Common use of Fair Market Renewal Term Clause in Contracts

Fair Market Renewal Term. At the expiration of the third Fixed Renewal Term or any Fair Market Renewal Term, Lessee shall have the right to renew this Lease by delivery to Lessor of a written notice irrevocably electing to renew this Lease for a renewal term of not less than one year and not more than three years for a Basic Rent equal to the "fair market rental value" of the Aircraft for such period (any such renewal term, a "Fair Market Renewal Term"). Each such right to renew may be exercised by Lessee delivering to Lessor, at least ninety (90) days prior to the commencement of such Fair Market Renewal Term, a written notice irrevocably electing to renew this Lease for a Fair Market Renewal Term (which notice shall also specify the length of the Fair Market Renewal Term).

Fair Market Renewal Term. At the expiration of the third Fixed Renewal Term or any Fair Market Renewal Term, Lessee shall have the right to renew this Lease by delivery to Lessor of a written notice irrevocably electing to renew this Lease for a renewal term of not less than one year and not more than three years for a Basic Rent equal to the "fair market rental value" of the Aircraft for such period (any such renewal term, a "Fair Market Renewal TermFAIR MARKET RENEWAL TERM"). Each such right to renew may be exercised by Lessee delivering to Lessor, at least ninety (90) days prior to the commencement of such Fair Market Renewal Term, a written notice irrevocably electing to renew this Lease for a Fair Market Renewal Term (which notice shall also specify the length of the Fair Market Renewal Term).