Common use of SECTION Lease Term Clause in Contracts

SECTION Lease Term. Immediately upon satisfaction of all applicable conditions described in Article III of the Participation Agreement on the Equipment Closing Date, without necessity of any further act or evidence by any party hereto, each Item of Equipment specified on the Schedule of Equipment attached to the Lease Supplement delivered on the Equipment Closing Date shall be deemed delivered to the Lessor and leased by the Lessor to the Lessee for the Base Term and, if the Lessee elects to exercise its renewal option pursuant to Article XVI hereof, for any Renewal Term, in either case, all pursuant to the terms of this Lease, unless this Lease shall have been earlier terminated in accordance with its terms.