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 less than 180 days nor more than 360 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 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 4.02(a)(C) hereof, as the 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 30 days prior to the end of the Basic Term, extend the Term for one or two annual periods up to an aggregate of two years following the Basic Term (the "Fixed Renewal Term"). The Lessee shall pay the Fixed Renewal Rent during 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 delivered the Preliminary Notice, the Lessee 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, 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 Section 4.01(a) for an aggregate of no more than four years following the Basic 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 and not less than 180 days nor more than 360 days prior to the end of the Basic Term or the preceding 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) hereof or, if 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 4.02(a)(C(C) hereof, as the case may beapplicable. 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, extend the Term for a Fixed Renewal Term of one (1) or two annual (2) periods up to an aggregate of two and one-half years following commencing on the expiration of the Basic Term (the "Fixed Renewal 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 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 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 the expiration of the Basic Term or the preceding Renewal Term and ending 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 Section 4.01(a(3) for an aggregate of no more than four years following the Basic Termyears. 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 "Preliminary Notice") not more than 360 days nor less than 180 days nor more than 360 days prior to the end of the Basic Term or the preceding 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) hereof or), if 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(C) or 4.02(a)(C(F) hereof, as the case may beapplicable. 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 30 90 days prior to the end of the Basic Term or any Fixed Renewal Term, extend the Term for one or two annual periods up to an aggregate Fixed Renewal Term of two three years following 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 any 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 may, on no more than two occasions, by irrevocable written notice delivered to the Lessor not less than 30 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 one, two, three or four 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 Section 4.01(a) paragraph for an aggregate of no more than four years following the Basic Term. The Lessee shall pay Term or the Fair Market Rental during any Fair Market 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 nor more than 360 days prior to the end of the Basic Term or the preceding 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) hereof or), if 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(C) or 4.02(a)(C(F) hereof, as the case may beapplicable. 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 30 90 days prior to the end of the Basic Term, extend the Term for one or two annual periods up to an aggregate Fixed Renewal Term of two three years following commencing on the expiration of the Basic Term (the "Fixed Renewal Term"). The Lessee shall pay the Fixed Renewal Rent during any 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 may, on no more than two occasions, by irrevocable written notice delivered to the Lessor not less than 30 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 one, two, three or four 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 Section 4.01(a) 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 and not less than 180 days nor more than 360 days prior to the end of the Basic Term or the preceding 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) hereof or, if 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 4.02(a)(C(C) hereof, as the case may beapplicable. 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 60 days prior to the end of the Basic Term, extend the Term for a Fixed Renewal Term of one (1) or two annual periods up to an aggregate (2) years commencing on the expiration of two years following the Basic Term. If the Lessee elects to extend the Term for a Fixed Renewal Term of one (1) year as described in the "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 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 timely delivered the respective Preliminary Notice, the Lessee may by irrevocable written notice delivered to the Lessor not less than 30 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 the preceding Renewal Term and ending 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 Section 4.01(a) for an aggregate of no more than four years following the Basic Termsentence are met. 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 "Preliminary Notice") not more than 360 days nor less than 180 days nor more than 360 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 then in effectavailable, 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 4.02(a)(C) hereof, as the case may be. 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 30 days prior to the end of the Basic Term, extend the Term for a Fixed Renewal Term of one or two annual periods up to an aggregate (1) year commencing on the expiration of two years following the Basic Term (the "Fixed Renewal Term"). The Lessee shall pay the Fixed Renewal Rent during 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 delivered the Preliminary Notice, the Lessee may 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, two, three or four 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 Section 4.01(a) for an aggregate of no more than four years following the Basic Term. The Lessee shall pay the Fair Market Rental during any Fair Market Renewal Term.