Year End Reconciliation definition
Examples of Year End Reconciliation in a sentence
During the twelve (12) month period following receipt of any Financial Report, including Fiscal Year End Reconciliation Statement, each Party shall have the right to examine and audit (or cause its external auditors to examine and audit) the Books and Records of the other Party as necessary to verify the examined Party’s compliance with the terms of this Agreement, including the calculation of any of the information required to be included in the Reconciliation Statements and any other Financial Reports.
The Chief Finance Officer of West Berkshire shall be responsible for ensuring that there is a Year End Reconciliation within reasonable time period at the end of the Financial Year.
Tenant shall not be entitled to inspect books or records that apply to any calendar year other than the year covered by the subject Year End Reconciliation.
If the Year End Reconciliation shows an overpayment of Estimated Tax and/or Estimated Operating Expense Payments, such overpayment shall be credited to Tenant against the next monthly installment or installments of Estimated Tax or Estimated Operating Expense Payment(s), as the case may be, due from Tenant, or shall be refunded to Tenant if such excess relates to the calendar year in which the Term expires.
If the Year End Reconciliation shows an overpayment of Estimated Tax and/or Estimated Operating Expense Payments, such overpayment shall be credited to Tenant against the next monthly installment or installments of Rent due from Tenant, or shall be refunded to Tenant if such excess relates to the calendar year in which the Term expires.
If the Binding Year End Reconciliation shows a deficiency above the payment made by Tenant pending determination of the arbitration, within fifteen (15) days after Tenant’s receipt of the Binding Year End Reconciliation, Tenant shall pay to Landlord the net deficiency.
Tenant shall, within twenty (20) days after Landlord’s receipt of a Year End Reconciliation, pay to Landlord the net deficiency, if any, set out in the Year End Reconciliation.
Based on the Year End Reconciliation, the Parties shall “true-up” all payments made pursuant to this Exhibit F during the Fiscal Year just-ended in order to assure that each Party receives the amounts to which it is entitled under the Distribution Waterfall and, to the extent either Party has received Excess Payments such Excess Payments shall be repaid pursuant to Section 1(d) (Excess Payments) of this Exhibit F.
The term “Remaining Revenue” for any Fiscal Year means the amount of total Revenues earned during that Fiscal Year, minus the sum of the following payments made during the Fiscal Year or based on the Year End Reconciliation: New University Academic Costs for the Fiscal Year just-ended (or portion thereof), New University Efficiency Payments (if any), Contributor Support Costs and Contributor Efficiency Payment (if any).
Thereafter, if Landlord and Tenant have not reached agreement regarding the Year End Reconciliation, Tenant shall submit the dispute to arbitration pursuant to this Lease.