Basic Rent Date definition
Examples of Basic Rent Date in a sentence
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.
The Basic Rent for all Items of Equipment on this Schedule shall be $2,466.67 per month and shall be payable on the first day of each calendar month (to and including the Last Basic Rent Date identified on the relevant Certificate of Acceptance), or, when the first day of the month falls on a nonbusiness day, the first business day thereafter (each such date referred to as a "Basic Rent Date").
The Casualty Value of the Aircraft for any Basic Rent Date shall be an amount equal to the Lessor’s Cost multiplied by the factor set forth opposite the rental payment number due on such Basic Rent Date.
On the next Basic Rent Date following such Event of Loss (or, if the Event of Loss occurs after the Last Basic Rent Date, within thirty (30) days after the Event of Loss), Lessee will pay to Lessor an amount equal to the sum of (A) all Rent then due hereunder, plus (B) the Casualty Value of the Aircraft determined as of such next Basic Rent Date or the Last Basic Rent Date, as applicable.
Lessor shall also return to Lessee unearned Basic Rent (that portion of Basic Rent paid by Lessee for the period following the date the Casualty Value is received by Lessor to the next Basic Rent Date, if any).
The Casualty Value of the Aircraft for any Basic Rent Date shall be the amount set forth opposite such Basic Rent Date.
On the next Basic Rent Date following the date of such notice (or, if such Event of Loss occurs after the Last Basic Rent Date, within thirty (30) days after such notice), Lessee shall pay to Lessor any Rent then due, plus the Casualty Value of the Aircraft determined as of the Basic Rent Date immediately following the date of such Event of Loss, together with interest at the Late Payment Rate for the period (if any) from the Basic Rent Date following the date of such notice through the date of payment.
On the next Basic Rent Date following the date of such notice (or, if such Event of Loss occurs after the Last Basic Rent Date, within thirty (30) days after such notice), Lessee shall pay to Lessor any Rent then due, plus the Casualty Value of the Aircraft determined as of the Basic Rent Date immediately following the date of such notice, together with interest at the Late Payment Rate for the period (if any) from the Basic Rent Date following the date of such notice through the date of payment.
If the Stipulated Loss Value referred to in clause (b)(i) above is paid on a date other than a Basic Rent Date, Lessor shall refund or cause to be refunded to Lessee any paid but unaccrued Basic Rent.
Payment must be initiated adequately in advance of the Basic Rent Date to ensure that Lessor receives credit for the payment on the Basic Rent Date.