Reconciliation of Percentage Rent Sample Clauses

Reconciliation of Percentage Rent. In addition, on or before March 31 of each year, commencing March 31 following the Base Year, Tenant shall deliver to Landlord a statement setting forth the Total Hotel Sales for such preceding Fiscal Year, together with an audit of Total Hotel Sales for the preceding Fiscal Year, conducted by Xxxxxx Xxxxxxxx LLP, or another so-called "Big Five" firm of independent certified public accountants proposed by Tenant and approved by Landlord (which approval shall not be unreasonably withheld or delayed). Landlord shall reimburse Tenant for the reasonable cost of such audit. If the annual Percentage Rent for such preceding Fiscal Year as shown in the annual statement exceeds the amount previously paid with respect thereto by Tenant, Tenant shall pay such excess to Landlord at such time as the annual statement is delivered, together with interest at the Disbursement Rate, which interest shall accrue from the Accrual Date (as hereinafter defined) until the date that such certificate is required to be delivered (or, if sooner, the date Tenant pays such excess to Landlord) and, thereafter, such interest shall accrue at the Overdue Rate, until the amount of such difference shall be paid or otherwise discharged. In the case of any underpayment of Percentage Rent by Tenant arising out of incorrect reporting on any statement of Percentage Rent, the Accrual Date therefor shall be the payment due date for the respective installment of Percentage Rent with respect to which the underpayment occurred. In the case of any underpayment of Percentage Rent arising out of variation in Total Hotel Sales from Fiscal Quarter to Fiscal Quarter, the Accrual Date shall be the payment due date for the final installment of Percentage Rent for such preceding Fiscal Year. If the annual Percentage Rent for such preceding Fiscal Year as shown in the annual statement is less than the amount previously paid with respect thereto by Tenant, Tenant shall be entitled to offset the amount of such difference against Rent next coming due under this Agreement, such payment or credit to be made together with interest at the Disbursement Rate, which interest shall accrue from the date of payment of Tenant until the date such offset is applied. If such offset cannot be made because the Term has expired prior to application in full thereof, Landlord shall pay the unapplied balance of such offset to Tenant, together with interest at the Disbursement Rate, which interest shall accrue from the date of payment...
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Reconciliation of Percentage Rent. The Fair Board shall have the right, at any reasonable time and from time to time but not more frequently than once per Lease Year, subject to the terms of this Section 3(g), to cause an audit and review of all Gross Revenues and Percentage Rent, and in connection with such audit, to cause an examination of Bristol’s books of accounts and records of Gross Revenues (including all supporting data and any other records from which Gross Revenues may be tested or determined), and Bristol shall make all such books of accounts and records related to the Premises available for such examination at the office where same are regularly maintained. Notwithstanding any provision to the contrary herein, and to the extent permitted by Applicable Law, the Fair Board shall use such third-party contractors for performance of the audit and take reasonable good-faith measures to prevent Bristol’s books of accounts and records from becoming publicly available information under the Tennessee Public Records Act or similar sunshine laws now or hereafter in effect; provided, however, that the Fair Board shall not be liable under this Lease in the event a court of competent jurisdiction determines Bristol’s books of accounts and other records are subject to production under such laws, and Bristol shall be solely responsible for opposing any request made under such laws by a person seeking to review or copies of the books of accounts or records. If any audit shall be commenced by the Fair Board or if there shall arise a difference or dispute concerning Gross Revenues, then, and in any such event, Bristol’s books of account and records (including all supporting data and any other records from which Gross Revenues may be tested or determined) shall be preserved and retained by Bristol until such audit has been completed or a final resolution or final determination of such difference or dispute or any related litigation. The Fair Board shall commence any audit under this Section 3(g), if at all, within ninety (90) days after the end of any Lease Year to which such audit relates, and any such audit shall be limited in scope to the twelve (12) immediately preceding installments of Percentage Rent. In the event any audit conducted by the Fair Board shows an underpayment of Percentage Rent, then Bristol shall pay the difference within thirty (30) days; if such audit shows an overpayment of Percentage Rent then the excess paid shall be credited against the next installment(s) of Rent coming ...
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Related to Reconciliation of Percentage Rent

  • Confirmation of Percentage Rent Lessee shall utilize, or cause to be utilized, an accounting system for the Leased Property in accordance with its usual and customary practices, and in accordance with generally accepted accounting principles, that will accurately record all data necessary to compute Percentage Rent, and Lessee shall retain, for at least four (4) years after the expiration of each Fiscal Year (and in any event until the reconciliation described in Subsection 3.1(c) for such Fiscal Year has been made), reasonably adequate records conforming to such accounting system showing all data necessary to compute Percentage Rent for the applicable Fiscal Years. Lessor, at its expense (except as provided hereinbelow), shall have the right from time to time, upon prior written notice to Lessee and Manager, by its accountants or representatives to audit the information that formed the basis for the data set forth in any Officer’s Certificate provided under Subsection 3.1(d) and, in connection with such audits, to examine all Lessee’s records (including supporting data and sales and excise tax returns) reasonably required to verify Percentage Rent, subject to any prohibitions or limitations on disclosure of any such data under Legal Requirements; provided, however that Lessor may only inspect or audit records in Manager’s possession subject to the terms of Lessee’s access thereto under the Management Agreement. If any such audit discloses a deficiency in the payment of Percentage Rent, and either Lessee agrees with the result of such audit or the matter is otherwise determined or compromised, Lessee shall forthwith pay to Lessor the amount of the deficiency, as finally agreed or determined, together with interest at the Overdue Rate from the date when said payment should have been made to the date of payment thereof; provided, however, that as to any audit that is commenced more than two (2) years after the date Percentage Rent for any Fiscal Year is reported by Lessee to Lessor, the deficiency, if any, with respect to such Percentage Rent shall bear interest at the Overdue Rate only from the date such determination of deficiency is made unless such deficiency is the result of gross negligence or willful misconduct on the part of Lessee, in which case interest at the Overdue Rate will accrue from the date such payment should have been made to the date of payment thereof. If any such audit discloses that the Percentage Rent actually due from Lessee for any Fiscal Year exceed those reported by Lessee by more than three percent (3%), Lessee shall pay the cost of such audit and examination. Any proprietary information obtained by Lessor pursuant to the provisions of this Section shall be treated as confidential, except that such information may be used, subject to appropriate confidentiality safeguards, in any litigation between the parties and except further that Lessor may disclose such information to prospective lenders. The obligations of Lessee contained in this Section shall survive the expiration or earlier termination of this Lease.

  • Percentage Rent In addition to the Base Rent, Lessee shall be: (check one) ☐ - Not required to make payments related to Lessee’s sales or revenue (“Percentage Rent”). ☐ - Required to pay __________________ percent (____%) of __________________ (gross sales, net sales, etc.). Such payment shall be made ☐ Monthly ☐ Quarterly ☐ Annually along with a receipt to show proof of percentage calculation (“Percentage Rent”). The Base Rent and the Percentage Rent shall be referred collectively to as the “Rent.”

  • Reconciliations On a daily basis, Subadviser shall review reports of the Account's portfolio holdings as provided to Subadviser by the Custodian and shall report as promptly as possible on the same business day to the Custodian and to Client any discrepancies between the prices assigned to the securities in the Account and the prices that Subadviser believes should be assigned to them. On an ongoing basis, Subadviser shall monitor market developments for significant events occurring after the close of the primary markets for particular securities held by the Account that may materially affect their value, and shall promptly notify Client of any such event that comes to Subadviser's attention. On a monthly basis, Subadviser shall reconcile security and cash positions, and market values to the Custodian's records and report discrepancies to Client within ten (10) business days after the end of the month, or within three (3) business days of receipt of the custodial statement, whichever comes later.

  • Interest Rates Payments and Calculations (a) Interest Rate. -------------

  • Basis for calculation of periodic payments All interest and commitment fee and any other payments under any Finance Document which are of an annual or periodic nature shall accrue from day to day and shall be calculated on the basis of the actual number of days elapsed and a 360 day year.

  • Statement of Actual Direct Expenses and Payment by Tenant Landlord shall give to Tenant within five (5) months following the end of each Expense Year, a statement (the “Statement”) which shall state the Direct Expenses incurred or accrued for such preceding Expense Year, and which shall indicate the amount of Tenant’s Share of Direct Expenses. Upon receipt of the Statement for each Expense Year commencing or ending during the Lease Term, Tenant shall pay, with its next installment of Base Rent due that is at least thirty (30) days thereafter, the full amount of Tenant’s Share of Direct Expenses for such Expense Year, less the amounts, if any, paid during such Expense Year as “Estimated Direct Expenses,” as that term is defined in Section 4.4.2, below, and if Tenant paid more as Estimated Direct Expenses than the actual Tenant’s Share of Direct Expenses, Tenant shall receive a credit in the amount of Tenant’s overpayment against Rent next due under this Lease. The failure of Landlord to timely furnish the Statement for any Expense Year shall not prejudice Landlord or Tenant from enforcing its rights under this Article 4. Even though the Lease Term has expired and Tenant has vacated the Premises, when the final determination is made of Tenant’s Share of Direct Expenses for the Expense Year in which this Lease terminates, Tenant shall immediately pay to Landlord such amount, and if Tenant paid more as Estimated Direct Expenses than the actual Tenant’s Share of Direct Expenses, Landlord shall, within thirty (30) days, deliver a check payable to Tenant in the amount of the overpayment. The provisions of this Section 4.4.1 shall survive the expiration or earlier termination of the Lease Term.

  • Operating Expense Payments Landlord shall deliver to Tenant a written estimate of Operating Expenses for each calendar year during the Term (the “Annual Estimate”), which may be revised by Landlord from time to time during such calendar year. During each month of the Term, on the same date that Base Rent is due, Tenant shall pay Landlord an amount equal to 1/12th of Tenant’s Share of the Annual Estimate. Payments for any fractional calendar month shall be prorated.

  • Limit on Operating Expenses The Advisor hereby agrees to limit the Fund’s current Operating Expenses to an annual rate, expressed as a percentage of the Fund’s average daily net assets for the month, to the amounts listed in Appendix A (the “Annual Limit”). In the event that the current Operating Expenses of the Fund, as accrued each month, exceed its Annual Limit, the Advisor will pay to the Fund, on a monthly basis, the excess expense within the first ten days of the month following the month in which such Operating Expenses were incurred (each payment, a “Fund Reimbursement Payment”).

  • Cost of Living Adjustment For each year following the Initial Term, unless the parties shall otherwise agree and provided that the service mix and volumes remain consistent as previously provided in the Initial Term, the total fee for all services shall equal the fee that would be charged for the same services based on a fee rate (as reflected in a fee rate schedule) increased by the percentage increase for the twelve-month period of such previous calendar year of the CPI-W (defined below) or, in the event that publication of such index is terminated, any successor or substitute index, appropriately adjusted, acceptable to both parties. As used herein, “CPI-W” shall mean the Consumer Price Index for Urban Wage Earners and Clerical Workers (Area: Boston-Brockton-Nashua, MA-NH-ME-CT; Base Period: 1982-84=100), as published by the United States Department of Labor, Bureau of Labor Statistics.

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