Return Option. Lessee may return all of the Equipment, in which case Lessee will return the Equipment to Lessor in accordance with Section 16 within 10 days of the last day of the Term. If one of the foregoing options is not exercised, the Term will automatically extend for successive 3-month Renewal Terms in which case Lessee will continue to pay Lessor rent at the rate of the periodic Rental Payment previously in effect (or, if the Rental Payments for the Base Term or Renewal Term previously in effect were not constant for all whole Rental Periods, at the rate of the sum of such Rental Payments divided by the number of Rental Periods) (the ‘Previously Effective Rental Rate’); and all other provisions of this Lease will continue to apply. Lessor may terminate any such automatic Renewal Term upon at least 10 days’ notice in which case the Term will terminate on the date specified in such notice, and Lessee will return the Equipment to Lessor in accordance with Section 16 within 10 days of that date. Lessee’s purchase, renewal, and return options and the automatic renewal provisions provided for in this section apply at the end of the Initial Term and all optional or automatic Renewal Terms. If Lessee fails to comply with the terms of any of the foregoing options elected by it, Lessor may in its absolute discretion elect to terminate the Exercise Notice in which case the automatic renewal provision set forth above will apply as if no Exercise Notice were given, or Lessor may proceed as otherwise permitted by this Lease, including exercising the remedies provided for in this Lease or at law. The foregoing applies following the noncompliance with any of the foregoing options notwithstanding the execution or entry into of any Lease supplement, xxxx of sale, purchase agreement, confirmation, or other documentation memorializing and/or confirming the exercise of the option or the terms of the exercise.
Return Option. He shall have an option to stay or return unless Management directs him to return, in which event his continuous service will continue to accrue for seniority purposes at the other Plant until the expiration of one of the following applicable periods if he has not returned to employment at the other Plant by that time.
Return Option. As required in Section 8, Lessee shall return all or any complete system of Equipment that has not been renewed or purchased as set forth in subsections (a), (b) or (c) of this Section
Return Option. If the Lessee does not elect to exercise the Purchase Option, the Lessee shall redeliver the Trolley to the Lessor on the Lease Termination Date. The Trolley being returned shall be free and clear of all liens and shall be in the condition required by Article VI of this Lease. Upon the return of the Trolley, pursuant to this section, the Lessee shall deliver to the Lessor or its designee any maintenance logs kept with respect to the Trolley. The Lessee shall continue to insure and bear the risk of loss of the Trolley in accordance with this Lease until it is redelivered in the condition required by this Section.
Return Option. If, 150 days or more prior to the Scheduled Termination Date, Lessee notifies Lessor in writing of Lessee’s election not to exercise the Purchase Option as set forth in Section 14.1 and not to renew the Basic Lease Term pursuant to Section 14.8 hereof, but instead to return the Leased Property (the “Return Option”), then upon the expiration or earlier termination of the Basic Lease Term, Lessee shall surrender and return the Leased Property in accordance with Section 14.7. The period commencing on the giving of such notice and ending on the last day of the Basic Lease Term shall be referred to herein as the “Return Period”.
Return Option. In the event Lessee fails to exercise the renewal or -- --------------- purchase option referred to above, Lessee shall return all (but not less than all) of the Equipment pursuant to the terms of Agreement and the applicable Schedule, including, without limitation, any and all return conditions. Lessee agrees that if it elects to return the equipment for the first Schedule, Lessee shall be deemed to have elected to return all other Schedules under this Agreement in which General Electric Capital Corporation is the "Lessor".
Return Option. (a) Under the Return Option, you can return the Vehicle by selling it to us on the Future Payment Date for the Future Payment Amount.
(b) If you intend to select the Return Option, you must tell us (in writing) by no later than 30 days before the Future Payment Date.
(c) If you intend to select the Return Option, you must also ensure that, during the term of your Credit Sale Agreement, the Vehicle is: • kept registered and warranted; • serviced by an authorised dealership or authorised service provider in accordance with the manufacturer's manual and has had all applicable recall campaigns completed through an authorised service facility; and • not altered in any way without our prior written agreement.
(d) If you do not comply with any of the above requirements or those set out in clause 3.2, the Return Option will not be available to you.
Return Option. 3.1 If you choose to return the Vehicle to us, we will buy it from you for the Guaranteed Future Value on the End Date but subject to paragraphs 3.3 and 3.
Return Option. As required in Section 8, Lessee shall return all or any complete system of Equipment that has not been renewed or purchased as set forth in subsections (a), (b) or (c) of this Section 3. In the event of a partial Equipment return or purchase, upon the expiration of the Base Term or any renewal period thereafter, the subsequent periodic invoices will be adjusted to reflect such partial return or purchase; however, no adjustment will be made for the billing cycle in which the Equipment is returned or purchased.
Return Option. At the end of the Term (the "Option Date"), provided ------------- there shall be no breach or default by Lessee or event which with the giving of notice or passage of time, or both, might mature into an event of default, Lessee may return the Equipment after giving Lessor written notice of election to return the Equipment at least ninety (90) days before the Option Date, on payment to Lessor of a fee of 9.50% of Total cost ("Termination Fee") and on return of the Equipment to Lessor pursuant to paragraph 20 hereof, Lessee may terminate the Lease with respect to all, but not less than all of the Equipment. In addition to the return provisions contained in paragraph 20 hereof, the following special return provisions shall apply:
a) Advertising and insignia placed on containers will be removed and any damage to surfaces caused by the removal must be repaired prior to the return of the containers to MetLife and the repaired surfaces must be painted to match the existing color scheme; b) Be in compliance with all the applicable federal, state and local laws and regulations; c) Be in good appearance, in a clean condition, free of abnormal rust and corrosion; d). Be in good repair and operating condition and have no missing or damaged parts; e) Have no visibly cracked or bent frames or undercarriage damage; f) Have no exterior paint, body or panel damage in excess of $250.00 total appraisal repair cost per container; 9) Refrigeration units must be in good operating condition with no more than 10,000 hours on compressors, and 20,000 hours on diesel engines since last maintenance or overhaul.
