Common use of Term Lease Clause in Contracts

Term Lease. This Agreement shall become effective as of January 1, 2008 (the “Effective Date”) and shall continue in effect until Owner delivers to Lessee at least 45 days prior written notice of termination of this Agreement. Lessee may terminate its participation in this Agreement by delivering written notice to the Owner at least 45 days prior to the effective date of such termination. From and after the Effective Date until the termination of this Agreement, Owner hereby agrees to lease the Aircraft to Lessee pursuant to the provisions of Section 91.501(c)(1) of the FAR and to provide the services of the Flight Crew for all operations.

Term Lease. This Agreement shall become effective as of January 1October 2, 2008 2006 (the “Effective Date”) and shall continue in effect until Owner delivers to Lessee the Lessees at least 45 days prior written notice of termination of this Agreement. Each Lessee may terminate its participation in this Agreement by delivering written notice to the other Lessees and Owner at least 45 days prior to the effective date of such termination. From and after the Effective Date until the termination of this Agreement, Owner hereby agrees to lease the Aircraft to each Lessee pursuant to the provisions of Section 91.501(c)(1) of the FAR and to provide the services of the Flight Crew for all operations.