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7.4.2. Taxicabs that fail a Taxicab inspection (major item - "Out of Service") <br />shall be presented for re-inspection after the identified repairs have been <br />made. The Taxicab Permit shall be suspended until such time that the <br />Taxicab passes re-inspection. A re-inspection fee will apply at the time of <br />re-inspection. Upon passing the re-inspection, the Taxicab Permit shall <br />be re-instated using the original expiration date. <br />7.5. Taxicab Substitution. <br />A Permittee may replace any Taxicab listed in the Company Permit with another <br />Taxicab upon satisfaction of the following conditions: <br />7.5.1. Surrender of the Taxicab to be replaced to OCTAP for removal of the <br />Taxicab Permit sticker; <br />7.5.2. Passing a Taxicab inspection by the replacement Taxicab; and <br />7.5.3. Payment of Taxicab Permit transfer fee. <br />7.6. Substituted Taxicab Sticker. <br />Upon satisfaction of the conditions stated above, OCTAP shall delete the vehicle <br />identification number of the Taxicab to be replaced in the Company Permit and add the <br />Taxicab identification number of the replacement Taxicab. OCTAP shall issue a new <br />Taxicab Permit sticker for the replacement Taxicab that shall be valid for the term <br />remaining under the Taxicab Permit sticker of the replaced Taxicab. Such requests <br />must be filed with OCTAP at least 2 business days prior to the requested action. <br />7.7. Taxicab Permit Renewal. <br />The Taxicab Permit shall be renewed annually by presenting each Taxicab listed <br />in the permit application to the OCTAP facility for a Taxicab inspection at least five (5) <br />business days prior to the end of the permit period, and by paying all applicable fees. <br />OCTAP may, at its discretion, conduct Taxicab inspections at the Permittee's facility. <br />7.8. Taxicab Permit Renewal Sticker. <br />Upon the successful completion of the Taxicab inspection, OCTAP shall place a <br />new expiration date sticker on the Taxicab Permit sticker for each of the Taxicabs <br />registered in the Company Permit. <br />7.9. Taxicab Permit Surrender. <br />7.9.1. A Permittee must present any Taxicab which is being sold to another <br />party to OCTAP prior to completing the sale to assure that the OCTAP <br />Taxicab Permit, Welcome Sticker, and markings are removed and that <br />Page 20 <br />652 Li.l <br />