Owner Option. With respect to any furniture, equipment, or other capital items of a similar nature for which the Owner reimburses Design-Builder its Actual Costs of acquisition, upon the termination or expiration of this Contract, and at the election of the Owner, Design-Builder shall either deliver such furniture, equipment and other capital items to the Owner, or shall credit to the Owner the depreciated (normal wear and tear only) value of such items as to which the Owner elects not to obtain. The Design-Builder shall protect all such items during the term of this Contract against loss or damage other than normal wear and tear.
Owner Option. With respect to any furniture, equipment, or other capital items of a similar nature for which the Owner reimburses CM/GC its Actual Costs of acquisition, upon the termination or expiration of this Contract, and at the election of the Owner, CM/GC shall either deliver such furniture, equipment and other capital items to the Owner, or shall credit to the Owner the depreciated (normal wear and tear only) value of such items as to which the Owner elects not to obtain. The CM/GC shall protect all such items during the term of this Contract against loss or damage other than normal wear and tear.
Owner Option. Owner shall have the option to pay and fully liquidate Seller’s rights to receive allocations of Residual Net Cash Flow under Section 2(ii) above on or prior to November 30, 2003 for an amount equal to $1,500,000 (the “Liquidation Amount”). Payment of the Liquidation Amount shall be made by Owner to Seller by wire transfer of immediately available funds to an account designated by Seller and, upon Seller’s receipt of the Liquidation Amount, Seller’s rights to receive allocations of Residual Net Cash Flow under Section 2(ii) above shall be deemed fully paid, liquidated and satisfied. Any exercise of the foregoing option shall not effect in any way Manager’s rights under Section 2(i) hereof. Notices. Any notice required or permitted hereunder shall be in writing and shall be deemed given on the same day if delivered by hand, or transmitted by prepaid cable, telex or telecopier, or on the next business day, if sent by Federal Express or other nationally recognized overnight delivery service, to the addressee at the following addresses or telecopier numbers (or to such other addresses, telex number or telecopier number as a party may specify by notice given to the other party pursuant to this provision): If to Manager: Transportation Equipment-PLM, LLC 000 Xxxxx Xxxxx Xxxxxxxx, XX 00000 Attn: Xxxxx X. Xxxxx Fax: 000 000-0000 If to Seller: PLM Financial Services, Inc., a Delaware limited liability company, not in its individual capacity but solely as liquidating trustee for the Equipment Growth Fund III Liquidating Trust 000 Xxxxx Xxxxx Xxxxxxxx, XX 00000 Attn: Xxxxx X. Xxxxx Fax: 000 000-0000 If to Owner: Patriot Capital Markets, LLC 00 Xxxxxxxx Xxxxxx Xxxxxx, XX 00000 Attention: Xxxxxxx X. Xxxxxx, Xx. Fax: (000) 000-0000 Any party may change such address by notice given to the other party in the manner set forth above.
Owner Option. Section 3 of the Agreement shall be amended and restated as follows: Owner shall pay and fully liquidate Seller’s rights to receive allocations of Residual Net Cash Flow under Section 2(ii) of the Agreement for an amount equal to $415,000 (the "Liquidation Amount"). Payment of the Liquidation Amount shall be made by Owner to Seller by wire transfer of immediately available funds to an account designated by Seller and, upon Seller’s receipt of the Liquidation Amount, Seller’s rights to receive allocations of Residual Net Cash Flow shall be deemed fully paid, liquidated and satisfied. The exercise of the Option and the payment of the foregoing Liquidation Amount shall not affect in any way Manager’s rights pursuant to the Agreement or the Transaction Documents.
