Common use of Surrender To Lessor Clause in Contracts

Surrender To Lessor. 12.1 Immediately upon the expiration of the Initial Term or any Extended Term, Lessee shall surrender the Equipment to Lessor; provided, however that Lessee has given 90 days prior written notice of its intent to surrender the Equipment. The term of lease shall be automatically extended for successive monthly periods ("Extended Term") until terminated by Lessee in accordance with such notice. No notice of termination by Lessee shall be effective earlier than the last day of the Initial Term, any Extended Term under Section 3.2 above, or any Extended Term under this Section 12.1, nor shall any such notice be required in the event of a termination of this Lease Agreement by Lessor upon the occurrence of an Event of Default. All Equipment surrendered to Lessor shall be in good repair and working order, reasonable wear and tear excepted, by delivering the Equipment to any location as may be designated by Lessor within 100 miles of a major terminal operated by Lessee in any of the following cities: Dallas, Texas; Chicago, Illinois; New York, New York; Atlanta, Georgia; Los Angeles, California; or Denver, Colorado. All costs of removal and delivery of such Equipment to the place designated by Lessor shall be borne by Lessee. 12.2 Without limiting the obligations of Lessee under either Section 5.3 and 12.1, Lessee shall, at its expense, do the following, 12.2.1 Lessee shall ensure that all Equipment and Equipment operations conform to all applicable local, state, and federal laws, health and safety guidelines. Upon return, the Equipment will be complete and operational with all components as originally supplied and will have passed U.S. Department of Transportation ("DOT') or appropriate regulatory agency requirements for operation. If applicable, an inspection sticker or certificate will be furnished to Lessor verifying compliance with any regulatory requirements. Lessee shall satisfy all legal and regulatory conditions necessary for Lessor to sell or lease the Equipment to a third party. Lessee will keep all licenses and operating certificate required for operation of the Equipment current during the Initial Term or any Extended Term of this Lease Agreement. Lessee will at all times use the Equipment in compliance with all applicable laws and regulations of any governmental, local and regulatory agency. 12.2.2 Lessee shall provide safe, secure storage for the Equipment for sixty (60) days after expiration or earlier termination of the Lease Agreement (by acceleration or otherwise) at not more than eight (8) locations selected by Lessor. 12.2.3 Lessee shall take such action as may be required so that, upon return, each unit of Equipment shall meet all of its manufacturer's specifications for performance under full rated loads and all of the following conditions: (i) Tires: All tires shall be of the same type (original size) and manufacturer (i.e. matched) and have a minimum of fifty percent (50%) remaining tread on original or recapped casings without flat or bald spots, dry rot, exposed cord or cuts in sidewall,

Surrender To Lessor. 12.1 Immediately upon the expiration of the Initial Term or any Extended Term, Lessee shall surrender the Equipment to Lessor; provided, however that Lessee has given 90 days prior written notice of its intent to surrender the Equipment. The term of lease shall be automatically extended for successive monthly periods ("Extended Term") until terminated by Lessee in accordance with such notice. No notice of termination by Lessee shall be effective earlier than the last day of the Initial Term, any Extended Term under Section 3.2 above, or any Extended Term under this Section 12.1, nor shall any such notice be required in the event of a termination of this Lease Agreement by Lessor upon the occurrence of an Event of Default. All Equipment surrendered to Lessor shall be in good repair and working order, reasonable wear and tear exceptedexpected, by delivering the Equipment to any location as may be designated by Lessor within 100 miles of a major terminal operated by Lessee in any of the following cities: Dallas, Texas; Chicago, Illinois; New York, New York; Atlanta, Georgia; Los Angeles, California; or Denver, Colorado. All costs of removal and delivery of such Equipment to the place designated by Lessor shall be borne by Lessee. 12.2 Without limiting the obligations of Lessee under either Section 5.3 and 12.1, Lessee shall, at its expense, do the following,: 12.2.1 Lessee shall ensure that all Equipment and Equipment operations conform to all applicable local, state, and federal laws, health and safety guidelines. Upon return, the Equipment will be complete and operational with all components as originally supplied and will have passed U.S. Department of Transportation ("DOT'") or appropriate regulatory agency requirements for operation. If applicable, an inspection sticker or certificate will be furnished to Lessor verifying compliance with any regulatory requirements. Lessee shall satisfy all legal and regulatory conditions necessary for Lessor to sell or lease the Equipment to a third party. Lessee will keep all licenses and operating certificate required for operation of the Equipment current during the Initial Term or any Extended Term of this Lease Agreement. Lessee will at all times use the Equipment in compliance with all applicable laws and regulations of any governmental, local and regulatory agency. 12.2.2 Lessee shall provide safe, secure storage for the Equipment for sixty (60) days after expiration or earlier termination of the Lease Agreement (by acceleration or otherwise) at not more than eight (8) locations selected by Lessor. 12.2.3 Lessee shall take such action as may be required so that, upon return, each unit of Equipment shall meet all of its manufacturer's specifications for performance under full rated loads and all of the following conditions: (i) Tires: All tires shall be of the same type (original size) and manufacturer (i.e. matched) and have a minimum of fifty percent (50%) remaining tread on original or recapped casings without flat or bald spots, dry rot, exposed cord or cuts in sidewall,