Termination of Lease Term. The Lease Term will terminate upon the earliest of any of the following events:
A. The expiration of the Initial Term or any Renewal Term (other than the final Renewal Term) of this Agreement without the authorization of a subsequent Renewal Term as provided in SECTION 4.1 of this Agreement and the payment by Lessee of all Rental Payments payable by Lessee during such Initial Term or Renewal Term, as the case may be;
B. The expiration of the final Renewal Term and the payment by Lessee of all Rental Payments required and the non-exercise by Lessee of its option to purchase the Equipment under SECTION 4.7 of this Agreement;
C. The expiration of the final Renewal Term and the payment by Lessee of all Rental Payments required and the exercise by Lessee of its option to purchase the Equipment under SECTION 4.7 of this Agreement; or
D. A Default by Xxxxxx and the exercise by Lessor of its election to terminate this Agreement under SECTION 6.2 of this Agreement. In the event of the termination of the Lease Term as described in (A) , (B) , or (D) above, Lessee, at Lessee’s expense, shall immediately return the Equipment to Lessor at the location mutually agreed upon by the Lessor and the Lessee, in a state of good repair and working order to the reasonable satisfaction of Lessor, which satisfaction shall not be unreasonably withheld and shall be indicated by letter to the Lessee. Lessee shall be liable for the payment of any damages to the Equipment not occurring in the ordinary course of business and not constituting normal wear and tear for equipment and machinery of such type and design for the use to which Lessee has covenanted and agreed the Equipment will be put. If Lessee has not delivered possession of the Equipment to Lessor, the termination of the Term of this Agreement shall nevertheless be effective, but Lessee shall be responsible for the payment of damages in an amount equal to the amount of the Rental Payments which, calculated on a daily basis, have accrued during the period in which Lessee has failed to deliver possession of the Equipment to Lessor in accordance with the terms hereof plus any actual damages resulting from any damages to the Equipment that may occur prior to delivery of possession of the Equipment to Lessor or resulting from the failure of Lessee to deliver the Equipment to Lessor in accordance with the terms hereof.
Termination of Lease Term. Part "a" of Section 23 (TERMINATION, CASUALTY, AND EMINENT DOMAIN) _X_ applies does not apply to this Lease.
Termination of Lease Term. The Lease Term shall terminate upon the earliest of any of the following events (each a “Termination Event”):
Termination of Lease Term. The Term of this Lease will terminate upon the occurrence of the first of the following events:
(a) the termination thereof by Lessee in accordance with Section 4.2;
(b) the exercise by Lessee of its option to purchase Lessor's interest in the Equipment pursuant to Article X;
(c) a default by Xxxxxx and Xxxxxx's election to terminate this Lease pursuant to Article XII; or
(d) the payment by Lessee of all Rental Payments and other amounts authorized or required to be paid by Lessee hereunder.
Termination of Lease Term. The Lease Term shall terminate upon the earliest of any of the following events:
(a) the last day of the Original Term or any Renewal Term during which there has occurred an Event of Nonappropriation pursuant to Section 4.01 and Article VI of this Lease (provided that the Lease Term will be deemed to have been renewed and, therefore, not terminated if the Event of Nonappropriation is cured as provided in Section 6.05 hereof); or
(b) the conveyance of all of the Leased Property to the City upon payment of the Purchase Option Price or all Base Rentals and Additional Rentals as provided in Section 11.02(a) and (b) of this Lease; or
(c) an Event of Default and termination of this Lease under Article XIII of this Lease. An election by the City not to renew the Lease Term shall terminate all unaccrued obligations of the City under this Lease, and shall terminate the City’s right of possession under this Lease at the end of the last day of the Original Term or any Renewal Term for which this Lease shall be in effect (except to the extent of the holdover provisions of Section 13.02(d)(i) hereof, and except for any conveyance pursuant to Article XI of this Lease). Except for an event described in subparagraph (b) above, upon termination of this Lease, the City agrees to peaceful delivery of the Leased Property to the Lender or its assigns.
Termination of Lease Term. The Lease Term will terminate upon the earliest of any of the following events:
(a) the expiration of the Original Term or any Renewal Term in the event of nonappropriation of funds pursuant to Section 6.06 hereof;
(b) the exercise by Lessee of the option to purchase the Equipment granted under the provisions of Article IX or XI hereof;
(c) a default by Lessee and Lessor’s election to terminate this Lease under Article XIII; or
(d) the payment by Lessee of all Rental Payments, late payment charges, past due finance charges, moneys due to release liens of any kind whatsoever, taxes and any other charges authorized or required to be paid by Lessee hereunder, which will result in an automatic termination, if such payments occur on or before the last day of the last Renewal Period.
Termination of Lease Term. The Lease Term will terminate upon the earliest of any of the following events:
(a) Lessee and Lessor elect to terminate the Lease;
(b) the expiration of the Original Term or any Renewal Term of this Lease and the non- renewal of this Lease in the event of non-appropriation of funds pursuant to Section 6.05;
(c) the exercise by Lessee of the option to purchase the Equipment granted under the provisions of Article 11 of this Lease;
(d) the termination of this Lease by reason of damage to or the destruction or condemnation of the Equipment as provided in Section 9.02 hereof;
(e) a Default by Xxxxxx and Xxxxxx’s election to terminate this Lease under Article 13 of this Lease; or
(f) the payment by Lessee of all Rental Payments authorized or required to be paid by Lessee hereunder.
Termination of Lease Term. The Tern of this Lease will terminate upon the occurrence of the first of the following events:
(a) termination by the Council pursuant to Section 4.6 hereof;
(b) the prepayment by the Council of all Rental Payments required to be paid by it hereunder, pursuant to Section 11.1;
(c) the discharge by the Council of its obligation to pay the Rental Payments required to be paid by it hereunder pursuant to Section 11.3; or
(d) a default by the Council and the Trustee’s election to terminate this Lease pursuant to Article XIII.
Termination of Lease Term. The term of this Lease will terminate with respect to any Equipment Group upon the occurrence of the first of the following events:
(a) the termination of the Lease Payment obligation with respect thereto pursuant to Section 5.4;
(b) a default by Lessee and Lessor's election to terminate this Lease with respect to such Equipment Group pursuant to Article VIII;
(c) the exercise by Lessee of its option to purchase any Equipment Group pursuant to Article VII; or
(d) the payment of all Lease Payments required to be paid by Lessee with respect thereto.
Termination of Lease Term. Upon (but only upon) a Transfer by the Lessor pursuant to Section 9(c) or 9(d) to the Lessee, the assumption by the Lessee of all remaining obligations and liabilities of the Owner Trustee under the Indenture and the Notes pursuant to Section 3.9(b) of the Indenture and payment of the amounts specified in the Indenture, the Notes and this Facility Lease, the Lease Term shall end and the Lessee’s obligation to pay further Basic Rent shall cease, but the Lessee shall continue to be required to make all payments of Supplemental Rent when due. In all other cases, the Lease Term shall continue and this Facility Lease shall remain in full force and effect.
