Common use of Interim Rent Clause in Contracts

Interim Rent. (i) Interim Rent shall equal the Hourly Rent for each Rent Period during the Interim Period. Notwithstanding the foregoing, in no event shall the Interim Rent be less than the Minimum Basic Rent other than as set forth in paragraph (ii) of this Section. (ii) Minimum Basic Rent shall be paid by LESSEE to LESSOR in respect of the Aircraft, in advance, on the First Interim Rent Date. Thereafter, on the corresponding date in the immediately following month (the "Second Interim Rent Date"), LESSEE shall pay to LESSOR a pro rata portion of the Minimum Basic Rent based on the number of days remaining in the period from the Second Interim Rent Date through (but not including) the First Basic Rent Date. (iii) In addition to Minimum Basic Rent, LESSEE shall pay to LESSOR the following: (a) no later than five days after the Second Interim Rent Date, an amount equal to the difference, if positive, between (x) the Minimum Basic Rent and (y) Hourly Rent calculated for the period from the First Interim Rent Date through (but excluding) the Second Interim Rent Date; and (b) no later than five days after the First Basic Rent Date, an amount equal to the positive difference, if any, between: (x) the pro rated Minimum Basic Rent paid for the previous Rent Period and (y) Hourly Rent calculated for the period from the Second Interim Rent Date through (but excluding) the First Basic Rent Date.