PILOST definition

PILOST means payments in lieu of sales and compensating use taxes payable by Tenant to Landlord pursuant to SECTION 3.3 hereof.
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PILOST has the meaning provided in Section 3.5 hereof.
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PILOST means payments in lieu of sales and use taxes that would otherwise have been levied under the New York State Tax Law on the tangible materials and equipment incorporated into the Land but for the exemption therefrom arising on account of the ownership of the Land by the MTA.
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Examples of PILOST in a sentence

  • The grant to Tenant of the Initial Sales Tax Savings is absolute, irrevocable and not subject to reduction, repayment or recapture, and Tenant shall not be required to pay PILOST or make deposits of any amount into the Payment Escrow in respect of the Initial Sales Tax Savings.

  • Each such Sales Tax Savings Report shall show in detail the amount of the applicable work subject to Sales Tax Savings pursuant to this SECTION 3.3 completed by or on behalf of Tenant during the previous Lease Year (or the same Lease Year, if applicable), the amount of any Sales Tax Savings realized therefrom, and the PILOST Amount resultant therefrom.

  • Except as provided in Section 11.1.3 hereof with respect to PILOT and except as provided in this Section 11.1.13, all rent, additional rent, and other charges which have accrued under the Unit Lease with respect to the Unit as of the Closing Date, including without limitation, PILOMRT and PILOST, shall be the sole responsibility of Seller, and Seller shall furnish evidence reasonably satisfactory to Purchaser at Closing that all such rent, additional rent, and other charges have been paid in full.

  • The Members further acknowledge and agree that, during the term of the Construction Loan, PILOST payments will be funded to a reserve held by the Mortgage Loan Agent or Mezzanine Loan Agent for payment of PILOST to the MTA in accordance with the terms of the PILOST Agreement, pursuant to the terms of the Loan Documents.

  • The Members acknowledge and agree that Legacy Tenant is required to pay PILOST to the MTA pursuant to the PILOST Agreement, and that all such PILOST payments shall be a Project Cost and allocated to the Members in accordance with the terms of the Cost Allocation Methodology.

  • If the total of the payments of PILOST previously made pursuant to SECTION 3.3(b) hereof shall exceed the amount of PILOST which is payable for the entire Lease Year, based upon the Sales Tax Savings Report delivered pursuant to this SECTION 3.3(d), the amount of such excess shall be applied in reduction of the next ensuing installment or installments of PILOST (or if no PILOST are being then paid, then such other Charges as are being paid during the term of this Lease).

  • In the event such reconciliation payment exceeds ten percent (10%) of the total PILOST payable in respect of such Lease Year, the amount thereof in excess of ten percent (10%) of total PILOST shall include interest at the Interest Rate, calculated from the date that such amounts should have been paid to Landlord under SECTION 3.3(b) hereof based on such actual expenditures through the date payment thereof has been received by Landlord.

  • Any payment of PILOST that may be due shall be delivered by Tenant in accordance with Section 3.1 at the same time that the applicable Officer's Certificate is delivered.

  • All amounts required to be paid by Tenant pursuant to this Lease, including, without limitation, Base Rent, PILOT, Impositions, PILOST and Civic Facilities Payments (collectively, “Rental”), shall constitute rent under this Lease.

  • Concurrently with the delivery of the Sales Tax Savings Report, Tenant shall make a reconciliation payment to Landlord in an amount equal to the positive difference (if any) between (i) the Sales Tax Payment Amount, as computed from such Sales Tax Savings Report, payable for said Lease Year, and (ii) any payments of PILOST as shall have previously been made for said Lease Year pursuant to SECTION 3.3(b) hereof.