Interim Rent and Basic Rent Sample Clauses
Interim Rent and Basic Rent. (a) Lessee shall pay to Lessor, in respect of the Facility Assets, rent for the Interim Term on July 31, 1991, in an amount equal to all accrued and unpaid interest on the Loan Certificates payable on such date not paid by Owner Participant as required by Section 6.01(b) of the Participation Agreement.
(b) Lessee shall pay to Lessor, in respect of the Facility Assets, Basic Rent in installments in arrears on the Rent Dates during the Basic Term, each such installment to be in an amount equal to the percentage of Lessor's Cost set forth opposite such Rent Date on Schedule A. Such amounts of Basic Rent are subject to adjustment pursuant to Section 3.03. Lessee shall pay Basic Rent with respect to any Renewal Term as provided in Section 4.01.
(c) Each installment of Interim Rent and Basic Rent shall be payable and paid in the manner set forth in Section 3.04.
Interim Rent and Basic Rent. (a) Lessee and Lessor hereby agree that no Rent (other than Supplemental Rent, if any) shall be payable to Lessor during the Interim Term. Lessee hereby agrees to pay Lessor Basic Rent for each Unit throughout the Basic Term applicable thereto on the first Rent Payment Date and in consecutive semi-annual installments thereafter payable on each Rent Payment Date. Each such payment of Basic Rent shall be in an amount equal to the product of the Equipment Cost for such Unit multiplied by the Basic Rent percentage for such Unit set forth opposite such Rent Payment Date on Schedule 2 to the applicable Lease Supplement for such Type of Equipment (as such Schedule 2 shall be adjusted pursuant to Section 2.6 of the Participation Agreement for the applicable Type of Equipment). Basic Rent shall be payable on the Rent Payment Dates as set forth in Schedule 2 to the applicable Lease Supplement for the applicable Type of Equipment. Basic Rent shall be allocated and accrued for use of the Units as specified in Schedule 5 to the applicable Lease Supplement for the applicable Type of Equipment (“Allocated Rent"). For the avoidance of doubt, and notwithstanding anything to the contrary herein, the parties agree that irrespective of Lessee’s payment obligation on each Rent Payment Date, Lessee’s liability on account of the use of each Unit shall be allocated to each Lease Period in the amount of Allocated Rent set forth in Schedule 5 to the applicable Lease Supplement for the applicable Type of Equipment. Basic Rent allocated to any Lease Period shall be further allocated ratably to each day within such Lease Period. Basic Rent shall be allocated to each calendar year in the Lease Term based upon the assumption that each calendar year in the Lease Term is 360 days, consisting of four 90-day quarters and twelve 30-day months.
(b) It is the intention of Lessor and Lessee that: (i) for purposes of Section 467 of the Code the Allocated Rent derived by multiplying Equipment Cost by the percentage set forth for each Lease Period on Schedule 5 to the applicable Lease Supplement under the caption “Allocated Rent” constitutes a specific allocation of “fixed rent” within the meaning of Treasury Regulation Section 1.467-1(c)(2)(ii) with the effect that each of Lessor and Lessee shall accrue rental income and rental expense, respectively, in the amount equal to Equipment Cost multiplied by the percentage as set forth for each Lease Period under the column with the heading “Allocated R...
Interim Rent and Basic Rent. (i) Lessee shall pay Interim Rent in Dollars on the Commencement Date in the amount for such date determined in accordance with the definition of "Interim Rent."
(ii) Lessee shall pay Basic Rent in Dollars with respect to each Lease Period during the Basic Term on each Lease Period Date during the Basic Term in the respective amounts for each Lease Period Date determined in accordance with Exhibit B hereto.
Interim Rent and Basic Rent. No Rent (other than Supplemental Rent, if any) shall be payable for the Preliminary Term. The Lessee agrees to pay to the Lessor in immediately available funds on the Commencement Date, Interim Rent in the amount set forth on Schedule II hereto for such date, subject to increase or decrease as provided in Section 3.04 hereof, with such Interim Rent being allocated to the Interim Term. The Lessee agrees to pay to the Lessor in immediately available funds, on each Rent Payment Date, Basic Rent for the Aircraft during the Basic Term, each payment being set forth on Schedule II hereto opposite the applicable Rent Payment Date, subject to increase or decrease as provided in Sections 3.04 of this Lease. Each payment of Interim Rent and Basic Rent shall be made in arrears or in advance, all as stated in Schedule II hereto. Each payment of Basic Rent designated as advance rent shall be allocated over the six-month period beginning on the Rent Payment Date on which such advance rent payment is scheduled to be made, and each installment of Basic Rent that is designated as payable in arrears shall be accrued over the six-month period ending on and including the day immediately preceding the Rent Payment Date on which such arrears payment is scheduled to be made and each installment of Interim Rent that is designated as payable in arrears shall be accrued over the Interim Term.