Sprint - Nextel 2015 Annual Report Download - page 267

SECTION 2.7 Term
(a) The term (the “ Term ”) of each Device Lease shall commence on the relevant Device Lease Commencement Date and,
subject to paragraph (b) below, end on the Device Lease Expiration Date.
(b) Each Device leased under a Device Lease shall be leased for the Term of such Device Lease, subject to termination of
the Device Lease with respect to a particular Device in accordance with Section 2.9 ( TerminationofaDeviceLease).
SECTION 2.8 Rent and Other Payments
(a) Rent . Lessees will pay or cause to be paid to Lessor or its Nominated Agent (by paying into the MLS Collection
Account (Tranche 1), or any other bank account as notified by Lessor) on each Device Lease Payment Date, throughout the Term of
each Device Lease, the Rental Payments for each Device subject to a Device Lease. Rental Payments for each Device subject to a
Device Lease are payable for each calendar month (or the relevant portion thereof) on the Device Lease Payment Date until the
Device Lease for such Device terminates. The Lessor will deliver an invoice to Lessees in the amount of the Rental Payments due
for each month on the 5 th Business Day of such month. Once paid, each Rental Payment is not refundable for any reason unless such
Rental Payment has been paid in error or when not actually due and payable. Each transfer of Available Funds into the MLS
Collection Account (Tranche 1) during the calendar month of the applicable Device Lease Payment Date shall be deemed
satisfaction, first, of Lessees’ obligation to make a scheduled Rental Payment on the relevant Device Lease Payment Date and
second, any other payment due and owing or elected to be paid under any Sprint Transaction Document by any Sprint Party that is
payable to the MLS Collection Account (Tranche 1), including under Section 2.9, to the extent of the amount paid into the MLS
Collection Account (Tranche 1) during the relevant period. Promptly following each Device Lease Payment Date, to the extent that
there were insufficient Available Funds available to be applied to satisfy the scheduled Rental Payment on such Device Lease
Payment Date, the Lessor shall make a demand under the Sprint Guarantee in the amount of such shortfall.
(b) [Reserved]
(c) Electronic Fund Transfers . Lessees shall take all necessary actions so that all payments under each Device Lease will
be made by electronic funds transfer.
(d) Obligations Absolute . During the Term of each Device Lease, Lessees’ obligation to make the Rental Payments and
other payments due under such Device Lease is absolute and unconditional and is not affected or reduced by:
(i) any Lessee or any Customer being unable to use the relevant Devices;
(ii) the failure by any Customer (x) to make any payment under a Customer Lease or otherwise or (y) to return a
Device to the relevant Lessee or Lessor;
(iii) the relevant Devices being damaged, lost, stolen or not in the possession of any Lessee or any Customer, or not
working at any time;
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