Common use of Fixed Renewal Term Clause in Contracts

Fixed Renewal Term. Not more than 365 days and not less than one hundred twenty (120) days, before the end of the Basic Term or any Fixed Renewal Term (as hereinafter defined), Lessee may deliver to Lessor a written notice irrevocably electing to renew this Lease for a term having a duration and at a Basic Rent as determined below (any such renewal term, a "Fixed Renewal Term"). The duration of any Fixed Renewal Term shall be a period specified by Lessee before the end of the Basic Term which is (i) not less than one year (provided any such period shall be in six (6) month increments), (ii) not more than the longest period of time which would cause the Term, after giving effect to such Fixed Renewal Term, to be equal to 75% of the total useful life of the aircraft as determined by the Delivery Date appraisal. Each semi-annual installment of Basic Rent during the Fixed Renewal Term shall be equal to the lesser of (A) the fair market rental value of the Aircraft or (B) (I) one-half of the average annual Basic Rent during the Basic Term divided by (II) two (2).

Fixed Renewal Term. Not more than 365 days and not less than one hundred twenty (120) days, before the end of the Basic Term or any Fixed Renewal Term (as hereinafter defined), Lessee may deliver to Lessor a written notice irrevocably electing to renew this Lease for a term having a duration and at a Basic Rent as determined below (any such renewal term, a "Fixed Renewal Term"). The duration of any Fixed Renewal Term shall be a period specified by Lessee before the end of the Basic Term which is (i) not less than one year (provided any such period shall be in six (6) month increments), (ii) not more than the longest period of time which would cause the Term, after giving effect to such Fixed Renewal Term, to be equal to 75% of the total useful life of the aircraft as determined by the Delivery Date appraisal. Each semi-annual installment of Basic Rent during the Fixed Renewal Term shall be equal to the lesser of (A) the fair market rental value of the Aircraft or (B) (I) one-half of the average annual Basic Rent during the Basic Term divided by (II) two (2)Term.

Fixed Renewal Term. Not more than 365 days and not less than one hundred twenty (120) days, before the end of the Basic Term or any Fixed Renewal Term (as hereinafter defined)Term, Lessee may deliver to Lessor a written notice irrevocably electing to renew this Lease for a term having a duration and at a Basic Rent as determined below (any such renewal term, a "Fixed Renewal Term"). The duration of any the Fixed Renewal Term shall be a period specified by Lessee before the end of the Basic Term which is (i) not less than one year (provided any such period shall be in six (6) month increments), (ii) not more than the longest period of time which would cause the Term, after giving effect to such Fixed Renewal Term, to be equal to 75% of the total useful life of the aircraft as determined by the Delivery Date appraisal. Each semi-annual installment of Basic Rent during the Fixed Renewal Term shall be equal to (x) the lesser of (A) the fair market rental value of the Aircraft or (B) (I) one-half of the average annual Basic Rent during the Basic Term or (y) divided by (II) two (2)two.

Fixed Renewal Term. Not more than 365 days and not less than one hundred twenty (120) days, before the end of the Basic Term or any Fixed Renewal Term (as hereinafter defined), Lessee may deliver to Lessor a written notice irrevocably electing to renew this Lease for a term having a duration and at a Basic Rent as determined below (any such renewal term, a "Fixed Renewal Term"). The duration of any Fixed Renewal Term shall be a period specified by Lessee before the end of the Basic Term which is (i) not less than one year (provided any such period shall be in six (6) month increments), (ii) not more than the longest period of time which would cause the Term, after giving effect to such Fixed Renewal Term, to be equal to 75% of the total useful life of the aircraft as determined by the Delivery Date appraisal. Each semi-semi- annual installment of Basic Rent during the Fixed Renewal Term shall be equal to the lesser of (A) the fair market rental value of the Aircraft or (B) (I) one-half of the average annual Basic Rent during the Basic Term divided by (II) two (2).