Common use of Lessee's Lease Term Option Clause in Contracts

Lessee's Lease Term Option. (a) Notwithstanding any other provision of this Agreement to the contrary, Lessor hereby grants Lessee the option (the "Lease Term Option") to terminate or extend the Term two (2) months earlier or later than the numerically corresponding day twenty-four (24) months after the Delivery Date provided that: (i) Lessee shall give Lessor six months prior written notice (the "Option Notice") of Lessee's intention to exercise the Lease Term Option to either terminate or extend the Term by two (2) months, which Option Notice, once given, shall be irrevocable; and (ii) no Default shall have occurred and be continuing on the date that the Option Notice is given;