Agenda - 05-15-1990 (2) - Laserfiche WebLink

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OF LESSOR. LESSEE IS AN INDEPENDENT CONTRACTOR, AND NOTHING CONTAINED HEREIN SHALL AUTHORIZE LESSEE OR ANY OTHER PERSON TO USE OR OPERATE ANY OF THE EQUIPMENT SO AS TO CAUSE LESSOR TO INCUR OR IMPOSE UPON LESSOR ANY OBLIGATION OR LIABILITY. Upon the occurrence of an Event of Taxability (as defined below) the Interest Rate shall be adjusted so that at all times on and after the Inclusion Date, (as defined below) the Periodic Payment shall be adjusted to reflect interest at a rate equal to the adjusted rate of interest necessary to provide Lessor with the same after -tax return as the Interest Rate (the "Adjusted Rate "). Upon the occurrence of an Event of Taxability, Lessor shall notify Lessee of the Adjusted Rate before any Periodic Payment reflecting the Adjusted Rate shall be due. Upon the occurrence of an Event of Taxability, Lessee shall pay to Lessor on the 25th day of the calendar month immediately following the date of such Event of Taxability, the following amounts (collectively the "Additional Payments "); (i) Additional Interest at the Adjusted Rate during the Inclusion Period plus (ii) Additions to Tax payable by Lessor, plus (iii) an amount equal to the tax payable by Lessor as a result of the receipt of Additions to Tax, less any tax benefit derived by Lessor by reason of the payment of Additions to Tax. The amount of Additional Interest paid pursuant to (i) above shall be reduced by the amount of all interest accrued and paid on this Lease at the tax - exempt Interest Rate during the Inclusion Period. As used in this - Lease: (a) "Additional Interest" shall mean interest payable 11