Redelivery. The first sentence of Section 13(a) shall be deleted in its entirety, and the following shall be substituted in lieu thereof: (a) Subject to Charterer's exercise of the Purchase Option set forth in Section 15 of the Charter (as amended by this Amendment), Owner shall cause the Vessel (other than the Electrical Equipment, the Fire Pump and the Transition Equipment) to be removed from the Dockage Site no later than ten (10) business days after the Charter Expiration Date. (b) shall be amended to read as follows: Upon redelivery of the Vessel, the Owner may require that the Vessel be surveyed by a qualified independent marine surveyor mutually acceptable to the Owner and the Charterer. Charterer shall reimburse Owner for one-half of the reasonable costs of the marine survey obtained pursuant to this Section 13(b) up to a maximum reimbursement of Five Thousand ($5,000.00) Dollars. In addition to Charterer's obligations pursuant to Sections 9 and 11 of the Charter, which shall remain intact, Charterer shall be obligated to redeliver the Vessel in the same condition that Charterer last used the Vessel in its normal business operations. (c) On February 1, 2000 (assuming the Charter has not been terminated prior thereto), Charterer shall establish an escrow account, and shall escrow up to $500,000.00 of the Charter Hire due from February 1, 2000 until the end of the Charter Period (the "Removal Escrow"), to fund Owner's share of the cost of the removal of the Vessel at the termination of the Charter Period. The Charterer shall fund its equal share of the Removal Escrow concurrently with Owner. If the amounts held in the Removal Escrow are greater than the cost of the removal of the Vessel under Section 13(a), then any excess shall be paid to Owner and Charterer equally upon the removal of the Vessel in accordance with Section 13(a). (d) Upon termination of the Charter, for any reason (i) Charterer shall leave in place all wiring, connections, switches, splitters, couplings and junctions necessary to operate slot and player tracking systems; and (ii) Charterer shall be entitled to remove from the Vessel all furniture, slot, tracking and other equipment and all other property owned by Charterer;
Appears in 1 contract
Redelivery. The first sentence of Section 13(a) shall be deleted in its entirety, and the following shall be substituted in lieu thereof:
(a) Subject Lessee shall provide written notice to Charterer's exercise Lessor not less than one hundred eighty (180) days and not more than two hundred forty (240) days prior to the expiration of the Purchase Option set forth in Section 15 term of any Schedule (or of any renewal thereof, if applicable) of Lessee's intent to return the Equipment to Lessor upon the expiration of the Charter (as amended by this Amendment), Owner shall cause term of such Schedule. If lessee fails to provide the Vessel (other than the Electrical Equipmentforegoing notice in a timely manner, the Fire Pump and term of the Transition Equipmentapplicable schedule automatically shall be deemed to have been extended, which extension shall continue until one hundred eighty (180) days after the date on which lessee provides the required notice, during which extension period lessee shall continue to be removed from pay to lessor per diem rent at the Dockage Site no later than last prevailing lease rate under the applicable schedule; provided, however that Lessor may elect to terminate such extension at any time upon ten (10) business days after written notice to Lessee. During such extension period, the Charter Expiration Dateterms and conditions of this Lease (including, without limitation, the provisions of this Section 13) shall continue to be applicable.
(b) Upon the expiration or earlier cancellation or termination of any Schedule, Lessee shall return the Equipment to Lessor free and clear of all Liens whatsoever, to such place(s) within the continental United States as Lessor shall specify.
(1) the Supplier's representative or other qualified person acceptable to Lessor (the "Designated Person") to de- install the Equipment in accordance with the Supplier's specifications (as applicable) and pack the Equipment properly and in accordance with the Supplier's recommendations (as applicable); and (2) the Equipment to be amended to read transported in a manner consistent with the Supplier's recommendations and practices (as follows: applicable). Upon redelivery of the Vesselreturn, the Owner may require that the Vessel be surveyed by a qualified independent marine surveyor mutually acceptable to the Owner and the Charterer. Charterer shall reimburse Owner for one-half of the reasonable costs of the marine survey obtained pursuant to this Section 13(bEquipment shall
(i) up to a maximum reimbursement of Five Thousand ($5,000.00) Dollars. In addition to Charterer's obligations pursuant to Sections 9 and 11 of the Charter, which shall remain intact, Charterer shall be obligated to redeliver the Vessel in the same condition as when delivered to Lessee under the related Schedule, ordinary wear and tear excepted; (ii) mechanically and structurally sound, capable of performing the functions for which the Equipment was originally designed, in accordance with the Supplier's published and recommended specifications (as applicable); (iii) redelivered with all component parts in good operating condition (and all components must meet or exceed the Supplier's minimum recommended specifications, unless otherwise agreed by Lessor in writing); and (iv) cleaned and cosmetically acceptable, with all Lessee-installed markings removed and all rust, corrosion or other contamination having been removed or properly treated, and in such condition so that Charterer last used it may be immediately installed and placed in service by a third party. Upon delivery, the Vessel Equipment shall be in its normal business operationscompliance with all applicable Federal, state and local laws, and health and safety guidelines. Lessee shall be responsible for the cost of all repairs, alterations, inspections, appraisals, storage charges, insurance costs, demonstration costs and other related costs necessary to cause the Equipment to be in full compliance with the terms of this Lease.
(c) On February 1If requested by Lessor, 2000 (assuming the Charter has not been terminated prior thereto)Lessee shall also deliver all related records and other data to Lessor, Charterer shall establish an escrow accountincluding all records of maintenance, modifications, additions and major repairs, computerized maintenance history, and shall escrow up to $500,000.00 of the Charter Hire due from February 1any maintenance and repair manuals (collectively, 2000 until the end of the Charter Period (the "Removal EscrowRecords"). All manuals or other documents delivered to Lessor that are subject to periodic revision will be fully up-to-date and current to the latest revision standard of any particular manual or document. In the event any such Records are missing or incomplete, Lessor shall have the right to fund Ownercause the same to be reconstructed at Lessee's share of the cost of the removal of the Vessel at the termination of the Charter Period. The Charterer shall fund its equal share of the Removal Escrow concurrently with Owner. If the amounts held in the Removal Escrow are greater than the cost of the removal of the Vessel under Section 13(a), then any excess shall be paid to Owner and Charterer equally upon the removal of the Vessel in accordance with Section 13(a)expense.
(d) Upon termination In addition to Lessor's other rights and remedies hereunder, if the Equipment and the related Records are not returned in a timely fashion, or if repairs are necessary to place any item of Equipment in the Chartercondition required in this Section, for any reason Lessee shall (i) Charterer shall leave continue to pay to Lessor per diem rent at the last prevailing lease rate under the applicable Schedule with respect to such item of Equipment, for the period of delay in place all wiringredelivery, connections, switches, splitters, couplings and junctions and/or for the period of time reasonably necessary to operate slot and player tracking systems; accomplish such repairs, and (ii) Charterer pay to Lessor an amount equal to the aggregate cost of any such repairs. Lessor's acceptance of such rent on account of such delay and/or repair does not constitute an extension or renewal of the term of the related Schedule or a waiver of Lessor's right to prompt return of the Equipment in proper condition. Such amount shall be payable upon the earlier of Lessor's demand or the return of the Equipment in accordance with this Lease.
(e) Without limiting any other terms or conditions of this Lease, the provisions of this Section are of the essence of each Schedule, and upon application to any court of equity having jurisdiction, Lessor shall be entitled to remove from the Vessel all furniture, slot, tracking a decree against Lessee requiring Lessee's specific performance of its agreements and other equipment and all other property owned by Charterer;continued in this Section. this Section.
Appears in 1 contract
Samples: Master Lease Agreement (Icoa Inc)
Redelivery. The first sentence of Section 13(aLessee shall provide written notice to Lessor not less than ninety (90) shall be deleted in its entirety, days and not more than one hundred twenty (120) days prior to the following shall be substituted in lieu thereof:
(a) Subject to Charterer's exercise expiration of the Purchase Option set forth in Section 15 term of any Equipment Schedule (or of any renewal thereof, if applicable) of Lessee's intent to return the Equipment to Lessor upon the expiration of the Charter term of such Equipment Schedule. Upon the expiration or earlier termination of the term of any Equipment Schedule (as amended by this Amendmentor of any renewal thereof, if applicable), Owner shall cause Lessee shall, at its own expense, return the Vessel (other than the Electrical Equipment, the Fire Pump and the Transition Equipment) Equipment to be removed from the Dockage Site no later than Lessor within ten (10) business days after (a) in the Charter Expiration Date.
same condition as when delivered to Lessee hereunder, ordinary wear and tear resulting from proper use thereof excepted, (b) shall be amended to read in such operating condition as follows: Upon redelivery is capable of the Vesselperforming its originally intended use, the Owner may require (c) having been used, operated, serviced and repaired in accordance with, and otherwise complying with, Section 7 hereof, and (d) free and clear of all Liens whatsoever (other than (x) liens for taxes, assessments or other governmental charges or statutory obligations that the Vessel be surveyed by a qualified independent marine surveyor mutually acceptable are not delinquent or remain payable without any penalty, or (y) Liens resulting from claims against Lessor not relating to the Owner and ownership of such Equipment). Lessee shall return the Charterer. Charterer Equipment by delivering it to such place or places within the Continental United States as Lessor shall reimburse Owner for one-half of the reasonable costs of the marine survey obtained pursuant to this Section 13(b) up to a maximum reimbursement of Five Thousand ($5,000.00) Dollarsspecify. In addition to ChartererLessor's obligations pursuant other rights and remedies hereunder, if the Equipment is not returned in a timely fashion, or if repairs are necessary to Sections 9 and 11 place any items of the Charter, which shall remain intact, Charterer shall be obligated to redeliver the Vessel Equipment in the same condition that Charterer required in this Section, Lessee shall continue to pay to Lessor per diem Rent at the last used prevailing lease rate under the Vessel applicable Equipment Schedule with respect to such items of Equipment, for the period of delay in its normal business operations.
(c) On February 1redelivery, 2000 (assuming or for the Charter has not been terminated prior thereto), Charterer shall establish an escrow account, and shall escrow up period of time reasonably necessary to $500,000.00 of the Charter Hire due from February 1, 2000 until the end of the Charter Period (the "Removal Escrow"), to fund Owner's share of accomplish such repairs together with the cost of the removal such repairs, as applicable. Lessor's acceptance of such Rent on account of such delay or repair does not constitute a renewal of the Vessel at the termination term of the Charter Period. The Charterer shall fund its equal share related Equipment Schedule or a waiver of Lessor's right to prompt return of the Removal Escrow concurrently with OwnerEquipment in proper condition. If IF LESSEE IS REQUIRED TO PROVIDE THE NOTICE PURSUANT TO THE PRECEDING PARAGRAPH, BUT FAILS TO DO SO IN A TIMELY MANNER, THE TERM OF THE APPLICABLE EQUIPMENT SCHEDULE AUTOMATICALLY SHALL BE DEEMED TO HAVE BEEN EXTENDED FOR A PERIOD OF NINETY (90) DAYS, DURING WHICH EXTENSION PERIOD LESSEE SHALL CONTINUE TO PAY TO LESSOR PER DIEM RENT AT THE LAST PREVAILING LEASE RATE UNDER THE APPLICABLE EQUIPMENT SCHEDULE; provided, however that Lessor may elect to terminate such extension at any time upon ten (10) days written notice to Lessee. During such extension period, the amounts held in terms and conditions of this Lease (including, without limitation, the Removal Escrow are greater than the cost provisions of this Section 13) shall continue to be applicable. Solely for purposes of Section 12(b) hereof, any such extension shall be deemed a renewal of the removal term of the Vessel under Section 13(a), then any excess shall be paid to Owner and Charterer equally upon the removal of the Vessel in accordance with Section 13(a)such Equipment Schedule.
(d) Upon termination of the Charter, for any reason (i) Charterer shall leave in place all wiring, connections, switches, splitters, couplings and junctions necessary to operate slot and player tracking systems; and (ii) Charterer shall be entitled to remove from the Vessel all furniture, slot, tracking and other equipment and all other property owned by Charterer;
Appears in 1 contract
Redelivery. The first sentence of Section 13(a) shall be deleted in its entirety, and the following shall be substituted in lieu thereof:
(a) Subject Lessee shall provide written notice to Charterer's exercise Lessor not less than one hundred eighty (180) days prior to the expiration of the Purchase Option set forth in Section 15 term of any Schedule (or of any renewal thereof, if applicable) of Lessee's intent to return the Equipment described on such Schedule to Lessor upon the expiration of the Charter term of such Schedule. IF LESSEE FAILS TO PROVIDE THE FOREGOING NOTICE IN A TIMELY MANNER, THE TERM OF THE APPLICABLE SCHEDULE AUTOMATICALLY SHALL BE DEEMED TO HAVE BEEN EXTENDED, WHICH EXTENSION SHALL CONTINUE UNTIL ONE HUNDRED EIGHTY (as amended by this Amendment)180) DAYS AFTER THE DATE ON WHICH LESSEE PROVIDES THE REQUIRED NOTICE, Owner shall cause the Vessel (other than the Electrical EquipmentDURING WHICH EXTENSION PERIOD LESSEE SHALL CONTINUE TO PAY TO LESSOR PER DIEM RENT AT THE LAST PREVAILING LEASE RATE UNDER THE APPLICABLE SCHEDULE; provided, the Fire Pump and the Transition Equipment) however that Lessor may elect to be removed from the Dockage Site no later than terminate such extension at any time upon ten (10) business days after written notice to Lessee. During such extension period, the Charter Expiration Dateterms and conditions of this Lease (including, without limitation, the provisions of this Section 13) shall continue to be applicable. Solely for purposes of the definition of Stipulated Loss Value in Section 12(d) hereof, any such extension shall be deemed a renewal of the term of such Schedule.
(b) Upon the expiration or earlier cancellation or termination of any Schedule, Lessee shall return the Equipment described on such Schedule to Lessor free and clear of all Liens whatsoever, to such place(s) within the continental United States as Lessor shall specify. Lessee shall provide, at its expense, transit insurance for the redelivery period in an amount equal to the replacement value of such Equipment and Lessor shall be amended to read named as follows: Upon redelivery the loss payee on all such policies of insurance. Lessee shall cause:
(1) the Vessel, the Owner may require that the Vessel be surveyed by a Supplier's representative or other qualified independent marine surveyor mutually person acceptable to Lessor (the Owner "DESIGNATED PERSON") to de-install such Equipment in accordance with the Supplier's specifications (as applicable) and pack such Equipment properly and in accordance with the ChartererSupplier's recommendations (as applicable); and (2) such Equipment to be transported in a manner consistent with the Supplier's recommendations and practices (as applicable). Charterer Upon return, such Equipment shall reimburse Owner for one-half of the reasonable costs of the marine survey obtained pursuant to this Section 13(bbe: (i) up to a maximum reimbursement of Five Thousand ($5,000.00) Dollars. In addition to Charterer's obligations pursuant to Sections 9 and 11 of the Charter, which shall remain intact, Charterer shall be obligated to redeliver the Vessel in the same condition as when delivered to Lessee under the related Schedule, ordinary wear and tear excepted; (ii) mechanically and structurally sound (reasonable wear and tear excepted), capable of performing the functions for which such Equipment was originally designed, in accordance with the Supplier's published and recommended specifications (as applicable); (iii) redelivered with all component parts in good operating condition (reasonable wear and tear excepted so long as all components must meet or exceed the Supplier's minimum recommended specifications, unless otherwise agreed by Lessor in writing); (iv) redelivered with all software and documentation necessary for the operation of such Equipment for the performance of the functions for which such Equipment was originally designed (whether or not such software is embedded in or otherwise is a part of such Equipment); and (v) cleaned and cosmetically acceptable (reasonable wear and tear excepted), with all Lessee-installed markings removed and all rust, corrosion or other contamination having been removed or properly treated, and in such condition so that Charterer last used it may be immediately installed and placed in service by a third party. Upon delivery, such Equipment shall be in compliance with all applicable Federal, state and local laws, and health and safety guidelines. Lessee shall be responsible for the Vessel cost of all repairs, alterations, inspections, appraisals, storage charges, insurance costs, demonstration costs and other related costs necessary to cause such Equipment to be in its normal business operationsfull compliance with the terms of this Lease.
(c) On February 1If requested by Lessor, 2000 (assuming the Charter has not been terminated prior thereto)Lessee shall also deliver all related records and other data to Lessor, Charterer shall establish an escrow accountincluding all records of maintenance, modifications, additions and major repairs, computerized maintenance history, and shall escrow up to $500,000.00 of the Charter Hire due from February 1any maintenance and repair manuals (collectively, 2000 until the end of the Charter Period (the "Removal EscrowRECORDS"). All manuals or other documents delivered to Lessor that are subject to periodic revision will be fully up-to-date and current to the latest revision standard of any particular manual or document. In the event any such Records are missing or incomplete, Lessor shall have the right to fund Ownercause the same to be reconstructed at Lessee's share of the cost of the removal of the Vessel at the termination of the Charter Period. The Charterer shall fund its equal share of the Removal Escrow concurrently with Owner. If the amounts held in the Removal Escrow are greater than the cost of the removal of the Vessel under Section 13(a), then any excess shall be paid to Owner and Charterer equally upon the removal of the Vessel in accordance with Section 13(a)expense.
(d) Upon termination In addition to Lessor's other rights and remedies hereunder, if such Equipment and the related Records are not returned in a timely fashion, or if repairs are necessary to place any item of Equipment in the Chartercondition required in this Section, for any reason Lessee shall (i) Charterer shall leave continue to pay to Lessor per diem rent at the last prevailing lease rate under the applicable Schedule with respect to such item of Equipment, for the period of delay in place all wiringredelivery, connections, switches, splitters, couplings and junctions and/or for the period of time reasonably necessary to operate slot and player tracking systems; accomplish such repairs, and (ii) Charterer pay to Lessor an amount equal to the aggregate cost of any such repairs. Lessor's acceptance of such rent on account of such delay and/or repair does not constitute an extension or renewal of the term of the related Schedule or a waiver of Lessor's right to prompt return of such Equipment in proper condition. Such amount shall be payable upon the earlier of Lessor's demand or the return of such Equipment in accordance with this Lease.
(e) Without limiting any other terms or conditions of this Lease, the provisions of this Section are of the essence of each Schedule, and upon application to any court of equity having jurisdiction, Lessor shall be entitled to remove from the Vessel all furniture, slot, tracking and other equipment and all other property owned by Charterer;a decree against Lessee requiring Lessee's specific performance of its agreements in this Section.
Appears in 1 contract
Samples: Master Lease Agreement (Meadowbrook Insurance Group Inc)
Redelivery. The first sentence of Section 13(a) shall be deleted in its entirety, and the following shall be substituted in lieu thereof:
(a) Subject Lessee shall provide written notice to Charterer's exercise Lessor not less than one hundred eighty (180) days and not more than two hundred forty (240) days prior to the expiration of the Purchase Option set forth in Section 15 term of any Schedule (or of any renewal thereof, if applicable) of Lessee's intent to return the Equipment described on such Schedule to Lessor upon the expiration of the Charter term of such Schedule. IF LESSEE FAILS TO PROVIDETHE FOREGOING NOTICE IN A TIMELY MANNER, THE TERM OF THEAPPLICABLE SCHEDULE AUTOMATICALLY SHALL BE DEEMED TO HAVE BEEN EXTENDED, WHICH EXTENSION SHALL CONTINUE UNTIL ONE HUNDRED EIGHTY (as amended by this Amendment)180) DAYS AFTER THE DATE ON WHICH LESSEE PROVIDES THE REQUIRED NOTICE, Owner shall cause the Vessel (other than the Electrical EquipmentDURING WHICH EXTENSION PERIOD LESSEE SHALL CONTINUE TO PAY TO LESSOR PER DIEM RENT AT THE LAST PREVAILING LEASE RATE UNDER THE APPLICABLE SCHEDULE; provided, the Fire Pump and the Transition Equipment) however that Lessor may elect to be removed from the Dockage Site no later than terminate such extension at any time upon ten (10) business days after written notice to Lessee. During such extension period, the Charter Expiration Dateterms and conditions of this Lease (including, without limitation, the provisions of this Section 13) shall continue to be applicable. Solely for purposes of the definition of Stipulated Loss Value in Section 12(d) hereof, any such extension shall be deemed a renewal of the term of such Schedule.
(b) Upon the expiration or earlier cancellation or termination of any Schedule, Lessee shall be amended return the Equipment described on such Schedule to read Lessor free and clear of all liens whatsoever, to such place(s) within the continental United States as follows: Upon Lessor shall specify. Lessee shall provide, at its expense, transit insurance for the redelivery of period in an amount equal to the
(1) the Vessel, the Owner may require that the Vessel be surveyed by a Supplier's representative or other qualified independent marine surveyor mutually person acceptable to Lessor (the Owner "Designated Person") to de-install such Equipment in accordance with the Supplier's specifications (as applicable) and pack such Equipment properly and in accordance with the ChartererSupplier's recommendations (as applicable); and (2) such Equipment to be transported in a manner consistent with the Supplier's recommendations and practices (as applicable). Charterer Upon return, such Equipment shall reimburse Owner for one-half of the reasonable costs of the marine survey obtained pursuant to this Section 13(bbe: (i) up to a maximum reimbursement of Five Thousand ($5,000.00) Dollars. In addition to Charterer's obligations pursuant to Sections 9 and 11 of the Charter, which shall remain intact, Charterer shall be obligated to redeliver the Vessel in the same condition as when delivered to Lessee under the related Schedule, ordinary wear and tear excepted; (ii) mechanically and structurally sound, capable of performing the functions for which such Equipment was originally designed, in accordance with the Supplier's published and recommended specifications (as applicable); (iii) redelivered with all component parts in good operating condition (and all components must meet or exceed the Supplier's minimum recommended specifications, unless otherwise agreed by Lessor in writing); (iv) redelivered with all software and documentation necessary for the operation of such Equipment for the performance of the functions for which such Equipment was originally designed (whether or not such software is embedded in or otherwise is a part of such Equipment); and (v) cleaned and cosmetically acceptable, with all Lessee-installed markings removed and all rust. corrosion or other contamination having been removed or properly treated, and in such condition so that Charterer last used it may be immediately installed and placed in service by a third party. Upon delivery, such Equipment shall be in compliance with all applicable Federal, state and local laws, and health and safety guidelines. Lessee shall be responsible for the Vessel cost of all repairs, alterations, inspections, appraisals, storage charges, insurance costs, demonstration costs and other related costs necessary to cause such Equipment to be in its normal business operationsfull compliance with the terms of this Lease.
(c) On February 1If requested by Lessor, 2000 (assuming the Charter has not been terminated prior thereto)Lessee shall also deliver all related records and other data to Lessor, Charterer shall establish an escrow accountincluding all records of maintenance, modifications, additions and major repairs, computerized maintenance history, and shall escrow up to $500,000.00 of the Charter Hire due from February 1any maintenance and repair manuals (collectively, 2000 until the end of the Charter Period (the "Removal EscrowRecords"). All manuals or other documents delivered to Lessor that are subject to periodic revision will be fully up-to-date and current to the latest revision standard of any particular manual or document. In the event any such Records are missing or incomplete, Lessor shall have the right to fund Ownercause the same to be reconstructed at Lessee's share of the cost of the removal of the Vessel at the termination of the Charter Period. The Charterer shall fund its equal share of the Removal Escrow concurrently with Owner. If the amounts held in the Removal Escrow are greater than the cost of the removal of the Vessel under Section 13(a), then any excess shall be paid to Owner and Charterer equally upon the removal of the Vessel in accordance with Section 13(a)expense.
(d) Upon termination In addition to Lessor's other rights and remedies hereunder, if such Equipment and the related Records are not returned in a timely fashion, or if repairs are necessary to place any item of Equipment in the Chartercondition required in this Section, for any reason Lessee shall (i) Charterer shall leave continue to pay to Lessor per diem rent at the last prevailing lease rate under the applicable Schedule with respect to such item of Equipment, for the period of delay in place all wiringredelivery, connections, switches, splitters, couplings and junctions and/or for the period of time reasonably necessary to operate slot and player tracking systems; accomplish such repairs, and (ii) Charterer pay to Lessor an amount equal to the aggregate cost of any such repairs. Lessor's acceptance of such rent on account of such delay and/or repair does not constitute an extension
(e) Without limiting any other terms or conditions of this Lease, the provisions of this Section are of the essence of each Schedule, and upon application to any court of equity having jurisdiction, Lessor shall be entitled to remove from the Vessel all furniture, slot, tracking and other equipment and all other property owned by Charterer;a decree against Lessee requiring Lessee's specific performance of its agreements in this Section.
Appears in 1 contract
Redelivery. The first sentence of Section 13(a) shall be deleted in its entirety, and the following shall be substituted in lieu thereof:
(a) Subject With respect to Charterer's exercise each Equipment Schedule, unless otherwise provided in this Lease (including any Rider hereto), Lessee agrees that (1) it shall provide Lessor with written notice of the Purchase Option set forth in Section 15 scheduled expiration of the Charter then existing term of lease with respect to such Equipment Schedule, and Lessee’s assurance that the Equipment leased thereunder shall be redelivered to Lessor in accordance with the provisions of this Lease (including any Rider hereto) (the “Return Notice”); (2) such Return Notice shall be delivered to Lessor at least sixty (60) days, but no more than one hundred twenty (120) days, prior to such expiration date; and (3) if Lessee fails to so deliver such Return Notice to Lessor, at Lessor’s option (as amended evidenced by this Amendmentits written acknowledgment thereof), Owner Lessee shall cause be deemed to have renewed the Vessel (other than term thereof for a term of six months commencing on the Electrical Equipment, day next succeeding such expiration date and at rental payable in the Fire Pump same amount and manner as the Transition Equipment) to be removed from rental payable during the Dockage Site no later than ten (10) business days after the Charter Expiration Datethen expiring term.
(b) shall be amended to read as follows: Upon redelivery the expiration or earlier termination of the Vesselterm of any Equipment Schedule (or of any renewal thereof, if applicable), Lessee shall, at its own expense, return the Owner may require that Equipment to Lessor within ten (10) day, in the Vessel be surveyed same condition as when delivered to Lessee hereunder, ordinary wear and tear resulting from proper use thereof excepted. Lessee shall return the Equipment by a qualified independent marine surveyor mutually acceptable delivering it to such place within the Owner and the Charterer. Charterer Continental United States as Lessor shall reimburse Owner for one-half of the reasonable costs of the marine survey obtained pursuant to this Section 13(b) up to a maximum reimbursement of Five Thousand ($5,000.00) Dollarsspecify. In addition to Charterer's obligations pursuant Lessor’s other rights and remedies hereunder, if the Equipment is not returned in a timely fashion, or if repairs are necessary to Sections 9 and 11 place any items of the Charter, which shall remain intact, Charterer shall be obligated to redeliver the Vessel Equipment in the same condition that Charterer required in this Section, Lessee shall continue to pay to Lessor per diem rent at the last used prevailing lease rate under the Vessel applicable Equipment Schedule with respect to such items of Equipment, for the period of delay in its normal business operations.
(c) On February 1redelivery, 2000 (assuming or for the Charter has not been terminated prior thereto), Charterer shall establish an escrow account, and shall escrow up period of time reasonably necessary to $500,000.00 of the Charter Hire due from February 1, 2000 until the end of the Charter Period (the "Removal Escrow"), to fund Owner's share of accomplish such repairs together with the cost of the removal such repairs, as applicable. Lessor’s acceptance of such rent on account of such delay or repair does not constitute a renewal of the Vessel at the termination term of the Charter Period. The Charterer shall fund its equal share related Equipment Schedule or a waiver of Lessor’s right to prompt return of the Removal Escrow concurrently with Owner. If the amounts held Equipment in the Removal Escrow are greater than the cost of the removal of the Vessel under Section 13(a), then any excess shall be paid to Owner and Charterer equally upon the removal of the Vessel in accordance with Section 13(a)proper condition.
(d) Upon termination of the Charter, for any reason (i) Charterer shall leave in place all wiring, connections, switches, splitters, couplings and junctions necessary to operate slot and player tracking systems; and (ii) Charterer shall be entitled to remove from the Vessel all furniture, slot, tracking and other equipment and all other property owned by Charterer;
Appears in 1 contract
Redelivery. The first sentence of Section 13(a) shall be deleted in its entirety, and the following shall be substituted in lieu thereof:
(a) Subject Lessee shall provide written notice to Charterer's exercise Lessor not less than one hundred eighty (180) days and not more than two hundred seventy (270) days prior to the expiration of the Purchase Option set forth in Section 15 term of this Lease with respect to the first Schedule to be executed under this Lease (or of any renewal thereof, if applicable) of Lessee’s intent to return the Equipment to Lessor upon the expiration of the Charter term of this Lease (as amended by this Amendment“Election Notice”). Such notice shall be irrevocable and shall be effective with respect to all Equipment leased under all Schedules. IF LESSEE FAILS TO PROVIDE THE FOREGOING NOTICE IN A TIMELY MANNER, Owner shall cause the Vessel THE TERMS OF THE SCHEDULES AUTOMATICALLY SHALL BE DEEMED TO HAVE BEEN EXTENDED, WHICH EXTENSION SHALL CONTINUE UNTIL ONE HUNDRED EIGHTY (other than the Electrical Equipment180) DAYS AFTER THE DATE ON WHICH LESSEE PROVIDES THE REQUIRED NOTICE, the Fire Pump and the Transition Equipment) DURING WHICH EXTENSION PERIOD LESSEE SHALL CONTINUE TO PAY TO LESSOR PER DIEM RENT AT THE LAST PREVAILING LEASE RATE UNDER THE APPLICABLE SCHEDULES; provided, however that Lessor may elect to be removed from the Dockage Site no later than terminate such extension at any time upon ten (10) business days written notice to Lessee. During such extension period, the terms and conditions of this Lease (including, without limitation, the provisions of this Section 16) shall continue to be applicable. Solely for purposes of the definition of Stipulated Loss Value in Section 8 hereof, any such extension shall be deemed a renewal of the term of such Schedule. In the event the Lessee elects to return the Equipment after the Charter Expiration DateBase Term of the Lease, Lessee shall pay to Lessor upon delivery of the Election Notice a fee in the amount equal to the Return Fee Percentage (as set forth in the applicable Schedule) of the Total Invoice Cost of the Equipment (“Initial Return Fee”).
(b) Upon the expiration or earlier cancellation or termination of any Schedule, Lessee shall return the Equipment to Lessor free and clear of all liens whatsoever, to such place(s) within the continental United States as Lessor shall specify. Lessee shall provide, at its expense, transit insurance for the redelivery period in an amount equal to the replacement value of the Equipment and Lessor shall be amended to read named as follows: Upon redelivery the loss payee on all such policies of insurance. During the period between the expiration of the VesselLease and the date occurring six (6) months thereafter, Lessee shall, at its expense: (1) at the Owner may require that request of Lessor, provide for the Vessel be surveyed de-installation and packing of the Equipment, by a qualified independent marine surveyor mutually industry authorized representative acceptable to Lessor (“Designate Person”), in accordance with the Owner Vendor’s specifications (as applicable); (2) at the request of Lessor deliver the Equipment to Lessor at a location designated by Lessor; and (3) provide insurance and safe, secured storage for the ChartererEquipment. Charterer Upon return, the Equipment shall reimburse Owner for one-half of the reasonable costs of the marine survey obtained pursuant to this Section 13(bbe: (i) up to a maximum reimbursement of Five Thousand ($5,000.00) Dollars. In addition to Charterer's obligations pursuant to Sections 9 and 11 of the Charter, which shall remain intact, Charterer shall be obligated to redeliver the Vessel in the same condition as when delivered to Lessee under the applicable Schedule, ordinary wear and tear excepted; (ii) mechanically and structurally sound, capable of performing the functions for which the Equipment was originally designed, in accordance with the manufacturer’s published and recommended specifications (as applicable); (iii) redelivered with all component parts in good operating condition (and all components must meet or exceed the manufacturer’s minimum recommended specifications, unless otherwise agreed by Lessor in writing); and (iv) cleaned and cosmetically acceptable, with all Lessee-installed markings removed and all rust, corrosion or other contamination having been removed or properly treated, and in such condition so that Charterer last used it may be immediately installed and placed in service by a third party. Upon delivery, the Vessel Equipment shall be in its normal business operationscompliance with all applicable Federal, state and local laws, and health and safety guidelines. Lessee shall be responsible for the cost of all repairs, alterations, inspections, appraisals, storage charges, insurance costs, demonstration costs and other related costs necessary to cause the Equipment to be in full compliance with the terms of this Lease.
(c) On February 1If requested by Lessor, 2000 (assuming the Charter has not been terminated prior thereto)Lessee shall also deliver all related records and other data to Lessor, Charterer shall establish an escrow accountincluding all records of maintenance, modifications, additions and major repairs, computerized maintenance history, and any maintenance and repair manuals (collectively, the “Records”). All manuals or other documents delivered to Lessor that are subject to periodic revision will be fully up-to-date and current to the latest revision standard of any particular manual or document. In the event any such Records are missing or incomplete, Lessor shall escrow up have the right to $500,000.00 of cause the Charter Hire due from February 1, 2000 until the end of the Charter Period (the "Removal Escrow"), same to fund Owner's share of the cost of the removal of the Vessel be reconstructed at the termination of the Charter Period. The Charterer shall fund its equal share of the Removal Escrow concurrently with Owner. If the amounts held in the Removal Escrow are greater than the cost of the removal of the Vessel under Section 13(a), then any excess shall be paid to Owner and Charterer equally upon the removal of the Vessel in accordance with Section 13(a)Lessee’s expense.
(d) Upon termination In addition to Lessor’s other rights and remedies hereunder, if the Equipment and the related Records are not returned in a timely fashion, or if repairs are necessary to place any item of Equipment in the Chartercondition required in this Section, for any reason Lessee shall (i) Charterer shall leave continue to pay to Lessor per diem rent at the last prevailing lease rate under the applicable Schedule with respect to such item of Equipment, for the period of delay in place all wiringredelivery, connections, switches, splitters, couplings and junctions and/or for the period of time reasonably necessary to operate slot and player tracking systems; accomplish such repairs, and (ii) Charterer pay to Lessor an amount equal to the aggregate cost of any such repairs. Lessor’s acceptance of such rent on account of such delay and/or repair does not constitute an extension or renewal of the term of the related Schedule or a waiver of Lessor’s right to prompt return of the Equipment in proper condition. Such amount shall be payable upon the earlier of Lessor’s demand or the return of the Equipment in accordance with this Lease.
(e) During the period between the date occurring six (6) months prior to the expiration of the term of the Lease (either the Base Term or renewal term) and the expiration of the Lease (“Remarketing Period”) Lessee shall, at its expense (i) upon receiving reasonable notice from Lessor, make the Equipment available for onsite operational inspections by potential purchasers, under power, and provide personnel, power and other operational requirements necessary to demonstrate electrical, mechanical and operational systems for each item of Equipment, (ii) at the request of Lessor, provide for an inspection and fair market value appraisal to be performed by an appraiser of Lessor’s choice, the results of such appraisal to be forwarded to Lessor; and (iii) assist Lessor in marketing the Equipment for sale. Lessee shall on request pay all of Lessor’s reasonable cost and expenses incurred in connection with the remarketing of the Equipment during the Remarketing Period. In the event, following receipt by Lessor of the Initial Return Fee, but prior to the date occurring thirty (30) days after the expiration of the Base Term of the Lease, the Lessor receives net proceeds from the sale of the Equipment, pursuant to a contract of sale entered into during the Remarketing Period, in excess of the amount equal to the Base Net Proceeds Percentage (as set forth on the applicable Schedule) of the Total Invoice Cost of the Equipment, the Lessor shall remit to the Lessee the portion of such net proceeds which exceed the amount equal to the Base Net Proceeds Percentage of the Total Invoice Cost of the Equipment; provided that the maximum amount to be paid to the Lessee shall not exceed the amount of the Initial Return Fee received by Lessor.
(f) Without limiting any other terms or conditions of this Lease, the provisions of this Section are of the essence of each Schedule, and upon application to any court of equity having jurisdiction, Lessor shall be entitled to remove from the Vessel all furniture, slot, tracking and other equipment and all other property owned by Charterer;a decree against Lessee requiring Lessee’s specific performance of its agreements in this Section.
Appears in 1 contract
Redelivery. The first sentence of Section 13(a) shall be deleted in its entirety, and the following shall be substituted in lieu thereof:
(a) Subject Lessee shall provide written notice to Charterer's exercise Lessor not less than one hundred eighty (180) days and not more than two hundred forty (240) days prior to the expiration of the Purchase Option set forth in Section 15 term of any Schedule (or of any renewal thereof, if applicable) of Lessee’s intent to return the Equipment described on such Schedule to Lessor upon the expiration of the Charter term of such Schedule. IF LESSEE FAILS TO PROVIDE THE FOREGOING NOTICE IN A TIMELY MANNER, THE TERM OF THE APPLICABLE SCHEDULE AUTOMATICALLY SHALL BE DEEMED TO HAVE BEEN EXTENDED, WHICH EXTENSION SHALL CONTINUE UNTIL ONE HUNDRED EIGHTY (as amended by this Amendment)180) DAYS AFTER THE DATE ON WHICH LESSEE PROVIDES THE REQUIRED NOTICE, Owner shall cause the Vessel (other than the Electrical Equipment, the Fire Pump and the Transition Equipment) to be removed from the Dockage Site no later than ten (10) business days after the Charter Expiration Date.DURING WHICH EXTENSION PERIOD LESSEE SHALL CONTINUE TO PAY TO LESSOR PER DIEM RENT AT THE LAST PREVAILING LEASE RATE UNDER THE APPLICABLE
(b) Upon the expiration or earlier cancellation or termination of any Schedule, Lessee shall return the Equipment described on such Schedule to Lessor free and clear of all Liens whatsoever, to such place(s) within the continental United States as Lessor shall specify. Lessee shall provide, at its expense, transit insurance for the redelivery period in an amount equal to the replacement value of such Equipment and Lessor shall be amended to read named as follows: Upon redelivery the loss payee on all such policies of insurance. Lessee shall cause:
(1) the Vessel, the Owner may require that the Vessel be surveyed by a Supplier’s representative or other qualified independent marine surveyor mutually person acceptable to Lessor (the Owner “Designated Person”) to de-install such Equipment in accordance with the Supplier’s specifications (as applicable) and pack such Equipment properly and in accordance with the ChartererSupplier’s recommendations (as applicable); and (2) such Equipment to be transported in a manner consistent with the Supplier’s recommendations and practices (as applicable). Charterer Upon return, such Equipment shall reimburse Owner for one-half of the reasonable costs of the marine survey obtained pursuant to this Section 13(bbe: (i) up to a maximum reimbursement of Five Thousand ($5,000.00) Dollars. In addition to Charterer's obligations pursuant to Sections 9 and 11 of the Charter, which shall remain intact, Charterer shall be obligated to redeliver the Vessel in the same condition as when delivered to Lessee under the related Schedule, ordinary wear and tear excepted; (ii) mechanically and structurally sound, capable of performing the functions for which such Equipment was originally designed, in accordance with the Supplier’s published and recommended specifications (as applicable); (iii) redelivered with all component parts in good operating condition (and all components must meet or exceed the Supplier’s minimum recommended specifications, unless otherwise agreed by Lessor in writing); (iv) redelivered with all software and documentation necessary for the operation of such Equipment for the performance of the functions for which such Equipment was originally designed (whether or not such software is embedded in or otherwise is a part of such Equipment); and (v) cleaned and cosmetically acceptable, with all Lessee-installed markings removed and all rust, corrosion or other contamination having been removed or properly treated, and in such condition so that Charterer last used it may be immediately installed and placed in service by a third party. Upon delivery, such Equipment shall be in compliance with all applicable Federal, state and local laws, and health and safety guidelines. Lessee shall be responsible for the Vessel cost of all repairs, alterations, inspections, appraisals, storage charges, insurance costs, demonstration costs and other related costs necessary to cause such Equipment to be in its normal business operationsfull compliance with the terms of this Lease.
(c) On February 1If requested by Lessor, 2000 (assuming the Charter has not been terminated prior thereto)Lessee shall also deliver all related records and other data to Lessor, Charterer shall establish an escrow accountincluding all records of maintenance, modifications, additions and major repairs, computerized maintenance history, and any maintenance and repair manuals (collectively, the “Records”). All manuals or other documents delivered to Lessor that are subject to periodic revision will be fully up-to-date and current to the latest revision standard of any particular manual or document. In the event any such Records are missing or incomplete, Lessor shall escrow up have the right to $500,000.00 of cause the Charter Hire due from February 1, 2000 until the end of the Charter Period (the "Removal Escrow"), same to fund Owner's share of the cost of the removal of the Vessel be reconstructed at the termination of the Charter PeriodLessee’s expense. The Charterer shall fund its equal share of the Removal Escrow concurrently with Owner. If the amounts held in the Removal Escrow are greater than the cost of the removal of the Vessel under Section 13(a), then any excess shall be paid to Owner and Charterer equally upon the removal of the Vessel in accordance with Section 13(a).
(d) Upon termination In addition to Lessor’s other rights and remedies hereunder, if such Equipment and the related Records are not returned in a timely fashion, or if repairs are necessary to place any item of Equipment in the Chartercondition required in this Section, for any reason Lessee shall (i) Charterer shall leave continue to pay to Lessor per diem rent at the last prevailing lease rate under the applicable Schedule with respect to such item of Equipment, for the period of delay in place all wiringredelivery, connections, switches, splitters, couplings and junctions and/or for the period of time reasonably necessary to operate slot and player tracking systems; accomplish such repairs, and (ii) Charterer pay to Lessor an amount equal to the aggregate cost of any such repairs. Lessor’s acceptance of such rent on account of such delay and/or repair does not constitute an extension or renewal of the term of the related Schedule or a waiver of Lessor’s right to prompt return of such Equipment in proper condition. Such amount shall be entitled to remove from payable upon the Vessel all furniture, slot, tracking and other equipment and all other property owned by Charterer;earlier of Lessor’s demand or the return of such Equipment in accordance with this Lease.
Appears in 1 contract
Samples: Master Lease Agreement (Advanced Environmental Recycling Technologies Inc)
Redelivery. The first sentence of Section 13(a) shall be deleted in its entirety, and the following shall be substituted in lieu thereof:
(a) Subject Lessee shall provide written notice to Charterer's exercise Lessor not less than one hundred eighty (180) days and not more than two hundred forty (240) days prior to the expiration of the Purchase Option set forth in Section 15 term of any Schedule (or of any renewal thereof, if applicable) of Lessee’s intent to return the Equipment described on such Schedule to Lessor upon the expiration of the Charter term of such Schedule. IF LESSEE FAILS TO PROVIDE THE FOREGOING NOTICE IN A TIMELY MANNER, THE TERM OF THE APPLICABLE SCHEDULE AUTOMATICALLY SHALL BE DEEMED TO HAVE BEEN EXTENDED, WHICH EXTENSION SHALL CONTINUE UNTIL ONE HUNDRED EIGHTY (as amended by this Amendment)180) DAYS AFTER THE DATE ON WHICH LESSEE PROVIDES THE REQUIRED NOTICE, Owner shall cause the Vessel (other than the Electrical EquipmentDURING WHICH EXTENSION PERIOD LESSEE SHALL CONTINUE TO PAY TO LESSOR PER DIEM RENT AT THE LAST PREVAILING LEASE RATE UNDER THE APPLICABLE SCHEDULE; provided, the Fire Pump and the Transition Equipment) however that Lessor may elect to be removed from the Dockage Site no later than terminate such extension at any time upon ten (10) business days after written notice to Lessee. During such extension period, the Charter Expiration Dateterms and conditions of this Lease (including, without limitation, the provisions of this Section 13) shall continue to be applicable. Solely for purposes of the definition of Stipulated Loss Value in Section 12(d) hereof, any such extension shall be deemed a renewal of the term of such Schedule.
(b) Upon the expiration or earlier cancellation or termination of any Schedule, Lessee shall return the Equipment described on such Schedule to Lessor free and clear of all Liens whatsoever, to any of Lessee’s distribution center locations within the continental United States. Lessee shall provide, at its expense, transit insurance for the redelivery period in an amount equal to the replacement value of such Equipment and Lessor shall be amended to read named as follows: Upon redelivery the loss payee on all such policies of insurance. Lessee shall cause:
(1) the Vessel, the Owner may require that the Vessel be surveyed by a Supplier’s representative or other qualified independent marine surveyor mutually person acceptable to Lessor (the Owner “Designated Person”) to de-install such Equipment in accordance with the Supplier’s specifications (as applicable) and pack such Equipment properly and in accordance with the ChartererSupplier’s recommendations (as applicable); and (2) such Equipment to be transported in a manner consistent with the Supplier’s recommendations and practices (as applicable). Charterer Upon return, such Equipment shall reimburse Owner for one-half of the reasonable costs of the marine survey obtained pursuant to this Section 13(bbe: (i) up to a maximum reimbursement of Five Thousand ($5,000.00) Dollars. In addition to Charterer's obligations pursuant to Sections 9 and 11 of the Charter, which shall remain intact, Charterer shall be obligated to redeliver the Vessel in the same condition as when delivered to Lessee under the related Schedule, ordinary wear and tear excepted; (ii) mechanically and structurally sound, capable of performing the functions for which such Equipment was originally designed, in accordance with the Supplier’s published and recommended specifications (as applicable); (iii) redelivered with all component parts in good operating condition (and all components must meet or exceed the Supplier’s minimum recommended specifications, unless otherwise agreed by Lessor in writing); (iv) redelivered with all software and documentation necessary for the operation of such Equipment for the performance of the functions for which such Equipment was originally designed (whether or not such software is embedded in or otherwise is a part of such Equipment); and (v) cleaned and cosmetically acceptable, with all Lessee-installed markings removed and all rust, corrosion or other contamination having been removed or properly treated, and in such condition so that Charterer last used it may be immediately installed and placed in service by a third party. Upon delivery, such Equipment shall be in compliance with all applicable Federal, state and local laws, and health and safety guidelines. Lessee shall be responsible for the Vessel cost of all repairs, alterations, inspections, appraisals, storage charges, insurance costs, demonstration costs and other related costs necessary to cause such Equipment to be in its normal business operationsfull compliance with the terms of this Lease.
(c) On February 1If requested by Lessor, 2000 (assuming the Charter has not been terminated prior thereto)Lessee shall also deliver all related records and other data to Lessor, Charterer shall establish an escrow accountincluding all records of maintenance, modifications, additions and major repairs, computerized maintenance history, and any maintenance and repair manuals (collectively, the “Records”). All manuals or other documents delivered to Lessor that are subject to periodic revision will be fully up-to-date and current to the latest revision standard of any particular manual or document. In the event any such Records are missing or incomplete, Lessor shall escrow up have the right to $500,000.00 of cause the Charter Hire due from February 1, 2000 until the end of the Charter Period (the "Removal Escrow"), same to fund Owner's share of the cost of the removal of the Vessel be reconstructed at the termination of the Charter PeriodLessee’s expense. The Charterer shall fund its equal share of the Removal Escrow concurrently with Owner. If the amounts held in the Removal Escrow are greater than the cost of the removal of the Vessel under Section 13(a), then any excess shall be paid to Owner and Charterer equally upon the removal of the Vessel in accordance with Section 13(a).
(d) Upon termination In addition to Lessor’s other rights and remedies hereunder, if such Equipment and the related Records are not returned in a timely fashion, or if repairs are necessary to place any item of Equipment in the Chartercondition required in this Section, for any reason Lessee shall (i) Charterer shall leave continue to pay to Lessor per diem rent at the last prevailing lease rate under the applicable Schedule with respect to such item of Equipment, for the period of delay in place all wiringredelivery, connections, switches, splitters, couplings and junctions and/or for the period of time reasonably necessary to operate slot and player tracking systems; accomplish such repairs, and (ii) Charterer pay to Lessor an amount equal to the aggregate cost of any such repairs. Lessor’s acceptance of such rent on account of such delay and/or repair does not constitute an extension or renewal of the term of the related Schedule or a waiver of Lessor’s right to prompt return of such Equipment in proper condition. Such amount shall be entitled to remove from payable upon the Vessel all furniture, slot, tracking and other equipment and all other property owned by Charterer;earlier of Lessor’s demand or the return of such Equipment in accordance with this Lease.
Appears in 1 contract
Redelivery. The first sentence of Section 13(a) shall be deleted in its entirety, and the following shall be substituted in lieu thereof:
(a) Subject Lessee shall provide written notice to Charterer's exercise Lessor not less than one hundred eighty (180) days and not more than three hundred sixty-five (365) days prior to the expiration of the Purchase Option set forth in Section 15 term of any Schedule (or of any renewal thereof, if applicable) of Lessee’s intent to return the Equipment described on such Schedule to Lessor upon the expiration of the Charter term of such Schedule. IF LESSEE FAILS TO PROVIDE THE FOREGOING NOTICE IN A TIMELY MANNER, THE TERM OF THE APPLICABLE SCHEDULE AUTOMATICALLY SHALL BE DEEMED TO HAVE BEEN EXTENDED, WHICH EXTENSION SHALL CONTINUE UNTIL ONE HUNDRED EIGHTY (as amended by this Amendment)180) DAYS AFTER THE DATE ON WHICH LESSEE PROVIDES THE REQUIRED NOTICE, Owner shall cause the Vessel (other than the Electrical EquipmentDURING WHICH EXTENSION PERIOD LESSEE SHALL CONTINUE TO PAY TO LESSOR PER DIEM RENT AT THE LAST PREVAILING LEASE RATE UNDER THE APPLICABLE SCHEDULE; provided, the Fire Pump and the Transition Equipment) however that Lessor may elect to be removed from the Dockage Site no later than terminate such extension at any time upon ten (10) business days after written notice to Lessee. During such extension period, the Charter Expiration Dateterms and conditions of this Lease (including, without limitation, the provisions of this Section 13) shall continue to be applicable. Solely for purposes of the definition of Stipulated Loss Value in Section 12(d) hereof, any such extension shall be deemed a renewal of the term of such Schedule.
(b) Upon the expiration or earlier cancellation or termination of any Schedule, Lessee shall return the Equipment described on such Schedule to Lessor free and clear of all Liens whatsoever, to such place(s) within North America as Lessor shall specify. Lessee shall provide, at its expense, transit insurance for the redelivery period in an amount equal to the replacement value of such Equipment and Lessor shall be amended to read named as follows: Upon redelivery the loss payee on all such policies of insurance. Lessee shall cause:
(1) the Vessel, the Owner may require that the Vessel be surveyed by a Supplier’s representative or other qualified independent marine surveyor mutually person reasonably acceptable to Lessor (the Owner “Designated Person”) to de-install such Equipment in accordance with the Supplier’s specifications (as applicable) and pack such Equipment properly and in accordance with the ChartererSupplier’s recommendations (as applicable); and (2) such Equipment to be transported in a manner consistent with the Supplier’s recommendations and practices (as applicable). Charterer Upon return, such Equipment shall reimburse Owner for one-half of the reasonable costs of the marine survey obtained pursuant to this Section 13(bbe: (i) up to a maximum reimbursement of Five Thousand ($5,000.00) Dollars. In addition to Charterer's obligations pursuant to Sections 9 and 11 of the Charter, which shall remain intact, Charterer shall be obligated to redeliver the Vessel in the same condition that Charterer last used as when delivered to Lessee under the Vessel related Schedule, ordinary wear and tear excepted; (ii) mechanically and structurally sound, capable of performing the functions for which such Equipment was originally designed, in its normal business operations.accordance with the Supplier’s published and recommended specifications (as applicable); (iii) redelivered with all component parts in good operating condition (and all components must meet or exceed the Supplier’s minimum recommended specifications, unless otherwise agreed by Lessor in writing); (iv) redelivered with all software and documentation necessary for the operation of such Equipment
(c) On February 1If requested by Lessor, 2000 (assuming the Charter has not been terminated prior thereto)Lessee shall also deliver all related records and other data to Lessor, Charterer shall establish an escrow accountincluding all records of major maintenance, modifications, additions and major repairs, computerized maintenance history, and any maintenance and repair manuals (collectively, the “Records”). All manuals or other documents delivered to Lessor that are subject to periodic revision will be fully up-to-date and current to the latest revision standard of any particular manual or document. In the event any such Records are missing or incomplete, Lessor shall escrow up have the right to $500,000.00 of cause the Charter Hire due from February 1, 2000 until the end of the Charter Period (the "Removal Escrow"), same to fund Owner's share of the cost of the removal of the Vessel be reconstructed at the termination of the Charter PeriodLessee’s expense. The Charterer shall fund its equal share of the Removal Escrow concurrently with Owner. If the amounts held in the Removal Escrow are greater than the cost of the removal of the Vessel under Section 13(a), then any excess shall be paid to Owner and Charterer equally upon the removal of the Vessel in accordance with Section 13(a).
(d) Upon termination In addition to Lessor’s other rights and remedies hereunder, if such Equipment is not returned in a timely fashion, or if repairs are necessary to place any item of Equipment in the Chartercondition required in this Section, for any reason Lessee shall (i) Charterer shall leave continue to pay to Lessor per diem rent at the last prevailing lease rate under the applicable Schedule with respect to such item of Equipment, for the period of delay in place all wiringredelivery, connections, switches, splitters, couplings and junctions and/or for the period of time reasonably necessary to operate slot and player tracking systems; accomplish such repairs, and (ii) Charterer pay to Lessor an amount equal to the aggregate cost of any such repairs. Lessor’s acceptance of such rent on account of such delay and/or repair does not constitute an extension or renewal of the term of the related Schedule or a waiver of Lessor’s right to prompt return of such Equipment in proper condition. Such amount shall be entitled to remove from payable upon the Vessel all furniture, slot, tracking and other equipment and all other property owned by Charterer;earlier of Lessor’s demand or the return of such Equipment in accordance with this Lease.
Appears in 1 contract
Samples: Master Lease Agreement (Powersecure International, Inc.)
Redelivery. The first sentence of Section 13(a) shall be deleted in its entirety, and the following shall be substituted in lieu thereof:
(a) Subject Lessee shall provide written notice to Charterer's exercise Lessor not less than one hundred twenty (120) days and not more than two hundred forty (240) days prior to the expiration of the Purchase Option set forth in Section 15 term of any Schedule (or of any renewal thereof, if applicable) of Lessee's intent to return the Equipment described on such Schedule to Lessor upon the expiration of the Charter term of such Schedule. IF LESSEE FAILS TO PROVIDE THE FOREGOING NOTICE IN A TIMELY MANNER, THE TERM OF THE APPLICABLE SCHEDULE AUTOMATICALLY SHALL BE DEEMED TO HAVE BEEN EXTENDED, WHICH EXTENSION SHALL CONTINUE UNTIL ONE HUNDRED TWENTY (as amended by this Amendment)120) DAYS AFTER THE DATE ON WHICH LESSEE PROVIDES THE REQUIRED NOTICE, Owner shall cause the Vessel (other than the Electrical EquipmentDURING WHICH EXTENSION PERIOD LESSEE SHALL CONTINUE TO PAY TO LESSOR PER DIEM RENT AT THE LAST PREVAILING LEASE RATE UNDER THE APPLICABLE SCHEDULE; provided, the Fire Pump and the Transition Equipment) however that Lessor may elect to be removed from the Dockage Site no later than terminate such extension at any time upon ten (10) business days after written notice to Lessee. During such extension period, the Charter Expiration Dateterms and conditions of this Lease (including, without limitation, the provisions of this Section 13) shall continue to be applicable. Solely for purposes of the definition of Stipulated Loss Value in Section 12(d) hereof, any such extension shall be deemed a renewal of the term of such Schedule.
(b) shall be amended to read as follows: Upon redelivery of the Vessel, expiration or
(1) the Owner may require that the Vessel be surveyed by a Supplier's representative or other qualified independent marine surveyor mutually person acceptable to Lessor (the Owner "DESIGNATED PERSON") to de-install such Equipment in accordance with the Supplier's specifications (as applicable) and pack such Equipment properly and in accordance with the ChartererSupplier's recommendations (as applicable); and (2) such Equipment to be transported in a manner consistent with the Supplier's recommendations and practices (as applicable). Charterer Upon return, such Equipment shall reimburse Owner for one-half of the reasonable costs of the marine survey obtained pursuant to this Section 13(bbe: (i) up to a maximum reimbursement of Five Thousand ($5,000.00) Dollars. In addition to Charterer's obligations pursuant to Sections 9 and 11 of the Charter, which shall remain intact, Charterer shall be obligated to redeliver the Vessel in the same condition as when delivered to Lessee under the related Schedule, ordinary wear and tear excepted; (ii) mechanically and structurally sound, capable of performing the functions for which such Equipment was originally designed, in accordance with the Supplier's published and recommended specifications (as applicable); (iii) redelivered with all component parts in good operating condition (and all components must meet or exceed the Supplier's minimum recommended specifications, unless otherwise agreed by Lessor in writing); (iv) redelivered with all software and documentation necessary for the operation of such Equipment for the performance of the functions for which such Equipment was originally designed (whether or not such software is embedded in or otherwise is a part of such Equipment); and (v) cleaned and cosmetically acceptable, with all Lessee-installed markings removed and all rust, corrosion or other contamination having been removed or properly treated, and in such condition so that Charterer last used it may be immediately installed and placed in service by a third party. Upon delivery, such Equipment shall be in compliance with all applicable Federal, state and local laws, and health and safety guidelines. Lessee shall be responsible for the Vessel cost of all repairs, alterations, inspections, appraisals, storage charges, insurance costs, demonstration costs and other related costs necessary to cause such Equipment to be in its normal business operationsfull compliance with the terms of this Lease.
(c) On February 1If requested by Lessor, 2000 (assuming the Charter has not been terminated prior thereto)Lessee shall also deliver all related records and other data to Lessor, Charterer shall establish an escrow accountincluding all records of maintenance, modifications, additions and major repairs, computerized maintenance history, and shall escrow up to $500,000.00 of the Charter Hire due from February 1any maintenance and repair manuals (collectively, 2000 until the end of the Charter Period (the "Removal EscrowRECORDS"). All manuals or other documents delivered to Lessor that are subject to periodic revision will be fully up-to-date and current to the latest revision standard of any particular manual or document. In the event any such Records are missing or incomplete, Lessor shall have the right to fund Ownercause the same to be reconstructed at Lessee's share of the cost of the removal of the Vessel at the termination of the Charter Period. The Charterer shall fund its equal share of the Removal Escrow concurrently with Owner. If the amounts held in the Removal Escrow are greater than the cost of the removal of the Vessel under Section 13(a), then any excess shall be paid to Owner and Charterer equally upon the removal of the Vessel in accordance with Section 13(a)expense.
(d) Upon termination In addition to Lessor's other rights and remedies hereunder, if such Equipment and the related Records are not returned in a timely fashion, or if repairs are necessary to place any item of Equipment in the Chartercondition required in this Section, for any reason Lessee shall (i) Charterer shall leave continue to pay to Lessor per diem rent at the last prevailing lease rate under the applicable Schedule with respect to such item of Equipment, for the period of delay in place all wiringredelivery, connections, switches, splitters, couplings and junctions and/or for the period of time reasonably necessary to operate slot and player tracking systems; accomplish such repairs, and (ii) Charterer pay to Lessor an amount equal to the aggregate cost of any such repairs. Lessor's acceptance of such rent on account of such delay and/or repair does not constitute an extension or renewal of the term of the related Schedule or a waiver of Lessor's right to prompt return of such Equipment in proper condition. Such amount shall be entitled payable upon the earlier of Lessor's demand or the return of such Equipment in accordance with this Lease.
(e) Without limiting any other terms or conditions of this Lease, the provisions of this Section are of the essence of each Schedule, and upon application to remove from any court of equity having
(f) Within thirty (30) days after the Vessel all furniturereturn of the Equipment in accorace with clause (b), slotabove, tracking Lessor and other equipment and all other property owned by Charterer;Lessee shall choose a mutually
Appears in 1 contract
Samples: Master Lease Agreement (Smithway Motor Xpress Corp)
Redelivery. The first sentence of Section 13(a) shall be deleted in its entirety, and the following shall be substituted in lieu thereof:
(a) Subject Lessee shall provide written notice to Charterer's exercise Lessor not less than one hundred eighty (180) days and not more than two hundred forty (240) days prior to the expiration of the Purchase Option set forth in Section 15 term of any Schedule (or of any renewal thereof, if applicable) of Lessee's intent to return the Equipment to Lessor upon the expiration of the Charter (as amended by this Amendment), Owner shall cause term of such Schedule. If lessee fails to provide the Vessel (other than the Electrical Equipmentforegoing notice in a timely manner, the Fire Pump and term of the Transition Equipmentapplicable schedule automatically shall be deemed to have been extended, which extension shall continue until one hundred eighty (180) days after the date on which lessee provides the required notice, during which extension period lessee shall continue to be removed from pay to lessor per diem rent at the Dockage Site no later than last prevailing lease rate under the applicable schedule; provided, however that Lessor may elect to terminate such extension at any time upon ten (10) business days after written notice to Lessee. During such extension period, the Charter Expiration Dateterms and conditions of this Lease (including, without limitation, the provisions of this Section 13) shall continue to be applicable.
(b) Upon the expiration or earlier cancellation or termination of any Schedule, Lessee shall return the Equipment to Lessor free and clear of all Liens whatsoever, to such place(s) within the continental United States as Lessor shall specify. Lessee shall provide, at its expense, transit insurance for the redelivery period in an amount equal to the replacement value of the Equipment and Lessor shall be amended named as the loss payee on all such policies of insurance. Lessee shall cause:
(1) the Supplier's representative or other qualified person acceptable to read Lessor (the "Designated Person") to de- install the Equipment in accordance with the Supplier's specifications (as follows: applicable) and pack the Equipment properly and in accordance with the Supplier's recommendations (as applicable); and (2) the Equipment to be transported in a manner consistent with the Supplier's recommendations and practices (as applicable). Upon redelivery of the Vesselreturn, the Owner may require that the Vessel be surveyed by a qualified independent marine surveyor mutually acceptable to the Owner and the Charterer. Charterer Equipment shall reimburse Owner for one-half of the reasonable costs of the marine survey obtained pursuant to this Section 13(bbe: (i) up to a maximum reimbursement of Five Thousand ($5,000.00) Dollars. In addition to Charterer's obligations pursuant to Sections 9 and 11 of the Charter, which shall remain intact, Charterer shall be obligated to redeliver the Vessel in the same condition that Charterer last used as when delivered to Lessee under the Vessel related Schedule, ordinary wear and tear excepted; (ii) mechanically and structurally sound, capable of performing the functions for which the Equipment was originally designed, in its normal business operations.accordance with the Supplier's published and recommended specifications (as
(c) On February 1If requested by Lessor, 2000 (assuming the Charter has not been terminated prior thereto)Lessee shall also deliver all related records and other data to Lessor, Charterer shall establish an escrow accountincluding all records of maintenance, modifications, additions and major repairs, computerized maintenance history, and shall escrow up to $500,000.00 of the Charter Hire due from February 1any maintenance and repair manuals (collectively, 2000 until the end of the Charter Period (the "Removal EscrowRecords"), to fund Owner's share of the cost of the removal of the Vessel at the termination of the Charter Period. The Charterer shall fund its equal share of the Removal Escrow concurrently with Owner. If the amounts held in the Removal Escrow are greater than the cost of the removal of the Vessel under Section 13(a), then any excess shall be paid to Owner and Charterer equally upon the removal of the Vessel in accordance with Section 13(a).All manuals or
(d) Upon termination In addition to Lessor's other rights and remedies hereunder, if the Equipment and the related Records are not returned in a timely fashion, or if repairs are necessary to place any item of Equipment in the Chartercondition required in this Section, for any reason Lessee shall (i) Charterer shall leave continue to pay to Lessor per diem rent at the last prevailing lease rate under the applicable Schedule with respect to such item of Equipment, for the period of delay in place all wiringredelivery, connections, switches, splitters, couplings and junctions and/or for the period of time reasonably necessary to operate slot and player tracking systems; accomplish such repairs, and (ii) Charterer pay to Lessor an amount equal to the aggregate cost of any such repairs. Lessor's acceptance of such rent on account of such delay and/or repair does not constitute an extension or renewal of the term of the related Schedule or a waiver of Lessor's right to prompt return of the Equipment in proper condition. Such amount shall be payable upon the earlier of Lessor's demand or the return of the Equipment in accordance with this Lease.
(e) Without limiting any other terms or conditions of this Lease, the provisions of this Section are of the essence of each Schedule, and upon application to any court of equity having jurisdiction, Lessor shall be entitled to remove from the Vessel all furniture, slot, tracking a decree against Lessee requiring Lessee's specific performance of its agreements and other equipment and all other property owned by Charterer;continued in this Section. this Section.
Appears in 1 contract