Contraction Right Sample Clauses

Contraction Right. E of the First Amendment to Lease Contraction Option shall be amended and restated in its entirety as follows: Tenant shall have an ongoing right (the “Contraction Right”) to elect to reduce by up to an aggregate of two (2) full floors of Office Space leased by Tenant pursuant to the Lease at any time or times during the period February 1, 2015 through January 31, 2022, provided that Tenant contract in minimum increments of all of its space on an east or west tower. Tenant shall have the right to choose which tower or towers will be subject to contraction, provided that Tenant shall have no right to contract on the 14th floor of the Building. That part of the Office Space eliminated from the Lease as a result of Tenant’s exercise, from time to time, of the Contraction Right shall be referred to herein as the “Eliminated Space” and shall be determined as set forth on Exhibit “B” attached hereto. Each time Tenant desires to exercise this Contraction Right, Tenant shall provide to Landlord at least six (6) months prior written notice (the “Contraction Notice”) and shall pay to Landlord an amount equal to the “Contraction Fee,” as defined below, at the time such Eliminated Space is vacated by Tenant. As used herein, the term “Contraction Fee” shall be the sum of (i) $7.25 per rentable square feet of Eliminated Space (as specified in the Contraction Notice and consistent with Exhibit “B”), plus (ii) the amount of “Unamortized TI,” as defined below, attributable to that portion of the Eliminated Space which is Expansion Space, plus (iii) the amount of “Unrecouped Commission,” as defined below, attributable to that portion of the Eliminated Space. The “Unamortized TI” shall be an amount, as of the date Tenant vacates the Eliminated Space, equal to the remaining unamortized balance of the Tenant Improvement Allowance attributable to that portion of the Eliminated Space which is Expansion Space, as set forth in Section 6 above, when amortized, using a 6% per annum interest rate, over the period from the TCD for the Expansion Space through January 31, 2020. Within thirty (30) days of the TCD, the parties shall prepare, attach and incorporate into this Second Amendment a new, mutually satisfactory Exhibit “D” which will show the amortization schedule for the Unamortized TI. The “Unrecouped Commission” shall be an amount, as of the date Tenant vacates the Eliminated Space, equal to the remaining unrecouped balance of the leasing commissions attributable to the Expansi...
Sample 1See All (5)
AutoNDA by SimpleDocs
Contraction Right. At the end of the fifth (5th) Lease Year (“Contraction Date”) Tenant shall have the one–time right to terminate this Lease as to a portion of the Leased Premises in order to reduce the size of the Leased Premises (excluding the Supplemental Premises, if any, and the Storage Area) by between 5,000 and 25,000 rentable square feet (the “Contraction Space”) but in no event may Tenant reduce the size of the Leased Premises (excluding the Supplemental Premises, if any, and the Storage Area) below 125,000 rentable square feet. The Contraction Space must be contiguous, all on one (1) floor, in a location that provides close elevator access and in a configuration that presents, in Landlord’s reasonable opinion, a leaseable unit. In order to exercise this option to terminate this Lease as to the Contraction Space Tenant shall: (i) Give Landlord at least twelve (12) months prior written notice; provided however that if Tenant gives less than 12 months prior written notice it may cure such failure by paying Landlord the Notice Fee (as hereinafter defined). For example, if Tenant gives twelve (12) months written notice of its exercise of this right then no Notice Fee shall be payable but if Tenant only gives Landlord three (3) months written notice then a “Notice Fee” equal to nine (9) months Basic Monthly Rent and Additional Rent shall be payable on the Contraction Space. (ii) In addition to any Notice Fee, pay Landlord a Termination Fee for the Contraction Space equal to the sum of (i) six (6) months of Basic Monthly Rent and Additional Rent on the Contraction Space; plus (ii) the portion of the Construction Allowance (and Additional Construction Allowance, if any) and the real estate commissions actually paid by Landlord on the Contraction Space that would remain unamortized on the date that is six (6) months after the Contraction Date each being amortized over the initial Lease Term in equal monthly installments with interest at a rate of eight percent (8%). (iii) The Notice Fee, if any, shall be paid on the date Tenant’s notice is given. The Termination Fee shall be paid in full not less than thirty (30) days prior to the Contraction Date. If Tenant does not timely pay the Notice Fee or the Termination Fee then the termination shall not be effective and this Lease shall remain in full force and effect for the Contraction Space. (iv) On or before the Contraction Date Tenant shall vacate the Contraction Space leaving it in the condition required under this Lease.
Sample 1
Contraction Right. The 6th Floor — East Tower is hereby added as a block of space subject to contraction under Exhibit “B” — Eliminated Space Possibilities of the Second Amendment to Lease dated December 13, 2011.
Sample 1
Contraction Right. Article 30
Sample 1
Contraction Right. Subtenant shall have the continuing right ("Contraction Right") to reduce the Rentable Premises Area by any amount up to eighty percent (80%) of the original Rentable Premises Area ("Contraction Space") effective on a date ("Contraction Right Date") not less than thirty (30) days after the date of Subtenant's written notice ("Contraction Right Notice"), upon and subject to the terms set forth in this Section 27. Any Subtenant's Contraction Right Notice shall, once given, be irrevocable. In the event that Subtenant properly exercises its Contraction Right, then: (i) The Term shall terminate and expire with respect to the Contraction Space on the Contraction Right Date; (ii) On or prior to the Contraction Right Date, Subtenant shall peaceably surrender to Sublandlord the Contraction Space in the condition required by the terms and provisions of this Sublease; (iii) Upon the occurrence of the Contraction Right Date, the definition of Rentable Premises Area in this Sublease shall be reduced to reflect the deletion of the Contraction Space; (iv) If Sublandlord or Subtenant so requests, the parties shall execute a written amendment to this Sublease, in a form reasonably satisfactory to the parties, to reflect such exercise; and (v) If the Contraction Space is less than eighty percent (80%) of the original Subleased Premises, Subtenant's Contraction Right shall apply again to the reduced Subleased Premises and the same procedures shall be followed as provided herein for any subsequent exercise(s) of the Contraction Right by Subtenant.
Sample 1
Contraction Right. The Sixth Floor Expansion Space shall be specifically excluded from Tenant's contraction right in Section 10.0 of the Prime Lease.
Sample 1
Contraction Right. Subtenant shall have a one-time right to reduce the area of the Sublet Premises down to, but not less than, 5,920 rentable square feet. Subtenant must exercise its contraction right by giving written notice to Sublandlord at least 90 days before the first anniversary of the Commencement Date. If Sublandlord timely exercises its contraction right: (i) the Sublet Premises shall be reduced to the rentable square footage set forth in its notice, provided that the configuration of the remaining Sublet Premises shall be reasonably satisfactory to Sublandlord; (ii) Subtenant, at its sole cost and expense, shall re-demise the Sublet Premises and perform all other work necessitated by such exercise of the contraction right; and (iii) Rent shall be adjusted to reflect the reduced area of the Sublet Premises based on the per-rentable-square-foot rental rate set forth in Section 3, beginning on the later to occur of: (x) the first anniversary of the Commencement Date; or (y) the date Subtenant completes the re-demising work and vacates the relinquished portion of the Sublet Premises in the condition required under this Sublease. Subtenant may not exercise its right to reduce the area of the Sublet Premises if it is then in default under this Sublease. If the parties are unable to agree on the configuration of the remaining Sublet Premises under clause (i) above, then the dispute shall be referred to a mutually acceptable, independent Georgia-licensed architect. The architect shall determine the final configuration of the remaining Sublet Premises, and this determination shall be binding upon Sublandlord and Subtenant.
Sample 1
AutoNDA by SimpleDocs
Contraction Right. Effective as of the fourth (4th) anniversary of the Expansion Space Rent Commencement Date (the “Contraction Space Termination Date”), Tenant shall have the one time right (the “Contraction Option”), to terminate the Lease with respect to one (1) floor or two (2) contiguous floors of the Premises designated by Tenant (such terminated portion of the Premises shall hereinafter be referred to as “Contraction Space”), specified by Tenant in a notice (the “Contraction Notice”) given to Landlord on or prior to the third (3rd) anniversary of the Expansion Space Rent Commencement Date. On or before the Contraction Space Termination Date, Tenant shall pay Landlord an amount (the “Contraction Payment”) equal to (y) the proportionate share, attributable to the Contraction Space, of the then unamortized Expansion Allowance and/or Additional Allowance, as applicable, and any brokerage commissions paid by Landlord for such Contraction Space (which amounts shall be amortized on a straight line basis from the Expansion Space Rent Commencement Date through the Second Extended Termination Date), at an annual interest rate of 9% plus (z) the sum of three (3) months of Base Rent and recurrent Additional Rent payable for such Contraction Space, computed at the rates payable for Contraction Space as of the three (3) months following the fourth (4th) anniversary of the Expansion Space Rent Commencement Date. Upon the Contraction Space Termination Date, this Lease shall expire as if such date were the Expiration Date with respect to the Contraction Space. Effective on the later of (A) the Contraction Space Termination Date, or (B) the date Tenant surrenders possession of the Contraction Space to Landlord in the condition required by the Lease, (i) the Base Rent shall be decreased by the product of (w) the Base Rent per rentable square foot applicable to the Contraction Space and (x) the rentable square footage of the Contraction Space, and (ii) Tenant’s Proportionate Share shall be reduced proportionately, measured on the basis provided in this Lease. At the request of either party, Landlord and Tenant shall promptly execute an amendment to this Lease confirming the decreased rentable square footage of the Premises, the Base Rent, and Tenant’s Proportionate Share.
Sample 1

Related to Contraction Right

  • Rejection Right The Borrower shall notify the Administrative Agent in writing of any mandatory prepayment of Term Loans required to be made pursuant to Section 5.2(a) at least three Business Days prior to the date of such prepayment. Each such notice shall specify the date of such prepayment and provide a reasonably detailed calculation of the amount of such prepayment. The Administrative Agent will promptly notify each Lender holding Term Loans of the contents of the Borrower’s prepayment notice and of such Lender’s pro rata share of the prepayment. Each Term Loan Lender may reject all (but not less than all) of its pro rata share of any mandatory prepayment (such declined amounts, the “Declined Proceeds”) of Term Loans required to be made pursuant to Section 5.2(a) by providing written notice (each, a “Rejection Notice”) to the Administrative Agent and the Borrower no later than 5:00 p.m. (New York time) one Business Day after the date of such Lender’s receipt of notice from the Administrative Agent regarding such prepayment. If a Lender fails to deliver a Rejection Notice to the Administrative Agent within the time frame specified above or such Rejection Notice fails to specify the principal amount of the Term Loans to be rejected, any such failure will be deemed an acceptance of the total amount of such mandatory prepayment of Term Loans. Any Declined Proceeds remaining thereafter shall be retained by the Borrower (“Retained Declined Proceeds”); provided that in the case of any mandatory repayment of Term Loans required to be made pursuant to Section 5.2(a)(iii), any Declined Proceeds shall be reallocated and paid to the Term Loan Lenders that have not rejected such mandatory prepayment on a pro rata basis and shall not constitute Retained Declined Proceeds.

  • Option Right Landlord hereby grants to the originally named Tenant herein (“Original Tenant”), and its “Permitted Assignees”, as that term is defined in Section 14.8, below, one (1) option to extend the Lease Term for a period of five (5) years (the “Option Term”), which option shall be irrevocably exercised only by written notice delivered by Tenant to Landlord not more than twelve (12) months nor less than nine (9) months prior to the expiration of the initial Lease Term, provided that the following conditions (the “Option Conditions”) are satisfied: (i) as of the date of delivery of such notice, Tenant is not in default under this Lease, after the expiration of any applicable notice and cure period; (ii) Tenant has not previously been in default under this Lease, after the expiration of any applicable notice and cure period, more than twice in the twelve (12) month period prior to the date of Tenant’s attempted exercise; and (iii) the Lease then remains in full force and effect. Landlord may, at Landlord’s option, exercised in Landlord’s sole and absolute discretion, waive any of the Option Conditions in which case the option, if otherwise properly exercised by Tenant, shall remain in full force and effect. Upon the proper exercise of such option to extend, and provided that Tenant satisfies all of the Option Conditions (except those, if any, which are waived by Landlord), the Lease Term, as it applies to the Premises, shall be extended for a period of five (5) years. The rights contained in this Section 2.2 shall be personal to Original Tenant and any Permitted Assignees, and may be exercised by Original Tenant or such Permitted Assignees (and not by any other assignee, sublessee or other “Transferee,” as that term is defined in Section 14.1 of this Lease, of Tenant’s interest in this Lease).

  • 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.

  • Option Rights Except as provided below, the Option shall be valid for a term commencing on the Grant Date and ending 10 years after the Grant Date (the "EXPIRATION DATE").

  • Landlord’s Termination Right Whether or not the Premises are affected, Landlord may, by notice to Tenant, within 60 days following the date upon which Landlord receives notice of the Taking of all or a portion of the Real Property, the Building or the Premises, terminate this Lease, provided that Landlord elects to terminate leases (including this Lease) affecting at least 50% of the rentable area of the Building.

  • 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;

  • Inspection Rights Permit representatives and independent contractors of the Administrative Agent and each Lender to visit and inspect any of its properties, to examine its corporate, financial and operating records, and make copies thereof or abstracts therefrom, and to discuss its affairs, finances and accounts with its directors, officers, and independent public accountants (subject to such accountants’ customary policies and procedures), all at the reasonable expense of the Borrower and at such reasonable times during normal business hours and as often as may be reasonably desired, upon reasonable advance notice to the Borrower; provided that, excluding any such visits and inspections during the continuation of an Event of Default, only the Administrative Agent on behalf of the Lenders may exercise rights of the Administrative Agent and the Lenders under this Section 6.10 and the Administrative Agent shall not exercise such rights more often than two times during any calendar year and only one (1) such time shall be at the Borrower’s expense; provided, further, that when an Event of Default exists, the Administrative Agent or any Lender (or any of their respective representatives or independent contractors) may do any of the foregoing at the expense of the Borrower at any time during normal business hours and upon reasonable advance notice. The Administrative Agent and the Lenders shall give the Borrower the opportunity to participate in any discussions with the Borrower’s independent public accountants. Notwithstanding anything to the contrary in this Section 6.10, none of the Borrower nor any Restricted Subsidiary shall be required to disclose, permit the inspection, examination or making copies or abstracts of, or discussion of, any document, information or other matter that (i) constitutes non-financial trade secrets or non-financial proprietary information, (ii) in respect of which disclosure to the Administrative Agent or any Lender (or their respective representatives or contractors) is prohibited by Law or (iii) is subject to attorney-client or similar privilege or constitutes attorney work-product.

  • Renewal Option This Contract may be renewed under the same terms and conditions, subject to the approval of the Commissioner of the Department of Administration and the State Budget Director in compliance with IC § 5-22-17-4. The term of the renewed contract may not be longer than the term of the original Contract.

  • Revocation Right Executive may revoke this Agreement within the seven day period beginning on the date Executive signs this Agreement (such seven day period being referred to herein as the “Release Revocation Period”). To be effective, such revocation must be in writing signed by Executive and must be delivered to the Chief Executive Officer of the Company before 11:59 p.m., Houston, Texas time, on the last day of the Release Revocation Period. This Agreement is not effective, and no consideration shall be paid to Executive, until the expiration of the Release Revocation Period without Executive’s revocation. If an effective revocation is delivered in the foregoing manner and timeframe, this Agreement shall be of no force or effect and shall be null and void ab initio.

  • Option (a) In order to induce Parent and Purchaser to enter into the Merger Agreement, Stockholder hereby grants to Purchaser an irrevocable option (a "SECURITIES OPTION") to purchase the Securities (the "OPTION SECURITIES") at the Offer Price, subject to increase as set forth below (the "PURCHASE PRICE"). The Securities Option may be exercised, in whole but not in part, by written notice to Stockholder (as set forth below), for a period of ten (10) business days (the "10 DAY PERIOD") following termination of the Merger Agreement or termination of the Offer, whichever shall first occur; PROVIDED that, prior to such termination, either (i) a Trigger Event shall have occurred or (ii) (A) the Company shall have received a written proposal from any person other than Parent, Purchaser or any affiliate of Parent or Purchaser for an Acquisition Transaction, which proposal shall not have expired or been withdrawn, (B) the Merger Agreement shall have been terminated by Parent pursuant to Section 8.01(b), 8.01(d)(ii), 8.01(f) or 8.01(g) and (C) at the time of such termination the Minimum Condition shall not have been satisfied. Notwithstanding the foregoing, the Securities Option may not be exercised until: (i) all waiting periods under the Xxxx-Xxxxx-Xxxxxx Antitrust Improvements Act of 1976, as amended (the "HSR ACT"), required for the purchase of the Securities upon such exercise shall have expired or been waived and any other conditions under the other Antitrust Laws shall have been satisfied and (ii) there shall not be in effect any preliminary injunction or other order issued by any Governmental Entity prohibiting the exercise of the Securities Option pursuant to this Agreement; provided that if (i) all HSR Act waiting periods shall not have expired or been terminated or (ii) there shall be in effect any such injunction or order, in each case on the expiration of the 10 Day Period, the 10 Day Period shall be extended until five (5) business days after the later of (A) the date of expiration or termination of all HSR Act waiting periods, and (B) the date of removal or lifting of such injunction or order. (b) In the event that Purchaser wishes to exercise the Securities Option, Purchaser shall send a written notice (the "NOTICE") to Stockholder identifying the date (not less than two (2) nor more than five (5) business days from the date of the Notice) for the closing of such purchase, which closing shall be held at the executive offices of the Company (or such other place as the parties may agree). At the closing, Stockholder shall deliver to Purchaser appropriate and effective instruments of transfer of the Option Securities, against payment to Stockholder of the Purchase Price, in same day funds, by wire transfer to such account as Stockholder shall designate. (c) In the event the Option Securities are acquired by Purchaser pursuant to the exercise of the Securities Option (the "ACQUIRED SECURITIES") and, either before or at any time within the one-year period following such acquisition, Parent, Purchaser or any affiliate of Parent or Purchaser shall acquire Common Stock (other than from the Company) at a price in excess of the Purchase Price, then the Purchase Price hereunder shall be increased to such higher price. If the purchase of the Acquired Securities has been completed at the time of such increase, Stockholder shall be entitled to receive, and Purchaser shall promptly (and in no event more than 48 hours following such increase) pay to Stockholder, by wire transfer of same day funds to such account as Stockholder shall designate, the amount of the increase. (d) In the event the Option Securities are acquired by Purchaser pursuant to the exercise of the Securities Option, Stockholder shall be entitled to receive, and Purchaser shall promptly (and in no event more than 48 hours following such Sale) pay to Stockholder, upon any subsequent disposition, transfer or sale to an unaffiliated third party ("SALE") of all or any portion of the Acquired Securities within the one-year period following such acquisition, an amount per share in cash equal to the excess, if any, of the net proceeds received per share in the Sale over the Purchase Price. Any such payment shall be made by wire transfer of same day funds to such account as Stockholder shall designate.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!