Common use of Automatic Extension of Term Clause in Contracts

Automatic Extension of Term. In the event of Lessee's failure to make the Aircraft available to Lessor for timely inspection pursuant to Clauses 12.1 hereof, non-compliance of the condition of the Aircraft under Clause 12.3 hereof or any other failure of Lessee which prevents timely Redelivery of the Aircraft to Lessor, the Term of this Agreement will be automatically extended and this Agreement will remain in force until such non-compliance has been rectified, with Lessee being obligated to pay Rent at a rate specified in Clause 5.3 plus * percent on a per diem basis with respect to the period of such extension.

Automatic Extension of Term. In the event of Lessee's failure to make the Aircraft available to Lessor for timely inspection pursuant to Clauses 12.1 hereof, non-compliance of the condition of the Aircraft under Clause 12.3 hereof or any other failure of Lessee which prevents timely Redelivery of the Aircraft to Lessor, the Term of this Agreement will be automatically extended and this Agreement will remain in force until such non-compliance has been rectified, with Lessee being obligated to pay Rent at a rate specified in Clause 5.3 plus * 50 percent on a per diem basis with respect to the period of such extension.