Common use of Concessionaire Settlement Payment or Credit Clause in Contracts

Concessionaire Settlement Payment or Credit. If the Quarterly Settlement Amount is a negative number for that Quarter, then the Concessionaire shall owe the City the Quarterly Settlement Amount for that Quarter. Any Quarterly Settlement Amount due to the City by the Concessionaire shall accrue as a credit (the “Settlement Credit”) against future Quarters in which the City owes a Quarterly Settlement Amount to the Concessionaire. Any balance of a Settlement Credit shall bear interest at the Bank Rate (which interest shall be compounded daily) from the last Day of its respective Quarter until applied or discharged. On any date, the Concessionaire, at its option, may pay to the City all or any portion of the Settlement Credit, including accrued interest thereon, due to the City. On the End Date, the amount of any such accrued Settlement Credit, including accrued interest, shall constitute the final settlement amount to be paid by the Concessionaire to the City on the End Date. Notwithstanding Section 12.11(a), such payment amount shall in no event be offset against any obligation of the City to pay the Metered Parking System Concession Value pursuant to this Agreement.

Concessionaire Settlement Payment or Credit. If the Quarterly Settlement Amount is a negative number for that Quarter, then the Concessionaire shall owe the City the Quarterly Settlement Amount for that Quarter. Any Quarterly Settlement Amount due to the City by the Concessionaire shall accrue as a credit (the “Settlement Credit”) against future Quarters in which the City owes a Quarterly Settlement Amount to the Concessionaire. Any balance of a Settlement Credit shall bear interest at the Bank Rate (which interest shall be compounded daily) from the last Day of its respective Quarter until applied or discharged. On any date, the Concessionaire, at its option, may pay to the City all or any portion of the Settlement Credit, including accrued interest thereon, due to the City. On the End Date, the amount of any such accrued Settlement Credit, including accrued interest, shall constitute the final settlement amount to be paid by the Concessionaire to the City on the End Date; provided, however, that such amount shall be deemed discharged and no such payment shall be required if the End Date is on or after February 29, 2084. Notwithstanding Section 12.11(a), such payment amount shall in no event be offset against any obligation of the City to pay the Metered Parking System Concession Value pursuant to this Agreement.