Common use of Obligor’s Renewal Option Clause in Contracts

Obligor’s Renewal Option. If no Equipment Agreement Event of Default shall have occurred and be continuing and this Equipment Agreement shall not have been earlier terminated, Obligor shall be entitled, at its option, to renew this Equipment Agreement with respect to all but not less than all Items of Equipment then subject to this Equipment Agreement, up to the number of Renewal Terms specified on the Related Exhibit A. The first Renewal Term with respect to each such Item of Equipment will commence at the expiration of the Basic Term of such Item, and each succeeding Renewal Term will commence at the expiration of the next preceding Renewal Term. All of the provisions of this Equipment Agreement, including the Applicable Debt Rate, shall be applicable during each Renewal Term for each such Item of Equipment. Obligor hereby agrees to pay Corporate Obligee an Equipment Payment for each Item of Equipment during each Renewal Term for which Obligor exercises its renewal option therefor in an amount equal to the sum of (a) the Debt Amortization Payment due on such Payment Date for such Item (b) an amount calculated by multiplying the Outstanding Debt Amount immediately prior to such payment by the Applicable Debt Rate and (c) an amount calculated by multiplying the Equity Component for such Item by the Equity Rate, and in the case of clauses (b) and (c), such amounts shall be multiplied by a fraction, the numerator of which is the number of days elapsed since the immediately preceding Payment Date, and the denominator of which is 360. If, with respect to any Renewal Term, Obligor intends to not exercise said renewal option, Obligor shall give written notice to Corporate Obligee to such effect at least 180 days prior to the expiration of the Basic Term of the Item(s) of Equipment whose Renewal Term first expires hereunder, in the case of the first Renewal Term, and at least 180 days prior to the expiration of the then current Renewal Term of the Item(s) of Equipment whose Basic Term first expires hereunder, in the case of the then next succeeding Renewal Term. If Obligor fails to give such written notice to Corporate Obligee with respect to any of said Renewal Terms, it shall be conclusively presumed that Obligor has irrevocably elected to exercise said renewal option with respect to all Items of Equipment for said Renewal Term. In the event Obligor elects not to exercise said renewal option with respect to all Items of Equipment (unless Corporate Obligee has otherwise agreed in writing or Obligor has exercised its transfer option under Section 25.2 hereof or its early transfer option pursuant to Section 25.4 hereof), each Item of Equipment shall be returned to Corporate Obligee in accordance with the provisions of Section 6 hereof (unless delivered to a bidder in accordance with Section 25.3 hereof) and until each such Item has been so returned or delivered Obligor shall continue to pay Corporate Obligee the Equipment Payment for each such Item as specified in Section 6.3 hereof.

Obligor’s Renewal Option. If no Equipment Agreement Event of Default shall have occurred and be continuing and this Equipment Agreement shall not have been earlier terminated, Obligor shall be entitled, at its option, to renew this Equipment Agreement with respect to all but not less than all Items of Equipment then subject to this Equipment Agreement, up to the number of Renewal Terms specified on the Related Exhibit A. The first Renewal Term with respect to each such Item of Equipment will commence at the expiration of the Basic Term of such Item, and each succeeding Renewal Term will commence at the expiration of the next preceding Renewal Term. All of the provisions of this Equipment Agreement, including the Applicable Debt Rate and Equity Rate, shall be applicable during each Renewal Term for each such Item of Equipment. Obligor hereby agrees to pay Corporate Obligee an Equipment Payment for each Item of Equipment during each Renewal Term for which Obligor exercises its renewal option therefor in an amount equal to the sum of (a) the Debt Amortization Payment due on such Payment Date for such Item (b) an amount calculated by multiplying the Outstanding Debt Amount immediately prior to such payment for each Item on each day by the Applicable Debt Rate determined on a daily basis, and (c) an amount calculated by multiplying the Equity Component for such Item by the Equity Rate, and Rate determined on a daily basis; in the case of clauses (b) and (c), such amounts shall be multiplied calculated by a fraction, the numerator of which is the number of days elapsed since the immediately preceding Payment Date, and the denominator of which is 360. If, with respect to any Renewal Term, Obligor intends to not exercise said renewal option, Obligor shall give written notice to Corporate Obligee to such effect at least 180 days prior to the expiration of the Basic Term of the Item(s) of Equipment whose Renewal Term first expires hereunder, in the case of the first Renewal Term, and at least 180 days prior to the expiration of the then current Renewal Term of the Item(s) of Equipment whose Basic Term first expires hereunder, in the case of the then next succeeding Renewal Term. If Obligor fails to give such written notice to Corporate Obligee with respect to any of said Renewal Terms, it shall be conclusively presumed that Obligor has irrevocably elected to exercise said renewal option with respect to all Items of Equipment for said Renewal Term. In the event Obligor elects not to exercise said renewal option with respect to all Items of Equipment (unless Corporate Obligee has otherwise agreed in writing or Obligor has exercised its transfer option under Section 25.2 hereof or its early transfer option pursuant to Section 25.4 hereof), each Item of Equipment shall be returned to Corporate Obligee in accordance with the provisions of Section 6 hereof (unless delivered to a bidder in accordance with Section 25.3 hereof) and until each such Item has been so returned or delivered Obligor shall continue to pay Corporate Obligee the Equipment Payment for each such Item as specified in Section 6.3 hereof.

Obligor’s Renewal Option. If no Equipment Agreement Event of Default shall have occurred and be continuing and this Equipment Agreement shall not have been earlier terminated, Obligor shall be entitled, at its option, to renew this Equipment Agreement with respect to all but not less than all Items of Equipment then subject to this Equipment Agreement, up to the number of Renewal Terms specified on the Related Exhibit A. The first Renewal Term with respect to each such Item of Equipment will commence at the expiration of the Basic Term of such Item, and each succeeding Renewal Term will commence at the expiration of the next preceding Renewal Term. All of the provisions of this Equipment Agreement, including the Applicable Debt Rate, shall be applicable during each Renewal Term for each such Item of Equipment. Obligor hereby agrees to pay Corporate Obligee an Equipment Payment for each Item of Equipment during each Renewal Term for which Obligor exercises its renewal option therefor in an amount equal to the sum of (a) the Debt Amortization Payment due on such Payment Date for such Item (b) an amount calculated by multiplying the Outstanding Debt Amount immediately prior to such payment by the Applicable Debt Rate and (c) an amount calculated by multiplying the Equity Component for such Item by the Equity Rate, Rate and in the case of clauses (b) and (c), such amounts shall be multiplied by a fraction, the numerator of which is ) for the number of days elapsed since the immediately preceding Payment Date, and the denominator of which is 360. If, with respect to any Renewal Term, Obligor intends to not exercise said renewal option, Obligor shall give written notice to Corporate Obligee to such effect at least 180 days prior to the expiration of the Basic Term of the Item(s) of Equipment whose Renewal Term first expires hereunder, in the case of the first Renewal Term, and at least 180 days prior to the expiration of the then current Renewal Term of the Item(s) of Equipment whose Basic Term first expires hereunder, in the case of the then next succeeding Renewal Term. If Obligor fails to give such written notice to Corporate Obligee with respect to any of said Renewal Terms, it shall be conclusively presumed that Obligor has irrevocably elected to exercise said renewal option with respect to all Items of Equipment for said Renewal Term. In the event Obligor elects not to exercise said renewal option with respect to all Items of Equipment (unless Corporate Obligee has otherwise agreed in writing or Obligor has exercised its transfer option under Section 25.2 hereof or its early transfer option pursuant to Section 25.4 hereof), each Item of Equipment shall be returned to Corporate Obligee in accordance with the provisions of Section 6 hereof (unless delivered to a bidder in accordance with Section 25.3 hereof) and until each such Item has been so returned or delivered Obligor shall continue to pay Corporate Obligee the Equipment Payment for each such Item as specified in Section 6.3 hereof.

Obligor’s Renewal Option. If (i) no Equipment Agreement Event of Default shall have occurred and be continuing and (ii) this Equipment Agreement shall not have been earlier terminated, Obligor shall be entitled, at its option, to renew this Equipment Agreement with respect to all all, but not less than all all, Items of Equipment then subject to this Equipment Agreement, up to Agreement for the number of Renewal Terms Term(s) specified on the Related Exhibit A. A for such Item. The first Renewal Term with respect to each such Item of Equipment will commence at the expiration of the Basic Term of such Item, and each succeeding Renewal Term will commence at the expiration of the next preceding Renewal Term. All of the provisions of this Equipment Agreement, including the Applicable Debt RateBasic Payment Percentage, shall be applicable during each Renewal Term for each such Item of Equipment. Obligor hereby agrees to pay Corporate Obligee an Equipment Payment for each Item of Equipment , except that Basic Payments during each Renewal Term for which shall be payable at the times and on the Payment Dates set forth on said Related Exhibit A. If Obligor exercises its intends not to exercise said renewal option therefor in an amount equal to the sum of (a) the Debt Amortization Payment due on such Payment Date for such Item (b) an amount calculated by multiplying the Outstanding Debt Amount immediately prior to such payment by the Applicable Debt Rate and (c) an amount calculated by multiplying the Equity Component for such Item by the Equity Rate, and in the case of clauses (b) and (c), such amounts shall be multiplied by a fraction, the numerator of which is the number of days elapsed since the immediately preceding Payment Date, and the denominator of which is 360. If, with respect to any of said Renewal Term, Obligor intends to not exercise said renewal optionTerms, Obligor shall give written notice to Corporate Obligee to such effect at least 180 one hundred eighty (180) days prior to the expiration of the Basic Term of the Item(s) of Equipment whose Renewal Basic Term first expires hereunder, in the case of the first Renewal Term, and at least 180 one hundred eighty (180) days prior to the expiration of the then current Renewal Term of the Item(s) of Equipment whose Basic Term first expires hereunder, in the case of the then next succeeding Renewal Term. If Obligor fails to give such written notice to Corporate Obligee with respect to any of said Renewal Terms, it shall be conclusively presumed that Obligor has irrevocably elected to exercise said renewal option with respect to all Items of Equipment for said Renewal Term. In the event Obligor elects not to exercise said renewal option with respect to all Items of Equipment (unless Corporate Obligee has otherwise agreed in writing or Obligor has exercised its transfer purchase option under Section 25.2 hereof or its early transfer option pursuant to Section 25.4 28(b) hereof), ) each such Item of Equipment shall be returned delivered to Corporate Obligee in accordance with the provisions of Section 6 6(a) hereof (unless delivered to a bidder in accordance with Section 25.3 28(c) hereof) and until each such Item has been so returned or delivered Obligor shall continue to pay Corporate Obligee the Equipment Payment Basic Payments for each such Item as specified in Section 6.3 6(b) hereof.