Common use of Election to Renew Clause in Contracts

Election to Renew. 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 any 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), (C) or (F) hereof, as applicable. Provided that (i) no 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 90 days prior to the end of the Basic Term or any Fixed Renewal Term, extend the Term for one Fixed Renewal Term of three years commencing on the expiration of the Basic Term and one additional Fixed Renewal Term of one year commencing on the expiration of the preceding Fixed Renewal Term. The Lessee shall pay the Fixed Renewal Rent during the Fixed Renewal Term. In addition, provided that (i) no 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, on no more than two occasions, by irrevocable written notice delivered to the Lessor not less than 90 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 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 four years following the Basic Term or the Fixed Renewal Term.

Election to Renew. 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 any 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, (C) or (Fif a further Renewal Term is available, pursuant to Section 4.02(a)(C) hereof, as applicable. 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 maymay on not more than two occasions, by irrevocable written notice delivered to the Lessor not less than 90 30 days prior to the end of the Basic Term or any Fixed Renewal Term, extend the Term for one a Fixed Renewal Term of three years one (1) year commencing on the expiration of the Basic Term and one additional Fixed Renewal Term of one year commencing on the expiration of the preceding Fixed Renewal Term. The Lessee shall pay the Fixed Renewal Rent during the any Fixed Renewal Term. In no event shall the term of any Fixed Renewal Term extend beyond the second anniversary of the last day of the Basic 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 timely delivered the respective Preliminary Notice, the Lessee may, on no more than two occasions, by irrevocable written notice delivered to the Lessor not less than 90 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 two years one year 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 four years following Lessee shall pay the Basic Term or the Fixed Fair Market Rental during any Fair Market Renewal Term.

Election to Renew. The Lessee shall provide the Lessor with irrevocable written notice (the "Preliminary Notice") not less than 180 days nor more than 360 days nor less than 180 days prior to the end of the Basic Term or any 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, (Cif a Renewal Term is then in effect, to purchase the Aircraft 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) or (F4.02(a)(C) hereof, as applicablethe case may be. Provided that (i) no 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 90 30 days prior to the end of the Basic Term or any Fixed Renewal Term, extend the Term for one Fixed Renewal Term or two annual periods up to an aggregate of three two years commencing on the expiration of following the Basic Term and one additional Fixed Renewal Term of one year commencing on (the expiration of the preceding "Fixed Renewal Term"). The Lessee shall pay the Fixed Renewal Rent during the any Fixed Renewal Term. In addition, provided that (i) no 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, on no more than two occasions, may by irrevocable written notice delivered to the Lessor not less than 90 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 two one, two, three or four 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 Section 4.01(a) for an aggregate of no more than four years following the Basic Term or Term. The Lessee shall pay the Fixed Fair Market Rental during any Fair Market Renewal Term.

Election to Renew. The Lessee shall provide the Lessor with irrevocable written notice (the each a "Preliminary Notice") not more than 360 days nor and not less than 180 days prior to the end of the Basic Term or any 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), (C) or (FC) hereof, as applicable. 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 90 60 days prior to the end of the Basic Term or any Fixed prior Renewal Term, extend the Term for one a Fixed Renewal Term of three one (1) or two (2) years commencing on the expiration of the Basic Term. If the Lessee elects to extend the Term and one additional for a Fixed Renewal Term of one (1) year commencing on as described in the expiration preceding sentence and so elects upon 60 days' written notice to 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 (i), (ii) and (iii) of the preceding Fixed Renewal Termsentence are met. The Lessee shall pay the Fixed Renewal Rent during the 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 timely delivered the respective Preliminary Notice, the Lessee may, on no more than two occasions, may by irrevocable written notice delivered to the Lessor not less than 90 60 days prior to the end of the Basic Term or the preceding any Fixed Renewal Term, as the case may be, elect to extend the Term for a Fair Market Renewal Term of one (1) or further two (2) years. If the Lessee elects to extend the Term for a Fair Market Renewal Term commencing on of one (1) year as described in the expiration preceding sentence, the Lessee may by irrevocable written notice delivered to the Lessor not less than 60 days prior to the end of such one-year Fair Market Renewal Term, elect to extend the Term for a further Fair Market Renewal Term of one (1) year, provided that the conditions of clauses (i), (ii) and (iii) of the Basic Term or preceding sentence are met. The Lessee shall pay the preceding Renewal Term and ending 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 four years following the Basic Term or the Fixed during any Fair Market Renewal Term.

Election to Renew. 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 any 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), (C) or (F) hereof, as applicable. Provided that (i) no 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 90 days prior to the end of the Basic Term or any Fixed Renewal Term, extend the Term for one Fixed Renewal Term of three years commencing on the expiration of the Basic Term and one additional Fixed Renewal Term of one year commencing on the expiration of the preceding Fixed Renewal Term. The Lessee shall pay the Fixed Renewal Rent during the Fixed Renewal Term. In addition, provided that (i) no 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, on no more than two occasions, by irrevocable written notice delivered to the Lessor not less than 90 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 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 four years following the Basic Term or the Fixed Renewal Term. The Lessee shall pay the Fair Market Rental during any Fair Market Renewal Term.

Election to Renew. The Lessee shall provide the Lessor with irrevocable written notice (the each a "Preliminary Notice") not more than 360 days nor and not less than 180 days prior to the end of the Basic Term or any 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), (C) or (FC) hereof, as applicable. 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 90 60 days prior to the end of the Basic Term or any Fixed Renewal Term, extend the Term for one a Fixed Renewal Term of three one (1) or two (2) years commencing on the expiration of the Basic Term. If the Lessee elects to extend the Term and one additional for a Fixed Renewal Term of one (1) year commencing on as described in the expiration preceding sentence and so elects upon 60 days' written notice to 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 (i), (ii) and (iii) of the preceding Fixed Renewal Termsentence are met. The Lessee shall pay the Fixed Renewal Rent during the 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 timely delivered the respective Preliminary Notice, the Lessee may, on no more than two occasions, may by irrevocable written notice delivered to the Lessor not less than 90 60 days prior to the end of the Basic Term or the preceding any Fixed Renewal Term, as the case may be, elect to extend the Term for a Fair Market Renewal Term of one (1) or further two (2) years. If the Lessee elects to extend the Term for a Fair Market Renewal Term commencing on of one (1) year as described in the expiration preceding sentence, the Lessee may by irrevocable written notice delivered to the Lessor not less than 60 days prior to the end of such one-year Fair Market Renewal Term, elect to extend the Term for a further Fair Market Renewal Term of one (1) year, provided that the conditions of clauses (i), (ii) and (iii) of the Basic Term or preceding sentence are met. The Lessee shall pay the preceding Renewal Term and ending 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 four years following the Basic Term or the Fixed during any Fair Market Renewal Term.

Election to Renew. The Lessee shall provide the Lessor with irrevocable written notice (the each a "Preliminary Notice") not more than 360 days nor and not less than 180 days prior to the end of the Basic Term or or, if applicable, any 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), (C) or (FC) hereof, as applicable. 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 90 30 days prior to the end of the Basic Term or any Fixed Renewal Term, extend the Term for one a Fixed Renewal Term of three one (1) or two (2) periods up to an aggregate of two and one-half years commencing on the expiration of the Basic Term and one additional Fixed Renewal Term of one year commencing on the expiration of the preceding Fixed Renewal Term. The Lessee shall pay the Fixed Renewal Rent during the 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 timely delivered the respective Preliminary Notice, the Lessee may, on no more than two occasions, may by irrevocable written notice delivered to the Lessor not less than 90 30 days prior to the end of the Basic Term or the preceding any Fixed Renewal Term, as the case may be, elect to extend the Term for a Fair Market Renewal Term of one (1), two (2) or further Renewal Term commencing on three (3) years. The Lessee shall pay the expiration of the Basic Term or the preceding Renewal Term and ending 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 four years following the Basic Term or the Fixed during any Fair Market Renewal Term.