Common use of Term and Payments Clause in Contracts

Term and Payments. Lessor shall deposit the full principal amount listed above by or on ____________________________________, 20_____ in the following account of Lessee: _________________________________________ _________________________________________ _________________________________________ (unless Lessee provides the Lessor with a written notice instructing the Lessor to do otherwise). All Lease Payments shall be made by Lessee to the following account of the Lessor: _________________________________________ _________________________________________ _________________________________________ (unless Lessor provides the Lessee with a written notice instructing the Lessee to do otherwise). Lease Payments are per the table below. Installment payments shall be monthly and in arrears payable commencing on the due date for Payment #1 listed below, provided, however, if the date Lessee issues a Certificate of Final Acceptance pursuant to Section 1.4 of the Master Lease Purchase Agreement (the “Commencement Date”) is after the due date for Payment #1 listed below, the due date for Payment #1 shall be adjusted to the date that is thirty (30) days after the Commencement Date and all due dates for subsequent payments shall be adjusted to dates that are thirty (30) days after the immediately preceding due date. Lessee has the option to prepay the Lease Payments by paying the Prepayment Balance shown in the table below, plus any other amounts due and owing at the time of prepayment.