Common use of Early Termination Option Clause in Contracts

Early Termination Option. Notwithstanding anything in the Lease to the contrary, upon Lessee’s payment on the sixth (6th) anniversary of the First Rental Payment Due Date (the “Early Termination Date”), and provided Lessee has paid and Lessor has received all rental and any other payments due under the Lease prior to the exercise of the early termination option described in this Section 10, Lessee shall have the right to, upon not less than ninety (90) days’ (or more than one hundred eighty (180) days’) prior written notice to Lessor, purchase all, but not less than all, of the Property by paying a lump sum cash payment to Lessor on the Early Termination Date in an amount equal to 32.94% of the Property Cost indicated above (the “Early Termination Purchase Price”), plus all applicable sales, use, transfer, property and other similar taxes related to the sale of the Property. Upon receipt by Lessor of the Early Termination Purchase Price on the Early Termination Date, together with any other amounts due and payable under the Lease, all in immediately available funds, Lessor shall transfer to Lessee, without recourse or warranty of any kind, express or implied, all of Lessor’s right, title and interest in and to such Property on an AS-IS, WHERE-IS basis, with all faults, except Lessor will warrant that the Property is free and clear of any liens created by Lessor or any party on its behalf. Lessee would be obligated to reimburse Lessor for all taxes, charges and expenses relating to the sale, registration, use, possession, and operation of the Property to the extent provided in the MLA. Lessor shall provide promptly to Lessee following Lessee’s request (a) wire transfer information, (b) a list of all charges and amounts due and owing by Lessee to Lessor at any relevant date in connection with the foregoing, and (c) such other information and calculations as Lessee may reasonably request in order to permit Lessee to exercise and perform the “Early Termination Option” described in this Section 10.

Early Termination Option. Notwithstanding anything in the Lease to the contrary, upon Lessee’s payment on the sixth (6th) anniversary of the First Rental Payment Due Date (the “Early Termination Date”), So long as no default has occurred and provided Lessee has paid and Lessor has received all rental and any other payments due under the Lease prior to the exercise of the early termination option described in this Section 10is continuing hereunder, Lessee shall have the right to, upon to terminate any Schedule to the Lease with respect to all but not less than ninety all of the Equipment on or after the First Termination Date (90specified in the applicable Schedule), as of a rent payment date ("Early Termination Date") days’ (or more than one hundred eighty (180) days’) upon at least 90 days prior written notice to Lessor, purchase all, but not less than all, of the Property by paying a lump sum cash payment to Lessor on the Early Termination Date in an amount equal to 32.94% of the Property Cost indicated above (the “Early Termination Purchase Price”), plus all applicable sales, use, transfer, property and other similar taxes related to the sale of the Property. Upon receipt by Lessor of the Early Termination Purchase Price on .. On the Early Termination Date, Lessee shall pay to Lessor (a) the Prepayment Penalty stipulated on the applicable Schedule, plus (b) the "Early Purchase Option Price" which shall be equal to the Stipulated Loss Value corresponding to the Early Termination Date times the Lessor's Capitalized Cost, plus (c) all Rent for such Equipment due and unpaid as of, together with any Rent accrued through, the Early Termination Date, plus (d) all taxes, including, but not limited to, sales and transfer taxes due in connection with such sale, plus (e) all other amounts sums then due and payable under the LeaseLease by Lessee. (the total amounts in each event shall be referred to as the "Early Termination Price"). Upon Lessor's receipt of the Early Termination Price, all in immediately available fundsthe lease of such Equipment shall terminate and Lessor, Lessor via a ▇▇▇▇ of sale and/or other reasonably necessary documentation, shall transfer to Lessee, without recourse or warranty of any kind, express or implied, Lessee all of Lessor’s 's right, title and interest in and to such Property Equipment. The transfer of Lessor's right, title and interest in and to such Equipment to Lessee shall be on an "AS-IS, WHERE-IS IS" basis, and as except as expressly provided herein, with all faults, except Lessor will warrant that the Property is free and clear of no representations or warranties (express or implied) as to any liens created by Lessor or any party on its behalfmatter whatsoever. Lessee would be obligated to reimburse Lessor for all taxes, charges and expenses relating to the sale, registration, use, possession, and operation of the Property to the extent provided in the MLA. Lessor shall provide promptly to Lessee following Lessee’s request (a) wire transfer information, (b) a list of all charges and amounts due and owing by Lessee to Lessor at any relevant date in connection with the foregoing, and (c) such other information and calculations as Lessee may reasonably request in order to permit Lessee to exercise and perform the “Early Termination Option” described Anything in this Section 10XI notwithstanding, if the Lessor does not receive the Early Termination Price on the Early Termination Date according to the terms of this Section XI then this Lease shall continue in effect according to its terms.

Early Termination Option. Notwithstanding anything in (a) So long as no Lease Default or Lease Event of Default has occurred and is continuing hereunder, at any time during the Basic Lease to Term, Lessee may give Lessor, the contrary, upon Lessee’s payment on the sixth (6th) anniversary of the First Rental Payment Due Date Lenders and Administrative Agent an irrevocable written notice (the “Early Termination DateNotice”) of Lessee’s intention to terminate this Lease and purchase the Leased Property pursuant to this Section 17.22. Such notice shall (i) refer specifically to this Section 17.22, (ii) state that Lessee shall purchase the Leased Property in accordance with the provisions of Section 14.5 hereof by paying to Lessor the Purchase Amount due on the date set forth in clause (iii), and provided Lessee has paid and Lessor has received all rental and (iii) specify the date for such purchase, which shall be the first Payment Date no less than 30 nor more than 90 days after the date of delivery the Purchase Notice, but in any other payments due under event shall not be later than the Lease prior to the exercise of the early termination option described in this Section 10Termination Date. Upon such election, Lessee shall have purchase the right toLeased Property in accordance with the provisions of Section 14.5 hereof on such purchase date at such purchase price. (b) If Lessee has elected to purchase the Leased Property in accordance with paragraph (a), upon not less than ninety (90) days’ (or more than one hundred eighty (180) days’) prior written notice to Lessor, purchase all, but not less than all, of the Property by paying a lump sum cash payment to Lessor on the Early Termination Date date of purchase, Lessee shall pay in cash or immediately available federal funds, as the purchase price therefor, an amount equal to 32.94% of the Property Cost indicated above (the “Early Termination Purchase Price”), plus all applicable sales, use, transfer, property and other similar taxes related to the sale of the Property. Upon receipt by Lessor of the Early Termination Purchase Price on the Early Termination Date, together with any other amounts due and payable under the Lease, all in immediately available funds, Lessor shall transfer to Lessee, without recourse or warranty of any kind, express or implied, all of Lessor’s right, title and interest in and to such Property on an AS-IS, WHERE-IS basis, with all faults, except Lessor will warrant that the Property is free and clear of any liens created by Lessor or any party on its behalf. Lessee would be obligated to reimburse Lessor for all taxes, charges and expenses relating to the sale, registration, use, possession, and operation of the Property to the extent provided in the MLA. Lessor shall provide promptly to Lessee following Lessee’s request (a) wire transfer information, (b) a list of all charges and amounts due and owing by Lessee to Lessor at any relevant date in connection with the foregoing, and Amount. (c) Upon payment of the Purchase Amount, this Lease shall terminate and the Leased Property shall be conveyed to Lessee pursuant to Section 14.5 hereof and in accordance with the terms and conditions thereof. If Lessee fails to purchase the Leased Property on the designated purchase date in accordance with the terms hereof, such other information and calculations as Lessee may reasonably request in order failure shall immediately constitute a Lease Event of Default hereunder. Time is of the essence with regard to permit Lessee to exercise and perform the “Early Termination Option” described in Lessee’s obligations under this Section 1017.22.

Early Termination Option. Notwithstanding anything in Provided that no default has occurred under the Lease and the Lease has not been amended to extend the term or Basic Rent under the Lease, at the time the monthly payments are due for months [*****]under this Lease, Lessee shall have an early termination option with respect to all but not less than all of the Equipment upon the payment of the Termination Value (defined below) and subject to the contrary, upon Lessee’s payment on the sixth (6th) anniversary of the First Rental Payment Due Date conditions set forth in this Section 14 (the “Early Termination DateOption”). As used herein, “Termination Value” shall mean with respect to the applicable month of the Lease, the sum of (a) the amount listed on Exhibit B attached hereto for the applicable month when the early termination option is to be exercised; (b) all other fees and provided reimbursable costs and expenses due in accordance with this Lease and (c) the End of Term Buyout Price. The Termination Value is due and payable on the same day that the applicable monthly payment would have been due. In addition to the Termination Value, the Lessee has paid shall pay to Lessor an administrative charge to be reasonably determined by Lessor to cover its time and Lessor has received all rental and any other payments due under the Lease prior to expenses incurred in connection with the exercise of the early termination option described in this Section 10Early Termination Option, Lessee shall have the right to, upon not less than ninety (90) days’ (or more than one hundred eighty (180) days’) prior written notice to Lessor, purchase allincluding, but not less than alllimited to, of the Property by paying a lump sum cash payment to Lessor on the Early Termination Date in an amount equal to 32.94% of the Property Cost indicated above reasonable attorney fees and costs (the “Early Termination Purchase PriceAdministrative Charge”), plus all applicable sales, use, transfer, property and other similar taxes related to the sale of the Property. Upon receipt the exercise by Lessor the Lessee of the Early Termination Purchase Price on the Early Termination DateOption, together with Lessee shall pay all sales and transfer taxes and all fees payable to any other amounts due and payable under the Lease, all in immediately available funds, Lessor shall transfer to Lessee, without recourse or warranty of any kind, express or implied, all of Lessor’s right, title and interest in and to such Property on an AS-IS, WHERE-IS basis, with all faults, except Lessor will warrant that the Property is free and clear of any liens created by Lessor or any party on its behalf. Lessee would be obligated to reimburse Lessor for all taxes, charges and expenses relating to the sale, registration, use, possession, and operation governmental authority as a result of the Property to transaction contemplated by this Schedule. In such event, the extent provided in the MLATermination Value shall be increased by any such sales and transfer taxes. Lessor shall provide promptly to If Lessee following Lessee’s request (a) wire transfer information, (b) a list of all charges and amounts due and owing by Lessee to Lessor at any relevant date in connection with the foregoing, and (c) such other information and calculations as Lessee may reasonably request in order to permit Lessee desires to exercise and perform the “this Early Termination Option” described in this Section 10, it shall provide Lessor with [*****] days prior written notice of such intention.

Early Termination Option. Notwithstanding anything in the Lease (a) Subject to the contraryfirst sentence of Section 15.2 and the limitations contained in Section 14.1(b), upon Lessee’s payment on the sixth (6th) anniversary of the First Rental any scheduled Payment Due Date (the “"Early Termination Payment Date”), ") after the Delivery Date and provided so long as Lessee has paid and Lessor has received all rental and any other payments due under not delivered written notice that it intends to exercise the Lease prior to the exercise of the early termination option described in this Section 10Sale Option, Lessee shall have the right tomay, at its option, upon not less than ninety (90) days’ (or more than one hundred eighty (180) days’) prior at least 30 days advance written notice to Agent and Lessor, purchase all, but not less than all, one or more Items of the Property by paying Equipment for a lump sum cash payment purchase price equal to Lessor on the Early Termination Date in an amount equal to 32.94% of the Property Cost indicated above Purchase Amount plus any Break Funding Amounts, if any (the “"Early Termination Purchase Price”Option"), plus all applicable sales, use, transfer, property and other similar taxes related to the sale of the Property. Upon receipt by Lessor the payment of the Early Termination Purchase Price on Amount by Lessee in accordance with the provisions of the preceding sentence, Lessor shall execute and deliver to Lessee such documents as may be reasonably requested to release or evidence the release of the Item or Items of Equipment subject to the Early Termination Date, together with any Option from the terms and scope of this Lease and the other amounts due and payable under the Lease, all in immediately available funds, Lessor shall transfer to Lessee, Operative Documents (without recourse representations or warranty of any kind, express or implied, all of Lessor’s right, title and interest in and to such Property on an AS-IS, WHERE-IS basis, with all faultswarranties, except Lessor will warrant that the Property is Items of Equipment are free and clear of any liens created Lessor Liens attributable to Lessor), in such form as may be reasonably requested by Lessor Lessee, all at Lessee's sole cost and expense. If Lessee has elected the Early Termination Option with respect to one or any party on its behalfmore Items of Equipment, Lessee shall continue to make all payments of Rent due under this Lease until and including the Early Termination Payment Date. Lessee would Upon payment of the Early Termination Purchase Amount in respect of such Items of Equipment together with all Basic Rent and LSI Logic Corporation Lease B Supplemental Rent then due and owing, the remaining scheduled Basic Rent payments under this Lease shall be obligated to reimburse Lessor for all taxes, charges and expenses relating reduced by an amount equal to the sale, registration, use, possession, and operation product of the Property scheduled amount of each such remaining Basic Rent payment (determined in each case prior to the extent provided in receipt of such Early Termination Purchase Amount), multiplied by the MLAItem Value Fraction of the Item or Items of Equipment subject to such early termination. Lessor In the event Lessee shall provide promptly elect the Early Termination Option with respect to all of the Items of Equipment, the obligation of Lessee following Lessee’s request (a) wire transfer information, to pay Rent hereunder shall cease and the term of this Lease shall end on the date of such payment. (b) a list Lessee shall not be entitled to elect the Early Termination Option with respect to less than all of the Items of Equipment then subject to this Lease unless: (i) after giving effect to such Early Termination Option and all Early Termination Options previously exercised by Lessee, the aggregate Early Termination Purchase Amount paid with respect to Items of Equipment during the Lease term shall not exceed 25% of the aggregate Purchase Price of all charges Items of Equipment as of the Delivery Date; and (ii) the Lessee shall have delivered an appraisal at Lessee's sole expense to the Agent which is reasonably satisfactory in scope and amounts due form to the Agent (which has been prepared by an appraiser selected by the Agent and owing approved by Lessee (such approval not to Lessor at any relevant date in connection with the foregoingbe unreasonably withheld)) that confirms that, and (c) after giving effect to such other information and calculations as Lessee may reasonably request in order to permit Lessee to exercise and perform the “Early Termination Option” described , the End of Term Value Ratio of the Items of Equipment remaining subject to this Lease is not less than the End of Term Value Ratio of all Items of Equipment originally subject to this Lease (as set forth in this Section 10the Appraisal).