Exercise of Renewal Option. Provided that this Lease has not been previously terminated and that no Default or Event of Default shall have occurred and be continuing at the time of the giving of irrevocable notice hereinafter referred to in this clause (i) or at the time of the commencement of the Renewal Term, Lessee, at its option, may renew this Lease for one Renewal Term consisting of a period equal to five years. The right to renew this Lease for such Renewal Term pursuant to this clause (i) shall be exercised upon irrevocable notice from Lessee received by Lessor of Lessee's election to so renew this Lease not less than twelve (12) months and not more than twenty-four (24) months prior to the last day of the Basic Term. The Renewal Rent for the Renewal Term shall be the "fair market rental value" of the Aircraft for such Renewal Term (the "renewal fair market rental value") as determined in accordance with the Appraisal Procedure. For purposes of this paragraph (i), the Appraisal Procedure shall be initiated by Lessee no earlier than nine (9) months prior to the end of the Basic Term. If Lessee shall fail to exercise its option to extend the term of this Lease for the Renewal Term in accordance with the provisions of this paragraph, all of Lessee's rights to extend the Term for such Renewal Term shall expire. Lessee shall pay all reasonable costs and expenses, including, without limitation, reasonable legal fees and expenses, incurred by Lessor, Owner Participant and the Indenture Trustee in connection with the exercise of such option.
Exercise of Renewal Option. Buyer and Seller acknowledge and agree that pursuant to the terms of this Amendment Seller has exercised the first of its two successive Renewal Options under Article 3(i)(ii) of the Master Repurchase Agreement and Seller shall have only one (1) remaining Renewal Option available under Article 3(i)(ii) of the Master Repurchase Agreement.
Exercise of Renewal Option. The options contained in this Section 2.6 shall be exercised by Tenant, if at all, only in the following manner: (i) not more than eighteen (18) nor less than fourteen (14) months prior to the expiration of the initial Term or the first Renewal Term, as applicable, Tenant may (but shall not be obligated to) deliver written notice to Landlord (“Renewal Interest Notice”) stating that Tenant is interested in exercising its renewal option and requesting that Landlord provide its proposed Rent for the applicable Renewal Term; (ii) if Tenant delivers a Renewal Interest Notice, then Landlord shall deliver written notice to Tenant (“Renewal Rent Notice”) not less than thirteen (13) months prior to the expiration of the initial Term or the first Renewal Term, as applicable, setting forth Landlord’s proposed annual Rent for the applicable Renewal Term (the “Proposed Renewal Rent”), and (iii) whether or not Tenant has delivered a Renewal Interest Notice, if Tenant wishes to exercise a renewal option, Tenant shall deliver written notice to Landlord (“Renewal Exercise Notice”) not less than twelve (12) months prior to the expiration of the initial Term or the first Renewal Term, as applicable, irrevocably exercising such renewal option; provided that, if Tenant theretofore delivered a Renewal interest Notice, then Tenant shall specify in the Renewal Exercise Notice whether Tenant accepts the Proposed Renewal Rent or objects to the Proposed Renewal Rent; and further provided that, if Tenant fails to specify in the Renewal Exercise Notice whether Tenant accepts or objects to the Proposed Renewal Rent, then Tenant shall be deemed to have accepted the Proposed Renewal Rent, the Renewal Exercise Notice shall be irrevocable and binding and the Term shall be extended in accordance with Section 2.6(a) above. In the event that Tenant timely delivers a Renewal Interest Notice to Landlord pursuant to the terms of this Section 2.6(b), but Landlord thereafter fails to deliver a Renewal Rent Notice pursuant to the terms of this Section 2.6(b), then the outside date upon which Tenant must deliver the Renewal Exercise Notice shall be delayed until such date that is thirty (30) days following Landlord’s delivery of the Renewal Rent Notice. If Tenant accepts or is deemed to have accepted the Proposed Renewal Rent, then Landlord and Tenant shall be bound to such Proposed Renewal Rent during the applicable Renewal Term. If Tenant timely objects to the Renewal Rent or if Tenant did not del...
Exercise of Renewal Option. Except as otherwise provided in Section 33(D) below, Tenant shall exercise the First Renewal Option or the Second Renewal Option, as applicable, by delivering to Landlord a notice (a “Renewal Notice”) after the date that is fifteen (15) months, and on or before the date that is twelve (12) months, prior to the initial Expiration Date or the First Renewal Expiration Date, with respect to the First Renewal Option and the Second Renewal Option, respectively.
Exercise of Renewal Option. If Lessee desires to exercise its Renewal Option, it shall notify Lessor thereof not less than one year prior to the expiration of the Basic Term or the then current Renewal Term. Lessor shall notify Lessee of its consent to or denial of such request within thirty (30) days of receipt of such request. If Lessor shall have consented to such request, Lessee and Lessor shall have thirty (30) days from the date of such consent to agree upon the terms and conditions of the Renewal Term. Any such exercise shall be irrevocable as to Lessee, but be binding on Lessor only if Lessor shall have consented thereto, the parties shall have agreed on such terms and conditions and on the effective date of the Renewal Term no Lease Default or Lease Event of Default shall have occurred and be continuing.
Exercise of Renewal Option. Provided that this Lease has not been previously terminated and that no Default or Event of Default shall have occurred and be continuing at the time of the giving of
Exercise of Renewal Option. Sublessor is required to provide Landlord with written notice of its intent to exercise its option to renew the Prime Lease for an additional five (5) years commencing the day after April 27, 2012 (the “Prime Lease Expiration Date”), not less than two hundred seventy (270) days prior to the Prime Lease Expiration Date or by July 31, 2011. To exercise Sublesee’s Renewal Option, Sublessee must give Sublessor written notice of its intent to renew this Sublease Agreement for the entire Renewal Term by June 30, 2011. Upon timely receipt of such notice, Sublessor shall provide written notice to Sublessee by July 15, 2011, of its intent to renew or not renew the Prime Lease with Landlord. In the event Sublessor determines not to renew its Prime Lease with the Landlord, Sublessee’s right to renew its possession of the Premises for an additional period of five (5) years shall extend to the entire Building, not just the Premises, on the same terms and conditions contained in the Prime Lease, or such other terms as the Sublessee and Landlord shall mutually agree. In the event that Sublessor chooses to not renew the Prime Lease and advises Sublessee to this effect by July 15, 2011, Sublessee shall give written notice to Landlord by July 31, 2011 advising whether it will be renewing its possession of the Premises and the rest of the Building.
Exercise of Renewal Option. Tenant must exercise the Renewal Option for the Renewal Term, if at all, by written notice to Landlord delivered at least fifteen (15) months, but not more than eighteen (18) months, prior to the Expiration Date of the original Term, time being of the essence.
Exercise of Renewal Option. Tenant shall have the option to renew this Lease for one (1) additional term of five (5) years, commencing upon the expiration of the initial term of the Lease. The renewal option must be exercised, if at all, by written notice given by Tenant to Landlord not later than twelve (12) months prior to the Expiration Date of this Lease. Notwithstanding the foregoing, this renewal option shall be null and void and Tenant shall have no right to renew this Lease if (i) as of the date immediately preceding the commencement of the renewal period Tenant is not in occupancy of the entire Premises then demised hereunder or Tenant does not intend to continue to occupy the entire Premises (but intends to assign this Lease or sublet all or a portion of the Premises), or (ii) on the date Tenant exercises the option or on the date immediately preceding the commencement date of the renewal period Tenant is in default of any of its obligations under this Lease.
Exercise of Renewal Option. Tenant has properly exercised its first renewal option to extend the Lease Term to February 29, 2012 (the “First Renewal Term”) and Landlord and Tenant agree that the Basic Rental for the First Renewal Term is as follows: From To Annual Rate psf R.S.F Annual Basic Rent Monthly Basic Rent 3/01/07 to 2/29/12 $ 21.00 16,446 $ 345,366.00 $ 28,780.50
