Election of Options. Unless Lessee shall have (a) affirmatively elected the Sale Option within the time period provided for in Section 19.1(b) and (b) satisfied each of the requirements in Articles XX and XXI, Lessee shall be deemed to have elected the Renewal Option. To the extent that the Renewal Option is not available for any reason (including because of the Participants' refusal to consent to an Extension Option Request), unless Lessee shall have (a) affirmatively elected the Sale Option within the time period provided for in Section 19.1(b) and (b) satisfied each of the requirements in clause (ii) of Section 20.1(d), Lessee shall be deemed to have elected the Purchase Option. In addition, the Sale Option shall automatically be revoked if there exists a Default, Event of Default, Significant Environmental Event, Significant Casualty or Significant Condemnation at any time after the Sale Option is properly elected or Lessee fails to comply with each of the other terms and conditions set forth at Articles XX and XXI and Lessee shall be deemed to have elected the Purchase Option. Lessee may not elect the Sale Option if there exists on the date the election is made a Default, an Event of Default, Significant Environmental Event, Significant Casualty or Significant Condemnation. Any election by Lessee pursuant to Section 19.1 shall be irrevocable at the time made.
Election of Options. In the event Lessor shall not have received the foregoing notice from Lessee prior to the date that is one hundred and eighty (180) days prior to the last day of the Return Date, by delivery of written notice via nationally recognized overnight courier to the Lessee, Lessor may notify the Lessee of the expiration of the election notice period set forth in the preceding section. If, in any event, the Lessee fails to make a timely election under Section 21.1 hereof, the Lessee shall be deemed to have elected the Return Option. Lessee may not elect the Return Option if there exists on the date the election is made a Default, an Event of Default or an Event of Loss. In the event a Default or an Event of Default (other than an Event of Default that is declared solely and exclusively on the basis of one or more 97-1 Events of Default with respect to which the Lessor has not yet commenced exercising remedies) or an Event of Loss shall have occurred after the election by the Lessee, or deemed election by the Lessee, of the Return Option, then notwithstanding any such election or deemed election, Lessee shall be deemed to have elected the Purchase Option with respect to the Leased Property. In the event a Default or Event of Default that is solely and exclusively based on one or more 97-1 Events of Default shall have occurred after the election by Lessee of the Return Option, (i) Lessee may continue with its Return Option so long as the Lessor has not commenced exercising remedies with respect thereto, and (ii) Lessee shall not be permitted to continue with its Return Option and shall be subject to Section 18 hereof including the limitations set forth in Section 18.1(b) hereof, in the event the Lessor shall have commenced remedies with respect thereto.
Election of Options. 20 Section 9.3. Sale Option Procedures................................................................21 Section 9.4. Appraisals............................................................................21 Section 9.5.
Election of Options. To the extent that the Renewal Option is available, unless Lessees shall have affirmatively elected in accordance herewith the Purchase Option or the Sale Option, Lessees shall be deemed to have elected the Renewal Option. To the extent that the Renewal Option is not available for any reason, unless Lessees shall have (a) affirmatively elected the Sale Option within the time period provided for in Section 19.1 and (b) satisfied each of the requirements in Articles XX and XXI, Lessees shall be deemed to have elected the Purchase Option. In addition, the Sale Option shall automatically be revoked if there exists a Lease Default, Lease Event of Default, Significant Casualty or Significant Condemnation at any time after the Sale Option is properly elected or Lessees fail to comply with each of the terms and conditions set forth at Articles XX and XXI and Lessor shall be entitled to exercise all rights and remedies provided in Article XVI. Any election by Lessees pursuant to Section 19.1 shall be irrevocable at the time made.
Election of Options. To the extent that the Renewal Option is available, unless Lessee shall have affirmatively elected in accordance herewith the Purchase Option or the Sale Option, Lessee shall be deemed to have elected the Renewal Option. If the Renewal Option is no longer available, unless Lessee shall have (a) affirmatively elected the Sale Option within the time period provided for in SECTION 19.1 and (b) satisfied each of the requirements in ARTICLES XX and XXI, Lessee shall be deemed to have elected the Purchase Option. In addition, the Sale Option shall automatically be revoked if there exists a Lease Default, Lease Event of Default, Significant Casualty or Significant Condemnation at any time after the Sale Option is properly elected or Lessee fails to comply with each of the terms and conditions set forth at ARTICLES XX and XXI (including Xxxxxx's obligation to sell the Leased Property in accordance with the terms and conditions set forth at ARTICLES XX AND XXI, on the last day of the Term) and Lessor shall be entitled to exercise all rights and remedies provided in ARTICLE XVI. Lessee may not elect the Sale Option if there exists on the date the election is made a Default, an Event of Default, Significant Casualty or Significant Condemnation. Any election by Xxxxxx pursuant to SECTION 19.1 shall be irrevocable at the time made.
Election of Options. The Early Termination Option and end of term option elected by Lessee under (i) Section 14.1(a), but solely with respect to the purchase of all, but not less than all, of the Equipment and (ii) Section 15.1 of this Lease, respectively, must be the same as the option elected by Lessee under the corresponding section of the Lease B. Lessee's election (or deemed election) of the Purchase Option shall be irrevocable at the time when made by Lessee. In the event Lessee fails to make a timely election under Section 15.1 hereof, Lessee shall be deemed to have elected the Purchase Option. Lessee may not elect the Sale Option if there exists on the date the election is made a Lease Default or a Lease Event of Default. In addition, the Sale Option shall automatically be revoked if there exists a Lease Default or Lease Event of Default at any time after the Sale Option is properly elected (whether or not such Lease Default or Lease Event of Default is cured) or Lessee fails to comply with each of the other terms and conditions set forth in this Article XV, in which case Lessee shall be required to purchase on the last day of the Lease Term all of the Items of Equipment pursuant to the Purchase Option and Lessor shall be entitled to exercise all rights and remedies provided in Article XII.
Election of Options. Lessee's election of the Fixed Price Purchase Option will be irrevocable at the time made, but if Lessee fails to make a timely election, Lessee will be deemed, in the case of the Base Term and each Renewal Term then in effect (other than the last Renewal Term) to have irrevocably elected the Renewal Option and, in the case of the last Renewal Term applicable to each Unit, Lessee will be deemed to have irrevocably elected the Fixed Price Purchase Option with respect to such Unit. In addition, the Sale Option shall automatically be revoked if there exists an Event of Default at any time after the Sale Option is properly elected and Lessor shall be entitled to exercise all rights and remedies provided in the Lease. Lessee may not elect the Sale Option if there exists on the date the election is made an Event of Default or a Default. Election of the Fixed Price Purchase Option for any Schedule shall be deemed to be Lessee's election of the Fixed Price Purchase Option for all Schedules.
Election of Options. Lessees' election of the Fixed Price Purchase Option will be irrevocable at the time made, but if Lessees fail to make a timely election, Lessees will be deemed, in the case of the Lease Term and each Renewal Term then in effect (other than the last Renewal Term) to have irrevocably elected the Renewal Option and, in the case of the last Renewal Term applicable to each Group of Vehicles, Lessees will be deemed to have irrevocably elected the Fixed Price Purchase Option with respect to such Group. In addition, the Sale Option shall automatically be revoked if there exists an Incipient Default or Event of Default at any time after the Sale Option is properly elected and Agent shall be entitled to exercise all rights and remedies provided in Article VIII. Lessees may not elect the Sale Option if there exists on the date the election is made an Event of Default or an Incipient Default.
Election of Options. Lessee's election of the Purchase Option will be irrevocable at the time made, but if Lessee fails to make a timely election, Lessee will be deemed to have irrevocably elected the Purchase Option. In addition, the Sale Option shall automatically be revoked if there exists a Lease Default or Lease Event of Default, at any time after the Sale Option is properly elected. In such event, Lessor shall be entitled to exercise all rights and remedies provided in Article VIII. Lessee may not elect the Sale Option if on the date the election is made there exists a Lease Event of Default or a Lease Default. Lessee's exercise of the Sale Option or the Purchase Option shall be conditioned upon the corresponding option being concurrently exercised under the Other Lease. In addition, it shall be a condition to the exercise of the Sale Option that Lessee shall have settled for or replaced any Unit or Units suffering a Casualty in accordance with Section 6.1 and shall have delivered an updated Equipment List to Agent and Lessor and otherwise complied with its obligations under Section 5.8 of this Lease, in each case regardless of whether the $1,000,000 threshold has been reached.
Election of Options. 7 5.3 Option Procedures. . . . . . . . . . . . . . . . . . . . . . . . 7 5.4
