Floating Lease Payment definition
Floating Lease Payment means the Lease Payment payable during the Term pursuant to Section 7.1.2 of the Lease Agreement.
Examples of Floating Lease Payment in a sentence
No failure on the part of Lessor or its designee to provide a notice under this Section 7.4 shall release Lessee of any obligation to make a payment in accordance herewith; provided, however, no Lease Default shall occur with respect to any Floating Lease Payment and no interest at the Overdue Rate shall accrue with respect to any non-payment of such amount until the later of the date such payment is due and the date two (2) Business Days after such notice is given.
At least two (2) Business Days before each Floating Payment Date, Lessor or its designee shall advise Lessee of the total amount of any Floating Lease Payment due on such Payment Date.