Common use of ANNUAL RECONCILIATION OF PERCENTAGE RENT Clause in Contracts

ANNUAL RECONCILIATION OF PERCENTAGE RENT. Within sixty (60) days after the end of each Fiscal Year, or after the expiration or termination of this Lease, Tenant shall deliver to Landlord an Officer's Certificate setting forth (i) the Gross Golf Revenue for the Fiscal Year just ended, and (ii) a comparison of the amount of the Percentage Rent actually paid during such Fiscal Year versus the amount of Percentage Rent actually owing on the basis of the annual calculation of the Gross Golf Revenue. If the Percentage Rent for such Fiscal Year exceeds the sum of the quarterly payments of Percentage Rent previously paid by Tenant, Tenant shall pay such deficiency to Landlord along with such Officer's Certificate. If the Percentage Rent for such Fiscal Year is less than the amount of Percentage Rent previously paid by Tenant, Landlord shall, at Landlord's option, either (i) remit to Tenant its check in an amount equal to such difference, or (ii) grant Tenant a credit against the payment of Rent next coming due. Landlord shall have the right to audit all of Tenant's business operations at the Property so as to determine the calculation of Percentage Rent as provided in Section 12.6.

ANNUAL RECONCILIATION OF PERCENTAGE RENT. Within sixty (60) days after the end of each Fiscal Year, or after the expiration or termination of this Lease, Tenant shall deliver to Landlord an Officer's Certificate setting forth (i) the Gross Golf Revenue for each Revenue Category for the Fiscal Year just ended, and (ii) a comparison of the amount of the Percentage Rent actually paid during such Fiscal Year versus the amount of Percentage Rent actually owing on the basis of the annual calculation of the Gross Golf RevenueRevenue for each Revenue Category. If the Percentage Rent for such Fiscal Year exceeds the sum of the quarterly payments of Percentage Rent previously paid by Tenant, Tenant shall pay such deficiency to Landlord along with such Officer's Certificate. If the Percentage Rent for such Fiscal Year is less than the amount of Percentage Rent previously paid by Tenant, Landlord shall, at Landlord's option, either (i) remit to Tenant its check in an amount equal to such difference, or (ii) grant Tenant a credit against the payment of Rent next coming due. Landlord shall have the right to audit all of Tenant's business operations at the Property so as to determine the calculation of Percentage Rent as provided in Section 12.6.

ANNUAL RECONCILIATION OF PERCENTAGE RENT. Within sixty (60) days after the end of each Fiscal Year, or after the expiration or termination of this Lease, Tenant shall deliver to Landlord an Officer's Certificate setting forth (i) the Gross Golf Revenue for the Fiscal Year just ended, and (ii) a comparison of the amount of the Percentage Rent actually paid during such Fiscal Year versus the amount of Percentage Rent actually owing on the basis of the annual calculation of the Gross Golf Revenue. If the Percentage Rent for such Fiscal Year exceeds the sum of the quarterly payments of Percentage Rent previously paid by Tenant, Tenant shall pay such deficiency to Landlord along with such Officer's Certificate. If the Percentage Rent for such Fiscal Year is less than the amount of Percentage Rent previously paid by Tenant, Landlord shall, at LandlordTenant's option, either (i) remit to Tenant its check in an amount equal to such difference, or (ii) grant Tenant a credit against the payment of Rent next coming due. Landlord shall have the right to audit all of Tenant's business operations at the Property so as to determine the calculation of Percentage Rent as provided in Section 12.6.

ANNUAL RECONCILIATION OF PERCENTAGE RENT. Within sixty (60) days after the end of each Fiscal Year, or after the expiration or termination of this Lease, Tenant shall deliver to Landlord an Officer's Certificate setting forth (i) the Gross Golf Revenue for the Fiscal Year just ended, and (ii) a comparison of the amount of the Percentage Rent actually paid during such Fiscal Year versus the amount of Percentage Rent actually owing on the basis of the annual calculation of the Gross Golf Revenue. If the Percentage Rent for such Fiscal Year exceeds the sum of the quarterly payments of Percentage Rent previously paid by Tenant, Tenant shall pay such deficiency to Landlord along with such Officer's Certificate. If the Percentage Rent for such Fiscal Year is less than the amount of Percentage Rent previously paid by Tenant, Landlord shall, at Landlord's option, either (i) remit to Tenant its check in an amount equal to such differencedifference (and agrees to do so, if applicable, after the expiration or termination of this Lease), or (ii) grant Tenant a credit against the payment of Rent next coming due. Landlord shall have the right to audit all of Tenant's business operations at the Property so as to determine the calculation of Percentage Rent as provided in Section 12.6.

ANNUAL RECONCILIATION OF PERCENTAGE RENT. Within sixty (60) days after the end of each Fiscal Year, or after the expiration or termination of this Lease, Tenant shall deliver to Landlord an Officer's Certificate setting forth (i) the Gross Golf Revenue for the Fiscal Year just ended, and (ii) a comparison of the amount of the Percentage Rent actually paid during such Fiscal Year versus the amount of Percentage Rent actually owing on the basis of the annual calculation of the Gross Golf Revenue. If the Percentage Rent for such Fiscal Year exceeds the sum of the quarterly payments of Percentage Rent previously paid by Tenant, Tenant shall pay such deficiency to Landlord along with such Officer's Certificate. If the Percentage Rent for such Fiscal Year is less than the amount of Percentage Rent previously paid by Tenant, Landlord shall, at Landlord's option, either (i) remit to Tenant its check in an amount equal to such difference, or (ii) grant Tenant a credit against the payment of Rent next coming due. Landlord shall have the right to audit all of Tenant's business operations at the Property so as to determine the calculation of Percentage Rent as provided in Section 12.6. Landlord shall not audit Tenant's business operations more than once in any calendar year.

ANNUAL RECONCILIATION OF PERCENTAGE RENT. Within sixty (60) days after the end of each Fiscal Year, or after the expiration or termination of this Lease, Tenant shall deliver to Landlord an Officer's Certificate setting forth (i) the Gross Golf Revenue Revenues for the Fiscal Year just ended, and (ii) a comparison of the amount of the any Percentage Rent actually paid during such Fiscal Year versus the amount of Percentage Rent actually owing on the basis of the annual calculation of the Gross Golf RevenueRevenues. If the Percentage Rent for such Fiscal Year exceeds the sum of the quarterly payments of Percentage Rent previously paid by Tenant, Tenant shall pay such deficiency to Landlord along with such Officer's Certificate. If the Percentage Rent for such Fiscal Year is less than the amount of Percentage Rent previously paid by Tenant, Landlord shall, at Landlord's option, either (i) remit to Tenant its check in an amount equal to such difference, or (ii) grant Tenant a credit against the payment of Rent next coming due. Landlord shall have the right to audit all of Tenant's business operations at the Property so as to determine the calculation of Percentage Rent as provided in Section 12.6. For the purposes of this Section 4.4 and Section 4.3 above, each of the Revenues and each Percentage Rent shall be calculated individually.

ANNUAL RECONCILIATION OF PERCENTAGE RENT. Within sixty (60) days after the end of each Fiscal Year, or after the expiration or termination of this Lease, Tenant shall deliver to Landlord an Officer's Certificate setting forth (i) the Gross Golf Revenue for the Fiscal Year just ended, and (ii) a comparison of the amount of the Percentage Rent actually paid during such Fiscal Year versus the amount of Percentage Rent actually owing on the basis of the annual calculation of the Gross Golf Revenue. If the Percentage Rent for such Fiscal Year exceeds the sum of the quarterly payments of Percentage Rent previously paid by Tenant, Tenant shall pay such deficiency to Landlord along with such Officer's Certificate. If the Percentage Rent for such Fiscal Year is less than the amount of Percentage Rent previously paid by Tenant, Landlord shall, at Landlord's option, either (i) remit to Tenant its check in an amount equal to such difference, or (ii) grant Tenant a credit against the payment of Rent next coming due. Landlord shall have the right to audit all of Tenant's business operations at the Property so as to determine the calculation of Percentage Rent as provided in Section 12.6.

ANNUAL RECONCILIATION OF PERCENTAGE RENT. Within sixty (60) days after the end of each Fiscal Year, or after the expiration or termination of this Lease, Tenant shall deliver to Landlord an Officer's Certificate setting forth (i) the Gross Golf Revenue for the Fiscal Year just ended, and (ii) a comparison of the amount of the Percentage Rent actually paid during such Fiscal Year versus the amount of Percentage Rent actually owing on the basis of the annual calculation of the Gross Golf Revenue. If the Percentage Rent for such Fiscal Year exceeds the sum of the quarterly payments of Percentage Rent previously paid by Tenant, Tenant shall pay such deficiency to Landlord along with such Officer's Certificate. If the Percentage Rent for such Fiscal Year is less than the amount of the Percentage Rent previously paid by Tenant, Landlord shall, at Landlord's option, either (i) remit to Tenant its check in an amount equal to such difference, or (ii) grant Tenant a credit against the payment of Rent next coming due. Landlord shall have the right to audit all of Tenant's business operations at the Property so as to determine the calculation of Percentage Rent as provided in Section 12.6.