Common use of Arbitration for Financial Disputes Clause in Contracts

Arbitration for Financial Disputes. In the event of a dispute involving calculations of Rent, Reimbursable Expenses, interest calculations or other purely financial matters, any arbitration under subsection (a) will be handled at the end of the calendar year in which the dispute arose, in accordance with the true-up procedures set forth in this Agreement. If the parties have not resolved the disputed matters within 30 days after the end of the calendar year, the dispute will be submitted to, and heard before, Ernst & Young LLP, or if such accounting firm shall decline to act or is not, at the time of submission thereto, independent of Tenant or User, to another arbitrator from any mutually agreed upon accounting firm. Each party will use commercially reasonably efforts to cause the arbitrator to decide not later than 30 days after submission of the particular matter to the arbitrator. The arbitration will be limited solely to the financial calculations. Except as otherwise provided in this subsection (d), the provisions in subsection (a) will apply to any arbitration under this subsection (d). In order to minimize the administrative burden of resolving ongoing financial disputes, all financial disputes requiring arbitration will be handled at the end of the calendar year in accordance with the true-up procedures set forth in this Agreement.