On-Account Payment definition

On-Account Payment means the amounts paid by the Crown on account of the settlement referred to in clauses 9.2 and 9.3;

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On-Account Payment means: in respect of the first Turnover Period £[Insert amount]; and in respect of each succeeding Turnover Period[: up to the date of service of a demand in accordance with paragraph 4.3 of this Part of the Schedule for the preceding Turnover Period, the On-Account Payment for the preceding Turnover Period; and from (and including) the date of service of a demand in accordance with paragraph 4.3 of this Part of the Schedule for the preceding Turnover Period [one-quarter] [one-twelfth] of the Turnover Rent payable in respect of the preceding Turnover Period;]127 [the amount by which the Specified Percentage of the Turnover in each On-Account Period exceeds the Base Rent payable in respect of that On-Account Period;]128 "On-Account Period" means each period starting on a Rent Day and ending on the day before the following Rent Day but: the first On-Account Period will be the period starting on the [Rent Commencement Date] and ending on the day before the following Rent Day; and the last On-Account Period will be the period starting on the last Rent Day before the Turnover End Date and ending on the Turnover End Date;

On-Account Payment means [in respect of the first Turnover Period £[Insert amount] and in respect of each succeeding Turnover Period [one-quarter] [one-twelfth] of the Turnover Rent paid in respect of the preceding Turnover Period;]128 OR [the amount by which the Specified Percentage of the Turnover in each On-Account Period exceeds the Base Rent payable in respect of that On-Account Period;]129 "On-Account Period" means each period starting on a Rent Day and ending on the day before the following Rent Day but: the first On-Account Period will be the period starting on the [Rent Commencement Date] and ending on the day before the following Rent Day; and the last On-Account Period will be the period starting on the last Rent Day before the Turnover End Date and ending on the Turnover End Date;

Examples of On-Account Payment in a sentence

On receipt of an On-Account Turnover Certificate, the Landlord must calculate the On-Account Payment due for that On-Account Period and issue a demand to the Tenant for the On-Account Payment.
The Tenant must pay an On-Account Payment for each On-Account Period on account of the Turnover Rent.
If the Tenant does not deliver an On-Account Turnover Certificate in accordance with paragraph 3.2 of this Part of the Schedule, the Tenant must, within [10 Business Days] after the end of the relevant On-Account Period, pay to the Landlord on account of the Turnover Rent an amount equal to the higher of: the Default On-Account Payment; and the On-Account Payment made in respect of the most recent On-Account Period in respect of which an On-Account Turnover Certificate has been provided.
If the On-Account Payments exceed the Turnover Rent due in respect of the relevant Turnover Period then the balance will be credited to the next On-Account Payment due for the following Turnover Period (or refunded to the Tenant in respect of the last Turnover Period before the Turnover End Date).
The Tenant must pay any balance of Turnover Rent within [10 Business Days] of receiving the written demand referred to in paragraph 4.3. If the On-Account Payments exceed the Turnover Rent due in respect of the relevant Turnover Period then the balance will be credited to the next On-Account Payment due for the following Turnover Period (or refunded to the Tenant in respect of the last Turnover Period before the Turnover End Date).
Upon receipt of an On-Account Turnover Certificate, the Landlord must calculate the On-Account Payment due for that On-Account Period and issue a demand to the Tenant for the On-Account Payment.
The Tenant must pay the On-Account Payment within 10 Business Days after receiving the demand referred to in paragraph 3.4 of this Part of the Schedule.
The Tenant must pay any balance of Turnover Rent within [10 Business Days] of receiving the written demand referred to in paragraph 4.3. If the On-Account Payments exceed the Turnover Rent due in respect of the relevant Turnover Year then the balance will be credited to the next On-Account Payment due for the following Turnover Year (or refunded to the Tenant in respect of the last Turnover Year before the Turnover End Date).

More Definitions of On-Account Payment

On-Account Payment means a payment made on a running account to a contractor in respect of work done or supplies made by him and duly measured.

On-Account Payment means part payment of estimated loss basis the initial

On-Account Payment means a payment made after due measurement on a running account to a contractor in respect of work done or supplies made by him.

On-Account Payment means an advance payment on account of the Service Charge being such sum as the Landlord may demand (acting reasonably) having regard to actual and anticipated Service Costs incurred or to be incurred by the Landlord in a Service Charge Period or in the absence of demand being equal to the last advance payment and On Account Payments shall be construed accordingly.