Exercise of Extension Option Sample Clauses
The Exercise of Extension Option clause defines the process by which a party may extend the duration of an agreement beyond its original term. Typically, this clause outlines the notice period required, the method for providing notice (such as written communication), and any conditions or limitations on the extension, such as the maximum number of extensions allowed or changes to terms during the extension period. Its core practical function is to provide a clear and structured mechanism for continuing the contractual relationship, thereby reducing uncertainty and preventing disputes over the extension process.
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Exercise of Extension Option. The Extension Option must be exercised, if at all, by written notice ("Extension Notice") delivered by Tenant to Landlord no earlier than the date which is twelve (12) months, and no later than the date which is six (6) months, prior to the expiration of the Extended Term.
Exercise of Extension Option. Tenant shall have two (2) successive options (each, an “Extension Option”) to extend the Term of this Lease for a period of five (5) years each (each, an “Extension Period”), on the same terms and conditions in effect under this Lease immediately prior to the Extension Period, except that Base Rent shall be determined as set forth below and Tenant shall have no further right to extend the Term of this Lease after the end of the second (2nd) Extension Period; provided, however, it shall be a condition of Tenant’s exercise of the Extension Option that Tenant also exercise the corresponding “Extension Option” as defined in the Companion Lease. If Tenant exercises an Extension Option, such extension shall apply to the entire Premises. Tenant may exercise an Extension Option only by giving Landlord irrevocable and unconditional written notice thereof (the “Extension Notice”) on or before the date which is twelve (12) months prior to the commencement date of each applicable Extension Period and such Extension Period shall commence on the day immediately succeeding the expiration date of the preceding Term or the preceding Extension Period, as the case may be, and shall end at midnight Eastern Time on the last day of the applicable Extension Period. Such exercise shall, at Landlord’s election, be null and void if any Event of Default shall have occurred and is continuing at the date of such notice. Upon delivery of the Extension Notice, Tenant shall be irrevocably bound to lease the Premises for the Extension Period. If Tenant shall fail to timely exercise the Extension Option in accordance with the provisions of this Section 1.4, then the Extension Option shall terminate, and shall be null and void and of no further force and effect. If this Lease or Tenant’s right to possession of the Premises shall terminate in any manner whatsoever before Tenant shall exercise the Extension Option, then immediately upon such termination the Extension Option shall simultaneously terminate and become null and void. Time is of the essence with regard to this Section 1.4.
Exercise of Extension Option. The option contained in this Extension Rider shall be exercised by Tenant, if at all, only by delivering written notice (“Exercise Notice”) thereof to Landlord no sooner than the date (such date, the “Exercise Date”) that is fifteen (15) months prior to the expiration of the initial Lease Term and no later than the date which is twelve (12) months prior to the expiration of the initial Lease Term. The Fair Market Rental Rate for the Option Term shall be determined pursuant to Section 4 below. Tenant’s failure to deliver the Exercise Notice on or before the applicable delivery dates therefor specified hereinabove shall be deemed to constitute Tenant’s waiver of its extension right hereunder.
Exercise of Extension Option. With respect to the Extension Closing, the Purchaser shall have exercised the Extension Option in accordance with Section 2.5 of the License Agreement.
Exercise of Extension Option. Tenant shall exercise an Extension Option by delivering to Landlord written notice (the “EXTENSION NOTICE”) on or before the date (“EXTENSION DECISION DATE”) that is two hundred seventy (270) days prior to the expiration date of the Term (as the same previously may have been extended), time being of the essence. Each Extension Term shall begin on the day immediately following the date that, prior to the exercise of the applicable Extension Option, previously had been the Expiration Date.
Exercise of Extension Option. Provided Tenant is ---------------------------- eligible and permitted to exercise the Option, Tenant may exercise such Extension Options by notifying Landlord in writing no later than six (6) months prior to the expiration of the applicable Term, the parties hereby agreeing that time is of the essence with respect to such notice. If Tenant does not timely give such notice to Landlord as here provided, then the Lease shall terminate at the end of the extant Term and the option to extend for any unexercised Extension Terms shall be deemed terminated.
Exercise of Extension Option. The Extension Option(s) shall be exercised by Tenant, if at all, only in the following manner. Tenant shall deliver written notice (the "Exercise Notice") to Landlord not more than eighteen (18) months nor less than fifteen (15) months prior to the then-scheduled expiration of the Lease Term, stating that Tenant is irrevocably exercising the applicable Extension Option. Concurrently with such Exercise Notice, Tenant shall deliver to Landlord Tenant's calculation of the Option Rent (the "Tenant's Option Rent Calculation"), failing which Tenant's Exercise Notice shall be null and void. Landlord shall deliver notice ("Landlord Response Notice") to Tenant on or before the date which is thirty (30) days after Landlord's receipt of a valid Exercise Notice, stating that Landlord is (i) accepting Tenant's Option Rent Calculation, or (ii) rejecting Tenant's Option Rent Calculation and setting forth Landlord's calculation of the Option Rent (the "Landlord's Option Rent Calculation"). Within ten (10) business days of its receipt of the Landlord Response Notice, Tenant may, at its option, accept or reject the Option Rent contained in the Landlord's Option Rent Calculation. If Tenant does not affirmatively reject the Option Rent specified in the Landlord's Option Rent Calculation in writing within such ten (10) business day period, Tenant shall be deemed to have accepted Landlord's Option Rent Calculation as the Option Rent for the Option Term. However, if Tenant affirmatively rejects Landlord's Option Rent Calculation in writing within such time period, then the Option Rent shall be determined in accordance with the procedures and terms set forth in Section 4 below.
Exercise of Extension Option. If at any time after the date hereof the Company exercises an extension option as described in that certain promissory note entered into in connection with the Notes and the Credit Agreement, the Warrant Shares issuable hereunder shall be increased by ten percent (10%) for each such extension option exercised.
Exercise of Extension Option. The Company may by giving written notice to the Facility Agent (an "Extension Request"):
(A) by no later than forty-five (45) days but not earlier than ninety (90) days before the Original Maturity Date, request that the Original Maturity Date be extended to the First Extended Maturity Date; and
(B) (provided that the Original Maturity Date has been extended to the First Extended Maturity Date) by no later than forty-five (45) days but not earlier than ninety (90) days before the First Extended Maturity Date, request that the First Extended Maturity Date be extended to the Second Extended Maturity Date, provided that on such date of request no Default is continuing or would result from the proposed extension.
Exercise of Extension Option. Tenant shall notify Landlord in writing (the “