Election of Options. Unless (i) Lessee shall have affirmatively elected the Sale Option within the time period provided for in Section 19.1 and satisfied each of the requirements in Articles XX and XXI (unless waived in accordance with the terms set forth therein), (ii) Lessee shall have elected to purchase all, but not less than all, of the Leased Property pursuant to Article XVIII or (iii) Lessee shall have elected the Renewal Option and a renewal pursuant to such Renewal Option shall have become effective in accordance with Section 4.7 of the Participation Agreement and all other conditions to such renewal set forth in Section 4.7 of the Participation Agreement and Section 19.3 hereof have been satisfied, Lessee shall be deemed to have elected the Purchase Option. In addition, the Sale Option shall automatically be revoked if there exists an Event of Default, Significant Environmental Event or an Event of Loss at any time after the Sale Option is properly elected or the Lessee fails to pay the Sale Option Recourse Amount to the Administrative Agent by not later than the last day of the Base Term (unless the Lease is renewed for the Lease Renewal Term in accordance with the terms hereof). In the event of any such automatic revocation of the Sale Option (i) as a result of an Event of Default, Lessor shall be entitled to exercise all rights and remedies provided in Article XVI (subject to the Lessee’s rights set forth in Section 18.1), and (ii) as a result of an Event of Loss or Specified Significant Environmental Event, Lessor shall be entitled to exercise all rights and remedies provided in Article XV. Lessee may not elect the Sale Option or the Renewal Option if there exists on the date the election is made an Event of Default, Significant Environmental Event or an Event of Loss. Any election by Lessee of the Purchase Option pursuant to Section 19.1(b) shall be irrevocable at the time made. The election of the Sale Option shall not limit any remedies of Lessor under Article XVI.
Election of Options. In the event Lessor shall not have received the foregoing notice from Lessee prior to the date that is one hundred and eighty (180) days prior to the last day of the Return Date, by delivery of written notice via nationally recognized overnight courier to the Lessee, Lessor may notify the Lessee of the expiration of the election notice period set forth in the preceding section. If, in any event, the Lessee fails to make a timely election under Section 21.1 hereof, the Lessee shall be deemed to have elected the Return Option. Lessee may not elect the Return Option if there exists on the date the election is made a Default, an Event of Default or an Event of Loss. In the event a Default or an Event of Default (other than an Event of Default that is declared solely and exclusively on the basis of one or more 97-1 Events of Default with respect to which the Lessor has not yet commenced exercising remedies) or an Event of Loss shall have occurred after the election by the Lessee, or deemed election by the Lessee, of the Return Option, then notwithstanding any such election or deemed election, Lessee shall be deemed to have elected the Purchase Option with respect to the Leased Property. In the event a Default or Event of Default that is solely and exclusively based on one or more 97-1 Events of Default shall have occurred after the election by Lessee of the Return Option, (i) Lessee may continue with its Return Option so long as the Lessor has not commenced exercising remedies with respect thereto, and (ii) Lessee shall not be permitted to continue with its Return Option and shall be subject to Section 18 hereof including the limitations set forth in Section 18.1(b) hereof, in the event the Lessor shall have commenced remedies with respect thereto.
Election of Options. 20 Section 9.3. Sale Option Procedures................................................................21 Section 9.4. Appraisals............................................................................21 Section 9.5.
Election of Options. Lessee's election of the Fixed Price Purchase Option will be irrevocable at the time made, but if Lessee fails to make a timely election, Lessee will be deemed, in the case of the Base Term and each Renewal Term then in effect (other than the last Renewal Term) to have irrevocably elected the Renewal Option and, in the case of the last Renewal Term applicable to each Unit, Lessee will be deemed to have irrevocably elected the Fixed Price Purchase Option with respect to such Unit. In addition, the Sale Option shall automatically be revoked if there exists an Event of Default at any time after the Sale Option is properly elected and Lessor shall be entitled to exercise all rights and remedies provided in the Lease. Lessee may not elect the Sale Option if there exists on the date the election is made an Event of Default or a Default. Election of the Fixed Price Purchase Option for any Schedule shall be deemed to be Lessee's election of the Fixed Price Purchase Option for all Schedules.
Election of Options. The Early Termination Option and end of term option elected by Lessee under (i) Section 14.1(a), but solely with respect to the purchase of all, but not less than all, of the Equipment and (ii) Section 15.1 of this Lease, respectively, must be the same as the option elected by Lessee under the corresponding section of the Lease B. Lessee's election (or deemed election) of the Purchase Option shall be irrevocable at the time when made by Lessee. In the event Lessee fails to make a timely election under Section 15.1 hereof, Lessee shall be deemed to have elected the Purchase Option. Lessee may not elect the Sale Option if there exists on the date the election is made a Lease Default or a Lease Event of Default. In addition, the Sale Option shall automatically be revoked if there exists a Lease Default or Lease Event of Default at any time after the Sale Option is properly elected (whether or not such Lease Default or Lease Event of Default is cured) or Lessee fails to comply with each of the other terms and conditions set forth in this Article XV, in which case Lessee shall be required to purchase on the last day of the Lease Term all of the Items of Equipment pursuant to the Purchase Option and Lessor shall be entitled to exercise all rights and remedies provided in Article XII.
Election of Options. To the extent that the Renewal Option is available, unless Lessee shall have affirmatively elected in accordance herewith the Purchase Option or the Sale Option, Lessee shall be deemed to have elected the Renewal Option. To the extent that the Renewal Option is not available for any reason (including because of the Participants' refusal to consent to an Extension Option Request), unless Lessee shall have (a) affirmatively elected the Sale Option within the time period provided for in Section 21.1 and (b) satisfied each of the requirements in Article XXII, Lessee shall be deemed to have elected the Purchase Option. In addition, the Sale Option shall automatically be revoked if there exists a Lease Default, Lease Event of Default or Event of Loss at any time after the Sale Option is properly elected or Lessee fails to comply with each of the terms and conditions set forth at Article XXII and Lessor shall be entitled to exercise all rights and remedies provided in Article XVIII. Lessee may not elect the Sale Option if there exists on the date the election is made a Lease Default, a Lease Event of Default, an Event of Loss, or an outstanding Extension Option Request.
Election of Options. Lessee's election of the Purchase Option will be irrevocable at the time made, but if Lessee fails to make a timely election, Lessee will be deemed to have irrevocably elected the Purchase Option. In addition, the Sale Option shall automatically be revoked if there exists a Lease Default or Lease Event of Default, at any time after the Sale Option is properly elected. In such event, Lessor shall be entitled to exercise all rights and remedies provided in Article VIII. Lessee may not elect the Sale Option if on the date the election is made there exists a Lease Event of Default or a Lease Default. Lessee's exercise of the Sale Option or the Purchase Option shall be conditioned upon the corresponding option being concurrently exercised under the Other Lease. In addition, it shall be a condition to the exercise of the Sale Option that Lessee shall have settled for or replaced any Unit or Units suffering a Casualty in accordance with Section 6.1 and shall have delivered an updated Equipment List to Agent and Lessor and otherwise complied with its obligations under Section 5.8 of this Lease, in each case regardless of whether the $1,000,000 threshold has been reached.
Election of Options. Within Forty-Five (45) days of full-execution of this Agreement, Buyer shall notify IID which option it has chosen for the provision of Station Service Power (“Notice of Election”). If Buyer opts for Station Power Service Option 1, it shall remit a lump sum payment to IID by cash, wire transfer or certified check for the full amount of the costs of the line extension and associated facilities described in Section 6.1 above, concurrent with its
Election of Options. Xxxxxx's election of the Purchase Option will be irrevocable at the time made, but if Xxxxxx fails to make a timely election, Lessee will be deemed, in the case of the Base Term and each Renewal Term then in effect (OTHER THAN the last Renewal Term) to have irrevocably elected the Renewal Option and, in the case of the last Renewal Term, Lessee will be deemed to have irrevocably elected the Purchase Option. In addition, if there exists a Default or Event of Default at any time after the Sale Option is properly elected, Lessee will be deemed to have elected the Purchase Option, the Sale Option shall automatically be revoked, and Trustee shall be entitled to exercise all rights and remedies provided in ARTICLE VIII. Lessee may not elect the Sale Option if there exists on the date the election is made a Default or Event of Default.
Election of Options. (a) Purchase by Other Member(s). If any Purchasing Member elects to purchase its share of the Transferring Member’s Interest available for sale pursuant to Section 9.4(a) hereof: (i) such Purchasing Member shall specify a time and a place of closing not less than ten (10) nor more than sixty (60) business days following the mailing of the notice of exercise of the Option to purchase or at such later time as agreed to by the Transferring Member and such Purchasing Member; and (ii) the Transferring Member shall deliver to the Purchasing Member, or to its designee (which must be an Affiliate of the Purchasing Member), at the closing all requisite and duly executed forms of transfer against payment for the Transferring Member’s Interest being sold upon the same terms as set forth in the Offer. At the closing, the designee of such Purchasing Member(s), if any has been designated, shall be admitted as a Member of the Company simultaneously with the Transfer by the Transferring Member of its Interest available for sale, and upon a Transfer by the Transferring Member of its entire Interest, the Transferring Member shall cease to be a member of the Company.
