Excess Payment Account definition
Excess Payment Account means a bookkeeping account only which shall have an initial balance of zero. The balance of the Excess Payment Account shall be increased on the last day of each and every calendar year following the entering into of a New Lease by (A) the Excess Payment Amount (hereinafter defined) for such calendar year and (B) an amount equal to the product of (x) the prime rate of interest then charged by large U.S. money center banks and (y) the then balance of the Excess Payment Account as of the last day of such calendar year following the increase made pursuant to clause (A) for such calendar year (if any) and following the decrease made pursuant to clause (C) for such calendar year (if any). The balance of the Excess Payment Account shall be decreased (C) on the last day of each and every calendar year following the entering into of a New Lease by the Deficit Payment Amount (hereinafter defined) for such calendar year and (D) on the due date of each rental payment under the Operating Lease after it has been reinstated with City pursuant to the provisions of Paragraph 6(b) hereof by an amount equal to such rental payment or such portion of such rental payment which will have the effect of reducing the balance of the Excess Payment Account to zero.
Examples of Excess Payment Account in a sentence
If the Release Payment is received by Administrative Agent (x) on or before 12:00p.m. (Phoenix, Arizona time) on a Business Day, the deposit to the Excess Payment Account will occur on the same Business Day, and (y) after 12:00p.m. (Phoenix, Arizona time) on a Business Day, the deposit to the Excess Payment Account will occur on the following Business Day.