Common use of Election of Options Clause in Contracts

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. Lessee's election (or deemed election) of the Fixed Price Purchase Option will shall be irrevocable at the time made, but if when made by Lessee. In the event Lessee fails to make a timely electionelection under Section 12.1 hereof, 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 shall be deemed to have irrevocably elected the Fixed Price Purchase Option with respect to such UnitRenewal Option. In addition, To the Sale Option shall automatically be revoked if there exists an Event of Default at any time after extent that the Sale Renewal Option is properly elected and Lessor not available for any reason (including because of the Participants' refusal to consent to a Renewal Option Request), Lessee shall be entitled deemed to exercise all rights and remedies provided in have elected the LeasePurchase Option. Lessee may not elect the Sale Option if there exists on the date the election is made an 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 a Default. Election not such Lease Default or Lease Event of Default is cured) or Lessee fails to comply with each of the Fixed Price other terms and conditions set forth in this Article XII, in which case Lessee shall be required to purchase on the last day of the Base Term or Renewal Term all of the Items of Equipment pursuant to the Purchase Option for any Schedule and Lessor shall be deemed entitled to be Lessee's election of the Fixed Price Purchase Option for exercise all Schedulesrights and remedies provided in Article IX.

Election of Options. Lessee's Lessees' election of the Fixed Price Purchase Option will be irrevocable at the time made, but if Lessee fails Lessees fail to make a timely election, Lessee Lessees will be deemed, in the case of the Base Lease 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 UnitGroup of Vehicles, Lessee Lessees will be deemed to have irrevocably elected the Fixed Price Purchase Option with respect to such UnitGroup. In addition, the Sale Option shall automatically be revoked if there exists an Incipient Default or Event of Default at any time after the Sale Option is properly elected and Lessor Agent shall be entitled to exercise all rights and remedies provided in the LeaseArticle VIII. Lessee Lessees may not elect the Sale Option if there exists on the date the election is made an Event of Default or a an Incipient 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.