Restoration Payment if Elective Early Termination Occurs Sample Clauses

Restoration Payment if Elective Early Termination Occurs. In the event that Tenant does select the Elective Early Termination option pursuant to the terms of Section 7 above and the Lease Agreement terminates on the Elective Early Termination Date, the Restoration Payment shall be the lesser of: (i) the Actual Restoration Costs (defined below), or (ii) $250,000.00 (as applicable, the “Elective Termination Restoration Payment”), which amount shall be due and payable in full to Landlord thirty (30) days prior to the Elective Early Termination Date. In order to determine the “Actual Restoration Costs” for the foregoing Sections, Landlord shall, after determining, in its sole discretion, the scope of the Restoration of the Leased Premises that Landlord will undertake, obtain three (3) fixed price bids for the Restoration from general contractors that are licensed, bonded, and have at least 10-years experience constructing and/or restoring industrial buildings, selected by Landlord in its reasonable discretion after consulting with Tenant regarding Landlord's proposed contractors. The “Actual Restoration Costs” for the purposes hereof shall be the amount of the fixed price bid of the general contractor selected by Landlord to complete the Restoration of the Leased Premises; provided, however, if Landlord selects the general contractor with the highest fixed price bid, the Actual Restoration Costs shall be deemed limited to the amount of the middle fixed price bid. Notwithstanding the foregoing, the Actual Restorations Costs are subject to increase based on costs and expenses related to any change orders and unexpected costs and expenses, including, without limitation, any permit or code requirements or latent defects or conditions that were not factored into the original fixed price bid (as applicable, an “Actual Restoration Cost Increase”). Any additional Actual Restoration Costs resulting from an Actual Restoration Cost Increase following Tenant's payment of the Restoration Payment shall be made by Tenant to Landlord within fifteen (15) days of written notice of the Actual Restoration Cost Increase from Landlord. The obligation to reimburse Landlord for one or more Actual Restoration Cost Increases shall specifically survive the expiration or termination of the Lease Agreement, but shall remain subject to the caps in Sections 9.2.1 and 9.2.2 above. Notwithstanding the foregoing, Tenant shall have no obligation to pay for the installation of any new structures or systems or the upgrade of any existing structures or s...
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Related to Restoration Payment if Elective Early Termination Occurs

  • Early Termination Benefit If Early Termination occurs, the Bank shall distribute to the Executive the benefit described in this Section 2.2 in lieu of any other benefit under this Article.

  • Termination Payment The final payment delivered to the Certificateholders on the Termination Date pursuant to the procedures set forth in Section 9.01(b).

  • Automatic Early Termination provision of Section 6(a) will not apply to Party A and will not apply to Party B.

  • Termination for Non-Payment We may terminate this Agreement with immediate effect by giving written notice to you if you fail to pay any amount due under this Agreement on the due date for payment and remain in default not less than thirty

  • Lump Sum Severance Payment Payment of a lump sum amount equal to twelve (12) months of Executive’s then-current Base Salary plus the Pro Rated Bonus, less all customary and required taxes and employment-related deductions, paid on the first payroll date following the date on which the Release required by Paragraph 4(g) becomes effective and non-revocable, but not after seventy (70) days following the effective date of termination from employment.

  • Change in Control Benefit If a Change in Control occurs followed within twenty-four (24) months by Separation from Service prior to Normal Retirement Age, the Bank shall distribute to the Executive the benefit described in this Section 2.4 in lieu of any other benefit under this Article.

  • Payment upon Early Termination (a) Within three (3) calendar days after an Early Termination Effective Date, the Corporate Taxpayer shall pay to each TRA Party an amount equal to the Early Termination Payment in respect of such TRA Party. Such payment shall be made by wire transfer of immediately available funds to a bank account or accounts designated by such TRA Party or as otherwise agreed by the Corporate Taxpayer and such TRA Party or, in the absence of such designation or agreement, by check mailed to the last mailing address provided by such TRA Party to the Corporate Taxpayer.

  • ISDA Early Termination Date Party A has the right to designate an Early Termination Date pursuant to Section 6 of the Agreement;

  • Effective Date of Benefit Termination Medical, dental and life coverage termination will take effect on the first of the month following the loss of eligible employee or dependent status. Disability benefit coverage terminations will take effect on the day following loss of eligible employee status.

  • Separation Payment An ASF Member shall be compensated at the final rate of pay for all unused, accumulated vacation, leave time upon separation from state service, or movement to a vacation ineligible position. An employee on an unpaid leave of absence of more than one (1) year for a purpose other than accepting an unclassified position in state civil service, or an employee on layoff that results in separation from service, may elect to be compensated at the final rate of pay for unused accumulated vacation leave. This accumulated vacation payout shall not exceed two hundred and seventy-five (275) hours, except in the case of the ASF Member's death. Calculation of an ASF Member's hourly rate for purposes of computing vacation separation payment shall be based upon a base of two thousand eighty-eight (2,088) working hours per year. Appointment periods of less than one (1) year in duration shall be prorated on this basis. Except as provided in Article 16, Section C, Subdivision 4 which pertains to the separation payment to retirees, the separation payment will be made in cash.

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