NYT » Topics » Section 3.7 Prorations; Overdue Amounts .

This excerpt taken from the NYT 8-K filed Mar 9, 2009.

Section 3.7            Prorations; Overdue Amounts.

 

(a)   365/366-Day Year.  All prorations under this Article III shall be calculated on the basis of a the actual number of days elapsed in a 365-day year (or 366-day year, if applicable).

 

(b)   Prorations.  Except as otherwise provided in Section 3.7(c) hereof, if the Expiration Date is other than the last day of a calendar month, the installment of Charges for the period in which the Expiration Date occurs shall be prorated on the basis of the number of days occurring within the period commencing on the first day of the calendar month in which the Expiration Date occurs and ending on the Expiration Date.

 

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(c)   Overdue Amounts.  Additional Charges shall be payable by Tenant to Landlord in respect of any amounts payable hereunder to Landlord (including, without limitation, sums advanced by Landlord hereunder to cure a default by Tenant in the performance of Tenant’s Obligations) which shall not have been paid on the date the same shall be due and payable (an “Overdue Payment”) together with interest as follows:  (A) with respect to any overdue PILOT, the overdue amount shall bear interest at the rate then generally charged by the City with respect to overdue Full Taxes, and shall be subject to the same fines and penalties as are assessed by the City with respect to overdue Full Taxes; provided, however, the imposition or assessment of interest, fines and penalties for overdue PILOT shall be subject to the notice and grace periods identical to the notice and grace periods, if any, from time to time granted by the City with respect to the payment of Full Taxes in respect of comparable properties and amounts; and (B) with respect to any other overdue Charges (other than Charges incurred pursuant to Section 14.1(b) hereof), the overdue amount shall bear interest calculated at the Interest Rate.  Such aforesaid charges shall be due and payable within twenty (20) Business Days after demand for payment therefor by Landlord.  No failure by Landlord to insist upon the strict performance by Tenant of Tenant’s Obligations to pay such Overdue Payment or interest shall constitute a waiver by Landlord of its right to enforce the provisions of this Section 3.7 in any instance thereafter occurring.  The provisions of this Section 3.7 shall not be construed in any way to extend the grace periods or notice periods with respect to the payment of Charges as provided in Section 14.2(a) hereof.

 

This excerpt taken from the NYT 10-Q filed Nov 3, 2006.

Section 3.7  Prorations; Overdue Amounts.

(a)        365/366-Day Year. All prorations under this Article III shall be calculated on the basis of a the actual number of days elapsed in a 365-day year (or 366-day year, if applicable).

(b)        Prorations. Except as otherwise provided in Section 3.7(c) hereof, if the Expiration Date is other than the last day of a calendar month, the installment of Charges for the period in which the Expiration Date occurs shall be prorated on the basis of the number of days occurring within the period commencing on the first day of the calendar month in which the Expiration Date occurs and ending on the Expiration Date.

(c)        Overdue Amounts. Additional Charges shall be payable by Tenant to Landlord in respect of any amounts payable hereunder to Landlord (including, without limitation, sums advanced by Landlord hereunder to cure a default by Tenant in the performance of Tenant’s Obligations) which shall not have been paid on the date the same shall be due and payable (an “Overdue Payment”) together with interest as follows: (A) with respect to any overdue PILOT, the overdue amount shall bear interest at the rate then generally charged by the City with respect to overdue Full Taxes, and shall be subject to the same fines and penalties as are assessed by the City with respect to overdue Full Taxes; provided, however, the imposition or assessment of interest, fines and penalties for overdue PILOT shall be subject to the notice and grace periods identical to the notice and grace periods, if any, from time to time granted by the City with respect to the payment of Full Taxes in respect of comparable properties and amounts; and (B) with respect to any other overdue Charges (other than Charges incurred pursuant to Section 14.1(b) hereof), the overdue amount shall bear interest calculated at the Interest Rate. Such aforesaid charges shall be due and payable within twenty (20) Business Days after demand for payment therefor by Landlord. No failure by Landlord to insist upon the strict performance by Tenant of Tenant’s Obligations to pay such Overdue Payment or interest shall

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constitute a waiver by Landlord of its right to enforce the provisions of this Section 3.7 in any instance thereafter occurring. The provisions of this Section 3.7 shall not be construed in any way to extend the grace periods or notice periods with respect to the payment of Charges as provided in Section 14.2(a) hereof.

EXCERPTS ON THIS PAGE:

8-K
Mar 9, 2009
10-Q
Nov 3, 2006
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