Common use of Renewal Rent Clause in Contracts

Renewal Rent. (a) During the Renewal Lease Term, Lessee shall pay to Lessor on each Payment Date, in the manner and in the funds of the type specified in Section 3.3, Renewal Rent in arrears. (b) The Renewal Rent payable by Lessee on each Payment Date during the First Renewal Lease Term shall be the lower of (i) an amount equal to one-half of the average of the semiannual Basic Rent amounts payable during the Base Lease Term and (ii) the Fair Market Rental Value of the Aircraft for such Renewal Lease Term. The Renewal Rent payable by Lessee on each Payment Date during any Subsequent Renewal Lease Term shall be the Fair Market Rental Value of the Aircraft for such Subsequent Renewal Lease Term. Any such Fair Market Rental Value shall be determined not more than 35 days after delivery of a Preliminary Notice by mutual agreement of Lessor and Lessee or, if they shall be unable to agree, by an appraisal in accordance with Section 17.4.

Renewal Rent. (a) During the Renewal Lease Term, Lessee shall pay to Lessor on each Payment Date, in the manner and in the funds of the type specified in Section 3.3, Renewal Rent in arrears. (b) The Renewal Rent payable by Lessee on each Payment Date during the First any Fixed Renewal Lease Term shall be the lower of (i) an amount equal to one-half of the average of the semiannual Basic Rent amounts payable during the Base Lease Term and (iiand(ii) the Fair Market Rental Value of the Aircraft for such Renewal Lease Term. The Renewal Rent payable by Lessee on each Payment Date during any Subsequent Renewal Lease Term shall be the Fair Market Rental Value of the Aircraft for such Subsequent Renewal Lease Term. Any such Fair Market Rental Value shall be determined not more than 35 120 days after delivery and not less than 100 days prior to the date of a Preliminary Notice commencement of such Renewal Lease Term by mutual agreement of Lessor and Lessee or, if they shall be unable to agree, by an appraisal in accordance with Section 17.4.

Renewal Rent. (a) During the Renewal Lease Term, Lessee shall pay to Lessor on each Payment Date, in the manner and in the funds of the type specified in Section 3.3, Renewal Rent in arrears. (b) The Renewal Rent payable by Lessee on each Payment Date during the First any Fixed Renewal Lease Term shall be the lower of (i) an amount equal to one-one- half of the average of the semiannual Basic Rent amounts payable during the Base Lease Term and (iiand(ii) the Fair Market Rental Value of the Aircraft for such Renewal Lease Term. The Renewal Rent payable by Lessee on each Payment Date during any Subsequent Renewal Lease Term shall be the Fair Market Rental LEASE AGREEMENT BASE PAGE 49 243 Value of the Aircraft for such Subsequent Renewal Lease Term. Any such Fair Market Rental Value shall be determined not more than 35 120 days after delivery and not less than 100 days prior to the date of a Preliminary Notice commencement of such Renewal Lease Term by mutual agreement of Lessor and Lessee or, if they shall be unable to agree, by an appraisal in accordance with Section 17.4.