Common use of Purchase of Clause in Contracts

Purchase of. EQUIPMENT Provided that no Event of Default (as defined in Section 22) exists, and no event has occurred and is continuing that with notice or lapse of time or both constitutes an Event of Default, Lessor shall be obligated to purchase the Equipment from Seller and advance the Software License Fee to the Licensor, as the case may be, and to lease the same to the Lessee if (and only if) Lessor receives on or before the "Latest Commencement Date" set forth in the applicable Equipment Schedule, the related Certificate of Acceptance and said Equipment Schedule (both executed by the Lessee), and such other documents and assurances as Lessor may reasonably request. If for any reason a Lease does not commence by such Latest Commencement Date, Lessor shall have no obligation to purchase the Equipment or advance the Software License Fee, and Lessor may reassign to Lessee all rights under the Purchase Documents and Lessee shall be liable to Seller and Licensor for any payment due under the Purchase Documents or any Software license documents, respectively. Notwithstanding anything herein to the contrary, if there is a material adverse change in Lessee's financial condition prior to the Commencement Date of any Lease, Lessor may, upon notice, cancel its obligations under such Lease to lease the Equipment and/or Software to Lessee.