TITLE; END OF LEASE AGREEMENT OPTIONS Sample Clauses

TITLE; END OF LEASE AGREEMENT OPTIONS. RLC will retain title to the Equipment unless You exercise the purchase option. This Agreement is a “true lease” and not a security interest. However, if the Agreement is found not to be a true lease, You grant RLC a first priority security interest in the Equipment and all of Your right, title and interest in and to the Equipment, and all proceeds, in order to secure all of Your obligations to RLC under this Agreement. You hereby authorize RLC to file, without Your signature, one or more financing statements, and amendments thereto, describing such security interest. This lease shall be considered a “capital lease” for accounting purposes, meaning that You concur (i) it is classified as a purchase by You; or (ii) the lease term is greater than 75% of the Equipment’s estimated economic life; or (iii) this lease contains an option to purchase at less than fair market value and ownership of the Equipment is transferred to You at the end of the lease term; or (iv) the lease payments exceed 90% of the fair market value of the Equipment. At the end of the Term upon 30 days advance written notice to RLC, You may buy all of the Equipment on an "AS IS, WHERE IS" basis for one dollar ($1.00) per piece. Your notice to RLC to purchase the Equipment, once given, may not be revoked. If you do not provide RLC with notice, then You agree to purchase the Equipment upon the expiration of the lease term. You must retain and provide RLC all shipping information for returned Equipment upon request by RLC. Equipment returned to RLC must be the original, or replaced, Equipment supplied to You by RLC or its agents. You shall be responsible for the full purchase price of any Equipment in the event that You are unable to return the original or replaced Equipment provided to You by RLC or its agents upon the end of the Term or the termination of this Agreement. You agree not to convey any interest in the Equipment or in this Agreement, and any attempted conveyance will be void at its inception.
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