Interim and Basic Rent. No Interim Rent or Basic Rent shall be paid during the Preliminary Lease Term. Lessee hereby agrees to pay to Lessor (i) Interim Rent for the Interim Lease Term with respect to the Aircraft on the first Rent Payment Date set forth on Exhibit C, and (ii) Basic Rent for the Base Lease Term with respect to the Aircraft on each subsequent Rent Payment Date set forth in Exhibit C, in each case in an amount equal to the percentage of Lessor's Cost of the Aircraft set forth in Exhibit C opposite such Rent Payment Date, subject to the terms of the next succeeding paragraphs of this Section 3.3 and Section 3.7. Each installment (or portion of an installment) of Interim Rent or Basic Rent under the heading "Advance" in Exhibit C payable on a Rent Payment Date shall relate to the respective Lease Period immediately following such Rent Payment Date, and each installment (or portion of an installment) of Interim Rent or Basic Rent under the heading "Arrears" in Exhibit C payable on a Rent Payment Date shall relate to the respective Lease Period immediately preceding such Rent Payment Date. Although the Interim Rent and Basic Rent amounts set forth in Exhibit C hereto have been computed on the assumption that the amount of interest payable on the Certificates on the Rent Payment Dates throughout the Base Lease Term will be the Assumed Interest Amounts, Lessor and Lessee recognize that the actual amount of interest payable on the Certificates may, from time to time during Interim Lease Term and the Base Lease Term, be different from the Assumed Interest Amounts. Accordingly, Interim Rent and Basic Rent shall be increased or decreased (but not below zero), as the case may be, by the Rent Differential Amount (as defined herein). Any increase in Interim Rent or Basic Rent shall constitute additional arrears Rent on the date in question, and any decrease in Interim Rent or Basic Rent shall first decrease arrears Rent before affecting advance Rent
Appears in 1 contract
Interim and Basic Rent. No Interim Rent or Basic Rent shall be paid during the Preliminary Lease Term. Lessee hereby agrees to pay to Lessor (i) Interim Rent for the Interim Lease Term with respect to the Aircraft on the first Rent Payment Date set forth on in Part I of Exhibit C, and (ii) Basic Rent for the Base Lease Term with respect to the Aircraft on each subsequent Rent Payment Date set forth in Part I of Exhibit C, in each case in an amount equal to the percentage of Lessor's Cost of the Aircraft set forth in Part I of Exhibit C opposite such Rent Payment Date, subject to the terms of the next succeeding paragraphs paragraph of this Section 3.3 and Section 3.7. Each installment (or portion of an installment) of Interim Rent or Basic Rent under the heading "`Advance" ' in Part I of Exhibit C payable on a Rent Payment Date shall relate to the respective Lease Period immediately following such Rent Payment Date, and each installment (or portion of an installment) of Interim Rent or Basic Rent under the heading "`Arrears" ' in Part I of Exhibit C payable on a Rent Payment Date shall relate to the respective Lease Period immediately preceding such Rent Payment Date. Although "Anything contained in the Interim Rent and Participation Agreement or this Lease or any other Operative Agreement to the contrary notwithstanding, (a) each installment of Basic Rent amounts set forth payable under this Lease, whether or not adjusted in Exhibit C hereto have been computed accordance with the provisions of Section 3.7 hereof, shall be, under any circumstances and in any event, in an amount at least sufficient to pay in full, on such Rent Payment Date, any scheduled payments then required to be made on account of the principal of and interest on the assumption that the amount of interest payable on Certificates, and (b) Stipulated Loss Value, Termination Value and, unless Lessee shall have assumed the Certificates on pursuant to Section 18.2(c) hereof, the Rent Payment Dates throughout the Base Lease Term will be the Assumed Interest Amounts, Lessor and Lessee recognize that the actual amount of interest payable on the Certificates may, from time to time during Interim Lease Term Special Purchase Price and the Base Lease Terminitial installment of the Special Purchase Price if paid in installments, be different from in each case whether or not adjusted in accordance with the Assumed Interest Amounts. Accordingly, Interim Rent and Basic Rent shall be increased or decreased (but not below zero)provisions of Section 3.7, as the case may beof any date of determination thereof, by the Rent Differential Amount (as defined herein). Any increase in Interim Rent or Basic Rent shall constitute additional arrears Rent on the date in question, and together with any decrease in Interim Rent or Basic Rent shall first decrease arrears Rent before affecting advance Rentamount of
Appears in 1 contract
Interim and Basic Rent. No Interim Rent or Basic Rent shall be paid during the Preliminary Lease Term. Lessee hereby agrees to pay to Lessor (i) Interim Rent for the Interim Lease Term with respect to the Aircraft on the first Rent Payment Date set forth on in Part I of Exhibit C, and (ii) Basic Rent for the Base Lease Term with respect to the Aircraft on each subsequent Rent Payment Date set forth in Part I of Exhibit C, in each case in an amount equal to the percentage of Lessor's Cost of the Aircraft set forth in Part I of Exhibit C opposite such Rent Payment Date, subject to the terms of the next succeeding paragraphs paragraph of this Section 3.3 and Section 3.7. Each installment (or portion of an installment) of Interim Rent or Basic Rent under the heading "`Advance" ' in Part I of Exhibit C payable on a Rent Payment Date shall relate to the respective Lease Period immediately following such Rent Payment Date, and each installment (or portion of an installment) of Interim Rent or Basic Rent under the heading "`Arrears" ' in Part I of Exhibit C payable on a Rent Payment Date shall relate to the respective Lease Period immediately preceding such Rent Payment Date. Although "Anything contained in the Interim Rent and Participation Agreement or this Lease or any other Operative Agreement to the contrary notwithstanding, (a) each installment of Basic Rent amounts set forth payable under this Lease, whether or not adjusted in Exhibit C hereto have been computed accordance with the provisions of Section 3.7 hereof, shall be, under any circumstances and in any event, in an amount at least sufficient to pay in full, on such Rent Payment Date, any scheduled payments then required to be made on account of the principal of and interest on the assumption that Certificates, and (b) Stipulated Loss Value, Termination Value and, unless Lessee shall have assumed the Certificates pursuant to Section 18.2(c) hereof, the Special Purchase Price and the initial installment of the Special Purchase Price if paid in installments, in each case whether or not adjusted in accordance with the provisions of Section 3.7, as of the date of determination thereof, together with any amount of SALE AND LEASE AMENDMENT [N604SW] -4- 6 Basic Rent required to be paid on such date and all other amounts payable on such date, shall equal under any circumstances and in any event, an amount at least sufficient to pay in full any scheduled payments then required to be made on account of the principal of and interest payable (including, without limitation any interest on overdue principal and, to the extent permitted by applicable law, interest), and Premium, if any, on the Certificates and all amounts which would be payable prior thereto or on a parity therewith if Section 3.03 of the Rent Payment Dates throughout Trust Indenture were applicable at the Base Lease Term will be the Assumed Interest Amounts, Lessor and Lessee recognize that the actual amount time of interest payable on the Certificates may, from time to time during Interim Lease Term and the Base Lease Term, be different from the Assumed Interest Amounts. Accordingly, Interim Rent and Basic Rent shall be increased or decreased (but not below zero), as the case may be, by the Rent Differential Amount (as defined herein). Any increase in Interim Rent or Basic Rent shall constitute additional arrears Rent on the date in question, and any decrease in Interim Rent or Basic Rent shall first decrease arrears Rent before affecting advance Rentsuch payment."
Appears in 1 contract
Interim and Basic Rent. No Interim Rent or Basic Rent shall be paid during the Preliminary Lease Term. Lessee hereby agrees to pay to Lessor (i) Interim Rent for the Interim Lease Term with respect to the Aircraft on the first Rent Payment Date set forth on in Part I of Exhibit C, and (ii) Basic Rent for the Base Lease Term with respect to the Aircraft on each subsequent Rent Payment Date set forth in Part I of Exhibit C, in each case in an amount equal to the percentage of Lessor's Cost of the Aircraft set forth in Part I of Exhibit C opposite such Rent Payment Date, subject to the terms of the next succeeding paragraphs paragraph of this Section 3.3 and Section 3.7. Each installment (or portion of an installment) of Interim Rent or Basic Rent under the heading "`Advance" ' in Part I of Exhibit C payable on a Rent Payment Date shall relate to the respective Lease Period immediately following such Rent Payment Date, and each installment (or portion of an installment) of Interim Rent or Basic Rent under the heading "`Arrears" ' in Part I of Exhibit C payable on a Rent Payment Date shall relate to the respective Lease Period immediately preceding such Rent Payment Date. Although "Anything contained in the Interim Rent and Participation Agreement or this Lease or any other Operative Agreement to the contrary notwithstanding, (a) each installment of Basic Rent amounts set forth payable under this Lease, whether or not adjusted in Exhibit C hereto have been computed accordance with the provisions of Section 3.7 hereof, shall be, under any circumstances and in any event, in an amount at least sufficient to pay in full, on such Rent Payment Date, any scheduled payments then required to be made on account of the principal of and interest on the assumption that Certificates, and (b) Stipulated Loss Value, Termination Value and, unless Lessee shall have assumed the Certificates pursuant to Section 18.2(c) hereof, the Special Purchase Price, in each case whether or not adjusted in accordance with the provisions of Section 3.7, as of any date of determination thereof, together with any amount of Basic Rent required to be paid on such date and all other amounts payable on such SALE AND LEASE AMENDMENT [N603SW] -4- 6 date, shall equal under any circumstances and in any event, an amount at least sufficient to pay in full any payments then required to be made on account of the principal of and interest payable (including, without limitation any interest on overdue principal and, to the extent permitted by applicable law, interest), and Premium, if any, on the Certificates and all amounts which would be payable prior thereto or on a parity therewith if Section 3.03 of the Rent Payment Dates throughout Trust Indenture were applicable at the Base Lease Term will be the Assumed Interest Amounts, Lessor and Lessee recognize that the actual amount time of interest payable on the Certificates may, from time to time during Interim Lease Term and the Base Lease Term, be different from the Assumed Interest Amounts. Accordingly, Interim Rent and Basic Rent shall be increased or decreased (but not below zero), as the case may be, by the Rent Differential Amount (as defined herein). Any increase in Interim Rent or Basic Rent shall constitute additional arrears Rent on the date in question, and any decrease in Interim Rent or Basic Rent shall first decrease arrears Rent before affecting advance Rentsuch payment."
Appears in 1 contract
Interim and Basic Rent. No Interim Rent or Basic Rent shall be paid during the Preliminary Lease Term. Lessee hereby agrees to pay to Lessor (i) Interim Rent for the Interim Lease Term with respect to the Aircraft on the first Rent Payment Date set forth on in Part I of Exhibit C, and (ii) Basic Rent for the Base Lease Term with respect to the Aircraft on each subsequent Rent Payment Date set forth in Part I of Exhibit C, in each case in an amount equal to the percentage of Lessor's Cost of the Aircraft set forth in Part I of Exhibit C opposite such Rent Payment Date, subject to the terms of the next succeeding paragraphs paragraph of this Section 3.3 and Section 3.7. Each installment (or portion of an installment) of Interim Rent or Basic Rent under the heading "`Advance" ' in Part I of Exhibit C payable on a Rent Payment Date shall relate to the respective Lease Period immediately following "Anything contained in the Participation Agreement or this Lease or any other Operative Agreement to the contrary notwithstanding, (a) each installment of Basic Rent payable under this Lease, whether or not adjusted in accordance with the provisions of Section 3.7 hereof, shall be, under any circumstances and in any event, in an amount at least sufficient to pay in full, on such Rent Payment Date, any scheduled payments then required to be made on account of the principal of and interest on the Certificates, and (b) Stipulated Loss Value, Termination Value and, unless Lessee shall have assumed the Certificates pursuant to Section 18.2(c) hereof, the Special Purchase Price and the initial installment of the Special Purchase Price if paid in installments, in each installment (case whether or portion not adjusted in accordance with the provisions of an installment) Section 3.7, as of Interim Rent or the date of determination thereof, together with any amount of Basic Rent under the heading "Arrears" in Exhibit C required to be paid on such date and all other amounts payable on a Rent Payment Date such date, shall relate equal under any circumstances and in any event, an amount at least sufficient to pay in full any scheduled payments then required to be made on account of the principal of and interest (including, without limitation any interest on overdue principal and, to the respective Lease Period immediately preceding such Rent Payment Date. Although the Interim Rent extent permitted by applicable law, interest), and Basic Rent amounts set forth in Exhibit C hereto have been computed on the assumption that the amount of interest payable Premium, if any, on the Certificates and all amounts which would be payable prior thereto or on a parity therewith if Section 3.03 of the Rent Payment Dates throughout Trust Indenture were applicable at the Base Lease Term will be the Assumed Interest Amounts, Lessor and Lessee recognize that the actual amount time of interest payable on the Certificates may, from time to time during Interim Lease Term and the Base Lease Term, be different from the Assumed Interest Amounts. Accordingly, Interim Rent and Basic Rent shall be increased or decreased (but not below zero), as the case may be, by the Rent Differential Amount (as defined herein). Any increase in Interim Rent or Basic Rent shall constitute additional arrears Rent on the date in question, and any decrease in Interim Rent or Basic Rent shall first decrease arrears Rent before affecting advance Rentsuch payment."
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