Common use of Overages in Payments Clause in Contracts

Overages in Payments. Any portion of an Endowment Payment that remains unspent by the Recipient as of the end of the calendar year for which such amount was paid shall be deemed an "overage" for purposes of this subsection. Any overage shall be: (a) retained and accounted for by the Recipient; (b) used by the Recipient exclusively for payment of costs of the immediately following year's Land Management Activities; (c) reflected as a deduction from the amount of the Payment Request submitted by the Recipient for the immediately following year; and (d) deducted from the amount of the Endowment Payment made by the Foundation for such following year.