Common use of Nonappropriation Clause in Contracts

Nonappropriation. If during the then current Original Term or Renewal Term, sufficient funds are not appropriated to make Lease Payments required under a Property Schedule for the following fiscal year, Lessee shall be deemed to not have renewed such Property Schedule for the following fiscal year and the Property Schedule shall terminate at the end of the then current Original Term or Renewal Term and Lessee shall not be obligated to make Lease Payments under said Property Schedule beyond the then current fiscal year for which funds have been appropriated. Upon the occurrence of such nonappropriation (a "Nonappropriation Event") Lessee shall, no later than the end of the fiscal year for which Lease Payments have been appropriated, deliver possession of the Property under said Property Schedule to Lessor. If Lessee fails to deliver possession of the Property to Lessor upon termination of said Property Schedule by reason of a Nonappropriation Event, the termination shall nevertheless be effective but Lessee shall be responsible for the payment of damages in an amount equal to the portion of Lease Payments thereafter coming due that is attributable to the number of days after the termination during which the Lessee fails to deliver possession and for any other loss suffered by Lessor as a result of Lessee's failure to deliver possession as required. In addition, Lessor may, by written instructions to any escrow agent who is holding proceeds of the Property Schedule, instruct such escrow agent to release all such proceeds and any earnings thereon to Lessor, such sums to be credited to Lessee's obligations under the Property Schedule and this Agreement. Lessee shall notify Lessor in writing within seven (7) days after the failure of the Lessee to appropriate funds sufficient for the payment of the Lease Payments, but failure to provide such notice shall not operate to extend the Lease Term or result in any liability to Lessee.

Appears in 3 contracts

Samples: Purchase and Service Agreement, Tax Exempt Lease/Purchase Agreement, villageofstickney.com

AutoNDA by SimpleDocs

Nonappropriation. If during the then current Original Term or Renewal Term, sufficient funds are not appropriated to make Lease Payments required under a Property Schedule for the following fiscal year, Lessee shall be deemed to not have renewed such Property Schedule for the following fiscal year and the Property Schedule shall terminate at the end of the then current Original Term or Renewal Term and Lessee shall not be obligated to make Lease Payments under said Property Schedule beyond the then current fiscal year for which funds have been appropriated. Upon the occurrence of such nonappropriation (a "Nonappropriation Event") Lessee shall, no later than the end of the fiscal year for which Lease Payments have been appropriated, deliver possession of the Property under said Property Schedule to Lessor. If Lessee Xxxxxx fails to deliver possession of the Property to Lessor upon termination of said Property Schedule by reason of a Nonappropriation Event, the termination shall nevertheless be effective but Lessee shall be responsible for the payment of damages in an amount equal to the portion of Lease Payments thereafter coming due that is attributable to the number of days after the termination during which the Lessee fails to deliver possession and for any other loss suffered by Lessor Xxxxxx as a result of LesseeXxxxxx's failure to deliver possession as required. In addition, Lessor may, by written instructions to any escrow agent who is holding proceeds of the Property Schedule, instruct such escrow agent to release all such proceeds and any earnings thereon to Lessor, such sums to be credited to LesseeXxxxxx's obligations under the Property Schedule and this Agreement. Lessee shall notify Lessor in writing within seven (7) days after the failure of the Lessee to appropriate funds sufficient for the payment of the Lease Payments, but failure to provide such notice shall not operate to extend the Lease Term or result in any liability to Lessee.

Appears in 2 contracts

Samples: Exempt Lease Purchase Agreement, Purchase Agreement

Nonappropriation. If during the then current Original Term or Renewal Termfiscal year of Lessee, sufficient funds are not appropriated to make Lease Rental Payments required under a Property Schedule Lease for the following fiscal year (an “Event of Nonappropriation”), Lessee shall be deemed not to have renewed such Lease for the following fiscal year, Lessee shall be deemed to not have renewed such Property Schedule for the following fiscal year and the Property Schedule Lease shall terminate at the end of the then current Original Term or Renewal Term fiscal year, and Lessee shall not be obligated to make Lease Rental Payments under said Property Schedule the Lease beyond the then current fiscal year for which funds have been appropriated. Upon an Event of Nonappropriation, Lessee shall return the occurrence Equipment subject to the Lease to Lessor in accordance with the requirements of such nonappropriation (a "Nonappropriation Event") Section 11.3. Lessee shall, shall notify Lessor in writing no later than 30 days following an Event of Nonappropriation, but failure to provide such notice shall not operate to extend the end of the fiscal year for which Lease Payments have been appropriated, deliver possession of the Property under said Property Schedule to LessorTerm. If Lessee Xxxxxx fails to deliver possession of return the Property to Lessor upon termination of said Property Schedule by reason of a Nonappropriation Eventapplicable Equipment or otherwise comply with Section 11.3, the termination shall nevertheless be effective effective, but Lessee shall be responsible for the payment of damages in an amount equal to the portion amount of the Rental Payments that would thereafter have come due if the Lease Payments thereafter coming due that is had not been terminated and which are attributable to the number of days after the termination during which the Lessee fails to deliver possession comply with Xxxxxx’s instructions and for any other loss suffered by Lessor as a result of Lessee's Xxxxxx’s failure to deliver possession take such actions as required. In addition, Lessor may, by written instructions to any escrow agent who is holding proceeds of the Property ScheduleLease, instruct such escrow agent to release all such proceeds and any earnings thereon to Lessor, such sums to be credited to Lessee's obligations under the Property Schedule and this Agreement. Lessee shall notify Lessor in writing within seven (7) days after the failure of the Lessee to appropriate funds sufficient for the payment of the Lease Payments, but failure to provide such notice shall not operate to extend the Lease Term or result in any liability to Lessee.

Appears in 2 contracts

Samples: Master Lease Purchase Agreement, Master Lease Purchase Agreement

Nonappropriation. If during In the then current Original Term event the governing body of the Lessee shall not budget, appropriate or Renewal Term, allocate sufficient funds are not appropriated to make for the Lease Payments or reasonably estimated Additional Rentals required to be paid in the next occurring Renewal Term under a Property Schedule C of this Lease, and if the Lessee has no funds available for Lease Payments or reasonably estimated Additional Rentals from other sources, the following fiscal year, Lessee shall be deemed to not have renewed such Property Schedule for the following fiscal year and the Property Schedule shall may terminate this Lease at the end of the then current Original Term or Renewal Term upon providing sixty (60) days' prior written notice to the Lessor and the Trustee, and the Lessee shall not be obligated to make payment of the Lease Payments under said Property Schedule or Additional Rentals provided for in this Lease beyond the then current fiscal year for which funds have been appropriatedOriginal Term or Renewal Term. Upon The Trustee, upon the occurrence of such an event of nonappropriation, shall be entitled to all monies then on hand and being held in all funds created under the Indenture for the benefit of the Bondholders. After the expiration of the Original Term or Renewal Term, during which an event of nonappropriation (occurs, the Trustee may, and if requested by the owners of a "Nonappropriation Event") Lessee majority in aggregate principal amount of Bondholders then Outstanding shall, no later than proceed to lease the end Property, as provided in Article VI of this Lease, or take one or any combination of the fiscal year for which Lease Payments have been appropriatedsteps described in Article VI of this Lease. All property, deliver possession of funds and rights acquired by the Property under said Property Schedule to Lessor. If Lessee fails to deliver possession of the Property to Lessor upon termination of said Property Schedule Trustee by reason of a Nonappropriation Eventany event of nonappropriation as provided herein, less any monies due and owing to the termination shall nevertheless be effective but Lessee Trustee, shall be responsible held by the Trustee for the payment of damages in an amount equal to the portion of Lease Payments thereafter coming due that is attributable to the number of days after the termination during which the Lessee fails to deliver possession and for any other loss suffered by Lessor as a result of Lessee's failure to deliver possession as required. In addition, Lessor may, by written instructions to any escrow agent who is holding proceeds benefit of the Property Schedule, instruct such escrow agent to release all such proceeds and any earnings thereon to Lessor, such sums to be credited to Lessee's obligations under Bondholders as set forth in the Property Schedule and this Agreement. Lessee shall notify Lessor in writing within seven (7) days after the failure of the Lessee to appropriate funds sufficient for the payment of the Lease Payments, but failure to provide such notice shall not operate to extend the Lease Term or result in any liability to LesseeIndenture.

Appears in 1 contract

Samples: Sublease Agreement

Nonappropriation. If during the then current Original Term or Renewal Termfiscal year of Lessee, sufficient funds are not appropriated to make Lease Rental Payments required under a Property Schedule Lease for the following fiscal year (an “Event of Nonappropriation”), Lessee shall be deemed not to have renewed such Lease for the following fiscal year, Lessee shall be deemed to not have renewed such Property Schedule for the following fiscal year and the Property Schedule Lease shall terminate at the end of the then current Original Term or Renewal Term fiscal year, and Lessee shall not be obligated to make Lease Rental Payments under said Property Schedule the Lease beyond the then current fiscal year for which funds have been appropriated. Upon an Event of Nonappropriation, Lessee shall return the occurrence Equipment subject to the Lease to Lessor in accordance with the requirements of such nonappropriation (a "Nonappropriation Event") Section 11.3. Lessee shall, shall notify Lessor in writing no later than 30 days following an Event of Nonappropriation, but failure to provide such notice shall not operate to extend the end of the fiscal year for which Lease Payments have been appropriated, deliver possession of the Property under said Property Schedule to LessorTerm. If Lessee fails to deliver possession of return the Property to Lessor upon termination of said Property Schedule by reason of a Nonappropriation Eventapplicable Equipment or otherwise comply with Section 11.3, the termination shall nevertheless be effective effective, but Lessee shall be responsible for the payment of damages in an amount equal to the portion amount of the Rental Payments that would thereafter have come due if the Lease Payments thereafter coming due that is had not been terminated and which are attributable to the number of days after the termination during which the Lessee fails to deliver possession comply with Lessor’s instructions and for any other loss suffered by Lessor as a result of Lessee's ’s failure to deliver possession take such actions as required. In addition, Lessor may, by written instructions to any escrow agent who is holding proceeds of the Property ScheduleLease, instruct such escrow agent to release all such proceeds and any earnings thereon to Lessor, such sums to be credited to Lessee's obligations under the Property Schedule and this Agreement. Lessee shall notify Lessor in writing within seven (7) days after the failure of the Lessee to appropriate funds sufficient for the payment of the Lease Payments, but failure to provide such notice shall not operate to extend the Lease Term or result in any liability to Lessee.

Appears in 1 contract

Samples: Master Lease Purchase Agreement

Nonappropriation. If during In the then current Original Term event the governing body of the Lessee shall not budget, appropriate or Renewal Term, allocate sufficient funds are not appropriated to make for the Lease Payments or reasonably estimated Additional Rentals required to be paid in the next occurring Renewal Term under a Property Schedule C of this Lease, and if the Lessee has no funds available for Lease Payments or reasonably estimated Additional Rentals from other sources, the following fiscal year, Lessee shall be deemed to not have renewed such Property Schedule for the following fiscal year and the Property Schedule shall may terminate this Lease at the end of the then current Original Initial Term or Renewal Term upon providing sixty (60) days' prior written notice to the Lessor and the Trustee, and the Lessee shall not be obligated to make payment of the Lease Payments under said Property Schedule or Additional Rentals provided for in this Lease beyond the then current fiscal year for which funds have been appropriatedInitial Term or Renewal Term. Upon The Trustee, upon the occurrence of such an event of nonappropriation, shall be entitled to all monies then on hand and being held in all funds created under the Indenture for the benefit of the Bondholders. After the expiration of the Initial Term or Renewal Term, during which an event of nonappropriation (occurs, the Trustee may, and if requested by the owners of a "Nonappropriation Event") Lessee majority in aggregate principal amount of Bondholders then Outstanding shall, no later than proceed to lease the end Facilities, as provided in Article VI of this Lease, or take one or any combination of the fiscal year for which Lease Payments have been appropriatedsteps described in Article VI of this Lease. All property, deliver possession of funds and rights acquired by the Property under said Property Schedule to Lessor. If Lessee fails to deliver possession of the Property to Lessor upon termination of said Property Schedule Trustee by reason of a Nonappropriation Eventany event of nonappropriation as provided herein, less any monies due and owing to the termination shall nevertheless be effective but Lessee Trustee, shall be responsible held by the Trustee for the payment of damages in an amount equal to the portion of Lease Payments thereafter coming due that is attributable to the number of days after the termination during which the Lessee fails to deliver possession and for any other loss suffered by Lessor as a result of Lessee's failure to deliver possession as required. In addition, Lessor may, by written instructions to any escrow agent who is holding proceeds benefit of the Property Schedule, instruct such escrow agent to release all such proceeds and any earnings thereon to Lessor, such sums to be credited to Lessee's obligations under Bondholders as set forth in the Property Schedule and this Agreement. Lessee shall notify Lessor in writing within seven (7) days after the failure of the Lessee to appropriate funds sufficient for the payment of the Lease Payments, but failure to provide such notice shall not operate to extend the Lease Term or result in any liability to LesseeIndenture.

Appears in 1 contract

Samples: Facilities Lease Agreement

Nonappropriation. If during In the then current Original Term event the governing body of the Lessee shall not budget, appropriate or Renewal Term, allocate sufficient funds are not appropriated to make for the Lease Payments or reasonably estimated Additional Rentals required to be paid in the next occurring Renewal Term under a Property Schedule E of this Lease, and if the Lessee has no funds available for Lease Payments or reasonably estimated Additional Rentals from other sources, the following fiscal year, Lessee shall be deemed to not have renewed such Property Schedule for the following fiscal year and the Property Schedule shall may terminate this Lease at the end of the then current Original Initial Term or Renewal Term upon providing sixty (60) days' prior written notice to the Lessor and the Trustee, and the Lessee shall not be obligated to make payment of the Lease Payments under said Property Schedule or Additional Rentals provided for in this Lease beyond the then current fiscal year for which funds have been appropriatedInitial Term or Renewal Term. Upon The Trustee, upon the occurrence of such an event of nonappropriation, shall be entitled to all monies then on hand and being held in all funds created under the Indenture for the benefit of the Bondholders. After the expiration of the Initial Term or Renewal Term, during which an event of nonappropriation (occurs, the Trustee may, and if requested by the owners of a "Nonappropriation Event") Lessee majority in aggregate principal amount of Bondholders then Outstanding shall, no later than proceed to lease the end Facilities, as provided in Article VI of this Lease, or take one or any combination of the fiscal year for which Lease Payments have been appropriatedsteps described in Article VI of this Lease. All property, deliver possession of funds and rights acquired by the Property under said Property Schedule to Lessor. If Lessee fails to deliver possession of the Property to Lessor upon termination of said Property Schedule Trustee by reason of a Nonappropriation Eventany event of nonappropriation as provided herein, less any monies due and owing to the termination shall nevertheless be effective but Lessee Trustee, shall be responsible held by the Trustee for the payment of damages in an amount equal to the portion of Lease Payments thereafter coming due that is attributable to the number of days after the termination during which the Lessee fails to deliver possession and for any other loss suffered by Lessor as a result of Lessee's failure to deliver possession as required. In addition, Lessor may, by written instructions to any escrow agent who is holding proceeds benefit of the Property Schedule, instruct such escrow agent to release all such proceeds and any earnings thereon to Lessor, such sums to be credited to Lessee's obligations under Bondholders as set forth in the Property Schedule and this Agreement. Lessee shall notify Lessor in writing within seven (7) days after the failure of the Lessee to appropriate funds sufficient for the payment of the Lease Payments, but failure to provide such notice shall not operate to extend the Lease Term or result in any liability to LesseeIndenture.

Appears in 1 contract

Samples: Facilities Lease Agreement

Nonappropriation. If during the then current Original Term or Renewal Term, sufficient funds are not appropriated to make Lease Payments required under a Property Schedule for the following fiscal year, Lessee shall be deemed to not have renewed such Property Schedule for the following fiscal year and the Property Schedule shall terminate at the end of the then current Original Term or Renewal Term and Lessee shall not be obligated to make Lease Payments under said Property Schedule beyond the then current fiscal year for which funds have been appropriated. Upon the occurrence of such nonappropriation (a "Nonappropriation Event") Lessee shall, no later than the end of the fiscal year for which Lease Payments have been appropriated, deliver possession of the Property under said Property Schedule to Lessor. If Lessee fails to deliver possession of the Property to Lessor upon termination of said Property Schedule by reason of a Nonappropriation Event, the termination shall nevertheless be effective but Lessee shall be responsible for the payment of damages in an amount equal to the portion of Lease Payments thereafter coming due that is attributable to the number of days after the termination during which the Lessee fails to deliver possession and for any other loss suffered by Lessor Xxxxxx as a result of LesseeXxxxxx's failure to deliver possession as required. In addition, Lessor may, by written instructions to any escrow agent who is holding proceeds of the Property Schedule, instruct such escrow agent to release all such proceeds and any earnings thereon to Lessor, such sums to be credited to LesseeXxxxxx's obligations under the Property Schedule and this Agreement. Lessee shall notify Lessor in writing within seven (7) days after the failure of the Lessee to appropriate funds sufficient for the payment of the Lease Payments, but failure to provide such notice shall not operate to extend the Lease Term or result in any liability to Lessee.

Appears in 1 contract

Samples: Tax Exempt Lease/Purchase Agreement

AutoNDA by SimpleDocs

Nonappropriation. If during In the then current Original Term event the governing body of the Lessee shall not budget, appropriate or Renewal Term, allocate sufficient funds are not appropriated to make for the Lease Payments or reasonably estimated Additional Rentals required to be paid in the next occurring Renewal Term under a Property Schedule C of this Lease, and if the Lessee has no funds available for Lease Payments or reasonably estimated Additional Rentals from other sources, the following fiscal year, Lessee shall be deemed to not have renewed such Property Schedule for the following fiscal year and the Property Schedule shall may terminate this Lease at the end of the then current Original Term or Renewal Term upon providing sixty (60) days' prior written notice to the Lessor and the Trustee, and the Lessee shall not be obligated to make payment of the Lease Payments under said Property Schedule or Additional Rentals provided for in this Lease beyond the then current fiscal year for which funds have been appropriatedOriginal Term or Renewal Term. Upon The Trustee, upon the occurrence of such an event of nonappropriation, shall be entitled to all monies then on hand and being held in all funds created under the Indenture, including the Project Fund, for the benefit of the Bondholders. After the expiration of the Original Term or Renewal Term, during which an event of nonappropriation (occurs, the Trustee may, and if requested by the owners of a "Nonappropriation Event") Lessee majority in aggregate principal amount of Bondholders then Outstanding shall, no later than proceed to lease the end Facilities, as provided in Article VI of this Lease, or take one or any combination of the fiscal year for which Lease Payments have been appropriatedsteps described in Article VI of this Lease. All property, deliver possession of funds and rights acquired by the Property under said Property Schedule to Lessor. If Lessee fails to deliver possession of the Property to Lessor upon termination of said Property Schedule Trustee by reason of a Nonappropriation Eventany event of nonappropriation as provided herein, less any monies due and owing to the termination shall nevertheless be effective but Lessee Trustee, shall be responsible held by the Trustee for the payment of damages in an amount equal to the portion of Lease Payments thereafter coming due that is attributable to the number of days after the termination during which the Lessee fails to deliver possession and for any other loss suffered by Lessor as a result of Lessee's failure to deliver possession as required. In addition, Lessor may, by written instructions to any escrow agent who is holding proceeds benefit of the Property Schedule, instruct such escrow agent to release all such proceeds and any earnings thereon to Lessor, such sums to be credited to Lessee's obligations under Bondholders as set forth in the Property Schedule and this Agreement. Lessee shall notify Lessor in writing within seven (7) days after the failure of the Lessee to appropriate funds sufficient for the payment of the Lease Payments, but failure to provide such notice shall not operate to extend the Lease Term or result in any liability to LesseeIndenture.

Appears in 1 contract

Samples: Facilities Lease Agreement

Nonappropriation. If during the then current Original Term or Renewal Term, sufficient funds are not appropriated to make Lease Payments required under a Property Schedule for the following fiscal year, Lessee shall be deemed to not have renewed such Property Schedule for the following fiscal year and the Property Schedule shall terminate at the end of the then current Original Term or Renewal Term and Lessee shall not be obligated to make Lease Payments under said Property Schedule beyond the then current fiscal year for which funds have been appropriated. Upon the occurrence of such nonappropriation Nonappropriation (a "Nonappropriation Event") Lessee shall, no later than the end of the fiscal year for which Lease Payments have been appropriated, deliver possession of the Property under said Property Schedule to Lessor. If Lessee fails to deliver possession of the Property to Lessor upon termination of said Property Schedule by reason of a Nonappropriation Event, the termination shall nevertheless be effective but Lessee shall be responsible for the payment of damages in an amount equal to the portion of Lease Payments thereafter coming due that is attributable to the number of days after the termination during which the Lessee fails to deliver possession and for any other loss suffered by Lessor as a result of Lessee's failure to deliver possession as required. In addition, Lessor may, by written instructions to any escrow agent who is holding proceeds of the Property Schedule, instruct such escrow agent to release all such proceeds and any earnings thereon to Lessor, such sums to be credited to Lessee's obligations under the Property Schedule and this Agreement. Lessee shall notify Lessor in writing within seven (7) days after the failure of the Lessee to appropriate funds sufficient for the payment of the Lease Payments, but failure to provide such notice shall not operate to extend the Lease Term or result in any liability to Lessee.

Appears in 1 contract

Samples: Master Agreement

Nonappropriation. If during the then current Original Term or Renewal Term, sufficient funds are not appropriated to make Lease Payments required under a Property Schedule for the following fiscal year, Lessee shall be deemed to not have renewed such Property Schedule for the following fiscal year and the Property Schedule shall terminate at the end of the then current Original Term or Renewal Term and Lessee shall not be obligated to make Lease Payments under said Property Schedule beyond the then current fiscal year for which funds have been appropriated. Upon the occurrence of such nonappropriation Nonappropriation (a "Nonappropriation Event") Lessee shall, no later than the end of the fiscal year for which Lease Payments have been appropriated, deliver possession of the Property under said Property Schedule to Lessor. If Lessee fails to deliver possession of the Property to Lessor upon termination of said Property Schedule by reason of a Nonappropriation Event, the termination shall nevertheless be effective but Lessee shall be responsible for the payment of damages in an amount equal to the portion of Lease Payments thereafter coming due that is attributable to the number of days after the termination during which the Lessee fails to deliver possession and for any other loss suffered by Lessor Xxxxxx as a result of LesseeXxxxxx's failure to deliver possession as required. In addition, Lessor may, by written instructions to any escrow agent who is holding proceeds of the Property Schedule, instruct such escrow agent to release all such proceeds and any earnings thereon to Lessor, such sums to be credited to LesseeXxxxxx's obligations under the Property Schedule and this Agreement. Lessee shall notify Lessor in writing within seven (7) days after the failure of the Lessee to appropriate funds sufficient for the payment of the Lease Payments, but failure to provide such notice shall not operate to extend the Lease Term or result in any liability to Lessee.

Appears in 1 contract

Samples: Master Agreement

Nonappropriation. If during the then current Original Term or Renewal Termfiscal year of Lessee, sufficient funds are not appropriated to make Lease Rental Payments required under a Property Schedule Lease for the following fiscal year (an “Event of Nonappropriation”), Lessee shall be deemed not to have renewed such Lease for the following fiscal year, Lessee shall be deemed to not have renewed such Property Schedule for the following fiscal year and the Property Schedule Lease shall terminate at the end of the then current Original Term or Renewal Term fiscal year, and Lessee shall not be obligated to make Lease Rental Payments under said Property Schedule the Lease beyond the then current fiscal year for which funds have been appropriated. Upon an Event of Nonappropriation, Lessee shall return the occurrence Equipment subject to the Lease to Lessor in accordance with the requirements of such nonappropriation (a "Nonappropriation Event") Section 11.3. Lessee shall, shall notify Lessor in writing no later than 30 days following an Event of Nonappropriation, but failure to provide such notice shall not operate to extend the end of the fiscal year for which Lease Payments have been appropriated, deliver possession of the Property under said Property Schedule to LessorTerm. If Lessee fails to deliver possession of return the Property to Lessor upon termination of said Property Schedule by reason of a Nonappropriation Eventapplicable Equipment or otherwise comply with Section 11.3, the termination shall nevertheless be effective effective, but Lessee shall be responsible for the payment of damages in an amount equal to the portion amount of the Rental Payments that would thereafter have come due if the Lease Payments thereafter coming due that is had not been terminated and which are attributable to the number of days after the termination during which the Lessee fails to deliver possession comply with Lessor’s instructions and for any other loss suffered by Lessor as a result of Lessee's ’s failure to deliver possession take such actions as required. In addition, Lessor may, by written instructions to may instruct any escrow agent who is holding proceeds of the Property Schedule, instruct such escrow agent Lease to release all such proceeds and any earnings thereon to Lessor, such sums to be credited to Lessee's obligations under the Property Schedule and this Agreement. Lessee shall notify Lessor in writing within seven (7) days after the failure of the Lessee to appropriate funds sufficient for the payment of the Lease Payments, but failure to provide such notice shall not operate to extend the Lease Term or result in any liability to Lessee.

Appears in 1 contract

Samples: Master Lease Purchase Agreement

Time is Money Join Law Insider Premium to draft better contracts faster.