Expense Reconciliation Sample Clauses
The Expense Reconciliation clause establishes the process by which parties review and settle actual expenses incurred against previously estimated or advanced amounts. Typically, this involves one party providing a detailed accounting of costs after a project or billing period, followed by adjustments such as additional payments or refunds to ensure both sides are financially aligned. This clause ensures transparency and accuracy in financial dealings, preventing disputes over under- or overpayments by requiring a systematic review and correction of expenses.
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Expense Reconciliation. At least five (5) business days prior to the Closing Date, Seller shall provide Buyer with a reasonably detailed reconciliation for each Tenant showing all common area maintenance charges, property taxes, insurance and other operating cost pass-throughs payable by Tenants (collectively, the “Operating Expenses”) incurred by Seller from the beginning of the then-current calendar year (and if the prior calendar year has not been reconciled with Tenants, also for said prior year) (or, if different, such Tenants’ then-current annual billing period for Operating Expenses, and if the prior period has not been reconciled with Tenants, also for said prior period) through the Closing Date, and any Operating Expense estimates or charges collected by Seller during the same period of time and relating to such Tenant, all in the form customarily submitted to each Tenant (the “CAM Reconciliation”). To the extent that Seller has received as of the Closing any monthly or periodic payments of Operating Expenses allocable to periods subsequent to Closing, the same shall be prorated and Buyer shall receive a credit therefor at the Closing. With respect to any monthly or periodic payments of Operating Expenses received by Buyer after the Closing allocable to Seller prior to Closing, Buyer shall promptly pay the same to Seller (subject to the provisions in Section 4.2.1(a) for delinquent rents). Notwithstanding the foregoing, to the extent that the CAM Reconciliation reveals that Seller has over-collected Operating Expenses such that, if the end of the operating expense year under the Leases was the Closing Date, Seller would be obligated to refund money to the Tenants (an “Over Collection”), rather than collect additional money from the Tenants (an “Under Collection”), said Over Collection shall be paid by Seller to Buyer at the Closing as a settlement statement credit and Buyer shall assume the obligation to pay any such Over Collection to Tenants; provided, in the event of an Under Collection, the amount of the Under Collection shall be paid by Buyer to Seller outside of escrow within 5 Business Days after receipt from the applicable Tenant in connection with the Operating Expense reconciliation process under the Leases.
Expense Reconciliation. The Party that incurs more than its share of the total actual U.S. Development Expenses for a Profit-Sharing Product shall be paid by the other Party an amount sufficient to reconcile to its agreed percentage of actual U.S. Development Expenses in each Calendar Quarter; provided that total actual U.S. Development Expenses for both Parties for the Calendar Year to date have not exceeded [**]% of budgeted U.S. Development Expenses for such Profit-Sharing Product for the Calendar Year to date. If total actual U.S. Development Expenses exceeded budgeted U.S. Development Expenses by more than [**]% for the Calendar Year to date, the reimbursing Party shall first pay the other Party an amount sufficient to cause the reimbursing Party to have borne its stated percentage of [**]% of the budgeted U.S. Development Costs. Actual U.S. Development Expenses in excess of [**]% of budgeted U.S. Development Expenses shall also be reimbursed if (a) both Parties approve the additional U.S. Development Expenses in advance or (b) such excess U.S. Development Expenses are the result of work carried out in response to a governmental requirement to do such work and the Party incurring such excess U.S. Development Expenses has notified the other Party prior to incurring such excess U.S. Development Expenses. Subject to the foregoing clause (b), any proposal to increase U.S. Development Expense for any Calendar Year by more than [**]% of the U.S. Development Expenses budgeted for such Calendar Year, if the Parties are unable to reach consensus on such issue, after referral to the executive officers of the Parties pursuant to Section 13.7.1, shall not be approved. Reconciling payments under this Section 3.9.4 shall be made within [**] days of receipt of the other Party's quarterly report.
Expense Reconciliation. Promptly after the end of each calendar year during the Term and the Lease Expiration Date, and at any other time in Landlord’s discretion, Landlord shall make an accounting of actual Operating Expenses for the preceding calendar year and provide Tenant with a written statement of Tenant’s Share of such Operating Expenses (a “Reconciliation Statement”). Within 30 days after delivery of a Reconciliation Statement to Tenant, Tenant shall pay to Landlord the amount by which actual Operating Expenses exceeded Estimated Expenses paid during the covered period (and if the actual expenses were less than Estimated Expenses paid, Landlord shall at its option either credit Tenant’s account or reimburse Tenant for any overpayment by Tenant). In the case of any expenses the actual amount of which is not known at time of delivery of a Reconciliation Statement, Landlord may rely on its estimates of such expenses to generate the Reconciliation Statement and perform another accounting once actual amounts are known and deliver an additional Reconciliation Statement. If requested by Tenant within 15 days of the delivery of a Reconciliation Statement, Landlord shall provide or make available the supporting data upon which Landlord based the Reconciliation Statement. If Tenant does not object by written notice to Landlord within 30 days of delivery of a Reconciliation Statement, Tenant shall be deemed to have waived the right to contest the Reconciliation Statement. Landlord’s and Tenant’s obligations to pay any overpayment or deficiency due the other pursuant to this Section shall survive the Lease Expiration Date.
Expense Reconciliation. You further represent and agree by your Separation Date you will have reimbursed or reconciled to the Company’s satisfaction all charges made to the Company by you or expenses charged by you to the Company, and that if you fail to make such reimbursement that the Company may deduct any sums owed by you from the payment amount(s) specified in this Agreement.
Expense Reconciliation. Seller and Purchaser acknowledge that all or a portion of the Building Leases provide for a reconciliation after the end of the Fiscal Year (as defined in the Building Leases) between the final amounts of Operating Expenses (as defined in the Building Leases) and Parking Deck/Security Personnel Expenses and Amortized Equipment Costs (as defined in the Building Leases) payable and paid by the Tenants on account of such Fiscal Year. If, as a result of any such reconciliations, the Tenants owe money to the landlord, then Purchaser shall pay to Seller (within five (5) Business Days after such amounts have been received by Purchaser), a pro rata share thereof determined on a per diem basis for the number of days during the Fiscal Year before the date of the Closing. If, as a result of any such reconciliations, the landlord owes money to the Tenants, then Seller shall pay to Purchaser (within five (5) Business Days after such amounts have been finally determined), a pro rata share thereof determined on a per diem basis for the number of days during the Fiscal Year before the date of the Closing.
Expense Reconciliation. On each Wednesday during the Sale Term, commencing on the second Wednesday after the Sale Commencement Date, Agent and Merchant shall cooperate to reconcile Expenses.
Expense Reconciliation. If the actual operating expenses, approved in the Budget, are greater than the total weekly amounts paid by the City for such month, then Parking Operator shall include the deficiency in its next weekly invoice for payment by the City. If the actual operating expenses, approved in the Budget, are less than the total weekly amounts paid by the City for such month, then Parking Operator shall include the overage as a credit to the City in its next weekly invoice.