Reduction Option or Option means a reduction option purchased by You to reduce potential liability as described in clause 28.
Reduction Option. Notwithstanding anything to the contrary set forth in this Agreement, Sunrise may, by written notice to Marriott (the “Reduction Option Notice”) on or before the Reduction Option Outside Date, elect not to extend the terms of any or all of the Continuing Leases (the Leases that the Tenants have so elected not to extend, the “Option Facilities”), in which case Sunrise shall deliver to the Landlord, with a copy to Marriott, on or before the Reduction Option Outside Date, Terminating Lease Notices in respect of the Option Facilities and Continuing Lease Notices in respect of any other Continuing Leases that are not Option Facilities, if any, for which Sunrise had not previously sent to Landlord a Continuing Lease Notice. To the extent Sunrise so elects and complies with the notice requirements set forth in the immediately preceding sentence, then the following provisions shall be effective:
Reduction Option. You will not have to pay a bond and will not be responsible for the cost of any Damage subject always to clause 5.1. You can purchase this option by paying Cruisin $29 including GST per day for the GoCheap Hi Top, $45 including GST per day for all other vehicles. The total liability option charge is limited to a maximum of 50 days or $1,450 including GST for the GoCheap Hi Top, $2,250 including GST for all other vehicles and a minimum payable per segment based on the minimum rental period applicable for Your rental.
Reduction Option. A NIL Liability Reduction applies to all Campervans and Motorhomes. You can purchase this option by paying Dealer $22 including GST per day. The total liability option charge is limited to a maximum of 50 days or $1,100 including GST and a minimum payable per segment based on the minimum rental period applicable for Your rental. A bond of $100 including GST will be collected from You, at the time of You signing this Agreement. This Bond is payable to Dealer by an open signed credit card imprint with an authorisation obtained (sufficient funds must be available for $100 including GST).
Reduction Option. A Liability Waiver of $250 applies. This option can by purchased by paying to Apollo $18 per day. This total liability option charge is limited to a maximum of 40 days or $720. With this Option a bond of $250 will be collected from You, by an open signed credit card imprint with an authorisation obtained (sufficient funds must be available) for $250.
Reduction Option. Anytime during the Term the Lessee shall have a right to terminate the lease of any part of the Premises of up to maximum 30% of the area of the Premises (excluding the Parking Places) leased as of the Commencement date (hereinafter referred to as the “Reduced Area”) subject to further conditions set forth in this Article 3.3 below, and provided the Lessee shall deliver to the Lessor by registered mail a written notice at least nine (9) months prior the intended date of termination of the Reduced Area (hereinafter referred to the “Reduced Area Termination Date”) specifying the exact number of square meters, the exact location of the Reduced Area and the Reduced Area Termination Date (hereinafter referred to as the “Reduction Notice”). In such a case the Lessee shall not be obliged to pay any termination fee due to termination of the Reduced Area to the Lessor except for the payment agreed in Article 12.6.4 hereof. If the size of Reduced Area is smaller than or equal to 20% of the total initial area of Premises leased hereunder (either in case of one single termination or cumulatively in case of series of terminations as below), then
Reduction Option. Original Tenant shall have the one-time option (the "Reduction Option") of reducing the size of the Premises to be leased by Tenant under this Lease to no less than 10,000 rentable square feet, subject to prior written notice given by Tenant (the "Reduction Notice") on or before June 15, 2019 (the "Reduction Option Period"). In the event Tenant fails to deliver a Reduction Notice prior to the expiration of the Reduction Option Period, Tenant shall be deemed to have declined to exercise its Reduction Option. Notwithstanding anything in this Lease to the contrary, in no event shall Landlord be required to construct and/or fund any improvements to the Premises or perform any of its obligations under this Lease until the expiration of the Reduction Option Period and/or Tenant's waiver of its Reduction Option. In the event of a reduction pursuant to the Reduction Option, Landlord and Tenant shall enter into an amendment hereto (a) memorializing the reduction of the rentable square footage of the Premises and reducing all other amounts and figures based upon the reduced rentable and usable square footages of the Premises, (b) memorializing the new space plan applicable to the reduced Premises (which space plan is subject to Landlord's review and approval), and (c) assigning this Lease from Original Tenant to WPT Enterprises, Inc.
Reduction Option. Pursuant to Article 28 of the 0000 X. Xxxxxxxxxx Lease, Tenant has the right of first offer to elect to lease certain additional space in the 0000 X. Xxxxxxxxxx Building that becomes available for lease therein and that is other than the initial premises leased by Tenant under the 0000 X. Xxxxxxxxxx Lease (the “2855 E. Cottonwood ROFO Space”). If Tenant timely and properly exercises its right of first offer to lease any 0000 X. Xxxxxxxxxx ROFO Space pursuant to and in accordance with the terms and conditions of Article 28 of the 0000 X. Xxxxxxxxxx Lease, then Tenant shall have the concurrent option to terminate this Lease (the “Reduction Option”) as to a portion of the Premises leased from Landlord under this Lease (each, a “Reduction Premises”), which Reduction Premises must satisfy the Reduction Premises Criteria (as defined hereinbelow). To exercise such Reduction Option with respect to any applicable Reduction Premises meeting the Reduction Premises Criteria, Tenant must deliver to Landlord, concurrently with Tenant’s delivery to the 0000 X.
Reduction Option. 1. Provided that (i) this Lease is in full force and effect; and (ii) no event of default exists under this Lease that remains uncured beyond any applicable notice and cure period either on the date Tenant exercises its Contraction Option (as hereinafter defined) or on the Contraction Date (as hereinafter defined), (iii) Landlord and Tenant enter into an amendment to expand the 1100 Premises by at least 3,000 square feet of Rentable Area (the “Additional Premises’), and (iv) Tenant delivers Tenant’s prior written notice to Landlord of its intention to terminate (the “Contraction Notice”), at least 30 days prior to the Contraction Date, Tenant shall have the option (“Contraction Option”) to terminate this Lease as of the Contraction Date with respect to the 380 Premises (“Contraction Premises”). As used herein, the “
Reduction Option. Borrower shall have the option (the "Reduction Option") to reduce the Maximum Amount, without incurring any Early Termination Premium. The Reduction Option may be exercised only: (i) when no Default or Event of Default exists, (ii) prior to Aprix 0, 0000, (xxx) xxxer the consummation of the Permitted Accounts Sale, and (iv) upon 15 days' (or such shorter period not less than two Business Days as may be approved by the Agent) advance written notice to Agent. The amount of such reduction shall be at least $5,000,000 or integral multiples thereof; provided, however, that the Maximum Amount may not, as a result, be less than $25,000,000.
