End of Term Options. a) At any time not earlier than 6 months prior to the expiry of the Agreed Term, you may give us 30 days notice that at the end of the Agreed Term or 30 days after our receipt of the notice (whichever date is the later) you elect to; (i) return the Goods to us in accordance with Clause 18 or (ii) Request that we gift the Goods and transfer title in them to family member or friend nominated by you. b) If you do nothing, or fail to give us notice under this Clause, or fail to provide us with the identity and address of your nominated family member or friend, the payment of the final Total Fortnightly Rental installment shall be deemed to be a notice making the election in accordance with paragraph a)(i) above c) If you make an election in accordance with paragraph a)(i), and provided we have received all amounts owing under this Rental Agreement, we irrevocably waive our rights to receive the Total Fortnightly Rental installments due more than 30 days after our receipt of your written notice of election. d) If you make an election in accordance with paragraph a)(ii), and provided we have received all amounts owing under this Rental Agreement (including the amounts required under paragraph a)(ii)); then; (i) The term of this Rental Agreement shall be completed. (ii) We irrevocably waive our right to receive any Total Fortnightly Rental Installments which would otherwise become due after the receipt by us of the amount required under paragraph a)(ii); (iii) Where you make a request under clause 21(a)(ii) the person to whom we gift the goods assumes and bears the risk of all theft, loss or damage to the Goods from the time you give them notice of the gift. e) Notwithstanding anything contained in this Rental Agreement, you have no right or obligation at any time to purchase the Goods.
Appears in 2 contracts
Sources: Rental Agreement, Rental Agreement
End of Term Options. (a) At If no Event of Default (or event or condition which, with the passage of time or giving of notice, or both, would become such an Event of Default) has occurred and is continuing, on each Expiration Date, Lessee shall have the option to: (i) purchase the Aircraft pursuant to paragraph (b) below (the "Purchase Option"), (ii) sell the Aircraft pursuant to paragraph (c) below (the "Sale Option") or (iii) on any time not earlier Expiration other than 6 months the Final Expiration Date, to renew the Term of the Lease for an additional one year period on the same terms and conditions as are set forth herein except that the amount of Basic Rent payable during such Renewal Term shall be as set forth for such Renewal Term on Schedule 2-A to Lease Supplement No. 1 (the "Renewal Option"). Subject to the foregoing limitations on exercise of the Renewal Option, Lessee shall give Lessor 180 days irrevocable written notice (the "Option Notice") prior to each Expiration Date if Lessee intends to exercise the expiry Purchase Option, the Sale Option or the Renewal Option. If Lessee does not provide a timely Option Notice, then the Lessee shall be irrevocably deemed to have exercised (x) the Renewal Option as of the Agreed Termthen current Expiration Date provided that the then current Expiration Date is not the Final Expiration Date, you may give us 30 days notice that at or (y) the end Purchase Option as of the Agreed Term then current Expiration Date if the then current Expiration Date is Final Expiration Date.
(b) Upon exercise of the Purchase Option, Lessee shall pay to Lessor on the applicable Expiration Date an amount equal to: (i) all Rent then due and owing under the Lease; plus (ii) all taxes, assessments and other charges due or 30 days after our payable in connection with the sale of the Aircraft to Lessee; plus (iii) the Purchase Option Price as of such Expiration Date. Upon receipt of the notice (whichever date is amounts set forth in the later) you elect to;
(i) return preceding sentence, Lessor shall convey all of Lessor's right, title and interest in and to the Goods Aircraft to us in accordance with Clause 18 or
(ii) Request Lessee on an "AS-IS," "WHERE-IS" BASIS WITHOUT REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, and without recourse to Lessor, except that we gift the Goods and transfer title in them to family member or friend nominated by you.
b) If you do nothing, or fail to give us notice under this Clause, or fail to provide us with the identity and address of your nominated family member or friend, the payment of the final Total Fortnightly Rental installment Aircraft shall be deemed to be a notice making the election in accordance with paragraph a)(i) above
c) If you make an election in accordance with paragraph a)(i), free and provided we have received clear of all amounts owing under this Rental Agreement, we irrevocably waive our rights to receive the Total Fortnightly Rental installments due more than 30 days after our receipt of your written notice of election.
d) If you make an election in accordance with paragraph a)(ii), and provided we have received all amounts owing under this Rental Agreement (including the amounts required under paragraph a)(ii)); then;
(i) The term of this Rental Agreement shall be completedliens created by Lessor.
(iic) We irrevocably waive our right to receive any Total Fortnightly Rental Installments which would otherwise become due after the receipt by us Upon exercise of the amount Sale Option, Lessee shall place the Aircraft in the condition required under paragraph a)(ii);
(iii) Where you make by Section 8 of the Lease and shall obtain bids for the Aircraft and market such Aircraft in a request under clause 21(a)(ii) the person to whom we gift the goods assumes and bears the risk of all theft, loss or damage commercially reasonable manner to the Goods from highest qualified bidder on or before the time you give them notice Expiration Date, at Lessee's sole cost and expense; provided, however, that no sale shall occur without Lessor's prior written consent. Lessor agrees that, if so requested by Lessee and upon performance of and compliance with the gift.
e) Notwithstanding anything contained in other terms and conditions of this Rental AgreementSection 23 by Lessee, you have no right or obligation at it shall consent to any time bona fide offer to purchase the GoodsAircraft, including, any offer to purchase the Aircraft made by Lessee, which equals or exceeds the Maximum Lessor Risk. Lessor may also offer to purchase the Aircraft pursuant to this Section 23 and/or solicit and/or obtain bids for the Aircraft, provided, however, that Lessor shall be under no duty to so act.
Appears in 2 contracts
Sources: Aircraft Lease (Kitty Hawk Inc), Aircraft Lease (Kitty Hawk Inc)
End of Term Options. aAt least one hundred eighty (180) At any time days before the Expiration Date of the Term, but not earlier more than 6 months three hundred and sixty-five (365) days prior to the expiry Expiration Date of the Agreed Term, you may give us 30 days Lessee shall, by delivery of written notice to Lessor and the Administrative Agent, exercise one of the following options:
(a) Request to renew this Lease with respect to the Leased Property for an additional five-year Lease Renewal Term (the “Renewal Option”) on the terms and conditions set forth herein and in the other Operative Documents to which Lessee or an Affiliate of Lessee is a party; provided, however, that the Renewal Option shall be available at the end of the Agreed Base Term or 30 days after our receipt only if the conditions to the Renewal Option set forth herein and in Section 4.7 of the notice Participation Agreement are satisfied; and provided, further, that the Renewal Option shall not be exercisable for a total of more than one (whichever date is the later1) you elect toLease Renewal Term;
(ib) return Purchase for an amount in immediately available funds equal to the Goods Purchase Amount all, but not less than all, of the Leased Property on or before the last day of the Term (the “Purchase Option”); and if Lessee shall have elected to us purchase the Leased Property, (1) Lessee may (A) assign its right to purchase the Leased Property hereunder to a third party, in which case such third party shall consummate the purchase of the Leased Property on or before the last day of the Term; provided that, if such third party fails to consummate the purchase of the Leased Property on or before the last day of the Term, Lessee shall consummate the purchase of the Leased Property on the last day of the Term or (B) designate a third party to acquire title to the Leased Property, without assigning Lessee’s rights to purchase the Leased Property hereunder and (2) Lessor shall, upon the payment to Administrative Agent (or if the Loans are no longer outstanding, Lessor) of the Purchase Amount then due and payable by Lessee under the Operative Documents, transfer all of Lessor’s right, title and interest in and to the Leased Property to Lessee or such other party designated by Lessee pursuant to Section 21.1; or
(c) Commit to sell on behalf of Lessor for cash to a single purchaser not in any way affiliated with Lessee or any of its Subsidiaries all, but not less than all, of the Leased Property on the last day of the Term (the “Sale Option”). Lessee’s right to sell the Leased Property pursuant to the Sale Option shall be conditioned upon and subject to the fulfillment by Lessee of each of the terms and conditions applicable to Lessee set forth in Article XX (unless waived in accordance with Clause 18 or
the terms set forth therein). In addition, such sale shall be subject to all subleases with respect to the Leased Property to Persons who are not Affiliates or Subsidiaries of Parent Guarantor. Lessee shall not enter into any additional subleases or renew any subleases (iiother than on market terms or otherwise pursuant to express rights therefor under the existing subleases) Request that we gift with respect to the Goods and transfer title in them to family member or friend nominated by you.
b) If you do nothing, or fail to give us notice under this Clause, or fail to provide us with the identity and address of your nominated family member or friend, the payment Leased Property following Lessee’s election of the final Total Fortnightly Rental installment shall be deemed to be a notice making the Sale Option. Following Lessee’s election in accordance with paragraph a)(i) above
c) If you make an election in accordance with paragraph a)(i), and provided we have received all amounts owing under this Rental Agreement, we irrevocably waive our rights to receive the Total Fortnightly Rental installments due more than 30 days after our receipt of your written notice of election.
d) If you make an election in accordance with paragraph a)(ii), and provided we have received all amounts owing under this Rental Agreement (including the amounts required under paragraph a)(ii)); then;
(i) The term of this Rental Agreement shall be completed.
(ii) We irrevocably waive our right to receive any Total Fortnightly Rental Installments which would otherwise become due after the receipt by us of the amount required Sale Option, Lessee shall not remove any Modifications or commence any voluntary Modifications under paragraph a)(ii);
Section 10.1(a)(ii) (iiiother than Required Modifications) Where you make a request under clause 21(a)(ii) without the person to whom we gift the goods assumes and bears the risk of all theft, loss or damage to the Goods from the time you give them notice consent of the giftRequired Participants (which consent shall not be unreasonably withheld, conditioned or delayed) unless required to comply with Applicable Laws or avoid or address an emergency.
e) Notwithstanding anything contained in this Rental Agreement, you have no right or obligation at any time to purchase the Goods.
Appears in 2 contracts
Sources: Lease and Remedies Agreement (Regeneron Pharmaceuticals Inc), Lease and Remedies Agreement (Regeneron Pharmaceuticals Inc)
End of Term Options. Before the Expiration Date, Lessee shall, by delivery of written notice to Lessor and Collateral Agent at least 120 days before the Expiration Date, exercise one of the following options:
(a) At any time not earlier than 6 months prior Purchase for an amount in immediately available funds equal to the expiry Purchase Amount all, but not less than all, of the Agreed Subject Property on or before the last day of the Term (the “Purchase Option”); and if Lessee shall have elected to purchase the Subject Property, (1) Lessee may (A) assign its right to purchase the Subject Property hereunder to a third party, in which case such third party shall consummate the purchase of the Subject Property on or before the last day of the Term, you may give us 30 days notice provided that at if such third party fails to consummate the end purchase of the Agreed Subject Property on or before the last day of the Term, Lessee shall consummate the purchase of the Subject Property on the last day of the Term or 30 days after our receipt (B) designate a third party to acquire title to the Subject Property, without assigning Lessee’s rights to purchase the Subject Property hereunder and (2) Lessor shall, upon the payment to Lessor of the notice Purchase Amount then due and payable by Lessee under the Operative Documents, transfer all of Lessor’s right, title and interest in and to the Subject Property (whichever date is including, to the laterextent permitted thereby, the Related Agreements) you elect to;to Lessee or such other party designated by Lessee pursuant to Section 21.1; or
(ib) return Sell on behalf of Lessor for cash to a single purchaser not in any way affiliated with Lessee or any of its Affiliates all, but not less than all, of the Goods Subject Property on the last day of the Term (the “Sale Option”); provided, however, that Lessee’s right to us sell the Subject Property pursuant to the Sale Option shall be conditioned upon and subject to the fulfillment by Lessee of each of the terms and conditions set forth in Article XX. All subleases with respect to the Subject Property (other than those that constitute Related Agreements or any subleases entered into by the tenants under the Related Agreements in accordance with Clause 18 or
(iithe terms thereof) Request that we gift the Goods and transfer title in them shall have been terminated prior to family member or friend nominated by you.
b) If you do nothing, or fail to give us notice under this Clause, or fail to provide us with the identity and address of your nominated family member or friend, the payment consummation of the final Total Fortnightly Rental installment Sale Option. Lessee shall be deemed not enter into any additional subleases or renew any subleases with respect to be a notice making the Subject Property following Lessee’s election in accordance with paragraph a)(i) above
c) If you make an election in accordance with paragraph a)(i), and provided we have received all amounts owing under this Rental Agreement, we irrevocably waive our rights to receive the Total Fortnightly Rental installments due more than 30 days after our receipt of your written notice of election.
d) If you make an election in accordance with paragraph a)(ii), and provided we have received all amounts owing under this Rental Agreement (including the amounts required under paragraph a)(ii)); then;
(i) The term of this Rental Agreement shall be completed.
(ii) We irrevocably waive our right to receive any Total Fortnightly Rental Installments which would otherwise become due after the receipt by us of the amount required under paragraph a)(ii);
(iii) Where you make a request under clause 21(a)(ii) the person to whom we gift the goods assumes and bears the risk of all theft, loss or damage to the Goods from the time you give them notice Sale Option. Following Lessee’s election of the giftSale Option, Lessee shall not remove any Modifications (other than Lessee Improvements) or commence any Modifications (other than Required Modifications) without the consent of the Required Participants.
e) Notwithstanding anything contained in this Rental Agreement, you have no right or obligation at any time to purchase the Goods.
Appears in 1 contract
Sources: Lease, Deed of Trust and Security Agreement (Silicon Laboratories Inc)
End of Term Options. At least one hundred eighty (180) days but not more than two hundred seventy (270) days before the Expiration Date of the Term, Lessee shall, by delivery of written notice to Lessor and the Administrative Agent, exercise one of the following options:
(a) At any time not earlier than 6 months prior Request to renew this Lease with respect to the expiry of Leased Property for an additional five-year Lease Renewal Term (each a “Renewal Option”) on the Agreed Termterms and conditions set forth herein and in the other Operative Documents; provided, you may give us 30 days notice however, that such Renewal Option shall be available at the end of the Agreed Base Term (or 30 days after our receipt the Base Term as previously so renewed) only if the conditions to the Renewal Option set forth herein and in Section 4.7 of the notice (whichever date is Participation Agreement are satisfied; and provided, further, that the later) you elect to;
(i) return the Goods to us in accordance with Clause 18 or
(ii) Request that we gift the Goods and transfer title in them to family member or friend nominated by you.
b) If you do nothing3/6/19, or fail to give us notice under this Clause, or fail to provide us with the identity and address 9:29 AMExhibit Renewal Option shall not be exercisable for a total of your nominated family member or friend, the payment of the final Total Fortnightly Rental installment shall be deemed to be a notice making the election in accordance with paragraph a)(i) above
c) If you make an election in accordance with paragraph a)(i), and provided we have received all amounts owing under this Rental Agreement, we irrevocably waive our rights to receive the Total Fortnightly Rental installments due more than 30 days after our receipt of your written notice of election.
done (1) If you make an election in accordance with paragraph a)(ii), and provided we have received all amounts owing under this Rental Agreement (including the amounts required under paragraph a)(ii)); then;
(i) The term of this Rental Agreement shall be completedLease Renewal Term.
(iib) We irrevocably waive our right Purchase for an amount in immediately available funds equal to receive any Total Fortnightly Rental Installments which would otherwise become due after the receipt by us Purchase Amount all, but not less than all, of the amount required under paragraph a)(ii);
(iii) Where you make a request under clause 21(a)(ii) Leased Property on the person to whom we gift the goods assumes and bears the risk of all theft, loss or damage to the Goods from the time you give them notice last day of the gift.
e) Notwithstanding anything contained in this Rental Agreement, you Term (the “Purchase Option”); and if Lessee shall have no right or obligation at any time elected to purchase the Goods.Leased Property, (1) Lessee may (A) assign its right to purchase the Leased Property hereunder to a third party, in which case such third party shall consummate the purchase of the Leased Property on or before the last day of the Term, provided that if such third party fails to consummate the purchase of the Leased Property on or before the last day of the Term, Lessee shall consummate the purchase of the Leased Property on the last day of the Term or (B) designate a third party to acquire title to the Leased Property, without assigning ▇▇▇▇▇▇’s rights to purchase the Leased Property hereunder and (2) Lessor shall, upon the payment to the Administrative Agent (or if the Rent Assignment Interests are no longer outstanding, Lessor) of the Purchase Amount then due and payable by Lessee under the Operative Documents, transfer all of Lessor’s right, title and interest in and to the Leased Property pursuant to Section 21.1; or
Appears in 1 contract
Sources: Lease Agreement
End of Term Options. a At least one hundred and eighty (180) At any time not earlier than 6 months days prior to the expiry Return Date, the Lessee shall, by delivery of an irrevocable written notice to the Administrative Agent, exercise one of the Agreed Termfollowing options:
(a) Purchase for cash for the Purchase Amount all, you may give us 30 days notice but not less than all, of the Leased Property then subject to this Lease on the last day of the Lease Term (the “Purchase Option”); and if the Lessee shall have elected the Purchase Option, upon the payment to the Lessor of the Purchase Amount, the Leased Property shall be transferred to the Lessee (or its designee or assignee provided that the Lessee shall remain primarily liable for all payments due in respect of the Purchase Option election) pursuant to Section 23.11 whereupon this Lease shall terminate except for such provisions which expressly survive such a termination; or
(b) Provided no Default or Event of Default shall be continuing, return the Leased Property to the Lessor at the end of the Agreed Term or 30 days after our receipt scheduled expiration date of the notice Lease Term (whichever date is the later) you elect to;
(i) return “Return Option”). The Return Option shall be conditioned upon and subject to the Goods to us fulfillment by the Lessee of each of the terms and conditions set forth in accordance with Clause 18 or
(ii) Request that we gift the Goods and transfer title in them to family member or friend nominated by you.
b) If you do nothingArticle XXII and, or fail to give us notice under this Clause, or fail to provide us with the identity and address of your nominated family member or friendthereafter, the payment Lessee shall have no further obligations to pay Basic Rent or the remaining Lease Balance. The Lessee shall not enter into any additional subleases or renew any subleases with respect to the Leased Property following the Lessee’s election of the final Total Fortnightly Rental installment shall be deemed to be a notice making Return Option. Following the Lessee’s election in accordance with paragraph a)(i) above
c) If you make an election in accordance with paragraph a)(i), and provided we have received all amounts owing under this Rental Agreement, we irrevocably waive our rights to receive the Total Fortnightly Rental installments due more than 30 days after our receipt of your written notice of election.
d) If you make an election in accordance with paragraph a)(ii), and provided we have received all amounts owing under this Rental Agreement (including the amounts required under paragraph a)(ii)); then;
(i) The term of this Rental Agreement shall be completed.
(ii) We irrevocably waive our right to receive any Total Fortnightly Rental Installments which would otherwise become due after the receipt by us of the amount required under paragraph a)(ii);
(iii) Where you make a request under clause 21(a)(ii) Return Option, the person to whom we gift the goods assumes and bears the risk of all theft, loss or damage to the Goods from the time you give them notice of the giftLessee shall not remove any Alterations.
e) Notwithstanding anything contained in this Rental Agreement, you have no right or obligation at any time to purchase the Goods.
Appears in 1 contract
Sources: Lease Agreement (Cubic Corp /De/)
End of Term Options. (a) At any time So long as no Default exists hereunder and the Term has not been earlier terminated, Lessee shall have the option upon the expiration of the Basic Term of the Schedule upon at least one hundred eighty (180) days' prior written notice to Lessor, to renew the Term with respect to, or to purchase, all (but not less than 6 all) of the Equipment described on such Schedule upon the following terms and conditions:
(1) Upon expiration of the Basic Term, Lessee may elect to renew the Term with respect to all, but not less than all, of such Equipment for a renewal term of thirty-one (31) months prior (the "Renewal Term") at a monthly rent calculated as 1.279720% of the Capitalized Lessor's Cost of such -------- Equipment.
(2) Upon expiration of the Basic Term, Lessee may elect to purchase all (but not less than all) of such Equipment on the Basic Term Expiration Date on an AS IS BASIS for cash equal to the expiry greater of (x) thirty-five percent (35%) of the Agreed Term, you may give us 30 days notice that at the end Capitalized Lessor's Cost of the Agreed Term or 30 days after our receipt of the notice (whichever date is the later) you elect to;
(i) return the Goods to us in accordance with Clause 18 or
(ii) Request that we gift the Goods and transfer title in them to family member or friend nominated by you.
b) If you do nothingsuch Equipment, or fail (2) the then Fair Market Value of such Equipment (plus all applicable sales taxes). On the Basic Term Expiration Date, Lessee shall pay to give us notice under this ClauseLessor in immediately available funds the full purchase price (plus all applicable sales taxes), together with any rent or fail to provide us with the identity and address of your nominated family member or friend, the payment of the final Total Fortnightly Rental installment other sums then due hereunder on such date. Lessee shall be deemed to be a notice making the election in accordance have waived this option unless it provides Lessor with paragraph a)(i) above
c) If you make an election in accordance with paragraph a)(i), and provided we have received all amounts owing under this Rental Agreement, we irrevocably waive our rights to receive the Total Fortnightly Rental installments due more than 30 days after our receipt of your written notice of election.
dits irrevocable election to exercise the same within fifteen (15) If you make an election in accordance with paragraph a)(iidays after Fair Market Value is determined (by agreement or appraisal), and provided we have received all amounts owing under this Rental Agreement (including the amounts required under paragraph a)(ii)); then;
(i) The term of this Rental Agreement shall be completed.
(ii3) We irrevocably waive our right to receive any Total Fortnightly Rental Installments which would otherwise become due after the receipt by us If Lessee timely exercises its renewal option above, then, upon expiration of the amount required under paragraph a)(ii);Renewal Term, so long as no Default exists hereunder, Lessee may elect, upon at least one hundred eighty (180) days' prior written notice to Lessor:
(iiiA) Where you make further to renew the Term with respect to all, but not less than all, of such Equipment for an additional renewal term and at a request under clause 21(a)(iiperiodic rent subject to mutual agreement of the parties; or (B) to purchase on the person to whom we gift expiration date of the goods assumes and bears the risk first Renewal Term all (but not less than all) of all theft, loss or damage such Equipment on an AS IS BASIS for cash equal to the Goods from then Fair Market Value of such Equipment (plus all applicable sales taxes). On the time you give them expiration date of the first Renewal Term, Lessor shall receive in cash the full purchase price (plus all applicable sales taxes), together with any rent or other sums then due hereunder on such date. Lessee shall be deemed to have waived this option unless it provides Lessor with written notice of its irrevocable election to exercise the giftsame within fifteen (15) days after Fair Market Value is determined (by agreement or appraisal).
e) Notwithstanding anything contained in this Rental Agreement, you have no right or obligation at any time to purchase the Goods.
Appears in 1 contract
Sources: Equipment Schedule (Continental Caribbean Containers Inc)
End of Term Options. Before the Expiration Date, Lessee shall, by delivery of written notice to Lessor and Administrative Agent (given in accordance with clause (a) At any time not earlier or (b) below), exercise the option provided in paragraph (a)(i) or (a)(ii) or the option provided in paragraph (b):
(a) No later than 6 months 180 days nor more than 365 days prior to the expiry Expiration Date of the Agreed Term, you may give us 30 days Lessee shall, by delivery of written notice to Lessor and the Administrative Agent, exercise one of the following two options:
(i) Commit to renew this Lease with respect to the Leased Property for an additional Lease Renewal Term of one to four years (the "RENEWAL OPTION") on the terms and conditions set forth herein and in the other Operative Documents; PROVIDED, HOWEVER, that such Renewal Option shall be available at the end of the Agreed Base Term (or 30 days after our receipt the Base Term as previously so renewed) only if the conditions to the Extension Option set forth in Section 4.7 of the notice Participation Agreement are satisfied; and PROVIDED, FURTHER, that the Renewal Option shall not be exercisable for a total of more than two (whichever date is the later2) you elect to;
(i) return the Goods to us in accordance with Clause 18 Lease Renewal Terms; or
(ii) Request that we gift Commit to purchase for cash for the Goods and transfer title in them to family member or friend nominated by you.
b) If you do nothingPurchase Amount all, or fail to give us notice under this Clausebut not less than all, or fail to provide us with the identity and address of your nominated family member or friend, the payment of the final Total Fortnightly Rental installment shall be deemed to be a notice making Leased Property on the election in accordance with paragraph a)(i) above
c) If you make an election in accordance with paragraph a)(i), and provided we have received all amounts owing under this Rental Agreement, we irrevocably waive our rights to receive last day of the Total Fortnightly Rental installments due more than 30 days after our receipt of your written notice of election.
d) If you make an election in accordance with paragraph a)(ii), and provided we have received all amounts owing under this Rental Agreement Term (including the amounts required under paragraph a)(ii)"PURCHASE OPTION"); then;
(i) The term of this Rental Agreement and if Lessee shall be completed.
(ii) We irrevocably waive our right to receive any Total Fortnightly Rental Installments which would otherwise become due after the receipt by us of the amount required under paragraph a)(ii);
(iii) Where you make a request under clause 21(a)(ii) the person to whom we gift the goods assumes and bears the risk of all theft, loss or damage to the Goods from the time you give them notice of the gift.
e) Notwithstanding anything contained in this Rental Agreement, you have no right or obligation at any time elected to purchase the Goods.Leased Property, Lessor shall, upon the payment to Lessor of the Purchase Amount then due and payable by Lessee under the Operative Documents, transfer all of Lessor's right, title and interest in and to the Leased Property pursuant to Section 21.1; or
(b) No later than 270 days nor more than 365 days prior to the Expiration Date of the Term, Lessee shall, by delivery of written notice to Lessor and the Administrative Agent, commit to sell on behalf of Lessor for cash to a single purchaser not in any way affiliated with Lessee or any of its Affiliates all, but not less than all, of the Leased Property on the last day of the Term (the "SALE OPTION"). Lessee's right to sell the Leased Property pursuant to the Sale Option shall be conditioned upon and subject to the fulfillment by Lessee of each of the terms and conditions set forth in Article
Appears in 1 contract
Sources: Lease (Kansas City Power & Light Co)
End of Term Options. At least one hundred eighty (180) days but not more than two hundred seventy (270) days before the Expiration Date of the Term, Lessee shall, by delivery of written notice to Lessor and the Administrative Agent, exercise one of the following options:
(a) At any time not earlier than 6 months prior Request to renew this Lease with respect to the expiry of Leased Property for an additional five‑year Lease Renewal Term (each a “Renewal Option”) on the Agreed Termterms and conditions set forth herein and in the other Operative Documents; provided, you may give us 30 days notice however, that such Renewal Option shall be available at the end of the Agreed Base Term (or the Base Term as previously so renewed) only if the conditions to the Renewal Option set forth herein and in Section 4.7 of the Participation Agreement are satisfied; and provided, further, that the Renewal Option shall not be exercisable for a total of more than one (1) Lease Renewal Term.
(b) Purchase for an amount in immediately available funds equal to the Purchase Amount all, but not less than all, of the Leased Property on the last day of the Term (the “Purchase Option”); and if Lessee shall have elected to purchase the Leased Property, (1) Lessee may (A) assign its right to purchase the Leased Property hereunder to a third party, in which case such third party shall consummate the purchase of the Leased Property on or before the last day of the Term, provided that if such third party fails to consummate the purchase of the Leased Property on or before the last day of the Term, Lessee shall consummate the purchase of the Leased Property on the last day of the Term or 30 days after our receipt (B) designate a third party to acquire title to the Leased Property, without assigning Lessee’s rights to purchase the Leased Property hereunder and (2) Lessor shall, upon the payment to the Administrative Agent (or if the Rent Assignment Interests are no longer outstanding, Lessor) of the notice (whichever date is Purchase Amount then due and payable by Lessee under the later) you elect to;
(i) return Operative Documents, transfer all of Lessor’s right, title and interest in and to the Goods Leased Property pursuant to us in accordance with Clause 18 Section 21.1; or
(iic) Request that we gift the Goods and transfer title Sell on behalf of Lessor for cash to a single purchaser not in them to family member any way affiliated with Guarantor, Lessee or friend nominated by you.
b) If you do nothingany of their respective Affiliates all, or fail to give us notice under this Clausebut not less than all, or fail to provide us with the identity and address of your nominated family member or friend, the payment of the final Total Fortnightly Rental installment Leased Property on the last day of the Term (the “Sale Option”). Lessee’s right to sell the Leased Property pursuant to the Sale Option shall be deemed conditioned upon and subject to be a notice making the election fulfillment by Lessee of each of the terms and conditions set forth in accordance Article XX. In addition, all subleases with paragraph a)(i) above
c) If you make an election in accordance with paragraph a)(i), and provided we respect to the Leased Property except for Permitted Retail Leases shall have received all amounts owing under this Rental Agreement, we irrevocably waive our rights been terminated prior to receive the Total Fortnightly Rental installments due more than 30 days after our Lessor’s receipt of your written notice of election.
d) If you make an Lessee’s election in accordance with paragraph a)(ii), and provided we have received all amounts owing under this Rental Agreement (including the amounts required under paragraph a)(ii)); then;
(i) The term of this Rental Agreement shall be completed.
(ii) We irrevocably waive our right to receive any Total Fortnightly Rental Installments which would otherwise become due after the receipt by us of the amount required under paragraph a)(ii);
(iii) Where you make a request under clause 21(a)(ii) the person to whom we gift the goods assumes and bears the risk of all theft, loss Sale Option. Lessee shall not enter into any additional subleases or damage renew any subleases with respect to the Goods from the time you give them notice Leased Property following Lessee’s election of the giftSale Option. Following Lessee’s election of the Sale Option, Lessee shall not remove any Modifications other than Improvements or commence any voluntary Modifications under Section 10.1(a)(ii) without the consent of the Required Participants.
e) Notwithstanding anything contained in this Rental Agreement, you have no right or obligation at any time to purchase the Goods.
Appears in 1 contract
End of Term Options. aAt least one hundred eighty (180) At any time days before the Expiration Date of the Term, but not earlier more than 6 months three hundred and sixty-five (365) days prior to the expiry Expiration Date of the Agreed Term, you may give us 30 days Lessee shall, by delivery of written notice to L▇▇▇▇▇ and the Administrative Agent, exercise one of the following options:
(a) Request to renew this Lease with respect to the Leased Property for an additional five-year Lease Renewal Term after the First Renewal Term (the “Renewal Option”) on the terms and conditions set forth herein and in the other Operative Documents to which Lessee or an Affiliate of Lessee is a party; provided, however, that the Renewal Option shall be available at the end of the Agreed Term or 30 days after our receipt only if the conditions to the Renewal Option set forth herein and in Section 4.7 of the notice Participation Agreement are satisfied; and provided, further, that the Renewal Option shall not be exercisable for a total of more than one (whichever date is 1) Lease Renewal Term after the later) you elect toFirst Renewal Term;
(ib) return Purchase for an amount in immediately available funds equal to the Goods Purchase Amount all, but not less than all, of the Leased Property, other Collateral and Parcel D Ground Leased Property on or before the last day of the Term (the “Purchase Option”); and if Lessee shall have elected to us purchase the Leased Property, other Collateral and Parcel D Ground Leased Property, (1) Lessee may (A) assign its right to purchase the Leased Property, other Collateral and Parcel D Ground Leased Property hereunder to a third party, in which case such third party shall consummate the purchase of the Leased Property, other Collateral and Parcel D Ground Leased Property on or before the last day of the Term; provided that, if such third party fails to consummate the purchase of the Leased Property, other Collateral and Parcel D Ground Leased Property on or before the last day of the Term, Lessee shall consummate the purchase of the Leased Property, other Collateral and Parcel D Ground Leased Property on the last day of the Term or (B) designate a third party to acquire title to the Leased Property, other Collateral and Parcel D Ground Leased Property, without assigning Lessee’s rights to purchase the Leased Property, other Collateral and Parcel D Ground Leased Property hereunder and (2) Lessor shall, upon the payment to Administrative Agent of the Purchase Amount then due and payable by Lessee under the Operative Documents, transfer all of Lessor’s right, title and interest in and to the Leased Property, other Collateral and Parcel D Ground Leased Property to Lessee or such other party designated by Lessee pursuant to Section 21.1; or
(c) Commit to sell on behalf of Lessor for cash to a single purchaser not in any way affiliated with Lessee or any of its Subsidiaries all, but not less than all, of the Leased Property, other Collateral and Parcel D Ground Leased Property on the last day of the Term (the “Sale Option”). Lessee’s right to sell the Leased Property, other Collateral and Parcel D Ground Leased Property pursuant to the Sale Option shall be conditioned upon and subject to the fulfillment by Lessee of each of the terms and conditions applicable to Lessee set forth in Article XX (unless waived in accordance with Clause 18 or
(ii) Request that we gift the Goods and transfer title in them terms set forth therein). In addition, such sale shall be subject to family member all subleases with respect to the Leased Property to Persons who are not Affiliates or friend nominated by you.
b) If you do nothing, or fail to give us notice under this Clause, or fail to provide us with the identity and address Subsidiaries of your nominated family member or friendParent Guarantor, the payment Home Depot Ground Lease and the Parcel D Ground Lease. Lessee shall not enter into any additional subleases or renew any subleases (other than on market terms or otherwise pursuant to express rights therefor under the existing subleases) with respect to the Leased Property following L▇▇▇▇▇’s election of the final Total Fortnightly Rental installment shall be deemed to be a notice making the Sale Option. Following L▇▇▇▇▇’s election in accordance with paragraph a)(i) above
c) If you make an election in accordance with paragraph a)(i), and provided we have received all amounts owing under this Rental Agreement, we irrevocably waive our rights to receive the Total Fortnightly Rental installments due more than 30 days after our receipt of your written notice of election.
d) If you make an election in accordance with paragraph a)(ii), and provided we have received all amounts owing under this Rental Agreement (including the amounts required under paragraph a)(ii)); then;
(i) The term of this Rental Agreement shall be completed.
(ii) We irrevocably waive our right to receive any Total Fortnightly Rental Installments which would otherwise become due after the receipt by us of the amount required Sale Option, Lessee shall not remove any Modifications or commence any voluntary Modifications under paragraph a)(ii);
Section 10.1(a)(ii) (iiiother than Required Modifications) Where you make a request under clause 21(a)(ii) without the person to whom we gift the goods assumes and bears the risk of all theft, loss or damage to the Goods from the time you give them notice consent of the giftRequired Participants (which consent shall not be unreasonably withheld, conditioned or delayed) unless required to comply with Applicable Laws or avoid or address an emergency.
e) Notwithstanding anything contained in this Rental Agreement, you have no right or obligation at any time to purchase the Goods.
Appears in 1 contract
End of Term Options. At least 120 days before the Expiration Date, Lessee shall, by delivery of written notice to Lessor and Collateral Agent, exercise one of the options provided in paragraph (a) At any time not earlier than 6 months prior or (b) below:
(a) Commit to purchase for an amount in immediately available funds equal to the expiry Purchase Amount all, but not less than all, of the Agreed Subject Property on or before the last day of the Term (the “Purchase Option”); and if Lessee shall have elected to purchase the Subject Property, (1) Lessee may (A) assign its right to purchase the Subject Property hereunder to a third party, in which case such third party shall consummate the purchase of the Subject Property on or before the last day of the Term, you may give us 30 days notice provided that at if such third party fails to consummate the end purchase of the Agreed Subject Property on or before the last day of the Term, Lessee shall consummate the purchase of the Subject Property on the last day of the Term or 30 days after our receipt (B) designate a third party to acquire title to the Subject Property, without assigning Lessee’s rights to purchase the Subject Property hereunder and (2) Lessor shall, upon the payment to Lessor of the notice Purchase Amount then due and payable by Lessee under the Operative Documents, transfer all of Lessor’s right, title and interest in and to the Subject Property (whichever date is including, to the laterextent permitted thereby, the Related Agreements) you elect to;to Lessee or such other party designated by Lessee pursuant to Section 21.1; or
(ib) return the Goods Commit to us sell on behalf of Lessor in accordance with Clause 18 or
(ii) Request that we gift the Goods and transfer title Article XX for cash to a single purchaser not in them to family member any way affiliated with Lessee or friend nominated by you.
b) If you do nothingany of its Affiliates all, or fail to give us notice under this Clausebut not less than all, or fail to provide us with the identity and address of your nominated family member or friend, the payment of the final Total Fortnightly Rental installment Subject Property and the CSC Sublease on the last day of the Term (the “Sale Option”); provided, however, that Lessee’s right to sell the Subject Property and the CSC Sublease pursuant to the Sale Option shall be deemed conditioned upon and subject to be a notice making the election fulfillment by Lessee of each of the terms and conditions set forth in Article XX. All subleases with respect to the Subject Property (other than those that constitute Related Agreements, any subleases entered into by the tenants under the Related Agreements in accordance with paragraph a)(i) above
c) If you make an election the terms thereof, and the CSC Sublease in accordance with paragraph a)(i), and provided we have received all amounts owing under this Rental Agreement, we irrevocably waive our rights Section 6.1 to receive the Total Fortnightly Rental installments due more than 30 days after our receipt of your written notice of election.
d) If you make an election extent that the CSC Sublease remains in accordance effect with paragraph a)(ii), and provided we have received all amounts owing under this Rental Agreement (including the amounts required under paragraph a)(ii)); then;
(i) The term of this Rental Agreement shall be completed.
(ii) We irrevocably waive our right respect to receive any Total Fortnightly Rental Installments which would otherwise become due after the receipt by us one floor of the amount required under paragraph a)(ii);
(iiiFacility) Where you make a request under clause 21(a)(ii) shall have been terminated prior to consummation of the person to whom we gift the goods assumes and bears the risk of all theft, loss Sale Option. Lessee shall not enter into any additional subleases or damage renew any subleases with respect to the Goods from Subject Property and the time you give them notice CSC Sublease following Lessee’s election of the giftSale Option. Following Lessee’s election of the Sale Option, Lessee shall not remove any Modifications (other than Lessee Improvements) or commence any Modifications (other than Required Modifications) without the consent of the Required Participants.
e) Notwithstanding anything contained in this Rental Agreement, you have no right or obligation at any time to purchase the Goods.
Appears in 1 contract
Sources: Lease, Deed of Trust and Security Agreement (Silicon Laboratories Inc)
End of Term Options. Before the Expiration Date, Lessee shall, by delivery of written notice to Lessor and Administrative Agent (given in accordance with clause (a) or (b) below), exercise the option provided in paragraph (a)(i) or (a)(ii) or the option provided in paragraph (b):
(a) At any time not earlier than 6 months prior least 180 days before the Expiration Date of the Term, Lessee shall, by delivery of written notice to Lessor and the Administrative Agent, exercise one of the following two options:
(i) Commit to renew this Lease with respect to the expiry Leased Property for an additional Lease Renewal Term of one to four years (the Agreed Term"RENEWAL OPTION") on the terms and conditions set forth herein and in the other Operative Documents; PROVIDED, you may give us 30 days notice HOWEVER, that such Renewal Option shall be available at the end of the Agreed Base Term (or 30 days after our receipt the Base Term as previously so renewed) only if the conditions to the Extension Option set forth in Section 4.7 of the notice Participation Agreement are satisfied; and PROVIDED, FURTHER, that the Renewal Option shall not be exercisable for a total of more than two (whichever date is the later2) you elect to;
(i) return the Goods to us in accordance with Clause 18 Lease Renewal Terms; or
(ii) Request that we gift the Goods and transfer title in them to family member or friend nominated by you.
b) If you do nothingCOMMIT TO PURCHASE FOR CASH FOR THE PURCHASE AMOUNT ALL, or fail to give us notice under this ClauseBUT NOT LESS THAN ALL, or fail to provide us with the identity and address of your nominated family member or friend, the payment of the final Total Fortnightly Rental installment shall be deemed to be a notice making Leased Property on the election in accordance with paragraph a)(i) above
c) If you make an election in accordance with paragraph a)(i), and provided we have received all amounts owing under this Rental Agreement, we irrevocably waive our rights to receive last day of the Total Fortnightly Rental installments due more than 30 days after our receipt of your written notice of election.
d) If you make an election in accordance with paragraph a)(ii), and provided we have received all amounts owing under this Rental Agreement Term (including the amounts required under paragraph a)(ii)"PURCHASE OPTION"); then;
(i) The term of this Rental Agreement and if Lessee shall be completed.
(ii) We irrevocably waive our right to receive any Total Fortnightly Rental Installments which would otherwise become due after the receipt by us of the amount required under paragraph a)(ii);
(iii) Where you make a request under clause 21(a)(ii) the person to whom we gift the goods assumes and bears the risk of all theft, loss or damage to the Goods from the time you give them notice of the gift.
e) Notwithstanding anything contained in this Rental Agreement, you have no right or obligation at any time elected to purchase the GoodsLeased Property, Lessor shall, upon the payment to Lessor of the Purchase Amount then due and payable by Lessee under the Operative Documents, transfer all of Lessor's right, title and interest in and to the Leased Property pursuant to Section 21.1; or
(b) At least 270 days before the Expiration Date of the Term, Lessee shall, by delivery of written notice to Lessor and the Administrative Agent, commit to sell on behalf of Lessor for cash to a single purchaser not in any way affiliated with Lessee or any of its Affiliates all, but not less than all, of the Leased Property on the last day of the Term (the "SALE OPTION"). Lessee's right to sell the Leased Property pursuant to the Sale Option shall be conditioned upon and subject to the fulfillment by Lessee of each of the terms and conditions set forth in Article XX. In addition, all subleases with respect to the Leased Property shall have been terminated prior to Lessor's receipt of Lessee's election of the Sale Option. Lessee shall not enter into any additional subleases or renew any subleases with respect to the Leased Property following Lessee's election of the Sale Option. Following Lessee's election of the Sale Option, Lessee shall not remove any Modifications or commence any voluntary Modifications under Section 10.1(a)(ii) without the consent of the Required Participants.
Appears in 1 contract
Sources: Lease (Kansas City Power & Light Co)
End of Term Options. aAt the expiration of the Base Term of any Schedule, the Lessee may exercise any of the following options, as described in more detail below (the “End of Term Options”) At any time by giving Lessor at least six months, but not earlier more than 6 months twelve months, written notice prior to the expiry expiration of the Agreed TermBase Term of the End of Term Option it elects: (i) purchase the Equipment subject to the applicable Schedule (the “Purchase Option” and, you may give us 30 days notice the amount thereof, the “Purchase Option Amount”), (ii) extend or renew the Lease for the Equipment subject to the Schedule (the “Renewal Option”), or (iii) return the Equipment to the Lessor (the “Return Option”); provided, that notwithstanding anything herein to the contrary, once Lessee has elected one of the End of Term Options for the first Schedule whose Base Term expires, Lessee shall thereafter be required to elect the same End of Term Option for all subsequent Schedules whose Base Term thereafter expires, unless Lessor, in its sole discretion, agrees otherwise. If Lessee fails to elect any of the End of Term Options as required by this Section 6, then Lessor shall have the right at the end of the Agreed Base Term , in its sole discretion, to either cause Lessee to purchase the Equipment at “Fair Market Value” (as determined below) or 30 days after our receipt to return the Equipment in accordance with the provisions of Section 6(c), and in either case, until Lessee has purchased the Equipment or complied with all of the notice (whichever date is requirements of Section 6(c), rent payment obligations on the later) you elect Equipment will continue on a month-to;
-month basis at the monthly rent delineated on the Schedule. Notwithstanding the foregoing, (i) return once an End of Term Option has been elected for Equipment subject to a Hospital Schedule, the Goods same option shall apply to us in accordance with Clause 18 or
all Equipment subject to such Hospital Schedule; and (ii) Request that we gift if Lessee fails to timely elect an End of Term Option, Lessee will pay an amount equal to one-half the Goods sum of (a) the then current monthly rental and transfer title in them to family member or friend nominated by you.
(b) If you do nothing, or fail the monthly payment that would be in effect under the Renewal Option and will continue to give us pay such amount until it provides notice under this Clause, or fail to provide us with the identity and address Lessor of your nominated family member or friend, the payment its End of the final Total Fortnightly Rental installment shall be deemed to be a notice making the election in accordance with paragraph a)(i) above
c) If you make an election in accordance with paragraph a)(i), and provided we have received all amounts owing under this Rental Agreement, we irrevocably waive our rights to receive the Total Fortnightly Rental installments due more than 30 days after our receipt of your written notice of Lease Option election.
d) If you make an election in accordance with paragraph a)(ii), and provided we have received all amounts owing under this Rental Agreement (including the amounts required under paragraph a)(ii)); then;
(i) The term of this Rental Agreement shall be completed.
(ii) We irrevocably waive our right to receive any Total Fortnightly Rental Installments which would otherwise become due after the receipt by us of the amount required under paragraph a)(ii);
(iii) Where you make a request under clause 21(a)(ii) the person to whom we gift the goods assumes and bears the risk of all theft, loss or damage to the Goods from the time you give them notice of the gift.
e) Notwithstanding anything contained in this Rental Agreement, you have no right or obligation at any time to purchase the Goods.
Appears in 1 contract
Sources: Master Lease Agreement (CareView Communications Inc)
End of Term Options. At least 270 days before the scheduled expiration date of the Lease Term, Lessee shall, by delivery of written notice to Lessor and the Agent, exercise one of the following options:
(a) At any time Renew this Lease (together with each Lease Supplement) with respect to all, but not earlier less than 6 months prior to the expiry all, of the Agreed TermPremises for five (5) additional one-year Lease Renewal Terms (the "Renewal Option") on the terms and conditions set forth set forth herein and in the other Operative Documents; provided, you may give us 30 days notice that however, such Renewal Option shall be available at the end of the Agreed Base Term or 30 days after our receipt only if the conditions to the Extension Option set forth in Section 2.14 of the notice Participation Agreement are satisfied; and provided further, that the Renewal Option shall not be available during the fifth Renewal Term; or
(whichever date is b) Purchase for cash for the laterPurchase Amount all, but not less than all, of the Premises then subject to this Lease on the last day of the Lease Term (the "Purchase Option"); and if Lessee shall have elected the Purchase Option, Lessor shall, upon the payment to Lessor of the Purchase Amount, transfer all of Lessor's right, title and interest in and to the Premises pursuant to Section 23.16 below; or
(c) you elect to;
Sell on behalf of Lessor for cash to a single purchaser not in any way affiliated with Lessee or any of its Affiliates all, but not less than all, of the Premises then subject to this Lease on the last day of the Lease Term (the "Sale Option"). Lessee's right to sell the Premises pursuant to the Sale Option shall be conditioned upon the subject to (i) return the Goods full performance by Lessee of its obligations pursuant to us in accordance with Clause 18 or
Section 2 of each of the Utility Easements before such election of the Sale Option is made, (ii) Request that we gift the Goods and transfer title in them to family member or friend nominated fulfillment by you.
b) If you do nothing, or fail to give us notice under this Clause, or fail to provide us with the identity and address Lessee of your nominated family member or friend, the payment each of the final Total Fortnightly Rental installment shall be deemed to be a notice making the election terms and conditions set forth in accordance with paragraph a)(i) above
c) If you make an election in accordance with paragraph a)(i)Article XXII below, and provided we have received all amounts owing under this Rental Agreement, we irrevocably waive our rights to receive the Total Fortnightly Rental installments due more than 30 days after our receipt of your written notice of election.
d) If you make an election in accordance with paragraph a)(ii), and provided we have received all amounts owing under this Rental Agreement (including the amounts required under paragraph a)(ii)); then;
(i) The term of this Rental Agreement shall be completed.
(ii) We irrevocably waive our right to receive any Total Fortnightly Rental Installments which would otherwise become due after the receipt by us of the amount required under paragraph a)(ii);
(iii) Where you make a request under clause 21(a)(ii) there not being at the person to whom we gift the goods assumes and bears the risk time of all theft, loss such election any existing Third Party Subleases. Lessee shall not enter into any additional subleases or damage renew any subleases with respect to the Goods from the time you give them notice Premises following Lessee's election of the giftSale Option. Following Lessee's election of the Sale Option, Lessee shall not remove any Alterations.
e) Notwithstanding anything contained in this Rental Agreement, you have no right or obligation at any time to purchase the Goods.
Appears in 1 contract
Sources: Master Lease (Del Monte Foods Co)
End of Term Options. (a) At any time So long as no Default exists hereunder and the Term has not been earlier terminated, Lessee shall have the option upon the expiration of the Basic Term of the Schedule upon at least one hundred eighty (180) days' prior written notice to Lessor, to renew the Term with respect to, or to purchase, all (but not less than 6 all) of the Equipment described on such Schedule upon the following terms and conditions:
(1) Upon expiration of the Basic Term, Lessee may elect to renew the Term with respect to all, but not less than all, of such Equipment for a renewal term of thirty-one (31) months prior (the "Renewal Term") at a monthly rent calculated as 1.279720% of the Capitalized Lessor's Cost -------- of such Equipment.
(2) Upon expiration of the Basic Term, Lessee may elect to purchase all (but not less than all) of such Equipment on the Basic Term Expiration Date on an AS IS BASIS for cash equal to the expiry greater of (x) thirty-five percent (35%) of the Agreed Term, you may give us 30 days notice that at the end Capitalized Lessor's Cost of the Agreed Term or 30 days after our receipt of the notice (whichever date is the later) you elect to;
(i) return the Goods to us in accordance with Clause 18 or
(ii) Request that we gift the Goods and transfer title in them to family member or friend nominated by you.
b) If you do nothingsuch Equipment, or fail (2) the then Fair Market Value of such Equipment (plus all applicable sales taxes). On the Basic Term Expiration Date, Lessee shall pay to give us notice under this ClauseLessor in immediately available funds the full purchase price (plus all applicable sales taxes), together with any rent or fail to provide us with the identity and address of your nominated family member or friend, the payment of the final Total Fortnightly Rental installment other sums then due hereunder on such date. Lessee shall be deemed to be a notice making the election in accordance have waived this option unless it provides Lessor with paragraph a)(i) above
c) If you make an election in accordance with paragraph a)(i), and provided we have received all amounts owing under this Rental Agreement, we irrevocably waive our rights to receive the Total Fortnightly Rental installments due more than 30 days after our receipt of your written notice of election.
dits irrevocable election to exercise the same within fifteen (15) If you make an election in accordance with paragraph a)(iidays after Fair Market Value is determined (by agreement or appraisal), and provided we have received all amounts owing under this Rental Agreement (including the amounts required under paragraph a)(ii)); then;
(i) The term of this Rental Agreement shall be completed.
(ii3) We irrevocably waive our right to receive any Total Fortnightly Rental Installments which would otherwise become due after the receipt by us If Lessee timely exercises its renewal option above, then, upon expiration of the amount required under paragraph a)(ii);Renewal Term, so long as no Default exists hereunder, Lessee may elect , upon at least one hundred eighty (180) days' prior written notice to Lessor:
(iiiA) Where you make further to renew the Term with respect to all, but not less than all, of such Equipment for an additional renewal term and at a request under clause 21(a)(iiperiodic rent subject to mutual agreement of the parties; or
(B) to purchase on the person to whom we gift expiration date of the goods assumes and bears the risk first Renewal Term all (but not less than all) of all theft, loss or damage such Equipment on an AS IS BASIS for cash equal to the Goods from then Fair Market Value of such Equipment (plus all applicable sales taxes). On the time you give them expiration date of the first Renewal Term, Lessor shall receive in cash the full purchase price (plus all applicable sales taxes), together with any rent or other sums then due hereunder on such date. Lessee shall be deemed to have waived this option unless it provides Lessor with written notice of its irrevocable election to exercise the giftsame within fifteen (15) days after Fair Market Value is determined (by agreement or appraisal).
e(C) Notwithstanding anything contained If Lessee is then in this Rental AgreementDefault under the Lease, you have no right or obligation at any time if Lessee fails timely to elect to renew the Term pursuant to Paragraph A above, or to purchase the GoodsEquipment pursuant to Paragraph B above, then on the expiration date of the Renewal Term, Lessee shall return such Equipment in full compliance with Section XI of the Agreement and Annex G to the Schedule on or prior to the expiration date of the Renewal Term.
Appears in 1 contract
Sources: Equipment Schedule (Continental Caribbean Containers Inc)
End of Term Options. aAt least one hundred and eighty (180) At any time not earlier than 6 months days prior to the expiry Return Date, the Lessee shall, by delivery of an irrevocable written notice to the Administrative Agent, exercise one of the Agreed Termfollowing options:
(a) Purchase for cash for the Purchase Amount all, you may give us 30 days notice but not less than all, of the Leased Property then subject to this Lease on the last day of the Lease Term (the “Purchase Option”); and if the Lessee shall have elected the Purchase Option, upon the payment to the Lessor of the Purchase Amount, the Leased Property shall be transferred to the Lessee (or its designee or assignee provided that the Lessee shall remain primarily liable for all payments due in respect of the Purchase Option election) pursuant to Section 23.11 whereupon this Lease shall terminate except for such provisions which expressly survive such a termination; or
(b) Provided no Default or Event of Default shall be continuing, return the Leased Property to the Lessor at the end of the Agreed Term or 30 days after our receipt scheduled expiration date of the notice Lease Term (whichever date is the later) you elect to;
(i) return “Return Option”). The Return Option shall be conditioned upon and subject to the Goods to us fulfillment by the Lessee of each of the terms and conditions set forth in accordance with Clause 18 or
(ii) Request that we gift the Goods and transfer title in them to family member or friend nominated by you.
b) If you do nothingArticle XXII and, or fail to give us notice under this Clause, or fail to provide us with the identity and address of your nominated family member or friendthereafter, the payment Lessee shall have no further obligations to pay Basic Rent or the remaining Lease Balance. The Lessee shall not enter into any additional subleases or renew any subleases with respect to the Leased Property following the Lessee’s election of the final Total Fortnightly Rental installment shall be deemed to be a notice making Return Option. Following the Lessee’s election in accordance with paragraph a)(i) above
c) If you make an election in accordance with paragraph a)(i), and provided we have received all amounts owing under this Rental Agreement, we irrevocably waive our rights to receive the Total Fortnightly Rental installments due more than 30 days after our receipt of your written notice of election.
d) If you make an election in accordance with paragraph a)(ii), and provided we have received all amounts owing under this Rental Agreement (including the amounts required under paragraph a)(ii)); then;
(i) The term of this Rental Agreement shall be completed.
(ii) We irrevocably waive our right to receive any Total Fortnightly Rental Installments which would otherwise become due after the receipt by us of the amount required under paragraph a)(ii);
(iii) Where you make a request under clause 21(a)(ii) Return Option, the person to whom we gift the goods assumes and bears the risk of all theft, loss or damage to the Goods from the time you give them notice of the giftLessee shall not remove any Alterations.
e) Notwithstanding anything contained in this Rental Agreement, you have no right or obligation at any time to purchase the Goods.
Appears in 1 contract
Sources: Lease Agreement (Cubic Corp /De/)
End of Term Options. At least 270 days before the scheduled expiration date of the Lease Term, Lessee shall, by delivery of written notice to Lessor and the Agent, exercise one of the following options:
(a) At any time Renew this Lease (together with each Lease Supplement) with respect to all, but not earlier less than 6 months prior to the expiry all, of the Agreed TermPremises for five (5) additional one-year Lease Renewal Terms (the "Renewal Option") on the terms and conditions set forth herein and in the other Operative Documents; provided, you may give us 30 days notice that however, such Renewal Option shall be available at the end of the Agreed Base Term or 30 days after our receipt only if the conditions to the Extension Option set forth in Section 2.14 of the notice Participation Agreement are satisfied; and provided further, that the Renewal Option shall not be available during the fifth Renewal Term; or
(whichever date is b) Purchase for cash for the laterPurchase Amount all, but not less than all, of the Premises then subject to this Lease on the last day of the Lease Term (the "Purchase Option"); and if Lessee shall have elected the Purchase Option, Lessor shall, upon the payment to Lessor of the Purchase Amount, transfer all of Lessor's right, title and interest in and to the Premises pursuant to Section 23.16; or
(c) you elect to;
Sell on behalf of Lessor for cash to a single purchaser not in any way affiliated with Lessee or any of its Affiliates all, but not less than all, of the Premises then subject to this Lease on the last day of the Lease Term (the "Sale Option"). Lessee's right to sell the Premises pursuant to the Sale Option shall be conditioned upon and subject to (i) return the Goods to us fulfillment by Lessee of each of the terms and conditions set forth in accordance with Clause 18 or
Article XXII and (ii) Request that we gift there not being at the Goods and transfer title in them time of such election any existing Third Party Subleases. Lessee shall not enter into any additional subleases or renew any subleases with respect to family member or friend nominated by you.
b) If you do nothing, or fail to give us notice under this Clause, or fail to provide us with the identity and address of your nominated family member or friend, the payment Premises following Lessee's election of the final Total Fortnightly Rental installment shall be deemed to be a notice making the Sale Option. Following Lessee's election in accordance with paragraph a)(i) above
c) If you make an election in accordance with paragraph a)(i), and provided we have received all amounts owing under this Rental Agreement, we irrevocably waive our rights to receive the Total Fortnightly Rental installments due more than 30 days after our receipt of your written notice of election.
d) If you make an election in accordance with paragraph a)(ii), and provided we have received all amounts owing under this Rental Agreement (including the amounts required under paragraph a)(ii)); then;
(i) The term of this Rental Agreement shall be completed.
(ii) We irrevocably waive our right to receive any Total Fortnightly Rental Installments which would otherwise become due after the receipt by us of the amount required under paragraph a)(ii);
(iii) Where you make a request under clause 21(a)(ii) the person to whom we gift the goods assumes and bears the risk of all theftSale Option, loss or damage to the Goods from the time you give them notice of the giftLessee shall not remove any Alterations.
e) Notwithstanding anything contained in this Rental Agreement, you have no right or obligation at any time to purchase the Goods.
Appears in 1 contract
Sources: Master Lease (Del Monte Foods Co)
End of Term Options. (a) At any time not earlier than 6 months In connection with the expiration of the Initial Term or the Renewal Term, as applicable, the Lessee shall be obligated to (i) renew the Lease (upon the terms and subject to the conditions specified in Subsection (b) below); (ii) exercise the Termination Option or (iii) purchase the Property subject to this Lease pursuant to Section 14(a) hereof (the "PURCHASE OPTION"). In the event that by the 74th day prior to the expiry expiration of the Agreed Initial Term or the Renewal Term, you may give us 30 days notice that as applicable, the Lessee has not elected any of the options in clauses (i), (ii) or (iii), the Lessee shall be required to exercise the Purchase Option at the end of the Agreed Term or 30 days after our receipt Lease Term, except that the notice described in the first sentence of Section 14(a) need not be given, and Lessee shall not have the right to extend the closing date for the purchase of the notice Property as described in Section 14(a).
(whichever date is the laterb) you elect to;
If (i) return the Goods to us in accordance with Clause 18 or
no Event of Default or Unmatured Event of Default shall have occurred and be continuing, (ii) Request that we gift the Goods and transfer title in them to family member or friend nominated by you.
b) If you do nothingthis Lease shall not have been earlier terminated, or fail to give us notice under this Clause, or fail to provide us with the identity and address of your nominated family member or friend, the payment of the final Total Fortnightly Rental installment shall be deemed to be a notice making the election in accordance with paragraph a)(i) above
c) If you make an election in accordance with paragraph a)(i), and provided we have received all amounts owing under this Rental Agreement, we irrevocably waive our rights to receive the Total Fortnightly Rental installments due more than 30 days after our receipt of your written notice of election.
d) If you make an election in accordance with paragraph a)(ii), and provided we have received all amounts owing under this Rental Agreement (including the amounts required under paragraph a)(ii)); then;
(i) The term of this Rental Agreement shall be completed.
(ii) We irrevocably waive our right to receive any Total Fortnightly Rental Installments which would otherwise become due after the receipt by us of the amount required under paragraph a)(ii);
(iii) Where you make a request under clause 21(a)(ii) Agent (on behalf of the person to whom we gift the goods assumes Lessors), in its sole and bears the risk of all theftabsolute discretion, loss or damage shall have first notified Lessee that it has consented to the Goods from the time you give them notice exercise by Lessee of the gift.
e) Notwithstanding anything contained rights set forth in this Rental AgreementSection 15(b), you then Lessee shall have the right (which right shall be exercised by the delivery of an appropriately completed Renewal Notice (the "RENEWAL NOTICE") sent to the Agent at least 75 days prior to the end of the Lease Term substantially in the form of Exhibit I hereto) to extend this Lease as to all of the Property then subject to this Lease, for a period ("RENEWAL TERM") of five (5) years. The Renewal Term shall commence, if at all, on the last day of the Initial Lease Term. In no right or obligation at any time to purchase event may the Goods.Renewal Term extend beyond the last day of the Rent Period ending in April 10, 2006 [INSERT DATE THAT IS 5 YEARS AFTER END OF INITIAL
Appears in 1 contract
Sources: Purchase and Master Lease Agreement (Novellus Systems Inc)
End of Term Options. (a) At any time So long as no Default exists hereunder and the Term has not been earlier terminated, Lessee shall have the option upon the expiration of the Basic Term of the Schedule upon at least one hundred eighty (180) days' prior written notice to Lessor, to renew the Term with respect to, or to purchase, all (but not less than 6 all) of the Equipment described on such Schedule upon the following terms and conditions:
(1) Upon expiration of the Basic Term, Lessee may elect to renew the Term with respect to all, but not less than all, of such Equipment for a renewal term of thirty-one (31) months prior (the "Renewal Term") at a monthly rent calculated as 1.279720% of the Capitalized -------- Lessor's Cost of such Equipment.
(2) Upon expiration of the Basic Term, Lessee may elect to purchase all (but not less than all) of such Equipment on the Basic Term Expiration Date on an AS IS BASIS for cash equal to the expiry greater of (x) thirty-five percent (35%) of the Agreed Term, you may give us 30 days notice that at the end Capitalized Lessor's Cost of the Agreed Term or 30 days after our receipt of the notice (whichever date is the later) you elect to;
(i) return the Goods to us in accordance with Clause 18 or
(ii) Request that we gift the Goods and transfer title in them to family member or friend nominated by you.
b) If you do nothingsuch Equipment, or fail (2) the then Fair Market Value of such Equipment (plus all applicable sales taxes). On the Basic Term Expiration Date, Lessee shall pay to give us notice under this ClauseLessor in immediately available funds the full purchase price (plus all applicable sales taxes), together with any rent or fail to provide us with the identity and address of your nominated family member or friend, the payment of the final Total Fortnightly Rental installment other sums then due hereunder on such date. Lessee shall be deemed to be a notice making the election in accordance have waived this option unless it provides Lessor with paragraph a)(i) above
c) If you make an election in accordance with paragraph a)(i), and provided we have received all amounts owing under this Rental Agreement, we irrevocably waive our rights to receive the Total Fortnightly Rental installments due more than 30 days after our receipt of your written notice of election.
dits irrevocable election to exercise the same within fifteen (15) If you make an election in accordance with paragraph a)(iidays after Fair Market Value is determined (by agreement or appraisal), and provided we have received all amounts owing under this Rental Agreement (including the amounts required under paragraph a)(ii)); then;
(i) The term of this Rental Agreement shall be completed.
(ii3) We irrevocably waive our right to receive any Total Fortnightly Rental Installments which would otherwise become due after the receipt by us If Lessee timely exercises its renewal option above, then, upon expiration of the amount required under paragraph a)(ii);Renewal Term, so long as no Default exists hereunder, Lessee may elect , upon at least one hundred eighty (180) days' prior written notice to Lessor:
(iiiA) Where you make further to renew the Term with respect to all, but not less than all, of such Equipment for an additional renewal term and at a request under clause 21(a)(iiperiodic rent subject to mutual agreement of the parties; or
(B) to purchase on the person to whom we gift expiration date of the goods assumes and bears the risk first Renewal Term all (but not less than all) of all theft, loss or damage such Equipment on an AS IS BASIS for cash equal to the Goods from then Fair Market Value of such Equipment (plus all applicable sales taxes). On the time you give them expiration date of the first Renewal Term, Lessor shall receive in cash the full purchase price (plus all applicable sales taxes), together with any rent or other sums then due hereunder on such date. Lessee shall be deemed to have waived this option unless it provides Lessor with written notice of its irrevocable election to exercise the giftsame within fifteen (15) days after Fair Market Value is determined (by agreement or appraisal).
e(C) Notwithstanding anything contained If Lessee is then in this Rental AgreementDefault under the Lease, you have no right or obligation at any time if Lessee fails timely to elect to renew the Term pursuant to Paragraph A above, or to purchase the GoodsEquipment pursuant to Paragraph B above, then on the expiration date of the Renewal Term, Lessee shall return such Equipment in full compliance with Section XI of the Agreement and Annex G to the Schedule on or prior to the expiration date of the Renewal Term.
Appears in 1 contract
Sources: Equipment Schedule (Continental Caribbean Containers Inc)
End of Term Options. aNot later than one hundred and eighty (180) At any time not earlier than 6 months days prior to the expiry Return Date, the Lessee shall, by delivery of an irrevocable written notice to the Administrative Agent, exercise one of the Agreed Term, you may give us 30 days notice that at following options with respect to each applicable Leased Property:
(a) Purchase (or cause its designee to purchase) for cash for the end Purchase Amount the Leased Property then subject to this Lease on the last day of the Agreed Lease Term or 30 days after our receipt (the “Purchase Option”); and if the Lessee shall have elected the Purchase Option, upon the payment to the Lessor of the notice Purchase Amount, the Leased Property shall be transferred to the Lessee (whichever date is or its designee or assignee provided that the laterLessee shall remain primarily liable for all payments due in respect of the Purchase Option election) you elect topursuant to Section 23.11 whereupon this Lease shall terminate except for such provisions which expressly survive such a termination;
(ib) Provided no Default or Event of Default shall have occurred and be continuing, return the Goods Leased Property to us the Lessor on the Maturity Date (the “Return Option”). The Return Option shall be conditioned upon and subject to the fulfillment by the Lessee of each of the terms and conditions set forth in Article XXII and, thereafter, the Lessee shall have no further obligations to pay Basic Rent or the remaining Lease Balance or Adjusted Lease Balance. The Lessee shall not enter into any new or additional subleases or renew any subleases with respect to the Leased Property following the Lessee’s election of the Return Option. Following the Lessee’s election of the Return Option, the Lessee shall not remove any Alterations, unless such Alterations are not part of the Leased Property and the removal of such Alterations is performed in accordance with Clause 18 the terms hereof; or
(iic) Request that we gift Subject to the Goods terms and transfer title conditions set forth in them to family member or friend nominated by you.
b) If you do nothing, or fail to give us notice under this Clause, or fail to provide us with the identity and address of your nominated family member or friend, the payment Section 2.16 of the final Total Fortnightly Rental installment shall be deemed to be a notice making the election in accordance with paragraph a)(i) above
c) If you make an election in accordance with paragraph a)(i), and provided we have received all amounts owing under this Rental Participation Agreement, we irrevocably waive our rights to receive exercise the Total Fortnightly Rental installments due more than 30 days after our receipt of your written notice of election.
d) If you make an election in accordance with paragraph a)(ii), Extension Option and provided we have received all amounts owing under this Rental Agreement (including extend the amounts required under paragraph a)(ii)); then;
(i) The term of this Rental Agreement shall be completedLease for the Lease Extension Term.
(ii) We irrevocably waive our right to receive any Total Fortnightly Rental Installments which would otherwise become due after the receipt by us of the amount required under paragraph a)(ii);
(iii) Where you make a request under clause 21(a)(ii) the person to whom we gift the goods assumes and bears the risk of all theft, loss or damage to the Goods from the time you give them notice of the gift.
e) Notwithstanding anything contained in this Rental Agreement, you have no right or obligation at any time to purchase the Goods.
Appears in 1 contract
Sources: Lease Agreement (Big Lots Inc)
End of Term Options. aAt least one hundred eighty (180) At any time days before the Expiration Date of the Term, but not earlier more than 6 months three hundred and sixty-five (365) days prior to the expiry Expiration Date of the Agreed Term, you may give us 30 days Lessee shall, by delivery of written notice to Lessor and the Administrative Agent, exercise one of the following options:
(a) Request to renew this Lease with respect to the Leased Property for an additional five-year Lease Renewal Term after the First Renewal Term (the “Renewal Option”) on the terms and conditions set forth herein and in the other Operative Documents to which Lessee or an Affiliate of Lessee is a party; provided, however, that the Renewal Option shall be available at the end of the Agreed Term or 30 days after our receipt only if the conditions to the Renewal Option set forth herein and in Section 4.7 of the notice Participation Agreement are satisfied; and provided, further, that the Renewal Option shall not be exercisable for a total of more than one (whichever date is 1) Lease Renewal Term after the later) you elect toFirst Renewal Term;
(ib) return Purchase for an amount in immediately available funds equal to the Goods Purchase Amount all, but not less than all, of the Leased Property, other Collateral and Parcel D Ground Leased Property on or before the last day of the Term (the “Purchase Option”); and if Lessee shall have elected to us purchase the Leased Property, other Collateral and Parcel D Ground Leased Property, (1) Lessee may (A) assign its right to purchase the Leased Property, other Collateral and Parcel D Ground Leased Property hereunder to a third party, in which case such third party shall consummate the purchase of the Leased Property, other Collateral and Parcel D Ground Leased Property on or before the last day of the Term; provided that, if such third party fails to consummate the purchase of the Leased Property, other Collateral and Parcel D Ground Leased Property on or before the last day of the Term, Lessee shall consummate the purchase of the Leased Property, other Collateral and Parcel D Ground Leased Property on the last day of the Term or (B) designate a third party to acquire title to the Leased Property, other Collateral and Parcel D Ground Leased Property, without assigning Lessee’s rights to purchase the Leased Property, other Collateral and Parcel D Ground Leased Property hereunder and (2) Lessor shall, upon the payment to Administrative Agent of the Purchase Amount then due and payable by Lessee under the Operative Documents, transfer all of Lessor’s right, title and interest in and to the Leased Property, other Collateral and Parcel D Ground Leased Property to Lessee or such other party designated by Lessee pursuant to Section 21.1; or
(c) Commit to sell on behalf of Lessor for cash to a single purchaser not in any way affiliated with Lessee or any of its Subsidiaries all, but not less than all, of the Leased Property, other Collateral and Parcel D Ground Leased Property on the last day of the Term (the “Sale Option”). Lessee’s right to sell the Leased Property, other Collateral and Parcel D Ground Leased Property pursuant to the Sale Option shall be conditioned upon and subject to the fulfillment by Lessee of each of the terms and conditions applicable to Lessee set forth in Article XX (unless waived in accordance with Clause 18 or
(ii) Request that we gift the Goods and transfer title in them terms set forth therein). In addition, such sale shall be subject to family member all subleases with respect to the Leased Property to Persons who are not Affiliates or friend nominated by you.
b) If you do nothing, or fail to give us notice under this Clause, or fail to provide us with the identity and address Subsidiaries of your nominated family member or friendParent Guarantor, the payment Home Depot Ground Lease and the Parcel D Ground Lease. Lessee shall not enter into any additional subleases or renew any subleases (other than on market terms or otherwise pursuant to express rights therefor under the existing subleases) with respect to the Leased Property following Lessee’s election of the final Total Fortnightly Rental installment shall be deemed to be a notice making the Sale Option. Following Lessee’s election in accordance with paragraph a)(i) above
c) If you make an election in accordance with paragraph a)(i), and provided we have received all amounts owing under this Rental Agreement, we irrevocably waive our rights to receive the Total Fortnightly Rental installments due more than 30 days after our receipt of your written notice of election.
d) If you make an election in accordance with paragraph a)(ii), and provided we have received all amounts owing under this Rental Agreement (including the amounts required under paragraph a)(ii)); then;
(i) The term of this Rental Agreement shall be completed.
(ii) We irrevocably waive our right to receive any Total Fortnightly Rental Installments which would otherwise become due after the receipt by us of the amount required Sale Option, Lessee shall not remove any Modifications or commence any voluntary Modifications under paragraph a)(ii);
Section 10.1(a)(ii) (iiiother than Required Modifications) Where you make a request under clause 21(a)(ii) without the person to whom we gift the goods assumes and bears the risk of all theft, loss or damage to the Goods from the time you give them notice consent of the giftRequired Participants (which consent shall not be unreasonably withheld, conditioned or delayed) unless required to comply with Applicable Laws or avoid or address an emergency.
e) Notwithstanding anything contained in this Rental Agreement, you have no right or obligation at any time to purchase the Goods.
Appears in 1 contract
Sources: Lease and Remedies Agreement (Regeneron Pharmaceuticals, Inc.)
End of Term Options. At least 180 days before the scheduled expiration date of the Term, Lessee shall, by delivery of written notice to Agent Lessor and each Agent, exercise one of the following options:
(a) At any time not earlier than 6 months prior Renew this Lease (the "Renewal Option") with respect to the expiry of Premises for two additional one-year periods (each, a "Lease Renewal Term") on the Agreed Termterms and conditions set forth herein and in the other Operative Documents; provided, you may give us 30 days notice that however, such Renewal Option shall be available at the end of the Agreed Base Term or 30 days after our receipt and the first Lease Renewal Term only if the conditions to the Extension Option set forth in Section 4.4 of the notice (whichever date is Participation Agreement are satisfied; and provided further, that the later) you elect to;
(i) return Renewal Option shall not be available during the Goods to us in accordance with Clause 18 second Lease Renewal Term; or
(ii) Request that we gift the Goods and transfer title in them to family member or friend nominated by you.
b) If you do nothing, or fail to give us notice under this Clause, or fail to provide us with Purchase for cash for the identity and address of your nominated family member or friend, Purchase Amount the payment Premises on the last day of the final Total Fortnightly Rental installment shall be deemed to be a notice making Term (the election in accordance with paragraph a)(i) above
c) If you make an election in accordance with paragraph a)(i), and provided we have received all amounts owing under this Rental Agreement, we irrevocably waive our rights to receive the Total Fortnightly Rental installments due more than 30 days after our receipt of your written notice of election.
d) If you make an election in accordance with paragraph a)(ii), and provided we have received all amounts owing under this Rental Agreement (including the amounts required under paragraph a)(ii)"Purchase Option"); then;
(i) The term of this Rental Agreement and if Lessee shall be completed.
(ii) We irrevocably waive our right to receive any Total Fortnightly Rental Installments which would otherwise become due after the receipt by us of the amount required under paragraph a)(ii);
(iii) Where you make a request under clause 21(a)(ii) the person to whom we gift the goods assumes and bears the risk of all theft, loss or damage to the Goods from the time you give them notice of the gift.
e) Notwithstanding anything contained in this Rental Agreement, you have no right or obligation at any time elected to purchase the GoodsPremises, Agent Lessor shall, upon the payment to Agent Lessor of the Purchase Amount then due and payable by Lessee under the Operative Documents, transfer all of Agent Lessor's right, title and interest in and to the Premises pursuant to Section 21.1; or
(c) Sell on behalf of Agent Lessor for cash to a single purchaser not in any way affiliated with Lessee or any of its Affiliates the Premises on the last day of the Term (the "Sale Option"). Lessee's right to sell the Premises pursuant to the Sale Option shall be conditioned upon and subject to the fulfillment by Lessee of each of the terms and conditions set forth in Article XX. In addition, unless otherwise approved by the Required Participants, all subleases with respect to the Premises shall have been terminated prior to Agent Lessor's receipt of Lessee's election of the Sale Option. Lessee shall not enter into any additional subleases or renew any subleases with respect to the Premises following Lessee's election of the Sale Option. Following Lessee's election of the Sale Option, Lessee shall not remove any Modifications or commence any voluntary Modifications without the consent of the Required Participants.
Appears in 1 contract
End of Term Options. At least two hundred seventy (270) days before the scheduled expiration date of the Term, Lessee shall, by delivery of written notice to Lessor and each Administrative Agent, exercise one of the following options:
(a) At any time not earlier than 6 months prior Renew this Lease with respect to the expiry of Leased Property for an additional one-year term (each, a "LEASE RENEWAL TERM") on the Agreed terms and conditions set forth herein and in the other Operative Documents (the "RENEWAL OPTION"); PROVIDED, HOWEVER, that the Renewal Option shall not be available during the second Lease Renewal Term, you may give us 30 days notice that at the end of the Agreed Term or 30 days after our receipt of the notice (whichever date is the later) you elect to;
(i) return the Goods to us in accordance with Clause 18 ; or
(ii) Request that we gift the Goods and transfer title in them to family member or friend nominated by you.
b) If you do nothing, or fail to give us notice under this Clause, or fail to provide us with Purchase for cash for the identity and address of your nominated family member or friend, the payment Purchase Amount all of the final Total Fortnightly Rental installment shall be deemed to be a notice making Leased Property on the election in accordance with paragraph a)(i) above
c) If you make an election in accordance with paragraph a)(i), and provided we have received all amounts owing under this Rental Agreement, we irrevocably waive our rights to receive last day of the Total Fortnightly Rental installments due more than 30 days after our receipt of your written notice of election.
d) If you make an election in accordance with paragraph a)(ii), and provided we have received all amounts owing under this Rental Agreement Term (including the amounts required under paragraph a)(ii)"PURCHASE OPTION"); then;
(i) The term of this Rental Agreement and if Lessee shall be completed.
(ii) We irrevocably waive our right to receive any Total Fortnightly Rental Installments which would otherwise become due after the receipt by us of the amount required under paragraph a)(ii);
(iii) Where you make a request under clause 21(a)(ii) the person to whom we gift the goods assumes and bears the risk of all theft, loss or damage to the Goods from the time you give them notice of the gift.
e) Notwithstanding anything contained in this Rental Agreement, you have no right or obligation at any time elected to purchase the GoodsLeased Property, Lessor shall, upon the payment to Lessor of the Purchase Amount then due and payable by Lessee under the Operative Documents, transfer all of Lessor's right, title and interest in and to the Leased Property pursuant to SECTION 21.1; or
(c) Sell all of the Leased Property on behalf of Lessor for cash to a single purchaser not in any way affiliated with Lessee, any of its Affiliates on the last day of the Term (the "SALE OPTION"). ▇▇▇▇▇▇'s right to sell the Leased Property pursuant to the Sale Option shall be conditioned upon and subject to the fulfillment by Lessee of each of the terms and conditions set forth in ARTICLE XX. In addition, all subleases with respect to the Leased Property shall have been terminated prior to ▇▇▇▇▇▇'s receipt of ▇▇▇▇▇▇'s election of the Sale Option. Lessee shall not enter into any additional subleases or renew any subleases with respect to the Leased Property following ▇▇▇▇▇▇'s election of the Sale Option, and Lessee shall not remove any Modifications or commence any voluntary Modifications without the consent of the Required Participants.
Appears in 1 contract
End of Term Options. At least 270 days before the last day ------------------- of the Basic Term or the first Renewal Term, if effective, Lessee shall, by delivery of written notice to Lessor and the Certificate Purchasers, exercise one of the following options:
(a) At any time subject to Section 4.3(b), renew this Lease with respect to all, -------------- but not earlier less than 6 months prior to the expiry all, of the Agreed Leased Property then subject hereto for an additional five-year Renewal Term (the "Renewal Option") on the terms and -------------- conditions set forth herein and in the other Operative Documents, including Lessee's obligation to pay Rent, including Basic Rent, during the Renewal Term on each Payment Date occurring during such Renewal Term; however, you may give us 30 days notice that such Renewal ------- Option shall not be available at the end of the Agreed second Renewal Term; or --
(b) purchase for cash for the Purchase Option Exercise Amount all, but not less than all, of the Leased Property then subject to this Lease on the last day of the Basic Term or 30 days after our receipt Renewal Term, as applicable (the "Purchase -------- Option"); and if Lessee shall have elected to purchase the Leased Property, ------ Lessor shall, upon the payment to Lessor of the notice Purchase Option Exercise Amount then due and payable by Lessee under the Operative Documents, transfer by special warranty deed all of Lessor's right, title and interest in and to the Leased Property to Lessee or its designee, without recourse or warranty (whichever date is except as to the laterabsence of Lessor Liens and such other matters contained in the special warranty deed); or --
(c) you elect to;
subject to the satisfaction of the conditions set forth in Section 9.5 and if no Default or Event of Default exists on or prior to the ----------- Lease Termination Date, sell on behalf of Lessor for cash to a purchaser not in any way affiliated with Lessee all, but not less than all, of the Leased Property then subject to this Lease on the last day of the Basic Term or Renewal Term, as applicable (the "Sale Option"). Simultaneously with a sale pursuant to ----------- the Sale Option, Lessee shall pay to Lessor (i) return all accrued and unpaid Rent, if any, plus all other amounts, fees and expenses then due and payable under the Goods to us in accordance with Clause 18 or
Operative Documents (other than the Lease Balance) and (ii) Request that we gift as Supplemental Rent, from the Goods and transfer title in them to family member gross proceeds of the sale of the Leased Property, without deductions or friend nominated by you.
b) If you do nothing, or fail to give us notice under this Clause, or fail to provide us with expense reimbursements (the identity and address of your nominated family member or friend"Proceeds"), the payment aggregate outstanding -------- Lease Balance as of the final Total Fortnightly Rental installment shall be deemed Lease Termination Date. If the Proceeds exceed the aggregate outstanding Lease Balance and such other amounts are paid, Lessee will retain the portion of the Proceeds in excess thereof. If the Proceeds are less than the aggregate outstanding Lease Balance, Lessee will pay or will cause to be a notice making paid to Lessor, as Supplemental Rent, on the election Lease Termination Date, in accordance with paragraph a)(i) above
c) If you make an election addition to the Proceeds and the other amounts referred to in accordance with paragraph a)(i), and provided we have received all amounts owing under this Rental Agreement, we irrevocably waive our rights to receive the Total Fortnightly Rental installments due more than 30 days after our receipt of your written notice of election.
d) If you make an election in accordance with paragraph a)(ii), and provided we have received all amounts owing under this Rental Agreement (including the amounts required under paragraph a)(ii)); then;
clause (i) above, ---------- the Sale Recourse Amount, it being understood, however, that the amount payable pursuant to this Section 9.1(c) shall in no event be construed to limit any -------------- other obligation of Lessee under the Operative Documents, including, without limitation, pursuant to Section 6, Section 7.7, Section 9.5 and Section 14.1. --------- ----------- ----------- ------------- The term of this Rental Agreement "Sale Recourse Amount" shall be completed.
the lesser of (i) the Applicable Percentage Amount and (ii) We irrevocably waive our right to receive any Total Fortnightly Rental Installments which would otherwise become due after the receipt by us excess of the amount required under paragraph a)(ii);
(iii) Where you make a request under clause 21(a)(ii) aggregate outstanding Lease Balance over Proceeds. The obligation of Lessee to pay the person to whom we gift the goods assumes and bears the risk of all theft, loss or damage to the Goods from the time you give them notice of the gift.
e) Notwithstanding anything contained amounts provided in this Rental Agreement, you have no right or obligation at any time to purchase the Goods.Section ------- 9.1
Appears in 1 contract
Sources: Lease Agreement (Alco Standard Corp)
End of Term Options. Nor more than one hundred eighty (180) days and at least one hundred twenty (120) days before the Expiration Date of the Term, Lessee shall, by delivery of written notice to Lessor and the Administrative Agent, exercise one of the following options:
(a) At any time not earlier than 6 months prior Request to renew this Lease with respect to the expiry of Leased Property for an additional five-year Lease Renewal Term (the Agreed Term“Renewal Option”) on the terms and conditions set forth herein and in the other Operative Documents; provided, you may give us 30 days notice however, that the Renewal Option shall be available at the end of the Agreed Base Term only if the conditions to the Renewal Option set forth herein and in Section 4.7 of the Transaction Agreement are satisfied.
(b) Purchase for an amount in immediately available funds equal to the Purchase Amount all, but not less than all, of the Leased Property on the last day of the Term (the “Purchase Option”); and if Lessee shall have elected to purchase the Leased Property, (1) Lessee may (A) assign its right to purchase the Leased Property hereunder to a third party, in which case such third party shall consummate the purchase of the Leased Property on or before the last day of the Term, provided that if such third party fails to consummate the purchase of the Leased Property on or before the last day of the Term, Lessee shall consummate the purchase of the Leased Property on the last day of the Term or 30 days after our receipt (B) designate a third party to acquire title to the Leased Property, without assigning Lessee’s rights to purchase the Leased Property hereunder and (2) Lessor shall, upon the payment to Administrative Agent of the notice (whichever date is Purchase Amount then due and payable by Lessee under the later) you elect to;
(i) return Operative Documents, transfer all of Lessor’s right, title and interest in and to the Goods Leased Property pursuant to us in accordance with Clause 18 Section 21.1; or
(iic) Request that we gift the Goods and transfer title Sell on behalf of Lessor for cash to a single purchaser not in them to family member any way affiliated with Parent Guarantor, Lessee or friend nominated by you.
b) If you do nothingany of their respective Affiliates all, or fail to give us notice under this Clausebut not less than all, or fail to provide us with the identity and address of your nominated family member or friend, the payment of the final Total Fortnightly Rental installment Leased Property on the last day of the Term (the “Sale Option”). Lessee’s right to sell the Leased Property pursuant to the Sale Option shall be deemed conditioned upon and subject to be a notice making the election fulfillment by Lessee of each of the terms and conditions set forth in accordance Article XX. In addition, all subleases with paragraph a)(i) above
c) If you make an election in accordance with paragraph a)(i), and provided we respect to the Leased Property shall have received all amounts owing under this Rental Agreement, we irrevocably waive our rights been terminated prior to receive the Total Fortnightly Rental installments due more than 30 days after our ▇▇▇▇▇▇’s receipt of your written notice of election.
d) If you make an ▇▇▇▇▇▇’s election in accordance with paragraph a)(ii), and provided we have received all amounts owing under this Rental Agreement (including the amounts required under paragraph a)(ii)); then;
(i) The term of this Rental Agreement shall be completed.
(ii) We irrevocably waive our right to receive any Total Fortnightly Rental Installments which would otherwise become due after the receipt by us of the amount required under paragraph a)(ii);
(iii) Where you make a request under clause 21(a)(ii) the person to whom we gift the goods assumes and bears the risk of all theft, loss Sale Option. Lessee shall not enter into any additional subleases or damage renew any subleases with respect to the Goods from the time you give them notice Leased Property following ▇▇▇▇▇▇’s election of the giftSale Option. Following ▇▇▇▇▇▇’s election of the Sale Option, Lessee shall not remove any Modifications or commence any voluntary Modifications under Section 10.1(a)(ii) without the consent of the Required Participants.
e) Notwithstanding anything contained in this Rental Agreement, you have no right or obligation at any time to purchase the Goods.
Appears in 1 contract