Expansion Option Sample Clauses
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Expansion Option. The Company may from time to time elect to increase the Commitments, in each case in minimum increments of $25,000,000 or integral multiples of $5,000,000 in excess thereof so long as, after giving effect thereto, the aggregate amount of such increases does not exceed an amount, that together with the outstanding Commitments, is equal to $750,000,000. The Company may arrange for any such increase to be provided by one or more Lenders (each Lender so agreeing to an increase in its 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 Commitments or extend Commitments, as the case may be; provided that (i) each Augmenting Lender, shall be subject to the approval of the Company and the Administrative Agent and (ii) (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) shall be required for any increase in Commitments pursuant to this Section 2.20. Increases and new Commitments 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 Commitments (or in the 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 4.02 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 a Financial Officer of the Company and (B) the Company shall be in compliance (on a Pro Forma Basis reasonably acceptable to the Administrative Agent) with the covenants contained in Section 6.06 and (ii) the Administrative Agent shall have received documents consistent with those delivered on the Effective Date as to the corporate power and authority of the Borrowers to borrow hereunder after giving effect to such increase. On...
Expansion Option. Provided that no default has occurred and is continuing under the Lease at the time of the exercise of the following Expansion Option, Tenant shall have a right of First Offer for available contiguous office space on the mezzanine and fourth floors (the "EXPANSION SPACE"), at the then market Rent with a minimum term of five (5) years; this right of First Offer is subject and subordinate to any similar prior rights which existing Tenants may have. It is understood and agreed that any expansion space may be offered to Tenant pursuant to this clause well before said space is actually vacated, and that any expansion space may be offered to Tenant pursuant to this clause at any appropriate time, including for example, when a Tenant notifies Landlord of its intention to vacate from potential expansion space, or prior to the time when a Lease is scheduled to terminate, or at any time when the Landlord would normally seek to offer for rent such space.
(i) prior to offering all or any portion of the Expansion Space to others, except to any existing tenants with prior rights at the Building, Landlord shall notify Tenant in writing of the specific space being offered and the rent and other terms on which it is being offered. Tenant shall have fifteen (15) days from receipt of Landlord's notice to accept the space being offered by providing written notice of such acceptance to Landlord.
(ii) For a period of fifteen (15) days after receipt of any such notice from Landlord pursuant to this SECTION 38.2, Tenant shall have the right to lease the Expansion Space from Landlord upon the terms and conditions set forth in such offer, and otherwise on the terms and conditions set forth herein. The terms and conditions of the Lease for the Expansion Space, shall generally be the same as for the initial Term. In the event Tenant agrees to lease the Expansion Space within such fifteen (15) day period, Landlord and Tenant shall promptly execute an amendment to the Lease, or new lease, indicating the location and configuration of the Expansion Space and stating the rent and other terms therefore.
(iii) If during or upon the expiration of such fifteen (15) day period, Tenant fails or declines to exercise its right to lease the Expansion Space then Tenant's option to exercise this option with respect to such Expansion Space shall cease and expire and be of no further force or effect until such time as the Expansion Space is again vacated by the tenant of such space or otherwise become...
Expansion Option. The Company may from time to time elect to increase the Commitments or enter into one or more tranches of term loans (each an “Incremental Term Loan”), in each case in minimum increments of $50,000,000 and multiples of $1,000,000, so long as, after giving effect thereto, the aggregate amount of such increases and all such Incremental Term Loans does not exceed $375,000,000. 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 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”; provided that no Ineligible Institution may be an Augmenting Lender), to increase their existing Commitments, or to participate in such Incremental Term Loans, or extend Commitments, as the case may be; provided that (i) each Augmenting Lender, shall be subject to the approval of the Company, the Administrative Agent and, in the case of an increase to the Commitments, the Principal Issuing Bank and (ii) (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 Commitments or Incremental Term Loan pursuant to this Section 2.20. Increases and new 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 Commitments (or in the 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 Administrative Agent shall have received a certificate to that effect dated such date and executed by a Finan...
Expansion Option. Subject to Master Lessor’s consent, provided that no default after expiration of the applicable cure period has occurred and no default exists on such notice date as to which Sublessor has delivered notice to Sublessee, Sublessee shall have the option (the “Expansion Option”) to expand the Subleased Premises under this Sublease to include one of the portions of the second floor of the Premises shown on Exhibit D hereto (the “Expansion Premises”) on the Commencement Date by providing written notice to Sublessor exercising such option prior to April 30, 2023, which notice to be valid must designate the applicable portion of the Expansion Premises shown on Exhibit D that Sublessee desires to sublease (the “Applicable Space”). If Sublessee properly exercises the Expansion Option, as of the Commencement Date, (i) references in this Sublease to the Subleased Premises shall be deemed to include the Applicable Space, (ii) Base Rent under this Sublease shall be increased on a pro rata basis (at the same per square foot rental rate) based on the additional rentable square footage of the Applicable Space, as reasonably determined by Sublessor, (iii) Sublessee’s Pro Rata Share as set forth in Paragraph 4(B) above shall be increased based on the additional rentable square footage of the Applicable Space, (iv) the amount of the Security Deposit required hereunder shall be increased by an amount equal to the last three (3) months of Base Rent for the Expansion Premises and (v) there shall be no additional Allowance. Notwithstanding the foregoing, Sublessee’s right to sublease any Expansion Premises that, taken with the initial Subleased Premises and any other portions of the Premises that are subleased, would cause fifty percent (50%) or more of the Premises to be subleased for more than fifty percent (50%) of the remaining Lease Term shall be conditioned upon Master Lessor’s waiver of its rights under Section 14.4 of the Master Lease.
Expansion Option a. Tenant shall have an option (the "Expansion Option") to lease the ground floor of Building C of the Property (the "Expansion Space"), as shown on Exhibit A attached hereto, pursuant to the terms and conditions of this Section 41. Tenant shall exercise the Expansion Option, if at all, by written notice ("Tenant's Expansion Notice") thereof to Landlord on or prior to January 1, 2000. If Tenant does not timely exercise the Expansion Option, it shall expire and be of no force or effect, Landlord shall be released of its obligation to offer or lease the Expansion Space to Tenant pursuant to this Section 41, Tenant shall have no rights with respect thereto pursuant to this Section 41, and the provisions of this Section 41 shall terminate.
b. Upon Tenant's timely exercise of the Expansion Option, Landlord and Tenant shall promptly enter into an amendment of this Lease, adding such Expansion Space to the Premises on all the terms and conditions set forth in this Lease as to the Premises then demised hereunder, except that (i) the term of the lease to Tenant of the Expansion Space shall commence on the date (the "Expansion Space Commencement Date") specified in Tenant's Expansion Notice, but in no event shall such date be earlier than thirty (30) days after the Commencement Date for the Phase II Premises or later than [...***...], and, subject to Section 41.c. below, Landlord shall deliver the Expansion Space to Tenant on such date with Landlord's Base Shell Work completed therein, (ii) the initial monthly Base Rent payable by Tenant for the Expansion Space shall commence [...***...] days after the Expansion Space Commencement Date, and shall be the fair market rent for such space, as defined in Section 39 above, except that such Base Rent commencement date and the other provisions of this Section 41 applicable to the Expansion Space shall be taken into account in determining such fair market rent (and such rent shall be subject to adjustment at the same time and in the same manner as the Base Rent for the balance of the Premises pursuant to Section 4.b. of this Lease), (iii) Tenant's Percentage Share shall be increased to take into account the Expansion Space (such increase to be determined by dividing the rentable square footage of such Expansion Space by the rentable square footage of the Buildings (as set forth in the Basic Lease Information). Without limitation of the foregoing, (x) the provisions of Section 4.a. above regarding the commencement of Base Ren...
Expansion Option. 28.1 Provided no Event of Default exists and the Lease is in full force and effect, by giving Landlord written notice, if at all, on or before the last day of the 45th Lease Month, subject to existing rights of other tenants of the Building and subject to availability, Tenant shall have the option to expand the Premises (the “Expansion Option”), as provided herein. Tenant may exercise the Expansion Option, if at all, by giving Landlord written notice (“Expansion Notice”) specifying the approximate number of additional square feet in the Building that Tenant desires to lease. In the event that Tenant exercises the Expansion Option, the “Expansion Space” shall be at a location in the Building agreed upon by Landlord and Tenant. In the event that Tenant timely exercises the Expansion Option and the location of the Expansion Space is agreed upon by Landlord and Tenant, then thirty (30) days after Tenant's exercise (the “Expansion Space Commencement Date”), the Expansion Space shall be added to, and constitute part of, the “Premises” leased hereunder, and the same shall be leased upon and subject to the same terms, provisions and conditions as are applicable to the other portions of the initial Premises for the remainder of the Term of the Lease, except as provided in this Article. In lieu of three (3) months of rent abatement, Tenant shall be entitled to the number of days of Base Rent abatement equal to ninety (90) multiplied by a fraction, the numerator of which shall be the number of days between the Expansion Space Commencement Date and the Expiration Date, and the denominator of which shall be the number of days between the Lease Commencement Date and the Expiration Date (the “Proration Fraction”). Tenant shall accept the Expansion Space “as is” and Landlord shall not be required to perform any work therein; however, Landlord shall provide Tenant a construction allowance to reimburse Tenant for the cost of construction performed by Tenant in the Expansion Space in an amount equal to $26.00 multiplied by the number of square feet in the Expansion Space multiplied by the Proration Fraction. Promptly after Tenant exercises the Expansion Option, Landlord and Tenant shall execute an amendment to this Lease confirming the increase in the square footage of the Premises and all matters incident thereto (such as an increase in Tenant's Proportionate Share and Base Rent and a workletter to address payment of the construction allowance); however, the failure of the ...
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. (a) Landlord hereby covenants and agrees to construct the following buildings on the Land: (i) an office building and surrounding Common Areas (as that term is defined below) which is substantially similar to the Original Building, in the location specified on Exhibit "H" to this Lease (the "Expansion Base Building"), (ii) Tenant Improvements to the Expansion Base Building, subject to the terms of this Section 18 (the "Expansion Leasehold Improvements"), and (ii) a 198-space parking garage, subject to the terms of this Section 18 (the "Parking Garage"), which Parking Garage, as well as all of the other portions of the Common Areas, shall be used solely by the occupants of the Original Building and the Expansion Base Building, and their respective employees and guests. The Expansion Base Building and the Expansion Leasehold Improvements are collectively referred to as the "Expansion Building" and the work of constructing the Expansion Building (including, without limitation, the Common Areas, as defined below) and the Parking Garage are referred to as "Landlord's Expansion Work."
(b) On or before January 10, 2000, Landlord will cause its architect to prepare and deliver to Tenant preliminary plans and specifications for the Expansion Base Building and the Parking Garage (the "Expansion Base Building and Garage Plans"), which plans must be based on an exterior appearance substantially similar to the Original Base Building. While these preliminary plans and specifications are not required to be permit-ready, they must contain a site plan, floor plan, one-quarter inch (0.25") scale core building plans, elevations of the Expansion Base Building and the Parking Garage, and a riser diagram of the mechanical, electrical and plumbing systems. Within four (4) business days after Tenant receives such preliminary Expansion Base Building and Garage Plans, Tenant will either approve the same in writing or notify Landlord in writing of Tenant's objections to the preliminary Expansion Base Building and Garage Plans and how the preliminary Expansion Base Building and Garage Plans must be changed in order to make them acceptable to Tenant. Each business day following the fourth (4th) business day after the preliminary Expansion Base Building and Garage Plans are submitted to Tenant until Tenant either approves them or delivers a notice of objections to Landlord will be a day of Tenant Expansion Delay. Within four (4) business days after ▇▇▇▇▇▇▇▇'s receipt of Tenant's notice...
Expansion Option. Tenant shall have one (l) right and option to expand the area of the Premises by as much as, and by no more than, sixty thousand (60,000) square feet of rentable area (the “Expansion Option”), subject to the following terms and conditions:
A. The Expansion Option may be exercised by Tenant only by written notice given to Landlord during, and neither before nor after, the first (1st) twelve (12) months of the Additional Term (the “Expansion Notice”);
B. The Expansion Notice must specify the area or areas within a building or buildings owned by Landlord and located within Landlord’s administrative area on Aerojet Road that Tenant desires to add to the Premises (the “Expansion Area”);
C. If, at the time the Expansion Notice is given, the Expansion Area is available for leasing to Tenant, then Landlord and Tenant shall immediately enter into another written addendum to the Lease to effect a demise thereof to Tenant, at the same terms and conditions as the Premises are then being leased to Tenant under the Lease (with the exception that the rent shall be the fair market rental for such Expansion Area determined as set forth in subpart E of this paragraph 6); provided that, if through no fault of Landlord, Tenant and Landlord have not, within ninety (90) days after the Expansion Notice is given, entered into a fully executed addendum to the Lease, then Landlord may, by written notice to Tenant, terminate Tenant’s Expansion Option, and upon the giving of such written notice, Tenant shall have no further interest in, or rights to, the Expansion Area;
D. Whether or not the Expansion Area is “available for leasing to Tenant” shall be determined by Landlord in the exercise of its reasonable discretion. Without limiting the generality of the foregoing, Landlord may determine that the Expansion Area is not available for leasing to Tenant if it is then occupied by another tenant, is already subject to a leasing arrangement for any period that would overlap with any portion of the then remaining Additional Term or any part of the Extension Period, or is used or expected to be used by Landlord for its own business operations. Landlord shall respond in writing to any Expansion Notice within fifteen (15) business days of the receipt thereof, and advise Tenant as to whether the Expansion Area is “available for leasing to Tenant” (if available, a “Notice of Availability”); and
Expansion Option. The Borrower may from time to time elect to increase the Revolving Credit Commitments (but not, for the avoidance of doubt, the Swingline Commitment) 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, the Swingline Lender 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 and immediately prior to giving effect to any such increase and the addition of any Augmenting Lenders to this Agreement, (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 (...