Expansion Option Sample Clauses
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Expansion Option. The Company may from time to time elect to increase the Commitments in minimum increments of $50,000,000 so long as, after giving effect thereto, the aggregate amount of such increases does not exceed $200,000,000. The Company may arrange for any such increase to be provided by one or more Banks (each Bank so agreeing to an increase in its Commitment, an “Increasing Bank”), or by one or more new banks, financial institutions or other entities (each such new bank, financial institution or other entity, an “Augmenting Bank”), to increase their existing Commitments, or extend Commitments, as the case may be; provided that (i) each Increasing Bank and each Augmenting Bank shall be subject to the approval of the Company, the Agent and each LC Issuer and (ii) (x) in the case of an Increasing Bank, the Company and such Increasing Bank execute an agreement substantially in the form of Exhibit F hereto, and (y) in the case of an Augmenting Bank, the Company and such Augmenting Bank execute an agreement substantially in the form of Exhibit G hereto. No consent of any Bank (other than the Banks participating in the increase and the Agent and each LC Issuer) shall be required for any increase in Commitments pursuant to this Section 2.16. Increases and new Commitments created pursuant to this Section 2.16 shall become effective on the date agreed by the Company, the Agent and the relevant Increasing Banks or Augmenting Banks, and the Agent shall notify each Bank thereof. Notwithstanding the foregoing, no increase in the Commitments (or in the Commitment of any Bank) shall become effective under this paragraph unless, (i) on the proposed date of the effectiveness of such increase, (A) the conditions set forth in clauses (i) and (ii) of Section 11.2 shall be satisfied or waived by the Majority Banks and the Agent shall have received a certificate to that effect dated such date and executed by a Designated Officer of the Company and (B) the Company shall be in compliance (on a pro forma basis) with the covenant contained in Article VIII, (ii) the Agent shall have received documents consistent with those delivered on the Closing Date as to the organizational power and authority of the Company to borrow hereunder after giving effect to such increase and (iii) the Company shall have issued a new interest-bearing First Mortgage Bond in favor of the Agent in the amount of the Aggregate Commitment (giving effect to such increase). On the effective date of any increase in the Co...
Expansion Option. (i) The Borrower may from time to time after the Funding Date elect to increase the Aggregate Revolving Loan Commitment (each, a “Revolving Loan Increase”) or increase the aggregate principal amount of any Class of Term Loans or enter into one or more tranches of term loans (each an “Incremental Term Loan”), in each case in minimum amounts of $50,000,000 and increments of $10,000,000 so long as, after giving effect thereto, the aggregate amount of such Revolving Loan Increases and such Incremental Term Loans does not exceed (A) $325,000,000 plus (B) an additional amount, so long as, after giving effect to the incurrence of such additional amount (and assuming for such purposes that the entire amount of any such Revolving Loan Increase is fully funded), the pro forma Senior Secured Leverage Ratio does not exceed 2.75 to 1.00, it being understood that the aggregate principal amount of all Revolving Loan Increases, taken as a whole, shall not exceed $100,000,000. The Borrower may arrange for any such Revolving Loan Increase or Incremental Term Loan to be provided by one or more existing Lenders (each existing Lender so agreeing to an increase in its Revolving Loan Commitment, or to participate in such Incremental Term Loans, an “Increasing Lender”), or by one or more new banks, financial institutions or other entities (each such new bank, financial institution or other entity, an “Augmenting Lender”), to increase their existing Revolving Loan Commitments or to participate in such Incremental Term Loans (it being agreed that any Lender approached to provide any such Revolving Loan Increase or Incremental Term Loans may elect or decline, in its sole discretion, to provide such Revolving Loan Increase or Incremental Term Loans); provided that (i) each Augmenting Lender, shall be subject to the approval of the Borrower and the Administrative Agent and, in the case of a Revolving Loan Increase, the Issuing Banks (which consent shall not be unreasonably withheld or delayed), and (ii) with respect to any Revolving Loan Increase, (x) in the case of an Increasing Lender, the Borrower and such Increasing Lender execute an agreement substantially in the form of Exhibit E-1 hereto (each, an “Increasing Lender Supplement”), and (y) in the case of an Augmenting Lender, the Borrower and such Augmenting Lender execute an agreement substantially in the form of Exhibit E-2 hereto (each, an “Augmenting Lender Supplement”). No consent of any Lender (other than the Lenders partic...
Expansion Option. The Company may from time to time elect to increase the total Dollar Tranche Commitments or the total Multicurrency Tranche Commitments or enter into one or more tranches of term loans (each an “Incremental Term Loan”), in each case in minimum increments of $10,000,000 so long as, after giving effect thereto, the aggregate amount of such increases and all such Incremental Term Loans does not exceed the Incremental Amount. The Company may arrange for any such increase or tranche to be provided by one or more Lenders (each Lender so agreeing to an increase in its Revolving Commitment, or to participate in such Incremental Term Loans, an “Increasing Lender”), or by one or more new banks, financial institutions or other entities (each such new bank, financial institution or other entity, an “Augmenting Lender”), to increase their existing Revolving Commitments, or to participate in such Incremental Term Loans, or extend Revolving Commitments, as the case may be; provided that (i) each Augmenting Lender, shall be subject to the approval of the Company, the Administrative Agent, the Issuing Bank and the Swingline Lender, (ii) no Augmenting Lender shall be the Company or any Subsidiary or Affiliate of the Company and (iii) (x) in the case of an Increasing Lender, the Company and such Increasing Lender execute an agreement substantially in the form of Exhibit C hereto, and (y) in the case of an Augmenting Lender, the Company and such Augmenting Lender execute an agreement substantially in the form of Exhibit D hereto. No consent of any Lender (other than the Lenders participating in the increase or any Incremental Term Loan) shall be required for any increase in Revolving Commitments or Incremental Term Loan pursuant to this Section 2.20. Increases and new Revolving Commitments and Incremental Term Loans created pursuant to this Section 2.20 shall become effective on the date agreed by the Company, the Administrative Agent and the relevant Increasing Lenders or Augmenting Lenders, and the Administrative Agent shall notify each Lender thereof. Notwithstanding the foregoing, no increase in the Revolving Commitments (or in the Revolving Commitment of any Lender) or tranche of Incremental Term Loans shall become effective under this paragraph unless, (i) on the proposed date of the effectiveness of such increase or Incremental Term Loans, (A) the conditions set forth in paragraphs (a) and (b) of Section 4.02 shall be satisfied or waived by the Required Lenders and the...
Expansion Option. From and after the Commencement Date, Tenant shall have a right of first offer to lease all or any portion of the Surrendered S▇▇▇▇ ▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇ in Building A or any vacant space in Building B during the Term (the “Offer Space”), in the event that all or any portion of the Offer Space is vacant or becomes vacant during the Term. Prior to leasing all or any portion of the Offer Space to any prospective third parties, Landlord shall notify Tenant in writing (“Landlord’s Offer Notice”) of the general terms and conditions, including without limitation, the size and location of the available space (the “Available Space”), the rent, tenant allowance and parking ratio, under which Landlord would be willing to lease such Available Space. Tenant shall have an option, exercisable by written notice to Landlord (“Tenant’s Acceptance Notice”) delivered to Landlord within ten (10) business days after Tenant’s receipt of Landlord’s Offer Notice, to lease all or a portion of the Available Space in accordance with the provisions contained in Landlord’s Offer Notice. As a condition to Tenant’s right of first offer, as of the date Tenant delivers Tenant’s Acceptance Notice to Landlord, there shall be no continuing Event of Default (beyond applicable notice and cure periods) by Tenant under the Lease. Promptly after Tenant provides Landlord with Tenant’s Acceptance Notice for the lease of the Available Space pursuant to the preceding sentence, the parties shall enter into an amendment to the Lease that incorporates the Available Space as part of the Premises. If Tenant elects not to lease all or any portion of the Available Space specified in Landlord’s Offer Notice, the right of first offer shall terminate as to such Available Space and Landlord shall be free to lease the Available Space to any third party; provided, however, the terms and conditions of any lease with the third party are substantially the same as those set forth in Landlord’s Offer Notice. For purposes hereof, the terms offered to a third party shall be deemed to be “substantially the same as those set forth in Landlord’s Offer Notice” if there is no more than a seven percent (7%) reduction in the “bottom line” cost per rentable square foot of the Available Space to the third party when compared with the “bottom line” cost per rentable square foot under Landlord’s Offer Notice, considering the following economic terms in both deals, respectively: (i) base rent, (ii) tenant allowance, (iii) any tenant...
Expansion Option. Tenant shall have the right, subject to and upon the terms and conditions of this Section 2.3, to lease that portion of the Building comprised of approximately 9,000 rentable square feet and shown on Exhibit “A-1” attached hereto (the “Machine Shop Area”), currently leased to Tecnau. Tenant may deliver written notice to Landlord at any time between March 1, 2020 and December 31, 2021 exercising such option to lease the Machine Shop Area (the “Notice Period”), and in such case Landlord shall deliver the Machine Shop Area to Tenant, in vacant, broom clean condition, with the HVAC and other systems serving the Machine Shop Area in good working order, within one hundred and twenty (120) days after the date of such written notice to Landlord (the “Notice Period”), but in no event will such delivery occur prior to March 1, 2020. If Tenant timely delivers such notice, then the Expansion Premises shall be added to the Leased Premises and they shall be subject to all terms, conditions and covenants of the Lease; and minimum rent, and Tenant’s Pro Rata share shall be proportionately increased and adjusted in accordance with the increased square footage. Landlord will supply an additional Tenant Improvement allowance of $15 per square foot, pro-rated for the then remaining lease term. Within fifteen (15) days of such notice from Tenant, Landlord and Tenant shall execute and amendment to this Lease to memorialize such expansion. Provided that the Tecnau completes such relocation within the Notice Period and leaves the Machine Shop Area in broom-clean condition, Tenant will reimburse Landlord for Tecnau’s paid and documented relocation expenses up to $25,000. If Landlord has not delivered the Machine Shop Area in the condition required by this Section 2.3 within the Notice Period, and if such failure continues for an additional 15 days thereafter, then Tenant shall be entitled to a credit against Minimum Rent due only with respect to the Machine Shop Area on a day-by-day basis for each one (1) day thereafter until the Landlord delivers the Machine Shop Area to Tenant. If Tenant shall fail to timely give such notice on or before December 31, 2021, Tenant shall be deemed to have waived such right, and Landlord shall thereafter be free to lease the Expansion Premises to such parties and on such terms as Landlord shall determine in its sole discretion, subject, however, to the provisions of Section 2.4 below. It shall be a condition to Tenant’s right to exercise the option...
Expansion Option. Sublessor shall, from time to time, promptly give ---------------- Sublessee written notice of any space within the Leased Premises that Sublessor is not occupying or which Sublessor intends to vacate, and said notice shall specify the period of time that Sublessor intends to keep such space vacant (the "Vacancy Period"). Following receipt of such notice, Sublessee may, at its sole -------------- discretion, exercise its Expansion Option for all or a portion of the unoccupied Leased Premises, or the space to be so vacated by Sublessor, as the case may be, by delivering written notice (the "Expansion Notice") to Sublessor at least 30 ---------------- days prior to the expiration of the Vacancy Period. In the Expansion Notice, Sublessee shall specify which additional portion or portions of the Leased Premises (the "Additional Subleased Premises") it desires to occupy as part of ----------------------------- the Subleased Premises. Sublessor shall sublease to Sublessee the Additional Subleased Premises upon the terms and conditions of this Sublease, and Sublessee shall be liable for all costs, expenses and obligations of every kind relating to the Additional Subleased Premises that Sublessor is required to pay to EPL arising out of the Lease and relating to the Additional Subleased Premises on and after the date that Sublessee occupies the Additional Subleased Premises.
Expansion Option. Provided that Tenant is not then in default of any of the provisions of this Lease and is still in occupancy of the Premises, and subject to the expansion rights or rights of first refusal of existing tenants in effect on the Commencement Date, the Landlord shall offer first to the Tenant the right to lease adjacent space to the Premises on the second floor of the Building or space that becomes available on the first floor of the Building at the then market lease rate for the Crown Center complex. Landlord shall notify Tenant in writing when any adjacent space to the Premises on the second floor or space on the first floor of the Building becomes available, and Tenant shall have ten (10) days after receipt of the Landlord's written notice to respond to the Landlord of Tenant's intent to exercise its right to lease any such space. If Tenant so notified Landlord, the parties shall enter into a new lease for such expansion space within thirty (30) days of the Tenant's receipt from the Landlord of a proposed lease, or amend this Lease to include the expansion space and other applicable rental terms within thirty (30) days of Tenant's receipt from Landlord of a proposed amendment. If Tenant fails to respond to the Landlord within such ten (10) day period, or if a lease (or an amendment to this Lease) is not entered into within such thirty (30) day period, then the Tenant's first right of refusal shall expire with respect to such space. If Tenant does not exercise its right to lease adjacent space to the Premises on the second floor of the Building or space that becomes available on the first floor of the Building pursuant to the immediately preceding paragraph, and Landlord subsequently offers to lease such space to another party at a net effective rent that is less than the net effective rent initially offered to Tenant, Landlord shall offer to Tenant a right of first refusal to lease such space at the same net effective rent as is being offered to such other party. Tenant shall have 72 hours after receipt of the Landlord's offer to respond to the Landlord of Tenant's intent to exercise its right to lease such space at such base rent. If Tenant so notifies Landlord, the parties shall enter into a new lease for such expansion space within thirty (30) days of the Tenant's receipt from the Landlord of a proposed lease, or amend this Lease to include the expansion space and other applicable rental terms within thirty (30) days of Tenant's receipt from Landlord of ...
Expansion Option. (a) The Borrower may from time to time after the Closing Date elect to increase the Revolving Commitments (“Increased Commitments”) in an aggregate principal amount of not less than $25,000,000. The Borrower may arrange for any such increase to be provided by one or more Lenders (each Lender so agreeing to an increase in its Revolving Commitment, an “Increasing Lender”), or by one or more new banks, financial institutions or other entities (each such new bank, financial institution or other entity, an “Augmenting Lender”), to increase their existing Revolving Commitments or to participate in such Revolving Commitments, as the case may be; provided that each Augmenting Lender (and, in the case of an Increased Commitment, each Increasing Lender) shall be subject to the approval of the Borrower, the Administrative Agent, each Issuing Bank and Swingline Lender (such consents not to be unreasonably withheld or delayed). Without the consent of any Lenders other than the relevant Increasing Lenders or Augmenting Lenders, this Agreement and the other Loan Documents may be amended pursuant to an Additional Credit Extension Amendment as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Borrower, to effect the provisions of this Section 2.
Expansion Option. If no event of Default is then continuing at the time of exercise, during the period commencing on the Effective date and ending on July 1, 2020 (the “Reservation Period”), by written notice (“Election Notice”) from Tenant to Landlord provided on or before the expiration of the Reservation Period, time being of the essence, Tenant will have the non-exclusive option to lease all or a portion of 1 floor of space consisting of approximately 71,314 RSF on the 2—5th floors of Building 2 or 4 (“Reservation Space”) as designated by Landlord, under the rental rate terms, rental abatement terms, and tenant improvement terms as set forth in this Lease with respect to the Premises originally leased hereunder (with the Term pro-rated to reflect the amount of the remaining Term, excluding any Renewal Term from such proration). If Tenant elects to lease the Reservation Space from Landlord during the Reservation Period, all the obligations, terms, and conditions under this Lease will also apply to the Reservation Space, e.g., amount of Fixed Rent per RSF then-current as of the commencement date for the Reservation Space, except that as of the date which is the earlier to occur of (a) the day upon which Tenant commences business in any portion of the Reservation Space, (b) the Completion Date for the Reservation Space that is anticipated to occur 18 months from Landlord’s receipt of the Reservation Space (“Reservation Space Commencement Dat”), (i) the Reservation Space will be deemed part of the Premises, (ii) Tenant’s Share as provided in Section 4.1(I) of this Lease will be adjusted, and (iii) Landlord’s Contribution with respect to the Reservation Space will be the product of $35.00 per RSF of the Reservation Space. Landlord and Tenant will enter into a written amendment to this Lease incorporating such revisions, within 10 days after Landlord’s receipt of the Election Notice.
Expansion Option. The Borrower may from time to time elect to increase the Revolving Credit Commitments in minimum increments of $25,000,000 (or such lesser amount as the Administrative Agent may agree) so long as, after giving effect thereto, the aggregate amount of such increases does not exceed $50,000,000. The Borrower may arrange for any such increase to be provided by one or more Lenders (each Lender so agreeing to an increase in its Revolving Credit Commitment, an “Increasing Lender”), or by one or more new banks, financial institutions or other entities (each such new bank, financial institution or other entity, an “Augmenting Lender”; provided that no Ineligible Institution may be an Augmenting Lender), which agree to increase their existing Revolving Credit Commitments, or provide new Revolving Credit Commitments, as the case may be; provided that (i) each Augmenting Lender, shall be subject to the approval of the Borrower, each Letter of Credit Issuer and the Administrative Agent and (ii) (x) in the case of an Increasing Lender, the Borrower and such Increasing Lender execute an agreement substantially in the form of Exhibit G hereto, and (y) in the case of an Augmenting Lender, the Borrower and such Augmenting Lender execute an agreement substantially in the form of Exhibit H hereto. No consent of any Lender (other than the Lenders participating in the increase) shall be required for any increase in Revolving Credit Commitments pursuant to this Section 2.15. Increases and new Revolving Credit Commitments created pursuant to this Section 2.15 shall become effective on the date agreed by the Borrower, the Administrative Agent and the relevant Increasing Lenders or Augmenting Lenders, and the Administrative Agent shall notify each Lender thereof. Notwithstanding the foregoing, no increase in the Revolving Credit Commitments (or in the Revolving Credit Commitment of any Lender) shall become effective under this paragraph unless, (i) on the proposed date of the effectiveness of such increase, (A) the conditions set forth in paragraphs (a) and (b) of Section 6.2 shall be satisfied or waived by the Required Lenders and the Administrative Agent shall have received a certificate to that effect dated such date and executed by an Authorized Officer of the Borrower and (B) the Borrower shall be in compliance with the covenant contained in Section 9.3 and (ii) the Administrative Agent shall have received documents and opinions consistent with those delivered on the effective...