Common use of FIRST PARAGRAPH Clause in Contracts

FIRST PARAGRAPH. The rental payments of this contract of LEASING shall start being paid on behalf of THE LESSEE six months after having submitted the last declaration of imports of equipment. SECOND PARAGRAPH This amount will be readjusted proportionally, if at arrival to the national territory its CIF cost (cost of merchandise plus insurance and freight) increases or diminishes in connection with the cost CIF cost originally budgeted which serves as the base for the determination of the initial rent. In this case the variation will be made applying the applicable factor at the cost finally budgeted times the real CIF cost of the merchandise. Also, the rent will be adjusted biannually according to the percentile variation suffered by the preferential interest rate of the London market (Libor) between the first and the last business day of each quarter immediately previous to that for which the readjustment is made. THE LESSEE is forced to verify that previous acquisition of the corresponding foreign currencies in the Colombian exchange market with full compliance of legal requirements, shall pay the amounts owed in every term, and this shall be confirmed in writing, by telegram, telefax, letter or fax on the day rent payment is due as agreed in the lease.

FIRST PARAGRAPH. The rental payments of this contract of LEASING shall start being paid on behalf of THE LESSEE six months after having submitted the last declaration of imports import of equipment. SECOND PARAGRAPH This amount will be readjusted proportionally, if at arrival to the national territory its CIF cost (cost of merchandise plus insurance and freight) increases or diminishes in connection with the cost CIF cost originally budgeted which serves as the base for the determination of the initial rent. In this case the variation will be made applying the applicable factor at the cost finally budgeted times the real CIF cost of the merchandise. Also, the rent will be adjusted biannually according to the percentile variation suffered by the preferential interest rate of the London market (Libor) between the first and the last business day of each quarter immediately previous to that for which the readjustment is made. THE LESSEE is forced to verify that previous acquisition of the corresponding foreign currencies in the Colombian exchange market with full compliance of legal requirements, shall pay the amounts owed in every term, and this shall be confirmed in writing, by telegram, telefax, letter or fax on the day rent payment is due as agreed in the lease.