Common use of END OF LEASE Clause in Contracts

END OF LEASE. 15.1 At the end of the Lease Term, Customer may select one of the options listed below or as detailed in the Schedule by providing IBM an End of Lease Notice. If Customer fails to give its End of Lease Notice at least 30 days but no more than 180 days prior to the End of Lease Date then the Lease Term will automatically continue on a month to month basis. Such Lease will continue under the same terms and conditions and at the then applicable Average Rent (but for Equipment with a FMV Purchase Option, not less than the fair market rental value as of the End of Lease Date as determined by IBM) until the later of the date that is 30 days after the End of Lease Notice has been received by IBM and the date on which Customer has satisfied all the conditions of such selected end of lease option as described herein. To remind the Customer of its responsibilities stated above, IBM will send an end-of lease information letter in writing, prior to the end of the Lease Term. For the avoidance of doubt, absence of such end-of-lease letter does not relieve the Customer from its responsibilities.

END OF LEASE. 15.1 At the end of the Lease Term, Customer may select one of the options listed below or as detailed in the Schedule by providing IBM an End of Lease Notice. If Customer fails to give its End of Lease Notice at least 30 days but no more than 180 days prior to the End of Lease Date then the Lease Term will automatically continue on a month to month basis. Such Lease will continue under the same terms and conditions and at the then applicable Average Rent Lease Payment (but for Equipment with a FMV Purchase Option, not less than the fair market rental value as of the End of Lease Date as determined by IBM) until the later of the date that is 30 days after the End of Lease Notice has been received by IBM and the date on which Customer has satisfied all the conditions of such selected end of lease option as described herein. To remind the Customer of its responsibilities stated above, IBM will send an end-of lease information letter in writing, prior to the end of the Lease Term. For the avoidance of doubt, absence of such end-of-lease letter does not relieve the Customer from its responsibilities.