Examples of Lease Renewal Term in a sentence
Any Renewal Term of this Agreement shall automatically further extend upon the commencement of any additional Lease Renewal Term under the Lease and shall expire on the date such Lease Renewal Term expires under the Lease, unless terminated earlier in accordance with the express terms of Section 16.2 of this Agreement.
The Initial Term of this Agreement shall automatically extend (any such extension, a “Renewal Term”) upon the commencement of any Lease Renewal Term under the Lease and shall expire on the date such Lease Renewal Term expires under the Lease, unless terminated earlier in accordance with the express terms of Section 16.2 of this Agreement.
Pursuant to Section 4(B)(2) of the Pipeline Lease Agreement (which is entitled “Option to Renew”), Alon hereby exercises the Second Lease Renewal Option, and the Second Lease Renewal Term shall expire on July 31, 2020.
During Lease Term and Lease Renewal Term, if any, THE LESSEE shall pay and always maintain with THE LESSOR or its nominee(s) / assign(s), IFRMSD as per details given in Annexure C-I.
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In addition, the Sale Option shall automatically be revoked if there exists an Event of Default, Significant Environmental Event or an Event of Loss at any time after the Sale Option is properly elected or the Lessee fails to pay the Sale Option Recourse Amount to the Administrative Agent by not later than the last day of the Term then in effect (unless this Lease is renewed for an additional Lease Renewal Term after the Restatement Date in accordance with the terms hereof).
Rent payable during any New Lease Renewal Term shall be the Fair Market Rental Value for the Equipment leased under such New Lease, as determined below.
The commencement of any New Lease Renewal Term for a New Lease is conditioned upon the counterparty to any Project Document (including the Power Purchase Agreement) renewing (or having renewed) the terms of such Project Document with respect to the Equipment leased under such New Lease, upon the CAAA remaining in full force and effect, and otherwise upon mutually agreeable lease terms between Lessor and Lessee and any credit enhancements as may be required by Lessor.
Provided that Lessee is not in default under this Lease beyond applicable notice and cure periods at the time of the exercise of the Renewal Option granted herein, Lessee shall have the option (the "Initial Lease Renewal Option") to renew the Initial Lease for one (1) additional term of ten (10) years (the "Initial Lease Renewal Term") commencing on the first day of the calendar month immediately following the expiration of the Initial Term.
In addition, the Sale Option shall automatically be revoked if there exists an Event of Default, Significant Environmental Event or an Event of Loss at any time after the Sale Option is properly elected or the Lessee fails to pay the Sale Option Recourse Amount to the Administrative Agent by not later than the last day of the Base Term (unless the Lease is renewed for the Lease Renewal Term in accordance with the terms hereof).