Common use of SURRENDER OF EQUIPMENT Clause in Contracts

SURRENDER OF EQUIPMENT. Unless Lessee has paid Lessor the “Stipulated Loss Value” of an item of Equipment, upon the expiration or termination of this Agreement Lessee shall return the Equipment to Lessor in good repair, condition and working order, ordinary wear and tear expected, as directed by Lessor. Lessee shall pay the cost of returning the Equipment to the office of Lessor as specified herein unless the Agreement has been terminated by Lessee as provided for herein, in which case Lessor shall pay for return of the Equipment.

Appears in 2 contracts

Samples: www2.northropgrumman.com, www.northropgrumman.com

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SURRENDER OF EQUIPMENT. Unless Lessee has paid Lessor the “Stipulated Loss Value” of an item of Equipment, upon the expiration or termination of this Agreement Lessee shall return the Equipment to Lessor in good repair, condition and working order, ordinary wear and tear expected, as directed by LessorXxxxxx. Lessee shall pay the cost of returning the Equipment to the office of Lessor as specified herein unless the Agreement has been terminated by Lessee as provided for herein, in which case Lessor shall pay for return of the Equipment.

Appears in 2 contracts

Samples: cdn.northropgrumman.com, www.northropgrumman.com

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