Redelivery. (a) Lessee shall provide written notice to Lessor not less than one hundred eighty (180) days and not more than two hundred forty (240) days prior to the expiration of the term of any Schedule (or of any renewal thereof, if applicable) of Lessee's intent to return the Equipment to Lessor upon the expiration of the term of such Schedule. If lessee fails to provide the foregoing notice in a timely manner, the term of the applicable schedule automatically shall be deemed to have been extended, which extension shall continue until one hundred eighty (180) days after the date on which lessee provides the required notice, during which extension period lessee shall continue to pay to lessor per diem rent at the last prevailing lease rate under the applicable schedule; provided, however that Lessor may elect to terminate such extension at any time upon ten (10) days written notice to Lessee. During such extension period, the terms and conditions of this Lease (including, without limitation, the provisions of this Section 13) shall continue to be applicable. (b) Upon the expiration or earlier cancellation or termination of any Schedule, Lessee shall return the Equipment to Lessor free and clear of all Liens whatsoever, to such place(s) within the continental United States as Lessor shall specify. Lessee shall provide, at its expense, transit insurance for the redelivery period in an amount equal to the replacement value of the Equipment and Lessor shall be named as the loss payee on all such policies of insurance. Lessee shall cause: (1) the Supplier's representative or other qualified person acceptable to Lessor (the "Designated Person") to de- install the Equipment in accordance with the Supplier's specifications (as applicable) and pack the Equipment properly and in accordance with the Supplier's recommendations (as applicable); and (2) the Equipment to be transported in a manner consistent with the Supplier's recommendations and practices (as applicable). Upon return, the Equipment shall be: (i) in the same condition as when delivered to Lessee under the related Schedule, ordinary wear and tear excepted; (ii) mechanically and structurally sound, capable of performing the functions for which the Equipment was originally designed, in accordance with the Supplier's published and recommended specifications (as (c) If requested by Lessor, Lessee shall also deliver all related records and other data to Lessor, including all records of maintenance, modifications, additions and major repairs, computerized maintenance history, and any maintenance and repair manuals (collectively, the "Records"). All manuals or (d) In addition to Lessor's other rights and remedies hereunder, if the Equipment and the related Records are not returned in a timely fashion, or if repairs are necessary to place any item of Equipment in the condition required in this Section, Lessee shall (i) continue to pay to Lessor per diem rent at the last prevailing lease rate under the applicable Schedule with respect to such item of Equipment, for the period of delay in redelivery, and/or for the period of time reasonably necessary to accomplish such repairs, and (ii) pay to Lessor an amount equal to the aggregate cost of any such repairs. Lessor's acceptance of such rent on account of such delay and/or repair does not constitute an extension or renewal of the term of the related Schedule or a waiver of Lessor's right to prompt return of the Equipment in proper condition. Such amount shall be payable upon the earlier of Lessor's demand or the return of the Equipment in accordance with this Lease. (e) Without limiting any other terms or conditions of this Lease, the provisions of this Section are of the essence of each Schedule, and upon application to any court of equity having jurisdiction, Lessor shall be entitled to a decree against Lessee requiring Lessee's specific performance of its agreements and continued in this Section. this Section.
Appears in 1 contract
Redelivery. (a) Lessee shall provide written notice to Lessor not less than one hundred eighty (180) days and not more than two hundred forty (240) days prior to the expiration of the term of any Schedule (or of any renewal thereof, if applicable) of Lessee's ’s intent to return the Equipment described on such Schedule to Lessor upon the expiration of the term of such Schedule. If lessee fails to provide the foregoing notice in a timely mannerIF LESSEE FAILS TO PROVIDE THE FOREGOING NOTICE IN A TIMELY MANNER, the term of the applicable schedule automatically shall be deemed to have been extendedTHE TERM OF THE APPLICABLE SCHEDULE AUTOMATICALLY SHALL BE DEEMED TO HAVE BEEN EXTENDED, which extension shall continue until one hundred eighty WHICH EXTENSION SHALL CONTINUE UNTIL ONE HUNDRED EIGHTY (180) days after the date on which lessee provides the required noticeDAYS AFTER THE DATE ON WHICH LESSEE PROVIDES THE REQUIRED NOTICE, during which extension period lessee shall continue to pay to lessor per diem rent at the last prevailing lease rate under the applicable scheduleDURING WHICH EXTENSION PERIOD LESSEE SHALL CONTINUE TO PAY TO LESSOR PER DIEM RENT AT THE LAST PREVAILING LEASE RATE UNDER THE APPLICABLE SCHEDULE; provided, however that Lessor may elect to terminate such extension at any time upon ten (10) days written notice to Lessee. During such extension period, the terms and conditions of this Lease (including, without limitation, the provisions of this Section 13) shall continue to be applicable. Solely for purposes of the definition of Stipulated Loss Value in Section 12(d) hereof, any such extension shall be deemed a renewal of the term of such Schedule.
(b) Upon the expiration or earlier cancellation or termination of any Schedule, Lessee shall return the Equipment described on such Schedule to Lessor free and clear of all Liens whatsoever, to such place(s) any of Lessee’s distribution center locations within the continental United States as Lessor shall specifyStates. Lessee shall provide, at its expense, transit insurance for the redelivery period in an amount equal to the replacement value of the such Equipment and Lessor shall be named as the loss payee on all such policies of insurance. Lessee shall cause:
(1) the Supplier's ’s representative or other qualified person acceptable to Lessor (the "“Designated Person"”) to de- de-install the such Equipment in accordance with the Supplier's ’s specifications (as applicable) and pack the such Equipment properly and in accordance with the Supplier's ’s recommendations (as applicable); and (2) the such Equipment to be transported in a manner consistent with the Supplier's ’s recommendations and practices (as applicable). Upon return, the such Equipment shall be: (i) in the same condition as when delivered to Lessee under the related Schedule, ordinary wear and tear excepted; (ii) mechanically and structurally sound, capable of performing the functions for which the such Equipment was originally designed, in accordance with the Supplier's ’s published and recommended specifications (asas applicable); (iii) redelivered with all component parts in good operating condition (and all components must meet or exceed the Supplier’s minimum recommended specifications, unless otherwise agreed by Lessor in writing); (iv) redelivered with all software and documentation necessary for the operation of such Equipment for the performance of the functions for which such Equipment was originally designed (whether or not such software is embedded in or otherwise is a part of such Equipment); and (v) cleaned and cosmetically acceptable, with all Lessee-installed markings removed and all rust, corrosion or other contamination having been removed or properly treated, and in such condition so that it may be immediately installed and placed in service by a third party. Upon delivery, such Equipment shall be in compliance with all applicable Federal, state and local laws, and health and safety guidelines. Lessee shall be responsible for the cost of all repairs, alterations, inspections, appraisals, storage charges, insurance costs, demonstration costs and other related costs necessary to cause such Equipment to be in full compliance with the terms of this Lease.
(c) If requested by Lessor, Lessee ▇▇▇▇▇▇ shall also deliver all related records and other data to Lessor, including all records of maintenance, modifications, additions and major repairs, computerized maintenance history, and any maintenance and repair manuals (collectively, the "“Records"”). All manuals or
or other documents delivered to Lessor that are subject to periodic revision will be fully up-to-date and current to the latest revision standard of any particular manual or document. In the event any such Records are missing or incomplete, Lessor shall have the right to cause the same to be reconstructed at ▇▇▇▇▇▇’s expense. (d) In addition to Lessor's ’s other rights and remedies hereunder, if the such Equipment and the related Records are not returned in a timely fashion, or if repairs are necessary to place any item of Equipment in the condition required in this Section, Lessee shall (i) continue to pay to Lessor per diem rent at the last prevailing lease rate under the applicable Schedule with respect to such item of Equipment, for the period of delay in redelivery, and/or for the period of time reasonably necessary to accomplish such repairs, and (ii) pay to Lessor an amount equal to the aggregate cost of any such repairs. Lessor's ’s acceptance of such rent on account of such delay and/or repair does not constitute an extension or renewal of the term of the related Schedule or a waiver of Lessor's ’s right to prompt return of the such Equipment in proper condition. Such amount shall be payable upon the earlier of Lessor's ’s demand or the return of the such Equipment in accordance with this Lease.
(e) Without limiting any other terms or conditions of this Lease, the provisions of this Section are of the essence of each Schedule, and upon application to any court of equity having jurisdiction, Lessor shall be entitled to a decree against Lessee requiring Lessee's specific performance of its agreements and continued in this Section. this Section.
Appears in 1 contract
Sources: Lease Agreement
Redelivery. (a) Lessee shall provide written notice to Lessor not less than one hundred eighty (180) days and not more than two three hundred forty sixty-five (240365) days prior to the expiration of the term of any Schedule (or of any renewal thereof, if applicable) of Lessee's ’s intent to return the Equipment described on such Schedule to Lessor upon the expiration of the term of such Schedule. If lessee fails to provide the foregoing notice in a timely mannerIF LESSEE FAILS TO PROVIDE THE FOREGOING NOTICE IN A TIMELY MANNER, the term of the applicable schedule automatically shall be deemed to have been extendedTHE TERM OF THE APPLICABLE SCHEDULE AUTOMATICALLY SHALL BE DEEMED TO HAVE BEEN EXTENDED, which extension shall continue until one hundred eighty WHICH EXTENSION SHALL CONTINUE UNTIL ONE HUNDRED EIGHTY (180) days after the date on which lessee provides the required noticeDAYS AFTER THE DATE ON WHICH LESSEE PROVIDES THE REQUIRED NOTICE, during which extension period lessee shall continue to pay to lessor per diem rent at the last prevailing lease rate under the applicable scheduleDURING WHICH EXTENSION PERIOD LESSEE SHALL CONTINUE TO PAY TO LESSOR PER DIEM RENT AT THE LAST PREVAILING LEASE RATE UNDER THE APPLICABLE SCHEDULE; provided, however that Lessor may elect to terminate such extension at any time upon ten (10) days written notice to Lessee. During such extension period, the terms and conditions of this Lease (including, without limitation, the provisions of this Section 13) shall continue to be applicable. Solely for purposes of the definition of Stipulated Loss Value in Section 12(d) hereof, any such extension shall be deemed a renewal of the term of such Schedule.
(b) Upon the expiration or earlier cancellation or termination of any Schedule, Lessee shall return the Equipment described on such Schedule to Lessor free and clear of all Liens whatsoever, to such place(s) within the continental United States North America as Lessor shall specify. Lessee shall provide, at its expense, transit insurance for the redelivery period in an amount equal to the replacement value of the such Equipment and Lessor shall be named as the loss payee on all such policies of insurance. Lessee shall cause:
(1) the Supplier's ’s representative or other qualified person reasonably acceptable to Lessor (the "“Designated Person"”) to de- de-install the such Equipment in accordance with the Supplier's ’s specifications (as applicable) and pack the such Equipment properly and in accordance with the Supplier's ’s recommendations (as applicable); and (2) the such Equipment to be transported in a manner consistent with the Supplier's ’s recommendations and practices (as applicable). Upon return, the such Equipment shall be: (i) in the same condition as when delivered to Lessee under the related Schedule, ordinary wear and tear excepted; (ii) mechanically and structurally sound, capable of performing the functions for which the such Equipment was originally designed, in accordance with the Supplier's ’s published and recommended specifications (asas applicable); (iii) redelivered with all component parts in good operating condition (and all components must meet or exceed the Supplier’s minimum recommended specifications, unless otherwise agreed by Lessor in writing); (iv) redelivered with all software and documentation necessary for the operation of such Equipment
(c) If requested by Lessor, Lessee shall also deliver all related records and other data to Lessor, including all records of major maintenance, modifications, additions and major repairs, computerized maintenance history, and any maintenance and repair manuals (collectively, the "“Records"”). All manuals or
or other documents delivered to Lessor that are subject to periodic revision will be fully up-to-date and current to the latest revision standard of any particular manual or document. In the event any such Records are missing or incomplete, Lessor shall have the right to cause the same to be reconstructed at Lessee’s expense. (d) In addition to Lessor's ’s other rights and remedies hereunder, if the such Equipment and the related Records are is not returned in a timely fashion, or if repairs are necessary to place any item of Equipment in the condition required in this Section, Lessee shall (i) continue to pay to Lessor per diem rent at the last prevailing lease rate under the applicable Schedule with respect to such item of Equipment, for the period of delay in redelivery, and/or for the period of time reasonably necessary to accomplish such repairs, and (ii) pay to Lessor an amount equal to the aggregate cost of any such repairs. Lessor's ’s acceptance of such rent on account of such delay and/or repair does not constitute an extension or renewal of the term of the related Schedule or a waiver of Lessor's ’s right to prompt return of the such Equipment in proper condition. Such amount shall be payable upon the earlier of Lessor's ’s demand or the return of the such Equipment in accordance with this Lease.
(e) Without limiting any other terms or conditions of this Lease, the provisions of this Section are of the essence of each Schedule, and upon application to any court of equity having jurisdiction, Lessor shall be entitled to a decree against Lessee requiring Lessee's specific performance of its agreements and continued in this Section. this Section.
Appears in 1 contract
Sources: Master Lease Agreement (Powersecure International, Inc.)
Redelivery. (a) Lessee shall provide written notice to Lessor not less than one hundred eighty (180) days and not more than two hundred forty (240) days prior to the expiration of the term of any Schedule (or of any renewal thereof, if applicable) of Lessee's ’s intent to return the Equipment described on such Schedule to Lessor upon the expiration of the term of such Schedule. If lessee fails to provide the foregoing notice in a timely mannerIF LESSEE FAILS TO PROVIDE THE FOREGOING NOTICE IN A TIMELY MANNER, the term of the applicable schedule automatically shall be deemed to have been extendedTHE TERM OF THE APPLICABLE SCHEDULE AUTOMATICALLY SHALL BE DEEMED TO HAVE BEEN EXTENDED, which extension shall continue until one hundred eighty WHICH EXTENSION SHALL CONTINUE UNTIL ONE HUNDRED EIGHTY (180) days after the date on which lessee provides the required noticeDAYS AFTER THE DATE ON WHICH LESSEE PROVIDES THE REQUIRED NOTICE, during which extension period lessee shall continue to pay to lessor per diem rent at the last prevailing lease rate under the applicable scheduleDURING WHICH EXTENSION PERIOD LESSEE SHALL CONTINUE TO PAY TO LESSOR PER DIEM RENT AT THE LAST PREVAILING LEASE RATE UNDER THE APPLICABLE SCHEDULE; provided, however that Lessor may elect to terminate such extension at any time upon ten (10) days written notice to Lessee. During such extension period, the terms and conditions of this Lease (including, without limitation, the provisions of this Section 13) shall continue to be applicable. Solely for purposes of the definition of Stipulated Loss Value in Section 12(d) hereof, any such extension shall be deemed a renewal of the term of such Schedule.
(b) Upon the expiration or earlier cancellation or termination of any Schedule, Lessee shall return the Equipment described on such Schedule to Lessor free and clear of all Liens whatsoever, to such place(s) any of Lessee’s distribution center locations within the continental United States as Lessor shall specifyStates. Lessee shall provide, at its expense, transit insurance for the redelivery period in an amount equal to the replacement value of the such Equipment and Lessor shall be named as the loss payee on all such policies of insurance. Lessee shall cause:
(1) the Supplier's ’s representative or other qualified person acceptable to Lessor (the "“Designated Person"”) to de- de-install the such Equipment in accordance with the Supplier's ’s specifications (as applicable) and pack the such Equipment properly and in accordance with the Supplier's ’s recommendations (as applicable); and (2) the such Equipment to be transported in a manner consistent with the Supplier's ’s recommendations and practices (as applicable). Upon return, the such Equipment shall be: (i) in the same condition as when delivered to Lessee under the related Schedule, ordinary wear and tear excepted; (ii) mechanically and structurally sound, capable of performing the functions for which the such Equipment was originally designed, in accordance with the Supplier's ’s published and recommended specifications (asas applicable); (iii) redelivered with all component parts in good operating condition (and all components must meet or exceed the Supplier’s minimum recommended specifications, unless otherwise agreed by Lessor in writing); (iv) redelivered with all software and documentation necessary for the operation of such Equipment for the performance of the functions for which such Equipment was originally designed (whether or not such software is embedded in or otherwise is a part of such Equipment); and (v) cleaned and cosmetically acceptable, with all Lessee-installed markings removed and all rust, corrosion or other contamination having been removed or properly treated, and in such condition so that it may be immediately installed and placed in service by a third party. Upon delivery, such Equipment shall be in compliance with all applicable Federal, state and local laws, and health and safety guidelines. Lessee shall be responsible for the cost of all repairs, alterations, inspections, appraisals, storage charges, insurance costs, demonstration costs and other related costs necessary to cause such Equipment to be in full compliance with the terms of this Lease.
(c) If requested by Lessor, Lessee shall also deliver all related records and other data to Lessor, including all records of maintenance, modifications, additions and major repairs, computerized maintenance history, and any maintenance and repair manuals (collectively, the "“Records"”). All manuals or
or other documents delivered to Lessor that are subject to periodic revision will be fully up-to-date and current to the latest revision standard of any particular manual or document. In the event any such Records are missing or incomplete, Lessor shall have the right to cause the same to be reconstructed at Lessee’s expense. (d) In addition to Lessor's ’s other rights and remedies hereunder, if the such Equipment and the related Records are not returned in a timely fashion, or if repairs are necessary to place any item of Equipment in the condition required in this Section, Lessee shall (i) continue to pay to Lessor per diem rent at the last prevailing lease rate under the applicable Schedule with respect to such item of Equipment, for the period of delay in redelivery, and/or for the period of time reasonably necessary to accomplish such repairs, and (ii) pay to Lessor an amount equal to the aggregate cost of any such repairs. Lessor's ’s acceptance of such rent on account of such delay and/or repair does not constitute an extension or renewal of the term of the related Schedule or a waiver of Lessor's ’s right to prompt return of the such Equipment in proper condition. Such amount shall be payable upon the earlier of Lessor's ’s demand or the return of the such Equipment in accordance with this Lease.
(e) Without limiting any other terms or conditions of this Lease, the provisions of this Section are of the essence of each Schedule, and upon application to any court of equity having jurisdiction, Lessor shall be entitled to a decree against Lessee requiring Lessee's specific performance of its agreements and continued in this Section. this Section.
Appears in 1 contract
Redelivery. (a) Lessee shall provide written notice to Lessor not less than one hundred eighty (180) days and not more than two hundred forty seventy (240270) days prior to the expiration of the term of any this Lease with respect to the first Schedule to be executed under this Lease (or of any renewal thereof, if applicable) of Lessee's ’s intent to return the Equipment to Lessor upon the expiration of the term of such Schedulethis Lease (“Election Notice”). If lessee fails to provide the foregoing Such notice in a timely manner, the term of the applicable schedule automatically shall be deemed irrevocable and shall be effective with respect to have been extendedall Equipment leased under all Schedules. IF LESSEE FAILS TO PROVIDE THE FOREGOING NOTICE IN A TIMELY MANNER, which extension shall continue until one hundred eighty THE TERMS OF THE SCHEDULES AUTOMATICALLY SHALL BE DEEMED TO HAVE BEEN EXTENDED, WHICH EXTENSION SHALL CONTINUE UNTIL ONE HUNDRED EIGHTY (180) days after the date on which lessee provides the required noticeDAYS AFTER THE DATE ON WHICH LESSEE PROVIDES THE REQUIRED NOTICE, during which extension period lessee shall continue to pay to lessor per diem rent at the last prevailing lease rate under the applicable scheduleDURING WHICH EXTENSION PERIOD LESSEE SHALL CONTINUE TO PAY TO LESSOR PER DIEM RENT AT THE LAST PREVAILING LEASE RATE UNDER THE APPLICABLE SCHEDULES; provided, however that Lessor may elect to terminate such extension at any time upon ten (10) days written notice to Lessee. During such extension period, the terms and conditions of this Lease (including, without limitation, the provisions of this Section 1316) shall continue to be applicable. Solely for purposes of the definition of Stipulated Loss Value in Section 8 hereof, any such extension shall be deemed a renewal of the term of such Schedule. In the event the Lessee elects to return the Equipment after the Base Term of the Lease, Lessee shall pay to Lessor upon delivery of the Election Notice a fee in the amount equal to the Return Fee Percentage (as set forth in the applicable Schedule) of the Total Invoice Cost of the Equipment (“Initial Return Fee”).
(b) Upon the expiration or earlier cancellation or termination of any Schedule, Lessee shall return the Equipment to Lessor free and clear of all Liens liens whatsoever, to such place(s) within the continental United States as Lessor shall specify. Lessee shall provide, at its expense, transit insurance for the redelivery period in an amount equal to the replacement value of the Equipment and Lessor shall be named as the loss payee on all such policies of insurance. During the period between the expiration of the Lease and the date occurring six (6) months thereafter, Lessee shall cause:
shall, at its expense: (1) at the Supplier's request of Lessor, provide for the de-installation and packing of the Equipment, by a qualified industry authorized representative or other qualified person acceptable to Lessor (the "Designated “Designate Person") to de- install the Equipment ”), in accordance with the Supplier's Vendor’s specifications (as applicable) and pack the Equipment properly and in accordance with the Supplier's recommendations (as applicable); and (2) at the request of Lessor deliver the Equipment to be transported in Lessor at a manner consistent with location designated by Lessor; and (3) provide insurance and safe, secured storage for the Supplier's recommendations and practices (as applicable)Equipment. Upon return, the Equipment shall be: (i) in the same condition as when delivered to Lessee under the related applicable Schedule, ordinary wear and tear excepted; (ii) mechanically and structurally sound, capable of performing the functions for which the Equipment was originally designed, in accordance with the Supplier's manufacturer’s published and recommended specifications (asas applicable); (iii) redelivered with all component parts in good operating condition (and all components must meet or exceed the manufacturer’s minimum recommended specifications, unless otherwise agreed by Lessor in writing); and (iv) cleaned and cosmetically acceptable, with all Lessee-installed markings removed and all rust, corrosion or other contamination having been removed or properly treated, and in such condition so that it may be immediately installed and placed in service by a third party. Upon delivery, the Equipment shall be in compliance with all applicable Federal, state and local laws, and health and safety guidelines. Lessee shall be responsible for the cost of all repairs, alterations, inspections, appraisals, storage charges, insurance costs, demonstration costs and other related costs necessary to cause the Equipment to be in full compliance with the terms of this Lease.
(c) If requested by Lessor, Lessee shall also deliver all related records and other data to Lessor, including all records of maintenance, modifications, additions and major repairs, computerized maintenance history, and any maintenance and repair manuals (collectively, the "“Records"”). All manuals oror other documents delivered to Lessor that are subject to periodic revision will be fully up-to-date and current to the latest revision standard of any particular manual or document. In the event any such Records are missing or incomplete, Lessor shall have the right to cause the same to be reconstructed at Lessee’s expense.
(d) In addition to Lessor's ’s other rights and remedies hereunder, if the Equipment and the related Records are not returned in a timely fashion, or if repairs are necessary to place any item of Equipment in the condition required in this Section, Lessee shall (i) continue to pay to Lessor per diem rent at the last prevailing lease rate under the applicable Schedule with respect to such item of Equipment, for the period of delay in redelivery, and/or for the period of time reasonably necessary to accomplish such repairs, and (ii) pay to Lessor an amount equal to the aggregate cost of any such repairs. Lessor's ’s acceptance of such rent on account of such delay and/or repair does not constitute an extension or renewal of the term of the related Schedule or a waiver of Lessor's ’s right to prompt return of the Equipment in proper condition. Such amount shall be payable upon the earlier of Lessor's ’s demand or the return of the Equipment in accordance with this Lease.
(e) During the period between the date occurring six (6) months prior to the expiration of the term of the Lease (either the Base Term or renewal term) and the expiration of the Lease (“Remarketing Period”) Lessee shall, at its expense (i) upon receiving reasonable notice from Lessor, make the Equipment available for onsite operational inspections by potential purchasers, under power, and provide personnel, power and other operational requirements necessary to demonstrate electrical, mechanical and operational systems for each item of Equipment, (ii) at the request of Lessor, provide for an inspection and fair market value appraisal to be performed by an appraiser of Lessor’s choice, the results of such appraisal to be forwarded to Lessor; and (iii) assist Lessor in marketing the Equipment for sale. Lessee shall on request pay all of Lessor’s reasonable cost and expenses incurred in connection with the remarketing of the Equipment during the Remarketing Period. In the event, following receipt by Lessor of the Initial Return Fee, but prior to the date occurring thirty (30) days after the expiration of the Base Term of the Lease, the Lessor receives net proceeds from the sale of the Equipment, pursuant to a contract of sale entered into during the Remarketing Period, in excess of the amount equal to the Base Net Proceeds Percentage (as set forth on the applicable Schedule) of the Total Invoice Cost of the Equipment, the Lessor shall remit to the Lessee the portion of such net proceeds which exceed the amount equal to the Base Net Proceeds Percentage of the Total Invoice Cost of the Equipment; provided that the maximum amount to be paid to the Lessee shall not exceed the amount of the Initial Return Fee received by Lessor.
(f) Without limiting any other terms or conditions of this Lease, the provisions of this Section are of the essence of each Schedule, and upon application to any court of equity having jurisdiction, Lessor shall be entitled to a decree against Lessee requiring Lessee's ’s specific performance of its agreements and continued in this Section. this Section.
Appears in 1 contract
Redelivery. (a) Lessee shall provide written notice to Lessor not less than one hundred eighty (180) days and not more than two hundred forty (240) days prior to the expiration of the term of any Schedule (or of any renewal thereof, if applicable) of Lessee's intent to return the Equipment described on such Schedule to Lessor upon the expiration of the term of such Schedule. If lessee fails to provide the foregoing notice in a timely mannerIF LESSEE FAILS TO PROVIDETHE FOREGOING NOTICE IN A TIMELY MANNER, the term of the applicable schedule automatically shall be deemed to have been extendedTHE TERM OF THEAPPLICABLE SCHEDULE AUTOMATICALLY SHALL BE DEEMED TO HAVE BEEN EXTENDED, which extension shall continue until one hundred eighty WHICH EXTENSION SHALL CONTINUE UNTIL ONE HUNDRED EIGHTY (180) days after the date on which lessee provides the required noticeDAYS AFTER THE DATE ON WHICH LESSEE PROVIDES THE REQUIRED NOTICE, during which extension period lessee shall continue to pay to lessor per diem rent at the last prevailing lease rate under the applicable scheduleDURING WHICH EXTENSION PERIOD LESSEE SHALL CONTINUE TO PAY TO LESSOR PER DIEM RENT AT THE LAST PREVAILING LEASE RATE UNDER THE APPLICABLE SCHEDULE; provided, however that Lessor may elect to terminate such extension at any time upon ten (10) days written notice to Lessee. During such extension period, the terms and conditions of this Lease (including, without limitation, the provisions of this Section 13) shall continue to be applicable. Solely for purposes of the definition of Stipulated Loss Value in Section 12(d) hereof, any such extension shall be deemed a renewal of the term of such Schedule.
(b) Upon the expiration or earlier cancellation or termination of any Schedule, Lessee shall return the Equipment described on such Schedule to Lessor free and clear of all Liens liens whatsoever, to such place(s) within the continental United States as Lessor shall specify. Lessee shall provide, at its expense, transit insurance for the redelivery period in an amount equal to the replacement value of the Equipment and Lessor shall be named as the loss payee on all such policies of insurance. Lessee shall cause:the
(1) the Supplier's representative or other qualified person acceptable to Lessor (the "Designated Person") to de- de-install the such Equipment in accordance with the Supplier's specifications (as applicable) and pack the such Equipment properly and in accordance with the Supplier's recommendations (as applicable); and (2) the such Equipment to be transported in a manner consistent with the Supplier's recommendations and practices (as applicable). Upon return, the such Equipment shall be: (i) in the same condition as when delivered to Lessee under the related Schedule, ordinary wear and tear excepted; (ii) mechanically and structurally sound, capable of performing the functions for which the such Equipment was originally designed, in accordance with the Supplier's published and recommended specifications (asas applicable); (iii) redelivered with all component parts in good operating condition (and all components must meet or exceed the Supplier's minimum recommended specifications, unless otherwise agreed by Lessor in writing); (iv) redelivered with all software and documentation necessary for the operation of such Equipment for the performance of the functions for which such Equipment was originally designed (whether or not such software is embedded in or otherwise is a part of such Equipment); and (v) cleaned and cosmetically acceptable, with all Lessee-installed markings removed and all rust. corrosion or other contamination having been removed or properly treated, and in such condition so that it may be immediately installed and placed in service by a third party. Upon delivery, such Equipment shall be in compliance with all applicable Federal, state and local laws, and health and safety guidelines. Lessee shall be responsible for the cost of all repairs, alterations, inspections, appraisals, storage charges, insurance costs, demonstration costs and other related costs necessary to cause such Equipment to be in full compliance with the terms of this Lease.
(c) If requested by Lessor, Lessee shall also deliver all related records and other data to Lessor, including all records of maintenance, modifications, additions and major repairs, computerized maintenance history, and any maintenance and repair manuals (collectively, the "Records"). All manuals oror other documents delivered to Lessor that are subject to periodic revision will be fully up-to-date and current to the latest revision standard of any particular manual or document. In the event any such Records are missing or incomplete, Lessor shall have the right to cause the same to be reconstructed at Lessee's expense.
(d) In addition to Lessor's other rights and remedies hereunder, if the such Equipment and the related Records are not returned in a timely fashion, or if repairs are necessary to place any item of Equipment in the condition required in this Section, Lessee shall (i) continue to pay to Lessor per diem rent at the last prevailing lease rate under the applicable Schedule with respect to such item of Equipment, for the period of delay in redelivery, and/or for the period of time reasonably necessary to accomplish such repairs, and (ii) pay to Lessor an amount equal to the aggregate cost of any such repairs. Lessor's acceptance of such rent on account of such delay and/or repair does not constitute an extension or renewal of the term of the related Schedule or a waiver of Lessor's right to prompt return of the Equipment in proper condition. Such amount shall be payable upon the earlier of Lessor's demand or the return of the Equipment in accordance with this Lease.extension
(e) Without limiting any other terms or conditions of this Lease, the provisions of this Section are of the essence of each Schedule, and upon application to any court of equity having jurisdiction, Lessor shall be entitled to a decree against Lessee requiring Lessee's specific performance of its agreements and continued in this Section. this Section.
Appears in 1 contract
Redelivery. (a) Lessee shall provide written notice to Lessor not less than one hundred eighty (180) days and not more than two hundred forty (240) days prior to the expiration of the term of any Schedule (or of any renewal thereof, if applicable) of Lessee's intent to return the Equipment to Lessor upon the expiration of the term of such Schedule. If lessee fails to provide the foregoing notice in a timely manner, the term of the applicable schedule automatically shall be deemed to have been extended, which extension shall continue until one hundred eighty (180) days after the date on which lessee provides the required notice, during which extension period lessee shall continue to pay to lessor per diem rent at the last prevailing lease rate under the applicable schedule; provided, however that Lessor may elect to terminate such extension at any time upon ten (10) days written notice to Lessee. During such extension period, the terms and conditions of this Lease (including, without limitation, the provisions of this Section 13) shall continue to be applicable.
(b) Upon the expiration or earlier cancellation or termination of any Schedule, Lessee shall return the Equipment to Lessor free and clear of all Liens whatsoever, to such place(s) within the continental United States as Lessor shall specify. Lessee shall provide, at its expense, transit insurance for the redelivery period in an amount equal to the replacement value of the Equipment and Lessor shall be named as the loss payee on all such policies of insurance. Lessee shall cause:.
(1) the Supplier's representative or other qualified person acceptable to Lessor (the "Designated Person") to de- install the Equipment in accordance with the Supplier's specifications (as applicable) and pack the Equipment properly and in accordance with the Supplier's recommendations (as applicable); and (2) the Equipment to be transported in a manner consistent with the Supplier's recommendations and practices (as applicable). Upon return, the Equipment shall be: shall
(i) in the same condition as when delivered to Lessee under the related Schedule, ordinary wear and tear excepted; (ii) mechanically and structurally sound, capable of performing the functions for which the Equipment was originally designed, in accordance with the Supplier's published and recommended specifications (asas applicable); (iii) redelivered with all component parts in good operating condition (and all components must meet or exceed the Supplier's minimum recommended specifications, unless otherwise agreed by Lessor in writing); and (iv) cleaned and cosmetically acceptable, with all Lessee-installed markings removed and all rust, corrosion or other contamination having been removed or properly treated, and in such condition so that it may be immediately installed and placed in service by a third party. Upon delivery, the Equipment shall be in compliance with all applicable Federal, state and local laws, and health and safety guidelines. Lessee shall be responsible for the cost of all repairs, alterations, inspections, appraisals, storage charges, insurance costs, demonstration costs and other related costs necessary to cause the Equipment to be in full compliance with the terms of this Lease.
(c) If requested by Lessor, Lessee shall also deliver all related records and other data to Lessor, including all records of maintenance, modifications, additions and major repairs, computerized maintenance history, and any maintenance and repair manuals (collectively, the "Records"). All manuals oror other documents delivered to Lessor that are subject to periodic revision will be fully up-to-date and current to the latest revision standard of any particular manual or document. In the event any such Records are missing or incomplete, Lessor shall have the right to cause the same to be reconstructed at Lessee's expense.
(d) In addition to Lessor's other rights and remedies hereunder, if the Equipment and the related Records are not returned in a timely fashion, or if repairs are necessary to place any item of Equipment in the condition required in this Section, Lessee shall (i) continue to pay to Lessor per diem rent at the last prevailing lease rate under the applicable Schedule with respect to such item of Equipment, for the period of delay in redelivery, and/or for the period of time reasonably necessary to accomplish such repairs, and (ii) pay to Lessor an amount equal to the aggregate cost of any such repairs. Lessor's acceptance of such rent on account of such delay and/or repair does not constitute an extension or renewal of the term of the related Schedule or a waiver of Lessor's right to prompt return of the Equipment in proper condition. Such amount shall be payable upon the earlier of Lessor's demand or the return of the Equipment in accordance with this Lease.
(e) Without limiting any other terms or conditions of this Lease, the provisions of this Section are of the essence of each Schedule, and upon application to any court of equity having jurisdiction, Lessor shall be entitled to a decree against Lessee requiring Lessee's specific performance of its agreements and continued in this Section. this Section.
Appears in 1 contract
Sources: Master Lease Agreement (Icoa Inc)
Redelivery. (a) Lessee shall provide written notice to Lessor not less than one hundred eighty (180) days and not more than two hundred forty (240) days prior to the expiration of the term of any Schedule (or of any renewal thereof, if applicable) of Lessee's ’s intent to return the Equipment described on such Schedule to Lessor upon the expiration of the term of such Schedule. If lessee fails to provide the foregoing notice in a timely mannerIF LESSEE FAILS TO PROVIDE THE FOREGOING NOTICE IN A TIMELY MANNER, the term of the applicable schedule automatically shall be deemed to have been extendedTHE TERM OF THE APPLICABLE SCHEDULE AUTOMATICALLY SHALL BE DEEMED TO HAVE BEEN EXTENDED, which extension shall continue until one hundred eighty WHICH EXTENSION SHALL CONTINUE UNTIL ONE HUNDRED EIGHTY (180) days after the date on which lessee provides the required noticeDAYS AFTER THE DATE ON WHICH LESSEE PROVIDES THE REQUIRED NOTICE, during which extension period lessee shall continue to pay to lessor per diem rent at the last prevailing lease rate under the applicable schedule; provided, however that Lessor may elect to terminate such extension at any time upon ten (10) days written notice to Lessee. During such extension period, the terms and conditions of this Lease (including, without limitation, the provisions of this Section 13) shall continue to be applicable.DURING WHICH EXTENSION PERIOD LESSEE SHALL CONTINUE TO PAY TO LESSOR PER DIEM RENT AT THE LAST PREVAILING LEASE RATE UNDER THE APPLICABLE
(b) Upon the expiration or earlier cancellation or termination of any Schedule, Lessee shall return the Equipment described on such Schedule to Lessor free and clear of all Liens whatsoever, to such place(s) within the continental United States as Lessor shall specify. Lessee shall provide, at its expense, transit insurance for the redelivery period in an amount equal to the replacement value of the such Equipment and Lessor shall be named as the loss payee on all such policies of insurance. Lessee shall cause:
(1) the Supplier's ’s representative or other qualified person acceptable to Lessor (the "“Designated Person"”) to de- de-install the such Equipment in accordance with the Supplier's ’s specifications (as applicable) and pack the such Equipment properly and in accordance with the Supplier's ’s recommendations (as applicable); and (2) the such Equipment to be transported in a manner consistent with the Supplier's ’s recommendations and practices (as applicable). Upon return, the such Equipment shall be: (i) in the same condition as when delivered to Lessee under the related Schedule, ordinary wear and tear excepted; (ii) mechanically and structurally sound, capable of performing the functions for which the such Equipment was originally designed, in accordance with the Supplier's ’s published and recommended specifications (asas applicable); (iii) redelivered with all component parts in good operating condition (and all components must meet or exceed the Supplier’s minimum recommended specifications, unless otherwise agreed by Lessor in writing); (iv) redelivered with all software and documentation necessary for the operation of such Equipment for the performance of the functions for which such Equipment was originally designed (whether or not such software is embedded in or otherwise is a part of such Equipment); and (v) cleaned and cosmetically acceptable, with all Lessee-installed markings removed and all rust, corrosion or other contamination having been removed or properly treated, and in such condition so that it may be immediately installed and placed in service by a third party. Upon delivery, such Equipment shall be in compliance with all applicable Federal, state and local laws, and health and safety guidelines. Lessee shall be responsible for the cost of all repairs, alterations, inspections, appraisals, storage charges, insurance costs, demonstration costs and other related costs necessary to cause such Equipment to be in full compliance with the terms of this Lease.
(c) If requested by Lessor, Lessee shall also deliver all related records and other data to Lessor, including all records of maintenance, modifications, additions and major repairs, computerized maintenance history, and any maintenance and repair manuals (collectively, the "“Records"”). All manuals or
or other documents delivered to Lessor that are subject to periodic revision will be fully up-to-date and current to the latest revision standard of any particular manual or document. In the event any such Records are missing or incomplete, Lessor shall have the right to cause the same to be reconstructed at Lessee’s expense. (d) In addition to Lessor's ’s other rights and remedies hereunder, if the such Equipment and the related Records are not returned in a timely fashion, or if repairs are necessary to place any item of Equipment in the condition required in this Section, Lessee shall (i) continue to pay to Lessor per diem rent at the last prevailing lease rate under the applicable Schedule with respect to such item of Equipment, for the period of delay in redelivery, and/or for the period of time reasonably necessary to accomplish such repairs, and (ii) pay to Lessor an amount equal to the aggregate cost of any such repairs. Lessor's ’s acceptance of such rent on account of such delay and/or repair does not constitute an extension or renewal of the term of the related Schedule or a waiver of Lessor's ’s right to prompt return of the such Equipment in proper condition. Such amount shall be payable upon the earlier of Lessor's ’s demand or the return of the such Equipment in accordance with this Lease.
(e) Without limiting any other terms or conditions of this Lease, the provisions of this Section are of the essence of each Schedule, and upon application to any court of equity having jurisdiction, Lessor shall be entitled to a decree against Lessee requiring Lessee's specific performance of its agreements and continued in this Section. this Section.
Appears in 1 contract
Sources: Master Lease Agreement (Advanced Environmental Recycling Technologies Inc)
Redelivery. (a) Lessee shall provide written notice to Lessor not less than one hundred eighty ninety (18090) days and not more than two one hundred forty twenty (240120) days prior to the expiration of the term of any Equipment Schedule (or of any renewal thereof, if applicable) of Lessee's intent to return the Equipment to Lessor upon the expiration of the term of such Equipment Schedule. If lessee fails Upon the expiration or earlier termination of the term of any Equipment Schedule (or of any renewal thereof, if applicable), Lessee shall, at its own expense, return the Equipment to provide Lessor within ten (10) days (a) in the foregoing notice same condition as when delivered to Lessee hereunder, ordinary wear and tear resulting from proper use thereof excepted, (b) in such operating condition as is capable of performing its originally intended use, (c) having been used, operated, serviced and repaired in accordance with, and otherwise complying with, Section 7 hereof, and (d) free and clear of all Liens whatsoever (other than (x) liens for taxes, assessments or other governmental charges or statutory obligations that are not delinquent or remain payable without any penalty, or (y) Liens resulting from claims against Lessor not relating to the ownership of such Equipment). Lessee shall return the Equipment by delivering it to such place or places within the Continental United States as Lessor shall specify. In addition to Lessor's other rights and remedies hereunder, if the Equipment is not returned in a timely mannerfashion, or if repairs are necessary to place any items of Equipment in the term of the applicable schedule automatically shall be deemed to have been extendedcondition required in this Section, which extension shall continue until one hundred eighty (180) days after the date on which lessee provides the required notice, during which extension period lessee Lessee shall continue to pay to lessor Lessor per diem rent Rent at the last prevailing lease rate under the applicable scheduleEquipment Schedule with respect to such items of Equipment, for the period of delay in redelivery, or for the period of time reasonably necessary to accomplish such repairs together with the cost of such repairs, as applicable. Lessor's acceptance of such Rent on account of such delay or repair does not constitute a renewal of the term of the related Equipment Schedule or a waiver of Lessor's right to prompt return of the Equipment in proper condition. IF LESSEE IS REQUIRED TO PROVIDE THE NOTICE PURSUANT TO THE PRECEDING PARAGRAPH, BUT FAILS TO DO SO IN A TIMELY MANNER, THE TERM OF THE APPLICABLE EQUIPMENT SCHEDULE AUTOMATICALLY SHALL BE DEEMED TO HAVE BEEN EXTENDED FOR A PERIOD OF NINETY (90) DAYS, DURING WHICH EXTENSION PERIOD LESSEE SHALL CONTINUE TO PAY TO LESSOR PER DIEM RENT AT THE LAST PREVAILING LEASE RATE UNDER THE APPLICABLE EQUIPMENT SCHEDULE; provided, however that Lessor may elect to terminate such extension at any time upon ten (10) days written notice to Lessee. During such extension period, the terms and conditions of this Lease (including, without limitation, the provisions of this Section 13) shall continue to be applicable.
(b. Solely for purposes of Section 12(b) Upon the expiration or earlier cancellation or termination of hereof, any Schedule, Lessee shall return the Equipment to Lessor free and clear of all Liens whatsoever, to such place(s) within the continental United States as Lessor shall specify. Lessee shall provide, at its expense, transit insurance for the redelivery period in an amount equal to the replacement value of the Equipment and Lessor extension shall be named as the loss payee on all such policies of insurance. Lessee shall cause:
(1) the Supplier's representative or other qualified person acceptable to Lessor (the "Designated Person") to de- install the Equipment in accordance with the Supplier's specifications (as applicable) and pack the Equipment properly and in accordance with the Supplier's recommendations (as applicable); and (2) the Equipment to be transported in deemed a manner consistent with the Supplier's recommendations and practices (as applicable). Upon return, the Equipment shall be: (i) in the same condition as when delivered to Lessee under the related Schedule, ordinary wear and tear excepted; (ii) mechanically and structurally sound, capable of performing the functions for which the Equipment was originally designed, in accordance with the Supplier's published and recommended specifications (as
(c) If requested by Lessor, Lessee shall also deliver all related records and other data to Lessor, including all records of maintenance, modifications, additions and major repairs, computerized maintenance history, and any maintenance and repair manuals (collectively, the "Records"). All manuals or
(d) In addition to Lessor's other rights and remedies hereunder, if the Equipment and the related Records are not returned in a timely fashion, or if repairs are necessary to place any item of Equipment in the condition required in this Section, Lessee shall (i) continue to pay to Lessor per diem rent at the last prevailing lease rate under the applicable Schedule with respect to such item of Equipment, for the period of delay in redelivery, and/or for the period of time reasonably necessary to accomplish such repairs, and (ii) pay to Lessor an amount equal to the aggregate cost of any such repairs. Lessor's acceptance of such rent on account of such delay and/or repair does not constitute an extension or renewal of the term of the related Schedule or a waiver of Lessor's right to prompt return of the such Equipment in proper condition. Such amount shall be payable upon the earlier of Lessor's demand or the return of the Equipment in accordance with this LeaseSchedule.
(e) Without limiting any other terms or conditions of this Lease, the provisions of this Section are of the essence of each Schedule, and upon application to any court of equity having jurisdiction, Lessor shall be entitled to a decree against Lessee requiring Lessee's specific performance of its agreements and continued in this Section. this Section.
Appears in 1 contract
Redelivery. (a) Lessee shall provide written notice to Lessor not less than one hundred eighty twenty (180120) days and not more than two hundred forty (240) days prior to the expiration of the term of any Schedule (or of any renewal thereof, if applicable) of Lessee's intent to return the Equipment described on such Schedule to Lessor upon the expiration of the term of such Schedule. If lessee fails to provide the foregoing notice in a timely mannerIF LESSEE FAILS TO PROVIDE THE FOREGOING NOTICE IN A TIMELY MANNER, the term of the applicable schedule automatically shall be deemed to have been extendedTHE TERM OF THE APPLICABLE SCHEDULE AUTOMATICALLY SHALL BE DEEMED TO HAVE BEEN EXTENDED, which extension shall continue until one hundred eighty WHICH EXTENSION SHALL CONTINUE UNTIL ONE HUNDRED TWENTY (180120) days after the date on which lessee provides the required noticeDAYS AFTER THE DATE ON WHICH LESSEE PROVIDES THE REQUIRED NOTICE, during which extension period lessee shall continue to pay to lessor per diem rent at the last prevailing lease rate under the applicable scheduleDURING WHICH EXTENSION PERIOD LESSEE SHALL CONTINUE TO PAY TO LESSOR PER DIEM RENT AT THE LAST PREVAILING LEASE RATE UNDER THE APPLICABLE SCHEDULE; provided, however that Lessor may elect to terminate such extension at any time upon ten (10) days written notice to Lessee. During such extension period, the terms and conditions of this Lease (including, without limitation, the provisions of this Section 13) shall continue to be applicable. Solely for purposes of the definition of Stipulated Loss Value in Section 12(d) hereof, any such extension shall be deemed a renewal of the term of such Schedule.
(b) Upon the expiration or earlier cancellation or termination of any Schedule, Lessee shall return the Equipment to Lessor free and clear of all Liens whatsoever, to such place(s) within the continental United States as Lessor shall specify. Lessee shall provide, at its expense, transit insurance for the redelivery period in an amount equal to the replacement value of the Equipment and Lessor shall be named as the loss payee on all such policies of insurance. Lessee shall cause:or
(1) the Supplier's representative or other qualified person acceptable to Lessor (the "Designated PersonDESIGNATED PERSON") to de- de-install the such Equipment in accordance with the Supplier's specifications (as applicable) and pack the such Equipment properly and in accordance with the Supplier's recommendations (as applicable); and (2) the such Equipment to be transported in a manner consistent with the Supplier's recommendations and practices (as applicable). Upon return, the such Equipment shall be: (i) in the same condition as when delivered to Lessee under the related Schedule, ordinary wear and tear excepted; (ii) mechanically and structurally sound, capable of performing the functions for which the such Equipment was originally designed, in accordance with the Supplier's published and recommended specifications (asas applicable); (iii) redelivered with all component parts in good operating condition (and all components must meet or exceed the Supplier's minimum recommended specifications, unless otherwise agreed by Lessor in writing); (iv) redelivered with all software and documentation necessary for the operation of such Equipment for the performance of the functions for which such Equipment was originally designed (whether or not such software is embedded in or otherwise is a part of such Equipment); and (v) cleaned and cosmetically acceptable, with all Lessee-installed markings removed and all rust, corrosion or other contamination having been removed or properly treated, and in such condition so that it may be immediately installed and placed in service by a third party. Upon delivery, such Equipment shall be in compliance with all applicable Federal, state and local laws, and health and safety guidelines. Lessee shall be responsible for the cost of all repairs, alterations, inspections, appraisals, storage charges, insurance costs, demonstration costs and other related costs necessary to cause such Equipment to be in full compliance with the terms of this Lease.
(c) If requested by Lessor, Lessee shall also deliver all related records and other data to Lessor, including all records of maintenance, modifications, additions and major repairs, computerized maintenance history, and any maintenance and repair manuals (collectively, the "RecordsRECORDS"). All manuals oror other documents delivered to Lessor that are subject to periodic revision will be fully up-to-date and current to the latest revision standard of any particular manual or document. In the event any such Records are missing or incomplete, Lessor shall have the right to cause the same to be reconstructed at Lessee's expense.
(d) In addition to Lessor's other rights and remedies hereunder, if the such Equipment and the related Records are not returned in a timely fashion, or if repairs are necessary to place any item of Equipment in the condition required in this Section, Lessee shall (i) continue to pay to Lessor per diem rent at the last prevailing lease rate under the applicable Schedule with respect to such item of Equipment, for the period of delay in redelivery, and/or for the period of time reasonably necessary to accomplish such repairs, and (ii) pay to Lessor an amount equal to the aggregate cost of any such repairs. Lessor's acceptance of such rent on account of such delay and/or repair does not constitute an extension or renewal of the term of the related Schedule or a waiver of Lessor's right to prompt return of the such Equipment in proper condition. Such amount shall be payable upon the earlier of Lessor's demand or the return of the such Equipment in accordance with this Lease.
(e) Without limiting any other terms or conditions of this Lease, the provisions of this Section are of the essence of each Schedule, and upon application to any court of equity having jurisdictionhaving
(f) Within thirty (30) days after the return of the Equipment in accorace with clause (b), above, Lessor and Lessee shall be entitled to choose a decree against Lessee requiring Lessee's specific performance of its agreements and continued in this Section. this Section.mutually
Appears in 1 contract
Sources: Master Lease Agreement (Smithway Motor Xpress Corp)
Redelivery. (a) Lessee shall provide written notice to Lessor not less than one hundred eighty (180) days and not more than two hundred forty (240) days prior to the expiration of the term of any Schedule (or of any renewal thereof, if applicable) of Lessee's intent to return the Equipment described on such Schedule to Lessor upon the expiration of the term of such Schedule. If lessee fails to provide the foregoing notice in a timely mannerIF LESSEE FAILS TO PROVIDE THE FOREGOING NOTICE IN A TIMELY MANNER, the term of the applicable schedule automatically shall be deemed to have been extendedTHE TERM OF THE APPLICABLE SCHEDULE AUTOMATICALLY SHALL BE DEEMED TO HAVE BEEN EXTENDED, which extension shall continue until one hundred eighty WHICH EXTENSION SHALL CONTINUE UNTIL ONE HUNDRED EIGHTY (180) days after the date on which lessee provides the required noticeDAYS AFTER THE DATE ON WHICH LESSEE PROVIDES THE REQUIRED NOTICE, during which extension period lessee shall continue to pay to lessor per diem rent at the last prevailing lease rate under the applicable scheduleDURING WHICH EXTENSION PERIOD LESSEE SHALL CONTINUE TO PAY TO LESSOR PER DIEM RENT AT THE LAST PREVAILING LEASE RATE UNDER THE APPLICABLE SCHEDULE; provided, however that Lessor may elect to terminate such extension at any time upon ten (10) days written notice to Lessee. During such extension period, the terms and conditions of this Lease (including, without limitation, the provisions of this Section 13) shall continue to be applicable. Solely for purposes of the definition of Stipulated Loss Value in Section 12(d) hereof, any such extension shall be deemed a renewal of the term of such Schedule.
(b) Upon the expiration or earlier cancellation or termination of any Schedule, Lessee shall return the Equipment described on such Schedule to Lessor free and clear of all Liens whatsoever, to such place(s) within the continental United States as Lessor shall specify. Lessee shall provide, at its expense, transit insurance for the redelivery period in an amount equal to the replacement value of the such Equipment and Lessor shall be named as the loss payee on all such policies of insurance. Lessee shall cause:
(1) the Supplier's representative or other qualified person acceptable to Lessor (the "Designated PersonDESIGNATED PERSON") to de- de-install the such Equipment in accordance with the Supplier's specifications (as applicable) and pack the such Equipment properly and in accordance with the Supplier's recommendations (as applicable); and (2) the such Equipment to be transported in a manner consistent with the Supplier's recommendations and practices (as applicable). Upon return, the such Equipment shall be: (i) in the same condition as when delivered to Lessee under the related Schedule, ordinary wear and tear excepted; (ii) mechanically and structurally soundsound (reasonable wear and tear excepted), capable of performing the functions for which the such Equipment was originally designed, in accordance with the Supplier's published and recommended specifications (asas applicable); (iii) redelivered with all component parts in good operating condition (reasonable wear and tear excepted so long as all components must meet or exceed the Supplier's minimum recommended specifications, unless otherwise agreed by Lessor in writing); (iv) redelivered with all software and documentation necessary for the operation of such Equipment for the performance of the functions for which such Equipment was originally designed (whether or not such software is embedded in or otherwise is a part of such Equipment); and (v) cleaned and cosmetically acceptable (reasonable wear and tear excepted), with all Lessee-installed markings removed and all rust, corrosion or other contamination having been removed or properly treated, and in such condition so that it may be immediately installed and placed in service by a third party. Upon delivery, such Equipment shall be in compliance with all applicable Federal, state and local laws, and health and safety guidelines. Lessee shall be responsible for the cost of all repairs, alterations, inspections, appraisals, storage charges, insurance costs, demonstration costs and other related costs necessary to cause such Equipment to be in full compliance with the terms of this Lease.
(c) If requested by Lessor, Lessee shall also deliver all related records and other data to Lessor, including all records of maintenance, modifications, additions and major repairs, computerized maintenance history, and any maintenance and repair manuals (collectively, the "RecordsRECORDS"). All manuals oror other documents delivered to Lessor that are subject to periodic revision will be fully up-to-date and current to the latest revision standard of any particular manual or document. In the event any such Records are missing or incomplete, Lessor shall have the right to cause the same to be reconstructed at Lessee's expense.
(d) In addition to Lessor's other rights and remedies hereunder, if the such Equipment and the related Records are not returned in a timely fashion, or if repairs are necessary to place any item of Equipment in the condition required in this Section, Lessee shall (i) continue to pay to Lessor per diem rent at the last prevailing lease rate under the applicable Schedule with respect to such item of Equipment, for the period of delay in redelivery, and/or for the period of time reasonably necessary to accomplish such repairs, and (ii) pay to Lessor an amount equal to the aggregate cost of any such repairs. Lessor's acceptance of such rent on account of such delay and/or repair does not constitute an extension or renewal of the term of the related Schedule or a waiver of Lessor's right to prompt return of the such Equipment in proper condition. Such amount shall be payable upon the earlier of Lessor's demand or the return of the such Equipment in accordance with this Lease.
(e) Without limiting any other terms or conditions of this Lease, the provisions of this Section are of the essence of each Schedule, and upon application to any court of equity having jurisdiction, Lessor shall be entitled to a decree against Lessee requiring Lessee's specific performance of its agreements and continued in this Section. this Section.
Appears in 1 contract
Sources: Master Lease Agreement (Meadowbrook Insurance Group Inc)