Common use of Rent and Other Payments Clause in Contracts

Rent and Other Payments. 2.1 The Lessee shall pay to the Lessor, the full amount of all lease and service rates, fees, charges and other amounts relating to the Equipment (collectively, the “Rental Fees”) as set out in a Reservation. The Lessee also agrees to pay the Lessor for any additional Equipment subsequently requested by the Lessee and specified in a Reservation, and such additional Equipment shall also be governed by this Agreement. 2.2 The Rental Fees shall be payable at the Lessor’s head office net 30 days from the date the Equipment is delivered pursuant to a Reservation or shall be subject to a late charge of 2% per month (24% per annum) on the unpaid balance. A $40.00 charge will be levied for all non-sufficient funds (NSF) payments. 2.3 Equipment rental cancellation charges will be applied at the following rates: (i) if written notice is provided not less than 2 business days prior to date reserved, 50% of the Rental Fees; (ii) if written notice is provided not less than 1 business day prior to date reserved, 75% of the Rental Fees; or (iii) if written notice is provided less than 1 business day prior to date reserved, l00% of the Rental Fees. 2.4 The Lessee acknowledges and agrees that in addition to all Rental Fees for the Equipment, the Lessee shall also be responsible for payment of all applicable federal and provincial government taxes.