Common use of TERM/RENT Clause in Contracts

TERM/RENT. The Lease term shall commence as of the date that any of the equipment is delivered to the Lessee or the Lessee's Agent ("the Commencement Date"), and shall continue until the obligations of the Lessee under the Lease shall have been fully performed. Advance rentals shall not be refundable if the Lease term for any reason does not commence. The installments of rent shall be paid monthly in advance as stated below or on any Schedule, the first such payment being due on the Commencement Date, or such later date as the Lessor designates in writing, and subsequent payments shall be due on the same day of each successive month from then on until the balance of the rent and any additional rent or expenses chargeable to the Lessee under this Lease shall have been paid in full. All payments of rent shall be made to the Lessor at the address defined in this Agreement or such other address as the Lessor may designate in writing. The Lessee's obligation to pay such rentals shall be absolute and unconditional and is not subject to any abatement set-off, defense or counterclaim for any reason whatsoever. The Lessee authorizes the Lessor to insert the serial numbers and other identification data of the equipment when determined by the Lessor and dates or other omitted factual matters. If a security deposit is indicated above, the same shall be held by the Lessor to secure that faithful performance of the terms of the Lease and returned or applied in accordance with Section 16 of this Agreement.