Common use of Year End Reconciliation Clause in Contracts

Year End Reconciliation. Following the receipt by Sublandlord of a final statement of Operating Costs from Landlord with respect to each calendar year, Sublandlord shall deliver to Subtenant a statement of the adjustment to be made pursuant to Section 3(b) above for the calendar year just ended, together with a copy of any corresponding statement received by Sublandlord from Landlord (“Sublandlord’s Annual Statement”). If on the basis of such Sublandlord’s Annual Statement Subtenant owes an amount that is less than the estimated payments actually made by Subtenant for the calendar year just ended. Sublandlord shall credit such excess to the next payments of Additional Rent coming due or, if the term of this Sublease is about to expire, promptly refund such excess to Subtenant. If on the basis of such Sublandlord’s Annual Statement Subtenant owes an amount that is more than the estimated payments for the calendar year just ended previously made by Subtenant, Subtenant shall pay the deficiency to Sublandlord within thirty (30) days after delivery of the Sublandlord’s Annual Statement from Sublandlord to Subtenant.

Year End Reconciliation. Following Within thirty (30) days following the receipt by Sublandlord of a final statement of Operating Costs from Landlord with respect to each calendar yearyear following the Base Year, Sublandlord shall deliver to Subtenant a statement of the adjustment to be made pursuant to Section 3(b) 3.2 above for the calendar year just ended, together with a copy of any corresponding statement received by Sublandlord from Landlord (the “Sublandlord’s Annual Operating Cost Statement”). If on the basis of such Sublandlord’s the Annual Operating Cost Statement Subtenant owes an amount that is less than the estimated payments actually made by Subtenant for the calendar year just ended. , Sublandlord shall credit such excess to the next payments of Additional Rent coming due or, if the term of this Sublease is about to expire, promptly refund such excess to Subtenant. If on the basis of such Sublandlord’s the Annual Operating Cost Statement Subtenant owes an amount that is more than the estimated payments for the calendar year just ended previously made by Subtenant, Subtenant shall pay the deficiency to Sublandlord within thirty (30) days after delivery of the Sublandlord’s Annual Operating Cost Statement from Sublandlord to Subtenant. Sublandlord’s failure to timely deliver the Annual Operating Cost Statement will not diminish or nullify Subtenant’s obligation to pay (or Sublandlord’s obligation to refund to Subtenant) any reconciliation amount owed as a result of the calculations contained in the Annual Operating Costs Statement as described herein.

Year End Reconciliation. Following the receipt by Sublandlord of a final statement of Operating Costs from Landlord with respect to each calendar year, Sublandlord shall deliver to Subtenant a statement of the adjustment to be made pursuant to Section 3(b) above or reconciliation of Operating Costs for the calendar year just ended, based upon, and together with with, a copy of any corresponding statement received by Sublandlord from Landlord (the “Sublandlord’s Annual Year-End Adjustment Statement”). If on the basis of such Sublandlord’s Annual Year-End Adjustment Statement Subtenant owes an amount that is less than the estimated payments actually made by Subtenant for the calendar year just ended. ended based on the Estimated Operating Costs Statement, Sublandlord shall credit such excess to the next payments of Additional Rent coming due or, if the term Term of this Sublease is about to expire, promptly refund such excess to Subtenant. If on the basis of such Sublandlord’s Annual Year-End Adjustment Statement Subtenant owes an amount that is more than the estimated payments for the calendar year just ended previously made by Subtenant, Subtenant shall pay the deficiency to Sublandlord within thirty (30) days after delivery of the Sublandlord’s Annual Year-End Adjustment Statement from Sublandlord to Subtenant.