Condition requiring payment Sample Clauses

Condition requiring payment. In addition to the Ground Rent payable by RAC hereunder, if any, RAC shall pay Contingent Rent; provided, however, that Contingent Rent shall only be payable by RAC hereunder to the extent that (i) total CFC collections for the applicable payment period hereunder are less than the total amount of Contingent Rent attributable to such payment period, and (ii) funds then contained in the CFC Revenue Fund (as such term is defined in the Bond Documents) are insufficient to pay the remainder of such Contingent Rent for the applicable payment period. Any and all Contingent Rent shall be paid by RAC as and when the same becomes due and payable hereunder without set-off, deduction, credit, or discount. In the event that a rental car concessionaire fails to make a Contingent Rent payment within the time period provided herein, and the amount of such failure exceeds the amount available to the State under the performance deposit of such concessionaire, State shall provide notice of such underpayment to RAC and all other On-Airport Rental Car Companies and Off-Airport Rental Car Companies and RAC and all other On-Airport Rental Car Companies and Off-Airport Rental Car Companies shall be jointly and severally liable for such amount, which shall be due and payable ten days after notice of such failure. Such sums shall be deemed additional rent hereunder.
Sample 1
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Condition requiring payment. In addition to the Ground Rent payable by Concessionaire hereunder, Concessionaire shall pay Facility Rent; provided, however, that Facility Rent shall only be payable by Concessionaire hereunder to the extent that total CFC collections from all On-Airport Rental Car Companies for the applicable payment period hereunder are less than the total amount of Facility Rent attributable to such payment period, and
Sample 1

Related to Condition requiring payment

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  • Action Required To Complete This Project: Complete

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