Examples of Fixed Rate Renewal Term in a sentence
Each Fixed Rate Renewal Term shall commence immediately upon the expiration of the Basic Term or the preceding Fixed Rate Renewal Term, as the case may be.
Lessee shall give Lessor written notice not less than 90 days prior to the end of the Basic Term, the Fixed Rate Renewal Term or the Fair Market Renewal Term, as the case may be, of its election to exercise the purchase option provided for in this Section 22.3 (but in any event subject to the minimum number of Units referred to in Section 22.2), which notice shall be irrevocable.
The Fair Market Renewal Term shall commence immediately upon the expiration of the Base Term or the preceding Fixed Rate Renewal Term or Fair Market Renewal Term, as the case may be.
If Lessee selects a Fixed Rate Renewal Term such that the period following such term until the Outside Date is at least one year, then Lessee may elect one or more further renewals of one or more years pursuant to this Section 22.4(a) so long as no such term extends beyond the Outside Date.
If Lessee selects a Fixed Rate Renewal Term such that the period following such term until the Outside Fixed Renewal Date is longer than one year, then Lessee may elect one or more further renewals of one or more years pursuant to this Section 22.4(a) so long as no such term extends beyond the Outside Fixed Renewal Date.
If the notice specified in clause (ii) of the preceding sentence is given, then not later than 18 months prior to the expiration date of the Basic Lease Term, the Lessee will give the Lessor written notice of its election to exercise either (x) the purchase option permitted by Section 13(c), (y) the option to renew this Facility Lease for the Fixed Rate Renewal Term or (z) the option to renew this Facility Lease for the Fair Market Renewal Term.
Stipulated Loss Value amounts that are payable during any such Renewal Term shall be calculated as of the date of commencement of such Renewal Term and shall be determined in the same manner referred to above based on the fair market sales value of the Aircraft on such date determined in accordance with Section 18.2(a); provided, that the Stipulated Loss Value payable during any Fixed Rate Renewal Term shall not be less than 20% of Lessor's Cost.
The foregoing notice from Lessee shall specify the term (the "Fixed Rate Renewal Term") that Lessee selects for its initial renewal under this Section 22.4(a), which shall be for one or more years as Lessee shall select; provided that such Fixed Rate Renewal Term in no event shall extend beyond the Outside Date.
The Renewal Rent payable for the Fixed Rate Renewal Term hereunder shall be the lesser of (i) 50% of the average Basic Rent and (ii) the fair market rental value of the Aircraft (as defined below) calculated as of the commencement of such Renewal Term; the Renewal Rent payable for any Floating Rate Renewal Term hereunder shall be the fair market rental value of the Aircraft (as defined below) calculated as of the commencement of such Renewal Term.
Basic Rent for each Rent Payment Date during each Fixed Rate Renewal Term after the first two (2) Fixed Rate Renewal Terms shall be payable monthly in advance on the day of each month that Basic Rent was due during the last year of the Basic Term and in the amount of 105% of Basic Rent that was due during the last year of the immediately preceding Fixed Rate Renewal Term.