Common use of Cancellation of Lease Clause in Contracts

Cancellation of Lease. Pursuant to West Virginia Code § 18B-19-11(d), this Lease shall be cancelable at the option of the Lessee at the end of any fiscal year. In such event, the Lessee shall redeliver possession of the Equipment to Lessor, and upon such redelivery shall be relieved from any further obligations hereunder. Cancellation of the Lease pursuant to this section shall not be deemed an event of default.

Appears in 2 contracts

Sources: Lease Purchase Agreement, Lease Purchase Agreement

Cancellation of Lease. Pursuant to West Virginia Code § 18B-19-11(d), this Lease or any Appendix thereto shall be cancelable at the option of the Lessee at the end of any fiscal year. In such event, the Lessee shall redeliver possession of the Equipment to Lessor, and upon such redelivery shall be relieved from any further obligations hereunder. Cancellation of the Lease pursuant to this section shall not be deemed an event of default.

Appears in 1 contract

Sources: Master Lease Purchase Financing Agreement