Cash Flow PBC definition
Examples of Cash Flow PBC in a sentence
The following quarterly payment, if any, shall equal an estimate of Cash Flow for each subsequent calendar quarter multiplied by twenty five percent (25%) minus the amount of Base Salary paid during such period (with any adjustments necessary to any Cash Flow PBC payment as a result of a true-up to Cash Flow estimates following the end of Data Storage’s Fiscal Year effected in the Cash Flow PBC payment calculated as of December 31st of each year during the Term) but paid as set forth above.
On reasonable prior written notice, during normal business hours, and at the sole cost and expense of ▇▇▇▇▇▇, ▇▇▇▇▇▇ shall have the right to examine and audit the books and records of Data Storage at Data Storage’s principal office relating to the calculation of the Cash Flow PBC and payment of the amounts due under this Exhibit A with respect thereto.
If such audit discloses that any payments associated with the Cash Flow PBC were not correct, then Data Storage shall pay to ▇▇▇▇▇▇ the amount of any undisputed underpayment disclosed by the audit within the later of (A) ten (10) business days following such audit or (B) the next payment of Base Salary, and the amount of any undisputed overpayment disclosed by the audit shall be deducted from the next payment of Base Salary until reimbursed to Data Storage in full.
Such audit right for the Cash Flow PBC may be exercised only once per year and may only be exercised, if at all, by March 31st of any year during the Term and is restricted solely to Cash Flow PBC payments for the prior calendar year.
Any compensation payable by Data Storage to ▇▇▇▇▇▇ on account of Cash Flow PBC shall be paid quarterly during the Term, as calculated as of the last day of March, June, September and December of each year during the Term, but paid on or before the second (2nd) installment of Base Salary following each such calculation.