Common use of Election to Retain Clause in Contracts

Election to Retain. or Return Equipment at End of Basic or Renewal Term. Not less than 360 days and not more than 720 days prior to the end of the Basic Term or the Renewal Term, Lessee shall give Lessor notice of its decision to return or retain the Units (it being understood that at the end of the Basic Term or the Renewal Term Lessee must return all of such Units or retain all of such Units at the end of the Basic Term or the Renewal Term). If Lessee elects to retain Units, Lessee shall comply with Section 22.3 and/or 22.4 hereof, as it may elect in accordance with the provisions thereof including the notice requirements stated therein. If Lessee fails to give the 360 days' notice required by this Section 22.2, or a subsequent notice required by Section 22.3 or 22.4, Lessee shall be deemed to have irrevocably elected to return all of the Units at the end of the Basic Term or the Renewal Term, as the case may be, in accordance with Section 6.