Initial Term and Extended Terms Sample Clauses

Initial Term and Extended Terms. Initial Term: The Annual Base-Rent shall be payable in advance in equal monthly, installments and shall be in the annual amounts as follows: Base Rent per Square Foot of Gross Monthly Rent Building Area $10.00 $3,095.00 Extension Terms Annual Base Rent for each and every Extension Term shall be as follows: Extension Term Base Rent per Square Monthly Rent Foot of Gross Building Area Years 6-10 $10.94 $3,385.93 Years 11-15 $12.68 $3,924.46 Years 16-20 $14.70 $4,549.65
Sample 1
AutoNDA by SimpleDocs
Initial Term and Extended Terms. This Agreement shall become effective on Effective Date and shall remain in effect for a period to expire upon the earlier of (i) July 28, 2023 or (ii) the termination of the Strategic R&D Agreement (the “Initial Term”). Anything in this Agreement to the contrary notwithstanding if the term of Strategic R&D Agreement is extended as provided for therein, RCAR shall have the option of extending the Term of this Agreement for the same period of time, upon written notice to SCS Group within fifteen (15) days of the date on which the term of the Strategic R&D Agreement was extended (any such extension of the Term, an “Extended Term”). The Initial Term and any Extended Term are collectively referred to in this Agreement as the “Term.” Upon the extension of the Initial Term or any Extended Term, as consideration therefor, RCAR shall grant SCS an option (the “Extension Stock Option”) on the date that the Parties agree to the Extended Term (the “ESO Grant Date”), to acquire up to three hundred thirty-three thousand three hundred thirty-three (333,333) shares of RCAR common stock (the “Extension Option”) at an exercise price equal to the Per Share Fair Market Value of RCAR’s common stock on the date of grant, which date shall be the first day of the Extended Term.
Sample 1
Initial Term and Extended Terms. SECTION 2.01. The Initial Term of this Lease shall be a term of eleven (11) years and three (3) months beginning on the first day of June, 1997 and expiring on the last day of August, 2008, unless earlier terminated pursuant to any provision of this Lease or extended pursuant to Section 2.02. A. Unless Tenant notifies Landlord in writing on or before the date that is one (1) year prior to expiration of the Initial Term hereof (i.e., August 31, 2007) that it elects not to extend the Initial Term of this Lease, this Lease shall automatically be extended for a term of five (5) years (the "First Extended Term") upon the expiration of the Initial Term. B. In the event this Lease is extended for the First Extended Term, unless Tenant notifies Landlord in writing on or before the date that is one (1) year prior to the expiration of the First Extended Term (i.e., August 31, 2012) that it elects not to extend the Term of this Lease for a succeeding five (5) year term (the "Second Extended Term") (the "First Extended Term" and the "Second Extended Term", each, an "Extended Term"), this Lease shall automatically be extended for the Second Extended Term upon the expiration of the First Extended Term. C. In the event Tenant for any reason elects not to extend the Term of this Lease for the First Extended Term or the Second Extended Term, Tenant shall have no further privilege to extend the Term of this Lease and said Term shall expire and come to an end upon the expiration of the Initial Term or the First Extended Term, as the case may be. SECTION 2.03. Notwithstanding the foregoing, any extension of this Lease shall be subject to the express condition that at the commencement of any Extended Term, Tenant shall not be in default under any of the terms, covenants or conditions of this Lease. A. Tenant shall pay Fixed Rent to Landlord at its principal office above set forth and at the times hereinafter set forth, without previous demand therefor and in money of the United States of America which at the time of payment shall be legal tender for public and private debts. B. Fixed Rent shall be payable in equal monthly installments of $15,833.34 in advance on the first business day of each month during the Initial Term and any Extended Term commencing on the Lease Commencement Date. It is the purpose and intent of Landlord and Tenant that the Fixed Rent shall be absolutely net to Landlord so that this Lease shall yield, net to Landlord, the Fixed Rent specified in the Funda...
Sample 1
Initial Term and Extended Terms 
Sample 1

Related to Initial Term and Extended Terms

  • Initial Term and Renewal This Agreement shall become effective upon its execution and, shall have an initial term of five (5) years. Following the expiration of the initial term, the Agreement shall automatically renew for successive one-year terms until such time that the Agreement is terminated by either Party upon giving the other Party six (6) months’ written notice of termination.

  • Extended Terms Tenant shall have the right to extend the Term for up to five (5) consecutive renewal terms of ten (10) years each (each, an “Extended Term”), provided that (unless Landlord shall elect in its sole discretion to waive any such condition), at the time Tenant exercises a right to extend the Term, (a) no Event of Default shall have occurred and be continuing and (b) on the date of the exercise of the extension option and on the first day of each such Extended Term, there shall be a Guaranty in favor of Landlord from a Qualifying Guarantor which shall either meet the standard in clause (a) or (c) of the definition of Qualifying Guarantor or shall provide Landlord with the audited financial statement described in the last paragraph of the definition of Qualifying Guarantor to establish that it meets the criteria in clause (b) thereof to be a Qualifying Guarantor, even if such Entity is a BP Affiliate. All of the terms, covenants and provisions of this Agreement shall apply to each Extended Term (including, but without limitation, the two percent annual Minimum Rent increases provided in the definition of Minimum Rent), except that Tenant shall have no right to extend the Term beyond the expiration of the fifth Extended Term. If Tenant shall elect to exercise its option to extend the Term for any Extended Term, it shall do so by giving Landlord Notice thereof not later than eighteen (18) months prior to the commencement of the applicable Extended Term, it being understood and agreed that time shall be of the essence with respect to the giving of any such Notice. If Tenant shall fail to give any such Notice, this Agreement shall automatically terminate at the end of the Fixed Term or the applicable Extended Term, and Tenant shall have no further option to extend the Term of this Agreement. If Tenant shall give such Notice, the extension of this Agreement shall be automatically effected without the execution of any additional documents; it being understood and agreed, however, that Tenant and Landlord shall execute such documents and agreements as either party shall reasonably require to evidence the same.

  • Initial Term The initial term will begin on the date set forth in the Contract documents or on the date the Contract is signed by all Parties, whichever is later.

  • Amended Terms On and after the Amendment Effective Date, all references to the Credit Agreement in each of the Loan Documents shall hereafter mean the Credit Agreement as amended by this Amendment. Except as specifically amended hereby or otherwise agreed, the Credit Agreement is hereby ratified and confirmed and shall remain in full force and effect according to its terms.

  • Extended Term Tenant shall have the option to extend the Term for two (2) consecutive five (5) year periods (the "FIRST EXTENDED TERM" and "SECOND EXTENDED TERM", respectively) on all the terms and conditions contained in this Lease including, without limitation, continuation of the adjustment of the Base Rent on an annual basis as provided in Section 3.3 below (provided only that upon commencement of the First Extended Term the only remaining option to extend the Term shall be the Second Extended Term and upon exercise of the option with respect to the Second Extended Term, no further right to extend the Term shall exist). Tenant shall deliver, if at all, written notice of its exercise of the option ("OPTION NOTICE") to Landlord at least six (6) months but not more than one (1) year before the expiration of the Term or First Extended Term, as the case may be. In the event Tenant fails to deliver the applicable Option Notice within the time allowed, Landlord shall deliver written notice to Tenant of Tenant's failure to deliver the Option Notice, and Tenant shall then have thirty (30) days from receipt of such notice within which to deliver the Option Notice, if at all, to Landlord. In the event (and only in the event) that, Tenant fails to deliver an Option Notice to Landlord within such thirty (30) days, Tenant shall be considered to have elected not to extend the Term of this Lease and thereafter, Tenant shall have no further right to extend the Term of this Lease. References in this Lease to the "Term" shall include the initial Term of fifteen (15) years and shall, in addition, include the First Extended Term and the Second Extended Term, if applicable.

  • Additional Terms & Conditions Acknowledged and Agreed:

  • Conditions Term of Agreement 93 3.1 Conditions Precedent to the Initial Extension of Credit ............................................. 93 3.2 Conditions Precedent to all Extensions of Credit ........................................................ 93 3.3 Maturity ........................................................................................................................... 93 3.4

  • Initial Term Loan The Borrower shall give the Administrative Agent an irrevocable Notice of Borrowing prior to 11:00 a.m. on the Closing Date requesting that the Term Loan Lenders make the Initial Term Loan as a Base Rate Loan on such date (provided that the Borrower may request, no later than three (3) Business Days prior to the Closing Date, that the Lenders make the Initial Term Loan as a LIBOR Rate Loan if the Borrower has delivered to the Administrative Agent a letter in form and substance reasonably satisfactory to the Administrative Agent indemnifying the Lenders in the manner set forth in Section 5.9 of this Agreement). Upon receipt of such Notice of Borrowing from the Borrower, the Administrative Agent shall promptly notify each Term Loan Lender thereof. Not later than 1:00 p.m. on the Closing Date, each Term Loan Lender will make available to the Administrative Agent for the account of the Borrower, at the Administrative Agent’s Office in immediately available funds, the amount of such Initial Term Loan to be made by such Term Loan Lender on the Closing Date. The Borrower hereby irrevocably authorizes the Administrative Agent to disburse the proceeds of the Initial Term Loan in immediately available funds by wire transfer to such Person or Persons as may be designated by the Borrower in writing.

  • ADDITIONAL TERMS AND CONDITIONS This Annex A to the Second Amended and Restated Servicing Agreement, dated October 31, 2021 (the “Agreement”), among Xxxxx Bank and Xxxxx Trust Company, as Sellers, the Bank Assets Purchaser and, upon execution of the Joinder Agreement, the Delaware Trust Assets Purchaser, as Purchasers, and Guarantor (solely for purposes of Section 9.5 of the Agreement), is incorporated into and deemed part of the Agreement in all respects.

  • Extension Terms County may, at its sole option, extend the term of this Agreement beyond the Initial Term for up to ___ additional one-year terms at the same rates and under the same terms provided for herein (each such period being an “Extension Term”). County shall notify Contractor of its election for an Extension Term(s) as provided for in §6.

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