Liens and Charges. The Operating Company shall, at all times, keep the equipment free from all levies, liens and encumbrances whatsoever and shall pay all licence fees, registration fees and assessments, charges and taxes, in accordance with the Annual Operating Agreement, which may be now or hereafter imposed directly upon the ownership, leasing, rent, possession or use of the equipment. If the Operating Company fails to pay any such levies, liens, encumbrances, assessments, charges or taxes, BC Transit may pay the same and in such event the costs thereof, together with interest calculated monthly at a rate equivalent to the prime rate established by The Royal Bank of Canada on the first day of each month, plus two (2%) percent per annum, shall forthwith be due and payable by the Operating Company to BC Transit. Non-payment of such costs by the Operating Company to BC Transit forthwith upon demand by BC Transit shall be deemed to be a default under this Lease Agreement.
Appears in 4 contracts
Samples: Vehicle Lease Agreement, Vehicle Lease Agreement, Vehicle Lease Agreement
