proportionate Share of the Actual Expenses exceeds the Estimated Payments, for the same period of time, then T▇▇▇▇▇ agrees to pay within thirty (30) days of receipt of said statement, the difference between T▇▇▇▇▇’s Proportionate Share of the Actual Expenses and the Estimated Payments.

  • If the Operating Expense Statement indicates that Tenant’s Share exceeded the Estimated Payments, then Tenant shall remit the difference to Landlord as Additional Rent.

  • If Estimated Payments are not received by the Company by the 5th of the month, the Operator shall pay to the Company interest on the overdue Estimated Payments from the date such payment was due to the date of actual payment at a rate of 1.5% per month, or if higher, the maximum rate permitted under applicable law.

  • At the end of each quarter during the Term, the Company will calculate the actual Royalties payable to the Company during the prior quarter and submit an invoice to the Operator describing any overpayment or underpayment in Royalties as compared to Estimated Payments made during the applicable quarter.

  • Any overpayment by the Operator will be credited toward and reduce the next quarter’s Estimated Payments, while any underpayment will be cured by the Operator and paid to the Company within thirty (30) days following delivery of the applicable quarterly invoice.

  • If the Estimated Payments exceed T▇▇▇▇▇’s Proportionate Share of the Actual Expenses, then L▇▇▇▇▇▇▇ agrees to refund the difference at the time that such statement is furnished.

  • In the event that the Estimated Payments for any year exceeds the Required Amount for such year, the excess shall be credited by Landlord to the next installment(s) of Additional Rent coming due and payable or, in the event such calendar year is the last year of the Term, remitted by Landlord to Tenant provided Tenant is not in default of its obligations under this Lease and there are no damages to the Premises or the remainder of the Property caused by Tenant or its employees, agents or contractors.

  • Subject to the direction and authority of the Board of Directors of the Company (the “Board”), the Executive shall have direct responsibility for certain financial and operational needs as assigned by the Chief Executive Officer (“CEO”) from time-to-time.

Related to Estimated Payments

  • Permitted Payment as defined in Subsection 8.2(b).

  • Permitted Payments has the meaning specified in Section 7.06(b).

  • Excepted Payments means and include (i)(A) any right, title or interest to any indemnity (whether or not constituting Supplemental Rent and whether or not a Lease Event of Default exists) payable to either the Owner Lessor, the Lessor Manager, the Trust Company, or the Owner Participant or to their respective Indemnitees and successors and permitted assigns (other than the Indenture Trustee) pursuant to Section 2.3, 9.1, 9.2, 11.1 or 11.2 of the Participation Agreement, and any payments under any Tax Indemnity Agreement (provided that Excepted Payments shall not include any Periodic Rent) or (B) any amount payable by the Facility Lessee to the Owner Lessor or the Owner Participant to reimburse any such Person for its costs and expenses in exercising its rights under the Operative Documents or the South Point Ground Lease, (ii)(A) insurance proceeds, if any, payable to the Owner Lessor or the Owner Participant under insurance separately maintained by the Owner Lessor or the Owner Participant with respect to the Facility as permitted by Section 3(b) of Schedule 5.31 to the Participation Agreement or (B) proceeds of personal injury or property damage liability insurance maintained under any Operative Document or the South Point Ground Lease for the benefit of the Owner Lessor or the Owner Participant, (iii) any amount payable to the Owner Participant as the purchase price of the Owner Participant's right and interest in the Member Interest, (iv) all other fees expressly payable to the Owner Participant under the Operative Documents, (v) any payments in respect of interest, or any payments made on an After-Tax Basis, to the extent attributable to payments referred to in clause (i) through (vi) above; (vii) any amounts paid to the Owner Lessor as reimbursement for amounts expended pursuant to Section 20 of the Facility Lease; (viii) proceeds of the items referred to in clause (i) through (vii) above; and (ix) any rights to demand, collect, sue for, or otherwise receive and enforce payment of the foreg▇▇▇g amounts, including under the Calpine Guaranty, but without limiting clause (v) of this definition above.

  • Reduced payment means a payment that is for less than the amount agreed upon in a subcontract in accordance with its terms and conditions, for supplies and services for which the Government has paid the prime contractor.

  • Specified Payment means any Permitted Acquisition, Investment, loan, advance, incurrence of or payment with respect to Indebtedness or other transaction made subject to satisfaction of the Payment Conditions or any component thereof.