Common use of Election of Options Clause in Contracts

Election of Options. Lessees' election of the Purchase Option will be irrevocable at the time made, but if Lessees fail to make a timely election, Lessees will be deemed, in the case of the Base Term and each Renewal Term then in effect (other than the last Renewal Term) to have irrevocably elected the Renewal Option and, in the case of the last Renewal Term, Lessees will be deemed to have irrevocably elected the Purchase Option. In addition, the Sale Option shall automatically be revoked if there exists an Incipient Default or Event of Default at any time after the Sale Option is properly elected and Lessor shall be entitled to exercise all rights and remedies provided in Article VIII. Lessees may not elect the Sale Option or the Renewal Option if there exists on the date the election is made an Event of Default or an Incipient Default.

Election of Options. Lessees' election of the Fixed Price Purchase Option will be irrevocable at the time made, but if Lessees fail to make a timely election, Lessees will be deemed, in the case of the Base Lease Term and each Renewal Term then in effect (other than the last Renewal Term) to have irrevocably elected the Renewal Option and, in the case of the last Renewal TermTerm applicable to each Group of Vehicles, Lessees will be deemed to have irrevocably elected the Fixed Price Purchase OptionOption with respect to such Group. In addition, the Sale Option shall automatically be revoked if there exists an Incipient Default or Event of Default at any time after the Sale Option is properly elected and Lessor Agent shall be entitled to exercise all rights and remedies provided in Article VIII. Lessees may not elect the Sale Option or the Renewal Option if there exists on the date the election is made an Event of Default or an Incipient Default.

Election of Options. Lessees' ▇▇▇▇▇▇'s election of the Purchase Option will be irrevocable at the time made, but if Lessees fail ▇▇▇▇▇▇ fails to make a timely election, Lessees Lessee will be deemed, in the case of the Base Term and each Renewal Term then in effect (other than OTHER THAN the last Renewal Term) to have irrevocably elected the Renewal Option and, in the case of the last Renewal Term, Lessees Lessee will be deemed to have irrevocably elected the Purchase Option. In addition, the Sale Option shall automatically be revoked if there exists an Incipient a Default or Event of Default at any time after the Sale Option is properly elected, Lessee will be deemed to have elected the Purchase Option, the Sale Option shall automatically be revoked, and Lessor Trustee shall be entitled to exercise all rights and remedies provided in Article ARTICLE VIII. Lessees Lessee may not elect the Sale Option or the Renewal Option if there exists on the date the election is made an a Default or Event of Default or an Incipient Default.