Common use of City Settlement Payment Clause in Contracts

City Settlement Payment. If the Quarterly Settlement Amount for any Quarter is a positive number, then the City shall owe the Concessionaire the Quarterly Settlement Amount for that Quarter. Each such Quarterly Settlement Amount shall bear interest at the Bank Rate (which interest shall be compounded daily) from the last Day of the Quarter until discharged. Any such Quarterly Settlement Amount shall be reduced by the application of the amount of any available Settlement Credit and any Quarterly Settlement Amount remaining after such reduction must be paid within 60 Days following the final determination of such Quarterly Settlement Amount in accordance with Section 7.4.

City Settlement Payment. If the Quarterly Settlement Amount for any Quarter is a positive number, then the City shall owe the Concessionaire the Quarterly Settlement Amount for that Quarter. Each such Quarterly Settlement Amount shall bear interest at the Bank Rate (which interest shall be compounded daily) from the last Day of the Quarter in which such amount is calculated until such amount is discharged. Any such Quarterly Settlement Amount shall be reduced by the application of the amount of any available Settlement Credit and any Quarterly Settlement Amount remaining after such reduction must be paid within 60 Days following the final determination of such Quarterly Settlement Amount in accordance with Section 7.47.4 or Section 7.15.