Coach 2013 Annual Report Download - page 569

(ii) The term “Tax Year” shall mean each period of twelve (12) months, commencing on the first day of July of
each such period, in which occurs any part of the term of this Lease, or such other period of twelve (12) months occurring during the term of this Lease as
hereafter may be duly adopted as the fiscal year for real estate tax purposes of the City of New York.
32.02 If, after Tenant shall have made a payment of Additional Rent under Section 32.01, Landlord shall receive a refund of any
portion of the Real Estate Taxes payable for any Tax Year on which such payment of Additional Rent shall have been based, as a result of a reduction of such
Real Estate Taxes by final determination of legal proceedings, settlement or otherwise, Landlord shall within thirty (30) days after receiving the refund pay to
Tenant an equitable share (based on the Real Estate Taxes paid by Tenant with respect to which the refund was received) of the refund. Tenant shall have the
right, at Tenant’s sole cost and expense, to bring any application or proceeding seeking a reduction in Real Estate Taxes or assessed valuation. The provisions
of this Section 32.02 shall survive the expiration or sooner termination of the Term of this Lease.
32.03 In no event shall the Fixed Annual Rent under this Lease be reduced by virtue of this Article 32.
32.04 Upon the date of any expiration or termination of this Lease (except termination because of Tenant’s default), (i) if Tenant shall
not already paid a proportionate share of said Additional Rent for the Tax Year during which such expiration or termination occurs, then the same shall
immediately become due and payable by Tenant to Landlord and (ii) if Tenant shall have already paid said Additional Rent for Real Estate Taxes for a period
extending beyond the date of such expiration or termination of this Lease, then Tenant shall be entitled to a proportionate refund thereof from Landlord within
thirty (30) days of such expiration or termination. If Landlord is entitled to a payment of Additional Rent pursuant to clause (i) above, then the proportionate
share shall be based upon the length of time that this Lease shall have been in existence during such Tax Year and if Tenant shall be entitled to a refund of
Additional Rent pursuant to clause (ii) above, then the proportionate share shall be based upon the length of time that his Lease shall not be in existence during
such Tax Year. Landlord shall promptly cause statements of said Additional Rent for that Tax Year to be prepared and furnished to Tenant. Landlord and
Tenant shall thereupon make appropriate adjustments of amounts then owing. The provisions of this Section 32.04 shall survive the expiration or sooner
termination of the Term of this Lease.
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