Extension Option Sample Clauses

Extension Option. Provided that this Lease is in full force and effect, the Tenant shall be entitled to extend this Lease for one (1) additional term (hereinafter referred to as “Extension Term”) of five (5) years, commencing on the first day next succeeding the last day of the last day of the initial Lease Term, upon the same terms and conditions and provisions as are provided for in this Lease, except that (i) the Basic Monthly Rent payable during the Extension Term shall be the prevailing market rate, subject to escalation, as determined by Landlord, (ii) Landlord has no obligation for any tenant improvements or tenant allowances, and (iii) there shall be no further extension; provided, however, if Tenant is in Default hereunder at any time from Tenant’s delivery of the Extension Notice (hereinafter defined) to the commencement of such Extension Term, at Landlord’s option, such Extension Term shall be null and void. Tenant shall provide Landlord with written notice (“Extension Notice”) of its intent to exercise the extension option not less than nine (9) months prior to the expiration of the last day of the initial Lease Term; upon Tenant’s failure to so provide the Extension Notice, time being of the essence, Tenant shall have no further right to extend the Lease. Upon receipt of Tenant’s Extension Notice, Landlord shall advise Tenant of Landlord’s determination of the prevailing market rate within ten (10) days of such receipt (except if Robert Sandler is on vacation, then within five (5) days of Robert Sandler returning from vacation). Upon receipt of Landlord’s determixxxxxx, xx Xxxant disagrees with Landlord’s prevailing markex xxxx, Xxxxxx may negotiate with Landlord for a period of twenty (20) days. If Tenant and Landlord fail to agree on the prevailing market rate, Tenant shall have the right to withdraw its Extension Notice by notice in writing or electronically to Landlord delivered prior to the expiration of such twenty (20)-day period, in which case Tenant shall have no further right to extend the Lease. Reference to the word “Term” hereunder shall mean and include the initially stated term, as well as any extensions or renewals thereof, including any exercised (but not rescinded) Extension Term.

Extension Option. (A) On the conditions (which conditions Landlord may waive by written notice to Tenant) that both at the time of exercise of the herein described applicable option to extend and as of the commencement of the Extended Term in question (i) there exists no monetary or other material Event of Default (defined in Section 7.1), (ii) this Lease is still in full force and effect, and (iii) Tenant has not sublet more than fifty percent (50%) of the Rentable Floor Area of the Premises (except for a subletting permitted without Landlord's consent under Section 5.6.1 hereof or any occupancy permitted under Section 5.6.6 hereof), Tenant shall have the right to extend the Term hereof upon all the same terms, conditions, covenants and agreements herein contained (except for the Annual Fixed Rent which shall be adjusted during the option periods as hereinbelow set forth) for two (2) periods of five (5) years each as hereinafter set forth. Each option period is sometimes herein referred to as an "Extended Term." Notwithstanding any implication to the contrary Landlord has no obligation to make any additional payment to Tenant in respect of any construction allowance or the like or to perform any work to the Premises as a result of the exercise by Tenant of any such option (although the absence of any construction or other refurbishment allowance from Landlord for the Extended Term shall be a factor considered by all parties in determining the Prevailing Market Rent under this Section 8.20 and Exhibit H). (B) If Tenant desires to exercise its applicable option to extend the Term, then Tenant shall give notice to Landlord, not earlier than sixteen (16) months nor later than twelve (12) months prior to the expiration of the Lease Term (as it may have been previously extended hereunder) of Tenant's request for Landlord's quotation to Tenant of a proposed Annual Fixed Rent for the applicable Extended Term, which quotation Landlord shall deliver to Tenant in writing within fifteen (15) business days after receipt of Tenant's request. If at the expiration of thirty (30) days after the date when Tenant receives Landlord's quotation of the proposed Annual Fixed Rent as aforesaid (the "Negotiation Period"), Landlord and Tenant have not reached agreement on a determination of an Annual Fixed Rent for the applicable Extended Term and executed a written instrument extending the Term of this Lease pursuant to such agreement, then Tenant shall have the right, for thirty (30) days followi...

Extension Option. Provided that there has been no Event of Default which is uncured and continuing on the part of the Tenant, and the Tenant or any entity which succeeds to Tenant’s rights hereunder pursuant to a Permitted Transfer is, as of the date of exercise and as of the commencement date of each Extension Term, actually occupying at least seventy-five percent (75%) of the Premises for its business purposes, the Tenant shall have the right to extend the Term hereof for one (1) additional period of five (5) years on the following terms and conditions (the “Extension Option): (a) The Tenant shall have the right to extend the Term hereof for one (1) period of five (5) years (the “Extension Term”) on the terms and conditions set forth in this Section 2.6(a) and (b). ‘‘Such right to extend the Term shall be exercised by the giving of notice by Tenant to Landlord at least nine (9) months prior to the expiration of the Initial Term (the “Extension Notice Deadline Date”). Upon the giving of such notice on or before the Extension Notice Deadline Date, this Lease and the Term hereof shall be extended for an additional term of five (5) years, without the necessity for the execution of any additional documents except a document memorializing the Annual Fixed Rent for the Extension Term to be determined as set forth below. Time shall be of the essence with respect to the Tenant’s giving notice to extend the Term on or before the Extension Notice Deadline Date. (b) The Extension Term shall be upon all the terms, conditions and provisions of this Lease except the Annual Fixed Rent during first Lease Year of the Extension Term shall be the then Extension Fair Rental Value of the Premises for the Extension Term to be determined under Section 2.6(c) below with respect to which the Extension Fair Rental Value is to be established (the “Then Applicable Annual Fixed Rental Rate”). If the Tenant makes a written request to the Landlord for a proposal for the Extension Fair Rental Value for the Extension Term, the Landlord shall make such a written proposal to the Tenant within thirty (30) days after receipt of the Tenant’s request therefor, but in no event shall the Landlord be required to deliver such a proposal sooner than twelve (12) months prior to the date as of which such proposal is to become effective. Alternatively, the Landlord may, at its election, propose an Extension Fair Rental Value to the Tenant without any request having been made. The determination of the Extension Fair Ren...

Extension Option. At any time not earlier than 60 days prior to, nor later than 30 days prior to, the Termination Date then in effect (the “Anniversary Date”), the Borrowers may request that the Lender extend the Anniversary Date to the date which is 364 days from the Anniversary Date. The Lender shall respond to such request no later than 10 days prior to the Anniversary Date and failure by the Lender to respond by such date shall indicate its unwillingness to agree to such requested extension. At any time more than 60 days before such Anniversary Date, the Lender may propose, by written notice to the Borrowers, an extension of this Agreement to such later date on such terms and conditions as the Lender may then require. If the extension of this Agreement to such later date is acceptable to the Borrowers on the terms and conditions proposed by the Lender, the Borrower shall notify the Lender of their acceptance of such terms and conditions no later than the Anniversary Date, and such later date will become the Termination Date hereunder and this Agreement shall otherwise be amended in a manner mutually agreed among the Borrowers and the Lenders and as described in the Lender’s notice proposing the extension of this Agreement upon the Lender’s receipt of (i) an amendment to this Agreement signed by the Borrowers and the Lender, (ii) resolutions of each Borrower’s Board of Directors (or other governing body) authorizing such extension, and (iii) an opinion of counsel to the Foreign Borrower(s) equivalent in form and substance reasonably acceptable to the Lender.

Extension Option. (a) At any time (but in any event, not less than sixty (60) days prior to the Scheduled Termination Date), the Borrower may, by notice to the Lenders, request that the Lenders extend the Scheduled Termination Date for one (1) additional year; provided, that, the Borrower may make not more than two (2) such requests from and after the ClosingSecond Amendment Effective Date. Each Lender shall, by notice to the Borrower and the Agent not later than the thirtieth (30th) day following the date of any such request from the Borrower, advise the Borrower whether or not it agrees to extend the Scheduled Termination Date as requested. Each decision by a Lender shall be in the sole discretion of such Lender, and any Lender that has not so advised the Agent by the thirtieth (30th) day following the date of such request from the Borrower shall be deemed to have declined to agree to such extension. Each of the parties hereto acknowledges and agrees that no Lender shall be obligated to extend the Scheduled Termination Date pursuant to the terms of this section. Any Lender who fails to agree to the extension request of the Borrower, as set forth herein, shall be referred to, for purposes of this section, as a “Non-Extending Lender”. (b) If Lenders holding Commitments representing at least fifty (50%) of the Aggregate Commitments agree to any such request for extension of the Scheduled Termination Date (collectively, the “Approving Lenders”), then the Borrower may extend the Scheduled Termination Date for an additional year solely as to the Approving Lenders with Aggregate Commitments equal to the aggregate Commitments of the Approving Lenders during such extension period provided that it is understood and agreed that the Scheduled Termination Date relating to the Non-Extending Lenders shall remain unchanged and the repayment of all obligations owed to them and the termination of their Commitments shall occur on the then existing Scheduled Termination Date without giving effect to such extension. If Non-Extending Lenders hold Commitments representing more than fifty (50%) of the Aggregate Commitments, then the Borrower shall withdraw its extension request and the Scheduled Termination Date will remain unchanged. If Lenders holding Commitments representing at least fifty (50%) of the Aggregate Commitments are Approving Lenders with respect to any request for extension made in accordance with this Section 2.16, the Borrower may replace any Non-Extending Lender in accordance ...

Extension Option. Borrower may extend the Maturity Date two (2) times only for a period of six (6) months per extension upon satisfaction of the following terms and conditions for each extension: (i) delivery by Borrower of a written notice to Administrative Agent (an “Extension Notice”) on or before a date that is not more than one hundred twenty (120) days nor less than one (1) month prior to the then-scheduled Maturity Date, which Extension Notice Administrative Agent shall promptly deliver to the Banks, which Extension Notice shall include a certification dated as of the date of such Extension Notice signed by a duly authorized signatory of Borrower, stating, to the best of the certifying party’s knowledge, (x) all representations and warranties contained in this Agreement and in each of the other Loan Documents are true and correct on and as of the date of such Extension Notice (except in those cases where such representation or warranty expressly relates to an earlier date, in which case such representations and warranties were true and correct as of such date, and except for changes in factual circumstances not prohibited under the Loan Documents), and (y) no Event of Default has occurred and is continuing; (ii) no Event of Default shall have occurred and be continuing on the original Maturity Date (an “Extension Date”); and (iii) Borrower shall pay to Administrative Agent on or before such Extension Date a fee equal to 0.0625% of the Total Loan Commitment on such Extension Date for each extension, which fee shall be distributed by Administrative Agent pro rata to each of the Banks based on each Bank’s Pro Rata Share. Borrower’s delivery of an Extension Notice shall be irrevocable.

Extension Option. (i) The Parent Borrower may, not more than twice during the term of this Agreement, by written notice to the Administrative Agent and the Foreign Trade Facility Agent (such notice being an “Extension Notice”) delivered no later than 90 and not more than 180 days prior to the second anniversary of the Effective Date (or, in the case of the second such notice, no later than 90 and not more than 180 days prior to the date that is two years after such second anniversary) (the date of such notice, the “Notice Date”), request the Lenders with a Foreign Credit Commitment and the Foreign Issuing Lenders to extend the then applicable Foreign Trade Maturity Date for an additional two years (the “Extended Foreign Trade Maturity Date”). The Foreign Trade Facility Agent shall promptly transmit any Extension Notice to each Lender with a Foreign Credit Commitment and each Foreign Issuing Lender. Each Foreign Issuing Lender and each Lender with a Foreign Credit Commitment shall notify the Foreign Trade Facility Agent whether it wishes to extend the then applicable Foreign Trade Maturity Date at least 60 days prior to such anniversary of the Effective Date, and any such notice given by a Foreign Issuing Lender or a Lender with a Foreign Credit Commitment to the Foreign Trade Facility Agent, once given, shall be irrevocable as to such Lender. The Foreign Trade Facility Agent shall promptly notify the Administrative Agent and the Parent Borrower of the notice of each Foreign Issuing Lender and each Lender with a Foreign Credit Commitment that it wishes to extend (each, an “Extension Acceptance Notice”). Any Foreign Issuing Lender and any Lender with a Foreign Credit Commitment which does not expressly notify the Foreign Trade Facility Agent on or before the date that is 60 days prior to the then applicable anniversary of the Effective Date that it wishes to so extend the then applicable Foreign Trade Maturity Date shall be deemed to have rejected the Parent Borrower’s request for extension of such Foreign Trade Maturity Date. If all the Lenders with a Foreign Credit Commitment and all the Foreign Issuing Lenders have elected (in their sole and absolute discretion) to so extend the then applicable Foreign Trade Maturity Date, the Foreign Trade Facility Agent shall notify the Administrative Agent and the Parent Borrower of such election by the Lenders with a Foreign Credit Commitment and the Foreign Issuing Lenders no later than five Business Days after the date when Extension...

Extension Option. (a) Subject always to clause 2.4(b), provided that no Default has occurred and is continuing at such time, the Company may request in respect of Facility A and/or Facility B, by written notice received by the Facility Agent: (i) no more than one hundred and twenty (120) days; and (ii) no less than sixty (60) days, prior to: (A) in respect of Facility A, the Initial Facility A Termination Date, the First Extended Facility A Termination Date, the Second Extended Facility A Termination Date and/or the Third Extended Facility A Termination Date (as applicable); or (B) in respect of Facility B, the Initial Facility A Termination Date, the Initial Facility B Termination Date, the First Extended Facility B Termination Date and/or the Second Extended Facility B Termination Date, that the period of the relevant Facility be extended for a period of three hundred and sixty four (364) days beyond the then applicable Termination Date (an Extension Request). (b) On and subject to the terms and conditions set out in this Agreement, the Company shall be entitled to submit an Extension Request: (i) in respect of Facility A, on no more than four (4) occasions in total (on only one occasion prior to the Initial Facility A Termination Date, on only one occasion prior to the First Extended Facility A Termination Date, on only one occasion prior to the Second Extended Facility A Termination Date and on only one occasion prior to the Third Extended Facility A Termination Date); and (ii) in respect of Facility B, on no more than three (3) occasions in total (on only one occasion prior to the Initial Facility A Termination Date, on only one occasion prior to the Initial Facility B Termination Date and on only one occasion following the Initial Extended Facility B Termination Date), provided that there shall be no extension of any Facility beyond the date which is the fifth (5th) anniversary of the date of this Agreement. (c) An Extension Request shall be irrevocable. (d) Following its receipt of an Extension Request, the Facility Agent shall promptly notify each Lender under the relevant Facility or Facilities of such request. (e) If an Extension Request has been notified by the Facility Agent to each relevant Lender, each such Lender shall, no later than twenty (20) Business Days after receipt by it of the Extension Request notify the Facility Agent whether or not it agrees to the Extension Request. Any such notice by a Lender shall be binding on that Lender. The Facility Agent s...

Extension Option. The City may, if in accordance with applicable law, at any time before this Agreement expires, extend it for up to 3 additional periods, each period not to exceed 1 year, by written notice to you. You acknowledge that this Agreement does not create any expectation of renewal or extension.

Extension Option. (a) The Borrower shall have one option (each an “Extension Option”) to extend the Stated Termination Date by one-year, subject to satisfaction of the following conditions: (i) the Administrative Agent shall have received written notice of the extension request at least 30 days, but not more than 90 days, prior to the Stated Termination Date; (ii) all of the representations and warranties in the Loan Documents shall be true and true and correct in all material respects (other than those representations and warranties that are expressly qualified by a Material Adverse Effect or other materiality qualifier, in which case such representations and warranties shall be true and correct in all respects) as of the date of the effectiveness of such extension (or, if such representation or warranty relates to an earlier date, as of such earlier date); (iii) no Default or Event of Default shall exist, or would immediately result from, such extension of the Stated Termination Date; (iv) each of the Borrower and any other Loan Parties shall have ratified their obligations under the Loan Documents to which they are parties pursuant to an agreement in form and substance satisfactory to the Administrative Agent; (v) the payment to the Administrative Agent for the ratable benefit of the Revolving Lenders of an extension fee of 0.15% of the Aggregate Revolving Commitment Amount at the time of such extension; (vi) the Borrower shall have paid all of Administrative Agent’s expenses incurred in respect of the extension, including reasonable attorneys’ fees; and (vii) the Administrative Agent shall have received a certificate signed by a Responsible Officer of the Borrower certifying that each of the conditions set forth in the preceding clauses (i) through (vi) has been satisfied and that the Borrower is in compliance with all the Financial Covenants both immediately before and immediately after giving effect to such extension. (b) On the date of the satisfaction of the conditions set forth in Section 2.5(a) (so long as such date is prior to the Revolving Commitment Termination Date), the Stated Termination Date shall be extended by one calendar year.