Common use of Payment of Minimum Rent Clause in Contracts

Payment of Minimum Rent. Minimum Rent shall be paid in arrears on or before the twentieth (20th) day of the subsequent Accounting Period for which such Minimum Rent is due and payable. Notwithstanding the foregoing, the first payment of Minimum Rent shall be due and payable on the Commencement Date (the "Advance Minimum Rent"). The amount of Advance Minimum Rent due and payable on the Commencement Date by Tenant to Landlord is set forth on Exhibit "A." The amount of Advance Minimum Rent paid to Landlord shall be applied as a credit against the first payment(s) of Minimum Rent due hereunder. Minimum Rent for any partial Accounting Period shall be prorated on a per diem basis.