Common use of End of Lease Options Clause in Contracts

End of Lease Options. If you are not in default and if you provide no greater than 150 days and no less than 60 days’ prior written notice to XFS, you may, at the end of the Initial Lease Term, either (a) purchase all, but not less than all, of the Equipment “AS IS, WHERE IS” and WITHOUT ANY WARRANTY AS TO CONDITION OR VALUE at the time of purchase by paying its fair market value, as determined by XFS in its sole but reasonable discretion, plus Taxes, (b) enter into a new lease on mutually agreeable terms, or (c) de-install and return the Equipment, at your expense, fully insured, to a continental US location XFS specifies. If you have not elected one of the above options, you shall be deemed to have entered into a new lease with a 3 month term on terms and conditions identical to this Lease, except that either party may terminate the new lease at the end of its 3 month term on 30 days’ prior written notice and, when this new lease terminates, shall take one of the actions identified in (a) (b) or (c) in the preceding sentence or be deemed to have entered into another new lease with a 3 month term as provided herein. Any purchase option shall be exercised with respect to each item of Equipment on the day immediately following the date of expiration of the Lease Term of such item, and by the delivery at such time by you to XFS of payment, in cash or by certified check, of the amount of the applicable purchase price for the Equipment. Upon payment of the applicable amount, XFS shall, upon your request, execute and deliver to you a xxxx of sale for the Equipment on an “AS IS,” “WHERE IS,” “WITH ALL FAULTS” basis, without representation or warranty of any kind or nature whatsoever. After such payment, you may trade- in the Equipment as part of another transaction with XFS and, if you do, you must pass unencumbered title of the Equipment being traded-in to XFS.

End of Lease Options. If you are not in default and if you provide no greater than 150 days and no less than 60 days’ prior written notice to XFS, you may, at the end of the Initial Lease Term, either (a) purchase all, but not less than all, of the Equipment “AS IS, WHERE IS” and WITHOUT ANY WARRANTY AS TO CONDITION OR VALUE at the time of purchase by paying its fair market value, as determined by XFS in its sole but reasonable discretion, plus Taxes, (b) enter into a new lease on mutually agreeable terms, or (c) de-de- install and return the Equipment, at your expense, fully insured, to a continental US location XFS specifies. If you have not elected one of the above options, you shall be deemed to have entered into a new lease with a 3 month term on terms and conditions identical to this Lease, except that either party may terminate the new lease at the end of its 3 month term on 30 days’ prior written notice and, when this new lease terminates, shall take one of the actions identified in (a) (b) or (c) in the preceding sentence or be deemed to have entered into another new lease with a 3 month term as provided herein. Any purchase option shall be exercised with respect to each item of Equipment on the day immediately following the date of expiration of the Lease Term of such item, and by the delivery at such time by you to XFS of payment, in cash or by certified check, of the amount of the applicable purchase price for the Equipment. Upon payment of the applicable amount, XFS shall, upon your request, execute and deliver to you a xxxx of sale for the Equipment on an “AS IS,” “WHERE IS,” “WITH ALL FAULTS” basis, without representation or warranty of any kind or nature whatsoever. After such payment, you may trade- trade-in the Equipment as part of another transaction with XFS and, if you do, you must pass unencumbered title of the Equipment being traded-in to XFS.

End of Lease Options. If you are So long as the Lease has not in default and if you provide no greater than 150 been earlier terminated, Lessee shall, at least ninety (90) days and no less not more than 60 days’ one hundred and eighty (180) days prior to the scheduled expiration of the term of this Lease, by written notice to XFSLessor, you may, at the end elect to exercise one of the Initial Lease Term, either below options: (a) Purchase the Aircraft on an AS IS WHERE IS BASIS without recourse to or warranty from Lessor, express or implied ("AS IS BASIS"), for cash for a purchase allprice equal to the End Of Lease Purchase Price (specified in Annex B), but together with all rent and other sums then due and unpaid on such date, plus all taxes and charges upon such sale (Lessor hereby agrees that if Lessee shall exercise this purchase option, Lessor shall reassign all rights to the N number to Lessee, and if Lessee does not less than allexercise this option, of Lessor shall reassign all rights to the Equipment “AS ISN number to Lessee provided that Lessee obtains, WHERE IS” and WITHOUT ANY WARRANTY AS TO CONDITION OR VALUE at the time of purchase by paying its fair market value, as determined by XFS in its sole but reasonable discretionexpense, plus Taxes, a new N number for the Aircraft); or (b) enter into a new lease Return the Aircraft in accordance with the terms of Section X hereof and Annex F hereof. If Lessee desires to exercise this option it shall (i) pay to Lessor on mutually agreeable termsthe last day of the term of this Lease in addition to all other sums then due hereunder, or an amount in cash equal to the Contingent Rental Amount (cas specified in Annex B) de-install and (ii) return the EquipmentAircraft to Lessor. Thereafter, at your expenseLessor will arrange for the commercially reasonable sale, fully insured, to a continental US location XFS specifies. If you have not elected one scrap or other disposition of the above optionsAircraft. Upon the sale, you shall be deemed to have entered into a new lease with a 3 month term on terms and conditions identical to this Lease, except that either party may terminate the new lease at the end of its 3 month term on 30 days’ prior written notice and, when this new lease terminates, shall take one scrap or other disposition of the actions identified Aircraft, Lessor shall thereafter pay to Lessee in cash an amount equal to the sum of: (ai) the Reciprocal Amount (as specified in Annex B) (b) or (c) in the preceding sentence or be deemed to have entered into another new lease with a 3 month term as provided herein. Any purchase option shall be exercised with respect to each item of Equipment less any taxes and charges paid on the day immediately following disposition of such Aircraft and all reasonable and documented costs, expenses and fees, including storage, maintenance and remarketing fees incurred in connection with the date xxxx, scrap or disposition of expiration such Aircraft); plus (ii) 100% of the Lease Term net proceeds of such item, and by the delivery at such time by you to XFS of payment, sale or disposition that are in cash or by certified check, excess of the amount of the applicable purchase price for the Equipment. Upon payment of the applicable amount, XFS shall, upon your request, execute and deliver to you a xxxx of sale for the Equipment on an “AS IS,” “WHERE IS,” “WITH ALL FAULTS” basis, without representation or warranty of any kind or nature whatsoever. After such payment, you may trade- in the Equipment as part of another transaction with XFS and, if you do, you must pass unencumbered title of the Equipment being traded-in to XFSReciprocal Amount.

End of Lease Options. If you are not in default and if you provide no greater than 150 Upon 90 days and no less than 60 days’ prior written notice to XFSnotice, you may, at if not in default, elect among the following options with respect to the Equipment, such election to be effective no earlier than the end of the Initial Lease Stated Term, either : (a) purchase all, but not less than all, of the Equipment “AS IS, WHERE IS” and WITHOUT ANY WARRANTY AS TO CONDITION OR VALUE at the time of purchase by paying its fair market value, as determined by XFS in its sole but reasonable discretion, plus Taxes, (b) enter into a new lease on mutually agreeable terms, or (b) purchase the Equipment “as is, where is” for its Fair Market Value, or (c) dereturn the Equipment in its original condition, reasonable wear and tear excepted. "Fair Market Value" shall be equal to the value which would be obtained in an arms-install length transaction between an informed and willing buyer and an informed and willing seller under no compulsion to sell, and in such determination, costs of removal of the Equipment from its location of current use shall not be a deduction from such value. If you and we cannot agree on the Fair Market Value thereof, such value shall be determined by appraisal at your sole expense. Appraisal shall be a procedure whereby two recognized independent appraisers, one chosen by you and one by us, shall mutually agree upon the amount in question. If the appraisers are unable to agree upon the amount in question, a third recognized independent appraisers' evaluation shall be binding and conclusive on you and us. If you elect to return the Equipment, at your expenseyou may pay our applicable packing and pick-up fee and make the Equipment available for our retrieval, fully insuredor you must de-install, test, pack and insure the Equipment for its full replacement value and deliver it on board such common carrier as we specify, freight prepaid to a continental US location XFS specifiesany U.S. destination we specify. If you have not elected one of the above options, you shall be deemed to have entered into a new lease with a 3 successive month-to-month term on terms and conditions identical to this Lease, except that either party may terminate the new lease at the end of its 3 month term on 30 days’ prior written notice and, when this new lease terminates, shall take one extensions of the actions identified in (a) (b) or (c) in the preceding sentence or be deemed to have entered into another new lease with a 3 month term as provided hereinStated Term. Any purchase option shall be exercised with respect to each item of Equipment on the day immediately following the date of expiration of the Lease Term of During any such item, and by the delivery at such time by you to XFS of payment, in cash or by certified check, of the amount of the applicable purchase price for the Equipment. Upon payment of the applicable amount, XFS shall, upon your request, execute and deliver to you a xxxx of sale for the Equipment on an “AS IS,” “WHERE IS,” “WITH ALL FAULTS” basis, without representation or warranty of any kind or nature whatsoever. After such paymentextension, you may trade- in elect (effective upon 90 days prior written notice) to return, purchase or lease the Equipment as part of another transaction with XFS and, if you do, you must pass unencumbered title of the Equipment being traded-provided above in to XFSthis section.