Common use of Election to Renew or Purchase Clause in Contracts

Election to Renew or Purchase. The Lessee shall provide the Lessor with irrevocable written notice (the "Preliminary Notice") not more than 360 days nor less than 180 days prior to the end of the Basic Term or the preceding Renewal Term, as the case may be, whether it will exercise its options either to renew this Lease pursuant to this Section 4.01 or to purchase the Aircraft pursuant to Section 4.02(a)(B) hereof or, if a further Renewal Term is available, pursuant to Section 4.02(a)(C) hereof. Provided that (i) no Payment Default, Bankruptcy Default or Event of Default shall have occurred and be continuing at the time of renewal, (ii) this Lease has not otherwise expired or terminated, and (iii) the Lessee shall have timely delivered the respective Preliminary Notice, the Lessee may, by irrevocable written notice delivered to the Lessor not less than 30 days prior to the end of the Basic Term or any prior Renewal Term, extend the Term for one or two Fixed Renewal Terms of one (1) year not to exceed two (2) years. The Lessee shall pay the Fixed Renewal Rent during any Fixed Renewal Term. In addition, provided that (i) no Payment Default, Bankruptcy Default or Event of Default shall have occurred and be continuing at the time of renewal, (ii) this Lease has not otherwise expired or terminated, and (iii) the Lessee shall have delivered the Preliminary Notice, the Lessee may, on no more than two occasions, by written notice delivered to the Lessor not less than 30 days prior to the end of the Basic Term or the preceding Renewal Term, as the case may be, elect to extend the Term for a Renewal Term or further Renewal Term commencing on the expiration of the Basic Term or the preceding Renewal Term and ending one or two years thereafter for a rent equal to the then-current Fair Market Rental of the Aircraft. The Term may be extended pursuant to this paragraph for an aggregate of no more than two years following the Basic Term or any Fixed Renewal Term, if applicable.

Election to Renew or Purchase. The Lessee shall provide the Lessor with irrevocable written notice (the "Preliminary Notice") not more than 360 days nor less than 180 days prior to the end of the Basic Term or the preceding Renewal Term, as the case may be, whether it will exercise its options either to renew this Lease pursuant to this Section 4.01 or to purchase the Aircraft pursuant to Section 4.02(a)(B) hereof or, if a further Renewal Term is available, pursuant to Section 4.02(a)(C) hereof. Provided that (i) no Payment DefaultIf, Bankruptcy Default or Event following delivery of Default shall have occurred and be continuing at the time of renewal, (ii) this Lease has not otherwise expired or terminated, and (iii) the Lessee shall have timely delivered the respective a Preliminary Notice, the Lessee may, by irrevocable written notice delivered to shall not have notified the Lessor not less than at least 30 days prior to the end of the Basic Term or any prior a current Renewal Term, extend that it is renewing this Lease in accordance with this Section 4.01, the Term for one Lessee's Preliminary Notice shall be deemed an irrevocable notice of purchase satisfying Section 4.02(a)(B) or two Fixed Renewal Terms of one (14.02(a)(C) year not to exceed two (2) years. The Lessee shall pay the Fixed Renewal Rent during any Fixed Renewal Termhereof. In addition, provided that if (i) no Payment Default, Bankruptcy Default or Event of Default shall have occurred and be continuing exists at the time of renewal, (ii) this Lease has not otherwise expired or terminated, and (iii) the Lessee shall have delivered the Preliminary Notice, the Lessee may, on no more than two occasions, by written notice delivered to the Lessor not less than 30 days prior to the end of the Basic Term or the preceding Renewal Term, as the case may be, elect to extend the Term for a Renewal Term or further Renewal Term commencing on the expiration of the Basic Term or the preceding Renewal Term and ending one or two years thereafter for a rent equal to the then-current Fair Market Rental of the Aircraft. The Lessee shall pay the Fair Market Rental during any Fair Market Renewal Term; provided that no Renewal Term may be extended pursuant to this paragraph for an aggregate commence or end after the second anniversary of no more than two years following the last day of the Basic Term or any Fixed Renewal Term, if applicable.

Election to Renew or Purchase. The Lessee shall provide the Lessor with irrevocable written notice (the "Preliminary Notice") not more than 360 days nor less than 180 days prior to the end of the Basic Term or the preceding Renewal Term, as the case may be, whether it will exercise its options either to renew this Lease pursuant to this Section 4.01 or to purchase the Aircraft pursuant to Section 4.02(a)(B) hereof or, if a further Renewal Term is available, pursuant to Section 4.02(a)(C) hereof. If, following delivery of a Preliminary Notice, the Lessee shall not have notified the Lessor, at least 30 days prior to the end of the Basic Term or a current Renewal Term, that it is renewing this Lease in accordance with this Section 4.01, the Lessee's Preliminary Notice shall be deemed an irrevocable notice of purchase satisfying Section 4.02(a)(B) hereof. Provided that (i) no Payment Default, Bankruptcy Default or Event of Default shall have occurred and be continuing at the time of renewal, (ii) this Lease has not otherwise expired or terminated, and (iii) the Lessee shall have timely delivered the respective Preliminary Notice, the Lessee may, by irrevocable written notice delivered to the Lessor not less than 30 days prior to the end of the Basic Term or any prior Renewal Term, extend the Term for one or two a single Fixed Renewal Terms Term of not less than one (1) year not to exceed two nor more than three (23) yearsyears commencing on the expiration of the Basic Term. The Lessee shall pay the Fixed Renewal Rent during any Fixed Renewal Term. In addition, provided that (i) no Payment Default, Bankruptcy Default or Event of Default shall have occurred and be continuing at the time of renewal, (ii) this Lease has not otherwise expired or terminated, and (iii) the Lessee shall have delivered the Preliminary Notice, the Lessee may, on no more than two occasions, may by written notice delivered to the Lessor not less than 30 days prior to the end of the Basic Term or the preceding Renewal Term, as the case may be, elect to extend the Term for a Renewal Term or further Renewal Term commencing on the expiration of the Basic Term or the preceding Renewal Term and ending one or two more years thereafter for a rent equal to the then-current Fair Market Rental of the Aircraft. The Term may be extended pursuant to this paragraph for an aggregate of no more than two years following Lessee shall pay the Basic Term or Fair Market Rental during any Fixed Fair Market Renewal Term, if applicable.

Election to Renew or Purchase. The Lessee shall provide the Lessor with irrevocable written notice (the "Preliminary Notice") not more than 360 days nor less than 180 days prior to the end of the Basic Term or the preceding Renewal Term, as the case may be, whether it will exercise its options either to renew this Lease pursuant to this Section 4.01 or to purchase the Aircraft pursuant to Section 4.02(a)(B) hereof or, if a further Renewal Term is available, pursuant to Section 4.02(a)(C) hereof. If, following delivery of a Preliminary Notice, the Lessee shall not have notified the Lessor, at least 30 days prior to the end of the Basic Term or a current Renewal Term, that it is renewing this Lease in accordance with this Section 4.01, the Lessee's Preliminary Notice shall be deemed an irrevocable notice of purchase satisfying Section 4.02(a)(B) hereof. Provided that (i) no Payment Default, Bankruptcy Default or Event of Default shall have occurred and be continuing at the time of renewal, (ii) this Lease has not otherwise expired or terminated, and (iii) the Lessee shall have timely delivered the respective Preliminary Notice, the Lessee may, by irrevocable written notice delivered to the Lessor not less than 30 days prior to the end of the Basic Term or any prior Renewal Term, extend the Term for a Fixed Renewal Term of one (1) or two (2) years commencing on the expiration of the Basic Term. If the Lessee elects to extend the Term for a Fixed Renewal Terms Term of one (1) year not as described in the preceding sentence and so elects upon 30 days' written notice to exceed two the Lessor prior to the end of such one-year Fixed Renewal Term, the Lessee may elect to extend the Term for a further Fixed Renewal Term of one year, provided that the conditions of clauses (2i), (ii) yearsand (iii) of the preceding sentence are met. The Lessee shall pay the Fixed Renewal Rent during any Fixed Renewal Term. In addition, provided that (i) no Payment Default, Bankruptcy Default or Event of Default shall have occurred and be continuing at the time of renewal, (ii) this Lease has not otherwise expired or terminated, and (iii) the Lessee shall have delivered the Preliminary Notice, the Lessee may, on no more than two occasions, by written notice delivered to the Lessor not less than 30 days prior to the end of the Basic Term or the preceding Renewal Term, as the case may be, elect to extend the Term for a Renewal Term or further Renewal Term commencing on the expiration of the Basic Term or the preceding Renewal Term and ending one one, two or two three years thereafter for a rent equal to the then-current Fair Market Rental of the Aircraft. The Term may be extended pursuant to this paragraph for an aggregate of no more than two three years following the Basic Term or any Fixed Renewal Term, if applicable. The Lessee shall pay the Fair Market Rental during any Fair Market Renewal Term.