TERM/RENT. 2.1 This Master Lease shall commence on the date set forth above and shall continue so long as any Schedule remains in effect. Each Schedule shall set forth the basic term of the Schedule (“Basic Term”), the periodic rent for each Unit (“Monthly Rent”), the installation date of each Unit (“Installation Date”), the commencement date (“Commencement Date”), the installation location of each Unit (“Equipment Location”) and all other additional terms. The Basic Term for a Schedule shall begin on the Commencement Date and shall continue thereafter for the number of months specified therein. As to each Unit, the term for each Schedule (“Initial Term”) shall begin on the Installation Date of such Unit, and shall continue throughout the expiration of the Basic Term. The Installation Date shall be the earlier of (i) the date such Unit is installed and operational for purposes of the Schedule at the Equipment Location, or (ii) 7 days after Lessor has made such Unit available for delivery to Lessee, except, that if the company designated by Lessee to install such Unit shall notify Lessee that it is unable to install such Unit due solely to the condition of such Unit, then the Installation Date shall be as set forth in subclause (i) herein. The Commencement Date shall be the first day of the calendar month following the latest Installation Date of any Unit, provided, however, if such Installation Date falls on the first day of the month, the Commencement Date shall be such Installation Date. Lessee may terminate any Schedule at the end of any full month effective at the expiration of the Initial Term or any extension thereof by giving Lessor 90 days’ prior written notice. If such written notice of termination is not given by Lessee, the Initial Term shall be automatically extended thereafter on a month-to-month basis at the same Monthly Rent, until terminated by Lessee giving the required 90 days’ written notice and expiration of the notice period, or until written notice of termination is given by Lessor. Any notice of termination must relate to all the Equipment subject to the Schedule to which the notice applies and shall be effective only upon the last day of the Initial Term or upon the last day of any successive 90 day period, and may not be unilaterally revoked. 2.2 Lessee shall pay to Lessor the sum of (a) the Monthly Rent, payable in advance on the Commencement Date and on the first day of each month thereafter during the Initial Term or any extension thereof, and (b) an amount equal to 1/30th of the Monthly Rent for each Unit times the number of days which have elapsed from the Installation Date of such Unit to the Commencement Date, which amount shall be paid on the Commencement Date. Monthly Rent for each Unit shall be as specified in the Schedule, and shall be payable at Lessor’s address set forth above, or at such other address as Lessor may designate in writing, without further notice or demand therefor. Whenever any payment due hereunder is not made when due, Lessee shall pay interest on such amount at the rate of one and one-half (1 1/2) percent per month or the maximum interest rate legally permissible in the state specified in Section 28, whichever is less (“Late Payment Rate”). 2.3 As security for the prompt and full payment of rent, and the faithful and timely performance of all provisions of this Lease, and any extensions or renewals thereof, Lessee shall pledge and deposit with Lessor the security amount set forth in the section shown as "Security Deposit" on each respective Schedule. In the event any default shall be made in the performance of any of Lessee's obligations under this Lease, Lessor shall have the right, but shall not be obligated, to apply said security to the curing of such default. Within 15 days after Lessor mails notice to Lessee that Lessor has applied any portion of the Security Deposit to the curing of any default, Lessee shall restore said Security Deposit to the full amount set forth in the Schedules. On the expiration or earlier termination of each Schedule to this Lease, or any extension or renewal thereof, provided Lessee has paid all of the rent herein called for and fully performed all other provisions of this Lease with respect to such schedule, Lessor will return to Lessee any then remaining balance of the security deposit with respect to such Schedule, without interest. Said security deposit may be commingled with Lessor's other funds.
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Samples: Master Equipment Lease, Master Equipment Lease, Master Equipment Lease
TERM/RENT. 2.1 This Master Lease shall commence on the date set forth above Effective Date and shall continue so long as any Schedule remains in effect. Each Schedule shall set forth the basic initial term of the Schedule (“Basic Initial Term”), the periodic rent Monthly Rent for each Unit of equipment (“Monthly Rent”), the date of the purchase by Lessor of each Unit pursuant to the applicable Sale and Leaseback Agreement between Lessor, as buyer, and Lessee, as seller (“Commencement Date”), the installation date of each Unit (“Installation Date”), ; which shall be the commencement later of (i) the date of acceptance or deemed acceptance of the Unit pursuant to the Acceptance Certificate (“Exhibit B) and (ii) the Commencement Date”), the installation location of each Unit (“Equipment Location”) ), the amount of Use Tax attributable to each Unit and all other additional terms. The Basic Initial Term for a Schedule shall begin on the Commencement Date and shall continue thereafter for the number of months specified therein. As to each Unit, the term for each Schedule (“Initial Term”) shall begin on the Installation Date of such Unit, and shall continue throughout the expiration of the Basic Term. The Installation Date shall be the earlier of (i) the date such Unit is installed and operational for purposes of the Schedule at the Equipment Location, or (ii) 7 days after Lessor has made such Unit available for delivery to Lessee, except, that if the company designated by Lessee to install such Unit shall notify Lessee that it is unable to install such Unit due solely to the condition of such Unit, then the Installation Date shall be as set forth in subclause (i) herein. The Commencement Date shall be the first day of the calendar month following the latest Installation Date of any Unit, provided, however, if such Installation Date falls on the first day of the month, the Commencement Date shall be such Installation Date. Lessee may terminate any Schedule at the end of any full month effective at the expiration of the Mandatory Renewal Term (as defined in the Schedule), if any, or the Initial Term (if no Mandatory Renewal Term) or any extension thereof thereof, by giving Lessor 90 days’ (i) in the event Lessee elects to return the Equipment pursuant to Section 13 hereof, 180 days prior written notice, and (ii) in the event Lessee elects to renew the lease of the Equipment or to negotiate for the purchase of the Equipment from Lessor, 60 days prior written notice. If such written notice of termination is not given by Lessee, or if Lessee negotiates for the purchase of the Equipment from Lessor but such purchase is not closed, the Initial Term or any Mandatory Renewal Term, as applicable, shall be automatically extended thereafter on a month-to-month basis at the same Monthly Rent, until terminated by Lessor or Lessee giving the required 90 days’ written notice as provided above and upon expiration of the applicable notice period, or until written notice of termination is given by Lessor. Any notice of termination or renewal must relate to all the Equipment subject to the Schedule to which the notice applies and shall be effective only upon the last day of the Initial Term or upon the last day of any successive 90 day period, under a Permitted Sublease (as hereinafter defined) and may not be unilaterally revoked.
2.2 Subject to the Supplemental Terms Rider to this Lease, beginning on the Commencement Date, Lessee shall pay accrue payment obligations to Lessor the sum of (a) for the Monthly Rent, payable in advance . Commencing on the earlier of the third calendar month following the Commencement Date and or the 15th calendar month following the Effective Date, such Monthly Rent shall be payable on the first 15th day of each month thereafter during the Initial Term or any extension thereofthereof (or if that day is not a business day, and (b) an amount equal to 1/30th of the Monthly Rent for each Unit times the number of days which have elapsed from the Installation Date of such Unit to the Commencement Date, which amount shall be paid on the Commencement Datenext business day thereafter). Monthly Rent for each Unit the Equipment shall be as specified in the Schedule, and shall be payable at Lessor’s address set forth above, or at such other address as Lessor may designate in writing, without further notice or demand therefor. Whenever any payment due hereunder is not made when due, Lessee shall pay interest on such amount at the rate of one and one-half two (1 1/22) percent percentage points (200 basis points) per month annum above the implied rate of interest payable as a component of Rent, or the maximum interest rate legally permissible in the state specified in Section 2829, whichever is less (“Late Payment Rate”).
2.3 As security for In the prompt and full payment event any amounts are payable under Section 4.4(l)(C) or Section 4.5(l)(A)(z) or (B) of rentthe Multiparty Agreement dated as of October 18, 2011, among Lessor, Lessee and the faithful other parties thereto (the “Multiparty Agreement”) as a prepayment of Specified Senior Obligations (as defined in the Multiparty Agreement), such amounts shall be payable to Lessor as "Variable Rent" hereunder. If applicable, Variable Rent corresponding to amounts payable under Section 4.4(l)(C) of the Multiparty Agreement shall be payable monthly on the 15th day of each month in which any such Variable Rent is payable under the Multiparty Agreement (or if that day is not a business day, the next business day thereafter) and timely performance Variable Rent corresponding to amounts payable under Section 4.5(l)(A)(z) or (B) of all provisions the Multiparty Agreement shall be payable in quarterly installments on the 15th day of this Leaseevery January, April, July and any extensions October (or renewals thereofif that day is not a business day, the next business day thereafter). Variable Rent shall be applied to reduce the Rent Balance (as hereinafter defined) in inverse order of maturity.
2.4 On the Installation Date of each Unit, Lessee shall pledge and deposit with deliver to Lessor the security amount set forth a prepaid reserve in the section shown amount of One Thousand Four Hundred Dollars ($1,400) per Unit (the "Prepaid Reserve") to be held by Lessor as security for Lessee's failure to make any payment of Monthly Rent or Variable Rent (such amount, a "Security Deposit" on each respective ScheduleRent Shortfall"), or for any other payment obligations of Lessee under this Master Lease. In the event any default shall be made in the performance of any of Lessee's obligations under this Leasea Rent Shortfall, Lessor shall have the rightmay, but shall not be obligatedrequired to, to use, apply said security to the curing of such default. Within 15 days after Lessor mails notice to Lessee that Lessor has applied or retain all or any portion part of the Security Deposit to Prepaid Reserve for the curing of any default, Lessee shall restore said Security Deposit to the full amount set forth in the Schedules. On the expiration or earlier termination of each Schedule to this Lease, or any extension or renewal thereof, provided Lessee has paid all payment of the rent herein called Rent Shortfall or for any other payment obligations of Lessee. Lessor shall be permitted to withhold the Prepaid Reserve from payment proceeds under the applicable Sale and fully performed all other provisions of this Lease with respect to such schedule, Lessor will return to Lessee any then remaining balance of the security deposit with respect to such Schedule, without interest. Said security deposit may be commingled with Lessor's other fundsLeaseback Agreement.
Appears in 2 contracts
Samples: Master Equipment Lease (Cinedigm Digital Cinema Corp.), Master Equipment Lease (Cinedigm Digital Cinema Corp.)
TERM/RENT. 2.1 This Master Lease shall commence on the date set forth above and shall continue so long as any Schedule remains in effect. Each Schedule shall set forth the basic term of the Schedule (“Basic Term”), the periodic rent for each Unit (“Monthly Rent”), the installation date of each Unit (“Installation Date”), the commencement date (“Commencement Date”), the installation location of each Unit (“Equipment Location”) and all other additional terms. The Basic Initial Term for a Schedule shall begin on the Commencement Date and shall continue thereafter for the number of months specified therein. As to each Unit, the term for each Schedule (“Initial Term”) shall begin on the Installation Date of such Unit, and shall continue throughout the expiration of the Basic Term. The Installation Date shall be the earlier of (i) the date such Unit is installed and operational for purposes of the Schedule at the Equipment Location, or (ii) 7 days after Lessor has made such Unit available for delivery to Lessee, except, that if the company designated by Lessee to install such Unit shall notify Lessee that it is unable to install such Unit due solely to the condition of such Unit, then the Installation Date shall be as set forth in subclause (i) herein. The Commencement Date shall be the first day of the calendar month following the latest Installation Date of any Unit, provided, however, if such Installation Date falls commence on the first day of the month, month following the date Lessee accepts such Equipment as provided for in the below Section 4. (“Commencement Date Date”) and shall be such Installation Datecontinue until terminated in accordance with the provisions of this Master Lease. Lessee may terminate any Schedule at as of the end of any full month effective at the expiration of the Initial Term or any extension thereof by giving Lessor 90 days’ prior written notice. , no earlier than 180 days and not later than 120 days prior to the last day of the Initial Term as set forth in Sub-schedule A. If Lessee does not give such written notice of termination is not given by Lesseetermination, then notwithstanding any end of Lease purchase options set forth on the applicable Schedule, the Initial Term shall be automatically extended thereafter on a month-to-month basis at the same Monthly Rent, until terminated by Lessee giving the required 90 days’ aforesaid written notice, which notice and expiration shall be effective on the last date of the notice period, or until written notice month which is at least 120 days subsequent to the effective date of termination is given by Lessorsuch notice. Any notice of termination must relate to all the Equipment subject to the Schedule to which the notice applies and applies. In no event shall be effective only upon Lessee have the last day right to terminate any Schedule with respect to any Equipment prior to the expiration of the Initial Term except if due to damage or upon the last day destruction of any successive 90 day period, and may not be unilaterally revokedsuch Equipment in accordance with the below Section 11.2 (b).
2.2 Lessee’s obligation to pay the Monthly Rent under each Schedule shall commence on the date such Equipment has been delivered to Lessee by the Supplier, notwithstanding the actual Commencement Date for such Schedule. For the purposes of this Master Lease, delivery will be defined as FOB origin. Lessee shall pay have seven (7) days following its receipt of any such Equipment to notify Lessor as to any missing Equipment, and its failure to do so shall be construed, as between Lessor and Lessee, as Lessee’s acknowledgment that all such Equipment has been received by Lessee. In the event such Equipment is delivered to Lessee in multiple shipments, or for any other reason only partial delivery of such Equipment has occurred, Lessor shall provide Lessee with a calculation as to the pro rata amount due to Lessor as Rent based upon the sum Equipment actually received by Lessee for each such partial delivery. All Rent paid by Lessee prior to the Commencement Date shall constitute “Interim Rent”. Lessee shall be obligated to pay such Interim Rent in an amount equal to 1/30th of (a) the Monthly RentRent for each day Lessee’s Rent obligation commences in advance of the Commencement Date, less any pro rata adjustments on account of partial delivery of Equipment as aforesaid. Interim Rent shall be invoiced by Lessor on the first date of each month for the prior month’s Interim Rent and shall be payable by Lessee within 5 days from the date such invoice is received by Lessee. As of the Commencement Date, the Monthly Rent shall be payable in advance on the Commencement Date and on the first day of each successive month thereafter during the Initial Term of such Schedule or any extension thereof, and (b) an amount equal to 1/30th of the Monthly Rent for each Unit times the number of days which have elapsed from the Installation Date of such Unit to the Commencement Date, which amount shall be paid on the Commencement Date. Unless otherwise agreed by Lessor in writing. Monthly Rent for each Unit shall be as specified in the Schedule, and shall be payable at by Lessee to Lessor via ACH Direct or other electronic funds transfer service reasonably acceptable to Lessor’s address set forth above, . Lessee agrees to timely execute such authorizations as may be required by Lessor and/or ACH Direct or at such other address as Lessor may designate in writing, without further notice or demand thereforsimilar service to allow direct electronic monthly payments to be made to Lessor. Whenever In the event any payment due hereunder is not made when received by Lessor within five (5) days after it is due, Lessee shall pay Lessor a late fee of $250.00 to cover Lessor’s administrative and other costs. In addition to the forgoing late fee. Lessee shall pay interest on such amount overdue amounts at the rate of one and one-half (1 1/2) percent per month or the maximum interest rate legally permissible in the state specified in Section 2829, whichever is less (“Late Payment Rate”).
2.3 As security for , which interest shall accrue as of the prompt and full date such payment was due. Upon Lessee’s execution of rent, and the faithful and timely performance of all provisions of any Schedule to this Master Lease, and any extensions or renewals thereof, Lessee shall pledge and deposit with pay Lessor an amount equal to the security first Monthly Rent payment for each Schedule or such other amount as set forth in the section shown as "Security Deposit" on each respective Schedule. In the event any default shall be made in the performance of any of Lessee's obligations under this Lease, Lessor shall have the right, but shall not be obligated, to apply said security to the curing of such default. Within 15 days after Lessor mails notice to Lessee that Lessor has applied any portion of the Security Deposit to the curing of any default, Lessee shall restore said Security Deposit to the full amount set forth in the Schedules. On the expiration or earlier termination of each Schedule to this Lease, or any extension or renewal thereof, provided Lessee has paid all of the rent herein called for and fully performed all other provisions of this Lease with respect to such schedule, Lessor will return to Lessee any then remaining balance of the security deposit with respect to such Schedule, without interest. Said security deposit may be commingled with Lessor's other funds.Sub-schedule A.
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