PILOT Reconciliation Clause Samples

The PILOT Reconciliation clause establishes the process for reviewing and adjusting payments made under a Payment in Lieu of Taxes (PILOT) agreement to ensure they accurately reflect the intended financial obligations. Typically, this clause outlines how and when parties will compare actual payments to the amounts that should have been paid, and details the steps for correcting any discrepancies, such as issuing refunds or requiring additional payments. Its core practical function is to maintain fairness and accuracy in financial transactions under the PILOT arrangement, preventing overpayments or underpayments and ensuring compliance with the agreement's terms.
PILOT Reconciliation. Lessee shall submit semi-annually pursuant to Section 8.16(d) a certificate that includes a PILOT Reconciliation for each semi-annual period ending on the prior June 30th or December 31st. Any additional PILOT due as a result of the PILOT Reconciliation shall be payable within seven (7) business days of the issuance of a PILOT ▇▇▇▇ by NYCDOF in accordance with Section 5.1(g) Failure by the Lessee to submit a PILOT Reconciliation by the due date for the certification specified in Section 8.16(d) will result in the imposition of interest and fees specified in Section 5.1(g)(ii) for any PILOT Reconciliation amount otherwise due, and such interest and fees shall accrue from the required certification due date.
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PILOT Reconciliation. During the Prorated Benefit Period, the Lessee shall submit annually pursuant to Section 8.16(d) a certificate that includes a PILOT Reconciliation for the semi-annual period ending on the prior June 30th or December 31st. Any additional PILOT due as a result of the PILOT Reconciliation due to an increase in Non-Qualified RSF shall be payable within seven (7) business days of the issuance of a PILOT bill in accordance with Section 5.1(e). Any PILOT amounts to be credited as a result of the PILOT Reconciliation due to a reduction in Non-Qualified RSF shall be credited against the next PILOT payment due (or refunded if determined for the period ending on June 30, 2040). The Lessee shall prepare and submit the PILOT Reconciliation, which shall include the recalculation of the PILOT for such reported annual period pursuant to Section 5.1 (c) and (d) utilizing an adjusted Occupancy Rate based on a per diem calculation of actual Project RSF during the reported annual period (to determine this percentage, the numerator shall be the sum of the aggregate amount of Project RSF for each day during the reported semi-annual period divided by the number of days during such period and the denominator shall be the Total Improvements RSF). If the Prorated Benefit Period begins on a date that is not January 1st or July 1st, the Lessee shall pay additional PILOT due as a result of such reconciliation. Failure by the Lessee to submit a PILOT Reconciliation by the due date for the certification specified in Section 8.16(d) will result in the imposition of interest and fees specified in Section 5.1(e)(iii) for any PILOT Reconciliation amount otherwise due, and such interest and fees shall accrue from the required certification due date.
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PILOT Reconciliation. The Lessee shall submit annually pursuant to Section 8.16(d) a certificate that includes a PILOT Reconciliation for the annual period ending on the prior June 30th. Any additional PILOT due as a result of the PILOT Reconciliation shall be payable within seven (7) business days of the issuance of a PILOT ▇▇▇▇ by NYCDOF in accordance with Section 5.1(g). Any PILOT amounts to be credited due to a reduction in Non-Qualified Use shall be credited against the next PILOT payment due (or refunded if determined for the period ending on June 30, 2040). The Lessee shall prepare and submit the PILOT Reconciliation, which shall include the recalculation of the PILOT for such reported annual period pursuant to Section 5.1 (c), (d) and (e) utilizing an adjusted Non-Qualified Use Percentage based on a per diem calculation of actual Non- Qualified Use during the reported annual period (to determine this percentage, the numerator shall be the sum of the aggregate amount of Non-Qualified RSF for each day during the reported annual period divided by 365 and the denominator shall be the Total Improvements RSF). Failure by the Lessee to submit a PILOT Reconciliation by the due date for the certification specified in Section 8.16(d) will result in the imposition of interest and fees specified in Section 5.1(g)(ii) for any PILOT Reconciliation amount otherwise due, and such interest and fees shall accrue from the required certification due date.
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Related to PILOT Reconciliation

  • Contract Reconciliation Grantee, within 45 calendar days after the end of each fiscal term year, will submit to the System Agency email box, ▇▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇▇▇▇▇▇▇▇@▇▇▇▇.▇▇▇▇▇.▇▇.▇▇, financial and reconciliation reports required by System Agency in forms as determined by System Agency.

  • Account Reconciliation You will verify and reconcile any out-of-balance condition, and promptly notify the Credit Union of any errors within the time periods established in the Membership and Account Agreement after receipt of your account statement. If notified within such period, the Credit Union shall correct and resubmit all erroneous files, reports, and other data at the Credit Union's then standard charges, or at no charge, if the erroneous report or other data directly resulted from the Credit Union's error.

  • Annual Reconciliation At the end of each Expense Year or as soon as practicable following the end of each Expense Year, Landlord shall deliver to Tenant a statement (the “Annual Reconciliation”) of: (a) the actual annual Operating Expenses and Tenant’s Percentage of Operating Expenses for the preceding year, and (b) the actual annual Real Property Taxes and Tenant’s Percentage of Real Property Taxes for the preceding year. If for any year, the sum of Tenant’s Percentage of Operating Expenses and Tenant’s Percentage of Real Property Taxes (as specified in the Annual Reconciliation) is less than the total amount of the estimated payments made by Tenant under Section 6.3.1 above for such year, then any such overpayment, or overpayments, shall be credited toward the monthly Rent next falling due after determination by Landlord of such overpayment, or overpayments (or if the Term shall have expired or terminated, shall be refunded to Tenant in a lump sum payment within thirty (30) days following the Tenant’s receipt of such Annual Reconciliation). Similarly, if for any year, the sum of Tenant’s Percentage of Operating Expenses and Tenant’s Percentage of Real Property Taxes (as specified in the Annual Reconciliation) is more than the total amount of the estimated payments made by Tenant under Section 6.3.1 above for such year, then any such underpayment, or underpayments, shall be paid by Tenant to Landlord concurrently with the next regular monthly Basic Rent payment coming due after Tenant’s receipt of the Annual Reconciliation (or if the Term shall have expired or terminated, within thirty (30) days following the Tenant’s receipt of such Annual Reconciliation).

  • Reconciliation In the event that the Corporate Taxpayer and a Member are unable to resolve a disagreement with respect to the matters governed by Sections 2.03, 3.01(b), 4.02 and 6.02 within the relevant period designated in this Agreement (“Reconciliation Dispute”), the Reconciliation Dispute shall be submitted for determination to a nationally recognized expert (the “Expert”) in the particular area of disagreement mutually acceptable to both parties. The Expert shall be a partner or principal in a nationally recognized accounting or law firm, and unless the Corporate Taxpayer and such Member agree otherwise, the Expert shall not, and the firm that employs the Expert shall not, have any material relationship with the Corporate Taxpayer or such Member or other actual or potential conflict of interest. If the parties are unable to agree on an Expert within fifteen (15) calendar days of receipt by the respondent(s) of written notice of a Reconciliation Dispute, the Expert shall be appointed by the International Chamber of Commerce Centre for Expertise. The Expert shall resolve any matter relating to the Exchange Basis Schedule or an amendment thereto or the Early Termination Schedule or an amendment thereto within thirty (30) calendar days and shall resolve any matter relating to a Tax Benefit Schedule or an amendment thereto within fifteen (15) calendar days or as soon thereafter as is reasonably practicable, in each case after the matter has been submitted to the Expert for resolution. Notwithstanding the preceding sentence, if the matter is not resolved before any payment that is the subject of a disagreement would be due (in the absence of such disagreement) or any Tax Return reflecting the subject of a disagreement is due, the undisputed amount shall be paid on the date prescribed by this Agreement and such Tax Return may be filed as prepared by the Corporate Taxpayer, subject to adjustment or amendment upon resolution. The costs and expenses relating to the engagement of such Expert or amending any Tax Return shall be borne by the Corporate Taxpayer, except as provided in the next sentence. The Corporate Taxpayer and such Member shall bear their own costs and expenses of such proceeding, unless (i) the Expert substantially adopts such Member’s position, in which case the Corporate Taxpayer shall reimburse such Member for any reasonable out-of-pocket costs and expenses in such proceeding, or (ii) the Expert substantially adopts the Corporate Taxpayer’s position, in which case such Member shall reimburse the Corporate Taxpayer for any reasonable out-of-pocket costs and expenses in such proceeding. Any dispute as to whether a dispute is a Reconciliation Dispute within the meaning of this Section 7.09 shall be decided by the Expert. The Expert shall finally determine any Reconciliation Dispute and the determinations of the Expert pursuant to this Section 7.09 shall be binding on the Corporate Taxpayer and such Member and may be entered and enforced in any court having jurisdiction.

  • 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.