Budgeted Payments. At the beginning of each fiscal quarter (which shall be January 1st, April 1st, July 1st, October 1st of each calendar year), the City shall pay the Authority the amount for such quarter set forth in the Quarterly Statement provided pursuant to Article IV, such that the City shall pay on January 1, 2014 the budgeted amount for January, February and March 2014. The City shall pay such payments by check, payable to the Public Lighting Authority, which must be received by the Authority by the fifth (5th) business day following the beginning of the fiscal quarter. Any payment not received by the fifth (5th) day following the beginning of a fiscal quarter shall be subject to a ten percent (10%) late payment penalty.
Budgeted Payments. The party with the negative delta shall submit to the other party, on or before the end of the [...***...] during the term of the Ultrio 2 Development Program, an invoice setting forth the amount of the delta. In addition, any party owed by other an excess adjustment shall submit to the other party, on or before the end of the [...***...] during the term of the Ultrio 2 Development Program, an invoice setting forth the amount of the excess adjustment, providing reasonable detail for any Ultrio 2 Development Costs not previously invoiced and requesting payment of [...***...] of the total amount. Ultrio 2 Development Costs by the invoicing party incurred to date and not yet reimbursed as provided herein, providing reasonable detail for any Ultrio 2 Development Costs not previously invoiced and requesting payment of 50% of the total amount. Each party shall pay on or before the date specified therefore in the invoice an amount equal to the lesser of (i) the Ultrio 2 Development Costs reflected on the invoice submitted to such party on account of such payment (together with amounts reflected on earlier invoices not previously reimbursed) or (ii) the amount of the payment described on the attached budget. To the extent that a reimbursement payment is inadequate to cover the total Ultrio 2 Development Costs incurred to date by a party, then each party shall carry over the balance to the next subsequent payment(s) until finally reimbursed in full. By way of example, and using hypothetical dollars for actual expenditures, the calculation would operate as follows: [...***...] *** Confidential Treatment Requested Schedule 5.3.3 [...***...] True-Up Payments (sample methodology) By way of example, and using hypothetical dollars for actual expenditures, the calculation would operate as follows: (true-up payment due to Novartis in this case): [...***...] *** Confidential Treatment Requested
Budgeted Payments. On or after the first day of each month during the Reimbursement Period, commencing with June 2007, Rentech will deliver a written invoice to Peabody including the budgeted amount of Development Costs it expects to Incur during such month (excluding any Development Costs with respect to which Peabody has previously paid Rentech its portion as provided in this Agreement). No later than ten (10) Business Days after receipt of such written invoice from Rentech, Peabody shall pay to Rentech in cash twenty percent (20%) of the budgeted amount of Development Costs for such month as specified in the Development Budget and the written invoice (each, a “Peabody Budgeted Payment”). Peabody Budgeted Payments shall be paid by Peabody in accordance with Section 2.1.4, and if not paid when due, shall accrue interest at the Agreed Rate, as computed from the date payment was due to the actual payment date.
Budgeted Payments. Each party’s [...***...] share of Ultrio 2 Development Costs will be [...***...] in an amount equal to the amount reflected in Budget [...***...]. The Budget sets forth the parties’ anticipated expenditures and FTE Labor amounts for Ultrio 2 Development Costs [...***...] during the term of the Ultrio 2 Development Program in the line item entitled “Total Project Gen-Probe” and “Total Project Novartis,” respectively. The line items entitled “Gen-Probe Payment to Novartis” and “Novartis Payment to Gen-Probe” in the Budget identify (i) the amount by which Novartis and Gen-Probe, respectively, are anticipated to incur Ultrio 2 Development Costs in excess of their respective [...***...] share (the “negative delta”), and (ii) the party who is required to make the reimbursement payment. [...***...] during the term of the Ultrio 2 Development Program, Gen-Probe will invoice Novartis the amount of such negative delta net of any credits or additional charges against amounts previously paid that have been agreed to by the Project Management prior to the date on which Gen-Probe rendered the invoice. Attached hereto as Schedule 5.3.2 is an example of this payment methodology.
