Common use of Quarterly Installments Clause in Contracts

Quarterly Installments. Installments of Percentage Rent for each Fiscal Year or portion thereof shall be calculated and paid each Fiscal Quarter in arrears. Payment of each such installment shall be made within thirty (30) days after the end of each Fiscal Quarter and shall be accompanied by a statement setting forth the calculation of Percentage Rent due and payable for such Fiscal Quarter, together with a statement by the controller of the Hotel that, to the best of his or her knowledge and belief, and subject to year-end audit and adjustment, such statement of Percentage Rent is true and correct in all material respects. Installments due with respect to each Fiscal Quarter shall be equal to the Percentage Rent for all Fiscal Quarters elapsed during the applicable Fiscal Year less amounts previously paid with respect thereto by Tenant. If the Percentage Rent for such elapsed Fiscal Quarters as shown on the last quarterly statement is less than the amount previously paid with respect thereto by Tenant, Tenant shall be entitled to offset the amount of such difference against Rent next coming due under this Agreement, such offset to be applied together with interest at the Disbursement Rate accruing from the date of payment by Tenant until the date the offset is applied. Commencing with the first Fiscal Year following the Base Year amounts due shall be determined by measuring Total Hotel Sales for all Fiscal Quarters elapsed against Base Hotel Sales for the equivalent period during the Base Year.