Common use of Lease Term Renewal Options Clause in Contracts

Lease Term Renewal Options. Lessor hereby grants Lessee the right to renew the lease for up to three (3) additional, consecutive terms (each a "Renewal Term") (the option to renew for each Renewal Term being hereafter referred to as the "Renewal Option"). Each Renewal Term shall consist of twelve (12) months, and the first Renewal Term would commence the day following the Expiry Date of the initial Basic Term. Exercise of each Renewal Option shall be subject to (i) the delivery by Lessee of written notice to Lessor (a "Renewal Notice") as to such exercise at least nine (9) months prior to the then applicable Expiry Date, and (ii) no Event of Default shall have occurred and be continuing on or as of the date the Renewal Notice is received by Lessor or the first Rent Date of the applicable Renewal Term. The Basic Rent during any such Renewal Term shall be payable monthly in advance at the average monthly Basic Rent rate paid by Lessee over the initial sixty (60) months of the Basic Term. At the commencement of a Renewal Term the Basic Term shall be deemed extended to include such Renewal Term. Except for the Rent as specified above, the revised Expiry Dates and the exercised Renewal Option which shall be deemed extinguished with the related extension of the Basic Term, all terms and conditions of this Agreement as applicable during the initial Basic Term shall remain in full force and effect for any Renewal Term.

Lease Term Renewal Options. Lessor hereby grants Lessee the right to renew the lease for up to three (3) additional, consecutive terms (each a "Renewal Term") (the option to renew for each Renewal Term being hereafter referred to as the "Lease Term Renewal Option"). Each Renewal Term shall consist of twelve (12) months, and the first Renewal Term would commence the day following the Expiry Expiration Date of the initial Basic Term. Exercise of each Lease Term Renewal Option shall be subject to (i) the delivery by Lessee of written notice to Lessor (a "Renewal Notice") as to such exercise at least nine (9) months prior to the then applicable Expiry Expiration Date, and (ii) no Event of Default shall have having occurred and be continuing on or as of the date the Renewal Notice is received by Lessor or the first Basic Rent Payment Date of the applicable Renewal Term. The Basic Rent during any such Renewal Term shall be payable monthly in advance at the average same monthly Basic Rent rate paid by Lessee over the initial sixty (60) months of during the Basic TermTerm (as extended by any previous extension or exercise of a Lease Term Renewal Option) that would otherwise be expiring. At the Upon commencement of a Renewal Term the Basic Term shall be deemed extended so that the new Expiry Date becomes the date which occurs on the twelfth monthly anniversary of the Expiration Date in effect prior to include such Renewal Term. Except for the Rent as specified above, the revised Expiry Dates renewal and the exercised new Last Basic Rent Payment Date becomes the date which occurs on the twelfth monthly anniversary of the Last Basic Rent Payment Date in effect prior to the renewal. Upon exercise of any Lease Term Renewal Option which such Option shall be deemed extinguished with the related extension of the Basic Term, all terms and conditions of this Agreement as applicable during the initial Basic Term shall remain in full force and effect not be available for any Renewal Termsubsequent re-exercise."

Lease Term Renewal Options. Lessor hereby grants Lessee the right to renew the lease for up to three (3) additional, consecutive terms (each a "Renewal Term") (the option to renew for each Renewal Term being hereafter referred to as the "Lease Term Renewal Option"). Each Renewal Term shall consist of twelve (12) months, and the first Renewal Term would commence the day following the Expiry Expiration Date of the initial Basic Term. Exercise of each Lease Term Renewal Option shall be subject to (i) the delivery by Lessee of written notice to Lessor (a "Renewal Notice") as to such exercise at least nine (9) months prior to the then applicable Expiry Expiration Date, and (ii) no Event of Default shall have having occurred and be continuing on or as of the date the Renewal Notice is received by 1 <PAGE> Lessor or the first Basic Rent Payment Date of the applicable Renewal Term. The Basic Rent during any such Renewal Term shall be payable monthly in advance at the average same monthly Basic Rent rate paid by Lessee over the initial sixty (60) months of during the Basic TermTerm (as extended by any previous extension or exercise of a Lease Term Renewal Option) that would otherwise be expiring. At the Upon commencement of a Renewal Term the Basic Term shall be deemed extended so that the new Expiry Date becomes the date which occurs on the twelfth monthly anniversary of the Expiration Date in effect prior to include such Renewal Term. Except for the Rent as specified above, the revised Expiry Dates renewal and the exercised new Last Basic Rent Payment Date becomes the date which occurs on the twelfth monthly anniversary of the Last Basic Rent Payment Date in effect prior to the renewal. Upon exercise of any Lease Term Renewal Option which such Option shall be deemed extinguished with and not be available for any subsequent re-exercise." B. In Exhibit C, Part 2. DEFINITIONS OF CERTAIN TERMS, the related extension of the following definitions are amended and restated to read: "BASIC RENT: The Basic Term, all terms and conditions of this Agreement as applicable Rent payable during the initial Basic Term shall remain be payable in full force one hundred twenty (120) consecutive monthly installments, in advance on each Basic Rent Payment Date, with each such installment equal to: (a) **Material Redacted** for the first twenty four monthly installments, (b) **Material Redacted** for the next twelve monthly installments, (c) **Material Redacted** for the twenty four monthly installments commencing with the thirty seventh (37th) installment and effect (d) **Material Redacted** for the sixty monthly installments of Basic Rent commencing November 1, 2004 and for each installment of Basic Rent during any Renewal TermTerm which may be commenced in a period subsequent to the Expiration Date." "CASUALTY VALUE: For the period of the Lease through April 30, 2003 **Material Redacted**; for the period May 1, 2003 through December 15, 2004 **Material Redacted**; and for the one year period commencing December 16, 2004 and each one year period in the Lease Term commencing December 16 thereafter the amount of the Casualty Value in the immediately preceding one year period less **Material Redacted**." "LAST BASIC RENT PAYMENT DATE: The Last Basic Rent Payment Date for the Aircraft shall be October 1, 2009, or such later date as may result from exercise of the Lease Term Renewal Options. C. In Exhibit C, a new Part 5 is added after the current Part 4, as follows: "5.

Lease Term Renewal Options. Lessor hereby grants Lessee the right to renew the lease for up to three (3) additional, consecutive terms (each a "Renewal Term") (the option to renew for each Renewal Term being hereafter referred to as the "Renewal Option"). Each Renewal Term shall consist of twelve (12) months, and the first Renewal Term would commence the day following the Expiry Date of the initial Basic Term. Exercise of each Renewal Option shall be subject to (i) the delivery by Lessee of written notice to Lessor (a "Renewal Notice") as to such exercise at least nine (9) months prior to the then applicable Expiry Date, and (ii) no Event of Default shall have occurred and be continuing on or as of the date the Renewal Notice is received by Lessor or the first Rent Date of the applicable Renewal Term. The Basic Rent during any such Renewal Term shall be payable monthly in advance at the average monthly Basic Rent rate paid by Lessee over the initial sixty (60) months of the Basic Term. At the commencement of a Renewal Term the Basic Term shall be deemed extended to include such Renewal Term. Except for the Rent as specified above, the revised Expiry Dates and the exercised Renewal Option which shall be deemed extinguished with the related extension of the Basic Term, all terms and conditions of this Agreement as applicable during the initial Basic Term shall remain in full force and effect for any Renewal Term. Section 4.