Fiscal Half Year definition
Examples of Fiscal Half Year in a sentence
Along with each Additional Minimum Rent payment, Tenant shall submit to Landlord an unaudited (but certified by a duly authorized officer of Tenant or Tenant’s general partner or managing member, as applicable) statement showing a detailed breakdown of the calculation of Additional Minimum Rent for such Fiscal Half Year and for the Fiscal Year to date on a cumulative basis (each an “Additional Minimum Rent Statement”).
As Partner can only calculate Net Sales accurately at the end of every Fiscal Half Year, then the Sales Report for the first Calendar Quarter of a Fiscal Half Year shall be provisional.
Such books and records shall be kept for such period of time required by law, but no less than at least three (3) years following the end of the Fiscal Half Year to which they pertain.
Tenant’s obligation to pay Additional Minimum Rent for the Fiscal Half Year which includes the date of termination of this Lease shall survive the termination hereof.
Therefore in the Sales Report for the second Calendar Quarter of a Fiscal Half Year, Partner shall include updated Net Sales for the whole of such Fiscal Half Year.
In the event that the Sales Report following the end of a Fiscal Half Year shows that the actual Net Sales for the first Calendar Quarter in such Fiscal Half Year are greater in aggregate than the provisional Net Sales reported in the Sales Report for such first Calendar Quarter, then Partner shall pay the difference in the royalty payment due based upon such actual Net Sales to Optimer together with the royalties payable in respect of the second Calendar Quarter for that Fiscal Half Year.
Additional Minimum Rent for any partial Fiscal Half Year in the final Fiscal Year shall be prorated proportionately.