Second Termination Right Sample Clauses

The Second Termination Right clause grants a party an additional opportunity to terminate an agreement under specified circumstances, separate from any initial termination rights. Typically, this clause outlines the conditions or events that must occur for the second right to be exercised, such as a repeated breach or failure to meet certain milestones after an initial cure period. Its core practical function is to provide a structured mechanism for ending the contract if issues persist, thereby protecting parties from ongoing non-performance or unresolved disputes.
Second Termination Right. Subject to the provisions of this Section 41(b), if Tenant has exercised its Expansion Right under Section 39(a), Tenant shall have the right to terminate this Lease (“Second Termination Right”) upon the expiration of the 36th month following the ES Commencement Date (“STR Termination Date”); provided, however, that Tenant delivers to Landlord (i) written notice (“STR Termination Notice”) of its election to exercise its Second Termination Right on or before the expiration of the 27th month following the ES Commencement Date (“STR Notice Delivery Date”), along with (A) an STR Letter of Intent (as defined below) or (B) evidence reasonably satisfactory to Landlord of a Change In Control, and (ii) concurrent with Tenant’s delivery to Landlord of the STR Termination Notice, a termination payment in an amount equal to 6 months of Base Rent at the rate of Base Rent payable by Tenant at the time Tenant delivers the STR Termination Notice to Landlord (the “STR Early Termination Payment”). As used herein, “STR Letter of Intent” shall mean a fully executed letter of intent reflecting the contemplated lease by Tenant of no less than 46,640 rentable square feet of substantially similar type space as is provided for under this Lease at another building in the San Diego area (“STR Alternative Space”) for a term of no less than 18 months (“STR Minimum Term”). Notwithstanding anything to the contrary contained herein, Tenant shall only have the right to exercise the Second Termination Right pursuant to Section 41(b)(i)(A) if (1) the Premises contains fewer that 46,640 rentable square feet, and (2) Tenant delivered a written notice (“STR Additional Space Notice”) to Landlord no later than the expiration of the 23rd month following the ES Commencement Date reflecting Tenant’s desire to expand the Premises by no less than 10,000 rentable square feet of space in the Building (“STR Additional Space”). If Tenant delivers an STR Additional Space Notice as provided for in the immediately preceding sentence, Landlord shall, on or before the date that is 30 days after Landlord’s receipt of the STR Additional Space Notice (“STR AS Notice Expiration Date”), notify Tenant in writing whether STR Additional Space will be available for lease by Tenant on or before the STR Termination Date (“STR Availability Notice”). In no event shall Tenant have the right to exercise its Second Termination Right pursuant to Section 41 (b)(i)(A) if, on or before the STR AS Notice Expiration Date, Landlord...
View SourceView Similar (3)
Second Termination Right. Provided Tenant has exercised its right to terminate the Lease in accordance with Section 11.1 above, Tenant shall have the right to terminate the Lease during the First Renewal Term effective on July 31, 2021, provided that (i) Tenant gives Landlord at least twelve (12) months prior written notice of its intent to terminate the Lease, (ii) prior to the effective date of termination, there has been a “change in control” event whereby (A) more than fifty percent (50%) of the voting stock of Tenant has been acquired by any individual or entity (other than employees or shareholders of Tenant) or (B) a sale of substantially all of Tenant’s assets has occurred, (iii) there is no outstanding Event of Default beyond all applicable cure periods at the time that Tenant notifies Landlord of its intent to terminate the Lease or as of the date of termination, and (iv) on or before the effective date of termination, Tenant pays to Landlord a termination fee in the amount equal to the sum of (x) the unamortized amount of the Allowance paid by Landlord, at Landlord’s expense, in accordance with the provisions of Section 2 of this Amendment applying an interest rate of eight and one-half percent (8.5%) per annum, (y) unamortized amount of the brokerage commissions payable in accordance with Section 15 of this Amendment, applying an interest rate of eight and one-half percent (8.5%) per annum and (z) an amount equal to six (6) Monthly Installments of Annual Base Rent in effect as of the date of termination. If Tenant fails to exercise its termination rights strictly in accordance with the foregoing provision, the Lease shall remain in full force and effect and Tenant shall have no further right to terminate the Lease.
View SourceView Similar (2)

Related to Second Termination Right

  • Termination Right The Representative shall have the right to terminate this Agreement at any time prior to any Closing Date, (i) if any domestic or international event or act or occurrence has materially disrupted, or in its opinion will in the immediate future materially disrupt, general securities markets in the United States; or (ii) if trading on any Trading Market shall have been suspended or materially limited, or minimum or maximum prices for trading shall have been fixed, or maximum ranges for prices for securities shall have been required by FINRA or by order of the Commission or any other government authority having jurisdiction, or (iii) if the United States shall have become involved in a new war or an increase in major hostilities, or (iv) if a banking moratorium has been declared by a New York State or federal authority, or (v) if a moratorium on foreign exchange trading has been declared which materially adversely impacts the United States securities markets, or (vi) if the Company shall have sustained a material loss by fire, flood, accident, hurricane, earthquake, theft, sabotage or other calamity or malicious act which, whether or not such loss shall have been insured, will, in the Representative’s opinion, make it inadvisable to proceed with the delivery of the Securities, or (vii) if the Company is in material breach of any of its representations, warranties or covenants hereunder, or (viii) if the Representative shall have become aware after the date hereof of such a material adverse change in the conditions or prospects of the Company, or such adverse material change in general market conditions as in the Representative’s judgment would make it impracticable to proceed with the offering, sale and/or delivery of the Securities or to enforce contracts made by the Underwriters for the sale of the Securities.

  • Termination Rights 17.1 In addition to any other termination rights it has, the Department may terminate this Contract at any time by issuing a Notice to the Training Provider. Such a termination will take effect 20 Business Days after the Notice takes effect under Clause 14.2, or at any later time specified in the Notice. 17.2 If the Department terminates this Contract under Clause 17.1, it will determine and pay: a) amounts that, in its reasonable opinion, are due and payable under Clause 8 as at the date of termination; and b) reasonable costs (but not including loss of profit or income) that, in its reasonable opinion, have been necessarily and directly incurred by the Training Provider as a result of the termination, provided that the Training Provider has, to the reasonable satisfaction of the Department: i) used its best efforts to minimise any costs arising as a result of the termination; and ii) provided adequate documentary evidence to substantiate those costs. 17.3 This Contract may be terminated at any time by written agreement between the Parties. 17.4 The Department may terminate this Contract immediately by issuing a Notice to the Training Provider if: a) the Training Provider commits a Material Breach; b) the Training Provider commits a breach of this Contract (whether or not it is a Material Breach) which cannot be remedied; c) the Training Provider commits a breach of this Contract (whether or not it is a Material Breach) and it: i) fails to commence action to remedy the breach within 10 Business Days after the Department has served a Notice requiring it to do so; or ii) having commenced action to remedy the breach, fails to complete that action as soon as possible and in any event within 20 Business Days of the Department's Notice; d) without limiting paragraphs (a) to (c), the Training Provider fails to provide some or all of the Training Services for which Funds have been claimed and/or paid or any such Training Services are not provided to a standard satisfactory to the Department; e) there has been any fraud, or the Department reasonably suspects any fraud, relating to the Training Provider or the Funds, or there has been any misappropriation of Funds by the Training Provider or any other misleading or deceptive conduct on the part of the Training Provider in connection with this Contract or the claiming, receipt or use of the Funds; f) the Training Provider’s registration as a registered training organisation under the Act or the National Act is suspended, withdrawn, cancelled or otherwise ceases; g) an Other VET Funding Arrangement Termination Event occurs;

  • Term; Termination; Rights on Termination The term of this Agreement shall begin on the date hereof and continue for three (3) years, and, unless terminated sooner as herein provided, shall continue thereafter on a year-to-year basis on the same terms and conditions contained herein in effect as of the time of renewal (such initial three year period and any extensions thereof being referred to herein as the "Term"). This Agreement and Employee's employment may be terminated in any one of the following ways:

  • Additional Termination Rights 3.1 In addition to any other termination rights in the Agreement, UBS shall have the right to terminate the Agreement on thirty

  • Other Termination Rights This Agreement may be terminated at any time prior to the Closing by the applicable party if and to the extent permitted in Part V of Appendix B.