Recapture Right Clause Samples
A Recapture Right clause grants one party, typically a landlord or licensor, the ability to reclaim or take back a leased property or asset under certain conditions. For example, if a tenant wishes to sublease or assign their lease, the landlord may exercise the recapture right to terminate the lease and regain possession of the premises instead. This clause is primarily used to give the property owner flexibility and control over the use of their asset, helping them manage risk and maintain oversight of who occupies or uses their property.
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Recapture Right. In lieu of giving or withholding consent pursuant to Section 13.1, Landlord may, within the thirty (30) day period provided in Section 13.1, elect by written notice to Tenant to terminate this Lease or, if a proposed Transfer affects only a portion of the Premises, to terminate this Lease as respects that portion. If Landlord elects to terminate the Lease as set forth above, Tenant may negate Landlord's election by delivering written notice withdrawing its request for Landlord's consent to the Transfer within five (5) days of Tenant's receipt of Landlord's notice. If Landlord elects to terminate this Lease as set forth above, Landlord will release Tenant from liability under this Lease for future Basic Rent and Additional Rent with respect to the Premises (or the portion of the Premises subject to the proposed Transfer) accruing after the effective date of termination. Landlord and Tenant agree and acknowledge that Landlord's right to recapture as set forth above is intended to permit Landlord to maintain control over the leasing or subleasing of space in the Property, to protect its interest in the Property and the interest of any lenders and to prevent such interest from being impaired. Tenant understands the nature of this right and has approved the recapture provisions in consideration for (a) Tenant's right to negate Landlord's recapture election by withdrawing its request for a Transfer and (b) Landlord's agreement to release Tenant from liability for Rent accruing after the effective date of termination with respect to the recaptured portion of the Premises pursuant to the provisions of this Section.
Recapture Right. Business ceded under the agreement shall not be eligible for recapture, provided however, if any Reinsured Contract that was not otherwise known to have been issued by the Company outside New York as of the Effective Date later becomes known as having been issued by the Company outside of New York, the Reinsured Contract shall be recaptured at that time. Upon recapture of any such Reinsured Contract, the Reinsurer shall pay to the Ceding Company, a recapture amount equal to the sum of (1) the modified coinsurance reserve as of the date of recapture plus (2) the greater of the coinsurance reserve as of the date of recapture and the fair value of the coinsured liabilities as calculated by the Ceding Company in accordance with generally accepted accounting principles as of the date of recapture. The Ceding Company shall pay to the Reinsurer a modified coinsurance reserve adjustment equal to the modified coinsurance reserve as of the date of recapture.
Recapture Right. In the event of any proposed subletting or assignment (other than as permitted in subparagraph 11(a) (iii) above), Landlord shall have the option, in Landlord’s sole and absolute discretion, to terminate this Lease, or in the case of a proposed subletting of less than the entire Premises (other than as permitted in subparagraph 11(a) (iii) above), to recapture the portion of the Premises to be sublet, as of the date the subletting or assignment is to be effective. The option shall be exercised by Landlord giving Tenant written notice within thirty (30) days following L▇▇▇▇▇▇▇’s receipt of Tenant’s written notice as required above. If this Lease shall be terminated with respect to the entire Premises, the Lease Term shall end on the date stated in Tenant’s notice as the effective date of the sublease or assignment as if that date had been originally fixed in this Lease for the expiration of the Lease Term. If Landlord recaptures only a portion of the Premises, the Base Rent during the unexpired Lease Term shall a▇▇▇▇ proportionately based on the Base Rent due as of the date immediately prior to such recapture and Tenant’s Pro Rata Share shall be adjusted appropriately.
Recapture Right. In lieu of giving its consent a proposed assignment or subletting, affecting sixty percent (60%) or more of the Premises, Landlord may terminate the Lease as to the portion of the Premises affected by the action for which Landlord's consent is requested and recover possession thereof from Tenant within twenty (20) days following written notice thereof to Tenant. All costs incurred by Landlord in separating the remainder of the Premises from the area so retaken shall be paid by Tenant as Additional Rent.
Recapture Right. Business ceded under the agreement shall not be eligible for recapture.
Recapture Right. In the event that Tenant shall desire to enter into an assignment or sublease to any party other than an Affiliate, then Tenant shall give Landlord notice thereof and Landlord may elect to recapture such space from Tenant by giving notice to Tenant of such election not later than five (5) days after receiving notice of such sublease or assignment from Tenant. In the event that Landlord shall not elect so to recapture such space for any reason, then Tenant may enter into such assignment or sublease within one hundred eighty (180) days after Landlord has elected not to recapture such space on terms and conditions not materially more favorable to the assignee or subtenant than those set forth in the notice to Landlord. If Tenant shall not so enter into such assignment or sublease, or if, after Landlord has elected not to recapture such space, Tenant shall alter the terms and conditions thereof to make them materially more favorable as aforesaid, Tenant shall again notify Landlord and Landlord shall have an additional fifteen (15) days within which to elect to recapture such space. In the event that Landlord recaptures such space from Tenant, Landlord and Tenant shall execute an amendment terminating this Lease as to that portion of the Premises which is recaptured by Landlord, and such termination shall be effective upon the execution of such amendment and the vacating of such space in the condition required by Section 14.18 hereof by Tenant.
Recapture Right. The Cedent may, in its discretion recapture all reinsurance ceded with respect to the Reinsurer at any time during which the Reinsurer may be in insolvency proceedings pending in the courts of the State of New York, USA, subject to the payment of a Terminal Accounting and Settlement, and any Supplemental Settlements that may be necessary or appropriate, as described in Article IX, Paragraphs (3) and (4).
Recapture Right. 53 17.2 Put Option ................................................................. 63
Recapture Right. (a) Pursuant to the terms of this Section 17.1, during the [***] Sprint may elect to terminate a portion of this Agreement as it relates to certain Spectrum and, subject to the receipt of any required consents or other contractual obligations of Operator with respect to any Operator Controlled Spectrum, to acquire certain Operator Controlled Spectrum in Closed Markets. As used herein, the term "recapture" refers to Sprint's right to terminate this Agreement as to such Spectrum and, subject to the receipt of any required consents or other contractual obligations of Operator with respect to any Operator Controlled Spectrum to acquire such Operator Controlled Spectrum. At any time during the [***] Sprint may from time to time, by providing written notice of Sprint's intent to exercise its recapture rights with respect to a closed Market (a "Recapture Notice"), elect to recapture up to approximately [***] of the total Spectrum and Operator Controlled Spectrum, excluding any Operator Controlled Spectrum that Sprint has elected to exclude pursuant to Section 17.l(h)(iv), in each Closed Market as of the Closing of such Closed Market plus any additional Spectrum or Operator Controlled Spectrum in such Closed Market which after such Closing became subject to this Agreement, less any Spectrum or Operator Controlled Spectrum which is no longer subject to this Agreement pursuant to the terms of this Agreement (other than any Spectrum or Operator Controlled Spectrum which has been the subject to the exercise of the recapture rights, Put Option or Call Option prior to any such election by Sprint). As used herein, "Eligible Spectrum" means, subject to Section 17.1(h)(iv) and obtaining the necessary consents to transfer any Operator Controlled Spectrum, all Spectrum and Operator Controlled Spectrum in a given Closed Market then subject to the terms of this Agreement. Following the [***] of the Initial Closing Date, Sprint may only recapture Unincorporated Spectrum. "Unincorporated Spectrum" means any Spectrum or Operator Controlled Spectrum in a Closed Market which (i) is not then being used by Operator, (ii) has not been sublet by Operator to an unaffiliated third party as permitted pursuant to Article XII, (iii) is not part of Operator's then current plan for deployment of additional spectrum or services within the Term, or (iv) is capable of being exchanged for other Spectrum or Operator Controlled Spectrum without material interference to Operator's existing commercia...
Recapture Right. Instead of giving or withholding consent pursuant to Section 13.1, Landlord may, within the 15 Business Day period provided in Section 13.1, elect by written notice to Tenant to recapture (that is, to terminate this Lease with respect to) the Premises or, if a proposed Transfer affects only a portion of the Premises, that portion of the Premises. If Landlord so exercises Landlord's recapture right, Tenant may negate such recapture by delivering written notice to Landlord, within five days of Tenant's receipt of Landlord's recapture notice, canceling the proposed Transfer and withdrawing Tenant's request for consent to the Transfer. If Landlord elects to recapture some or all of the Premises as set forth above, and Tenant does not so negate the recapture, then this Lease will terminate with respect thereto (pursuant to the provisions of this Lease, including without limitation Article 16) as of the date the Transfer would otherwise have occurred as if the Term therefor had expired on such date.