Additional Extension Options. StadCo may renew this Agreement and extend the Term for four (4) additional periods, the first three (3) of which shall be for a period of fifteen (15) years each, and the final of which shall be for a period of nine (9) years (each such option, an “Additional Extension Option” and together with the First Extension Option, each, an “Extension Option” and each such period, an “Additional Extension Period” and together with the First Extension Period, each, an “Extension Period”), on the same lease terms with respect to the First Extension Period, by delivering written notice of the exercise thereof to the Authority not earlier than thirty-six (36) months prior to the date of expiration of the First Extension Period (in the case of exercising the Additional Extension Option to extend the Term for the Additional Extension Period immediately thereafter) or the expiration of the applicable Additional Extension Period (in the case of exercising the Additional Extension Option to extend the Term for the Additional Extension Period immediately thereafter), as applicable, and not later than eighteen (18) months prior to the expiration of the First Extension Period or an Additional Extension Period, as applicable.
Additional Extension Options. Provided that Distributor shall have exercised the Initial Extension Option and the Term shall have been extended as provided in Section 8.2 and a Buy Back Option with respect to the Second Review Period shall not have been exercised as provided in Section 2.3, then Distributor shall have additional extension options to extend the Term for additional periods of three (3) years each (the “Additional Extension Options”). Any Additional Extension Option must be exercised by providing to the Company written notice of the election to exercise such Additional Extension Option at least one hundred twenty (120) days prior to the end of the existing Term and shall only be effective if the parties can mutually agree, on a good faith basis, as to the purchase price for Products and Purchased Services and Minimum Purchase Requirements with respect to each Period of such extended period of the Term. Notwithstanding the foregoing, Distributor shall not be permitted to exercise any Additional Extension Option if at any time during the existing Term any Option Breaches occurred. The Minimum Purchase Requirements with respect to the partial calendar year in which the existing Term ends shall be pro rated on a straight line basis for the purpose of calculating whether Distributor failed to satisfy the Minimum Purchase Requirements in determining whether any Option Breaches occurred. In addition, if an Option Breach occurs after the date of Distributor’s exercise of such Additional Extension Option but prior to the date of the extension of the Term pursuant to such Additional Extension Option then the Company, in its sole discretion, shall have the option to refuse to permit the Term to be extended. Unless an Additional Extension Option is exercised as provided in this Section 8.3, such Additional Extension Option shall lapse and the Term shall not be extended.
Additional Extension Options. In addition to the extension options granted to Tenant in this Section 3, Tenant shall also have the right to enter into a new lease for the use and occupancy of (a) the Coliseum Property in accordance with the terms and conditions of that certain Lease Option Agreement (Coliseum Property) entered into on or about _ , 201_ by and between the parties hereto or their predecessors in interest; and (b) the Sports Arena Property in accordance with the terms and conditions of that certain Lease Option Agreement (Sports Arena Property) entered into on or about , 201_ by and between the parties hereto or their predecessors in interest.
Additional Extension Options. Borrower may elect to extend the term by two (2) six-month extensions; the first for the period of August 1, 2011 to January 31, 2012 and the second for the period of February 1, 2012 to July 31, 2012; provided that the following conditions are satisfied: (a) with respect to the first extension, Borrower fulfilled its obligations set forth in Paragraph 2 above; (b) with respect to the first extension, the Loan Exposure shall be no greater than $150 per Saleable Square Foot on the date of delivery of the election notice or on the commencement of the first extension period; (c) with respect to the first extension period, Borrower shall have paid to Lender the Minimum Interest Earnings (as defined in and in accordance with the terms set forth in Paragraph 5 below); (d) in all cases, Borrower has given Lender written notice of its election to extend, which notice is delivered to Lender no later than thirty (30) days prior to the then applicable maturity date; (e) in all cases, the Loan is not matured and no Event of Default or Unmatured Default shall have occurred and be continuing either on the date of delivery of any election notice or commencement of the extension period; (f) in all cases, the provider of the Preferred Equity Investment has agreed to extend the maturity / repayment date for a like time period; (g) with respect to the first extension, Borrower shall have paid to Lender on or before July 10, 2011 an extension fee, in immediately available funds, equal to 1% of the unpaid principal balance as of July 1, 2011; (h) with respect to the second extension, Borrower shall have paid to Lender on or before January 10, 2012 an extension fee, in immediately available funds, equal to 1% of the unpaid principal balance as of January 1, 2012. Once paid, the extension fees shall be deemed fully earned and non-refundable, regardless of the date of the payment in full of the Loan by Borrower. With each extension, Borrower and Lender shall execute an agreement acknowledging the extension of the applicable maturity date. During the extension periods, interest only payments shall continue to be due and payable on the first day of the month according to the Interest Rate (or Default Rate, if applicable) then in effect on the principal balance outstanding during the applicable extension period.
Additional Extension Options. Borrower may request, at the same time that an Extension Request is made pursuant to clauses 2.2(a)(i) or 2.2(c)(i) hereof, an option to extend the Extended Termination Date for additional periods of 364 days beyond the Initial Extension or any Subsequent Extension, as hereinafter defined, subject to the following conditions:
(i) Contemporaneously with the submission of the Initial Extension Notice pursuant to Subsection 2.2(a) above or any submission of any Subsequent Extension Notice pursuant to Subsection 2.2(c) below, Borrower may submit to Lender a written request (the "Additional Extension Option Request"), which shall make specific reference to this Subsection 2.2(b) and which shall specify the amount of credit requested.
(ii) Within 60 days following receipt of the Additional Extension Option Request, Lender shall notify Borrower in writing whether or not Lender is willing, based on its normal credit underwriting procedures, to offer the Additional Extension Option on terms substantially similar to the terms hereof, subject to adjustment of financial covenants as stated in such writing.
(iii) It is acknowledged and agreed that Lender has no obligation to grant any Additional Extension Option Request.
Additional Extension Options. New Section 2.1.3 is hereby added to the 13 Existing Operating Agreement which will read as follows: 14 “2.1.3 XXX has the exclusive right to elect to extend the Term beyond the 15 Termination Date in two (2) additional increments of five (5) years each (collectively, the 16 “Additional Extension Options” and each an “Additional Extension Option”). If XXX 17 desires to extend the Term by the first Additional Extension Option, then XXX shall give 18 at least eighteen (18) months advance written notice to City, not later than January 1, 19 2022, electing to extend the Term. Upon the giving of such notice, the Term and the 20 Termination Date shall be extended to June 30, 2028. If XXX has previously exercised 21 the first Additional Extension Option, and if XXX elects to exercise the second 22 Additional Extension Option, then XXX shall give at least eighteen (18) months advance 23 written notice to City, not later than January 1, 2027, electing to extend the Term. Upon 24 giving of such notice the Term and Termination Date shall be extended to June 30, 2033. 25 Notwithstanding the foregoing, XXX may not exercise an Additional Extension Option, 26 if at the time of PAM’s attempted exercise of such extension there is an uncured XXX
