Common use of Election of Options Clause in Contracts

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. 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 (or deemed to be elected) by Lessee under the corresponding section of the Lease B. A. Lessee's ’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. 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. A. 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. The Early Termination To the extent that the Renewal Option is available for any Aircraft, and end of term option unless Lessee shall have affirmatively elected by Lessee under (i) Section 14.1(a), but solely in accordance with the provisions hereof the Purchase Option or the Sale Option with respect to any Aircraft with the purchase of allsame Base Term Expiration Date, but Lessee shall be deemed to have elected the Renewal Option for such Aircraft. To the extent that the Renewal Option is not less than allavailable for any reason, unless Lessee shall have (a) affirmatively elected the Sale Option within the time period provided for in Section 22.1 and (b) satisfied each of the Equipment and (ii) requirements in 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 hereof23, Lessee shall be deemed to have elected the Purchase OptionOption with respect to such Aircraft. In addition, the Sale Option shall automatically be revoked, if there exists and there shall be continuing a Lease Default or a Lease Event of Default at any time after the Sale Option is properly elected or Lessee fails to comply with each of the terms and conditions set forth in Section 22 and Lessor shall be entitled to exercise all rights and remedies provided in Section 14. No Lessee may not elect the Sale Option if there exists and there shall be continuing 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.