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ROFO Term Sample Clauses

ROFO Term. For any First Offer Space for which the rent-paying term would commence within the last five (5) years of the Term for the Premises (as it may have been extended), the foregoing ROFO provisions shall not apply unless Tenant has a then remaining option to extend the Term under Section 3 and, in Tenant’s Expansion Notice, Tenant commits to exercise such remaining option to extend; provided that, if Tenant so elects to exercise such option to extend, the Base Rent for the Extension Term shall be determined at the time and in the manner it would have been determined if such option to extend had been exercised at the time set forth in Section 2 of this Exhibit D.
Sample 1
ROFO Term. (a) If Tenant shall elect to lease the Offer Space in accordance with this Article 42, such Offer Space (or applicable portion thereof) shall be included in the demised premises for a term (as to any Offer Space, the “Tenant ROFO Term”) commencing on the Offer Space Effective Date with respect thereto (as determined in accordance with Section 42.08(b) hereof) and ending on the Expiration Date. Landlord shall deliver an Offer Space Notice with respect to any Offer Space not earlier than twenty four (24) months or later than six (6) months prior to the anticipated Offer Space Effective Date of such Offer Space (or not later than thirty (30) days prior to the anticipated Offer Space Effective Date of such Offer Space with respect to any Offer Space which becomes available by reason of the termination of any existing Lease by reason of the default of the then existing tenant thereunder). Notwithstanding anything contained in this Article 42 to the contrary, if the Offer Space is not contiguous to (or located on any portion of a floor immediately above or below) any other portion of the Premises, Tenant may elect (provided it does so in its Election to Lease Notice, failing which it shall be deemed to have waived its right to so elect) to lease any such non-contiguous Offer Space (“Short Term ROFO Space”) for a term (“Short Term ROFO Term”) specified in Tenant’s Election to Lease Notice which begins on the Offer Space Effective Date and ends at least five (5) years thereafter (it being acknowledged and agreed that Tenant shall thereafter have no right pursuant to Article 41 hereof or otherwise to extend the term of this Lease with respect to any such Short Term ROFO Space). (b) If Tenant shall elect to lease any Offer Space as hereinafter provided, the Base Rent payable for such Offer Space shall be, subject to adjustment as otherwise in this Lease provided, an amount equal to 100% of the fair market rental value of the applicable Offer Space, to be determined as provided in Sections 42.03 and 42.04 hereof and to be calculated as of the date of the applicable Election to Lease Notice on the basis of a new letting of the applicable Offer Space for a term of years equal to the Tenant ROFO Term commencing on the Offer Space Effective Date; provided, however, that the fair market rental value with respect to any Short Term ROFO Space shall be (i) calculated on the basis of a new letting of the applicable Short Term ROFO Space for the term (which shall be no shorter...
Sample 1

Related to ROFO Term

  • Notice to Terminate Notify Seller in writing that this Contract is terminated; or

  • Renewal Term If not sooner terminated, this Agreement shall renew at the end of the Initial Term and shall thereafter continue for successive annual periods, provided such continuance is specifically approved at least annually (i) by the Fund’s Board of Trustees or (ii) by a vote of a majority of the outstanding voting securities of the relevant portfolio of the Fund, provided that in either event the continuance is also approved by the majority of the Trustees of the Fund who are not interested persons (as defined in the 0000 Xxx) of any party to this Agreement by vote cast in person at a meeting called for the purpose of voting on such approval. If a plan under Rule 12b-1 of the 1940 Act is in effect, continuance of the plan and this Agreement must be approved at least annually by a majority of the Trustees of the Fund who are not interested persons (as defined in the 0000 Xxx) and have no financial interest in the operation of such plan or in any agreements related to such plan, cast in person at a meeting called for the purpose of voting on such approval.

  • 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.

  • 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.

  • Option to Terminate The Client and Contractor shall: (check one)

  • Renewal Option This Contract may be renewed under the same terms and conditions, subject to the approval of the Commissioner of the Department of Administration and the State Budget Director in compliance with IC § 5-22-17-4. The term of the renewed contract may not be longer than the term of the original Contract.

  • Extension Right Tenant shall have 1 right (the “Extension Right”) to extend the term of this Lease for 3 years (the “Extension Term”) on the same terms and conditions as this Lease (other than Base Rent) by giving Landlord written notice of its election to exercise each Extension Right at least 12 months, and no earlier than 18 months, prior to the expiration of the Base Term of the Lease.

  • Option Term This option shall have a term of ten (10) years measured from the Grant Date and shall accordingly expire at the close of business on the Expiration Date, unless sooner terminated in accordance with Paragraph 5 or 6.

  • Extension Option Subject to the provisions of this Section 5, Borrower shall have the option (the “First Extension Option”), by irrevocable written notice (the “First Extension Notice”) delivered to Lender no later than thirty (30) days prior to the Initial Maturity Date, to extend the Maturity Date to March 9, 2010 (the “First Extended Maturity Date”). In the event Borrower shall have exercised the First Extension Option, Borrower shall have the option (the “Second Extension Option”), by irrevocable written notice (the “Second Extension Notice”) delivered to Lender no later than thirty (30) days prior to the First Extended Maturity Date, to extend the First Extended Maturity Date to March 9, 2011 (the “Second Extended Maturity Date”). In the event Borrower shall have exercised the Second Extension Option, Borrower shall have the option (the “Third Extension Option”), by irrevocable written notice (the “Third Extension Notice”) delivered to Lender no later than thirty (30) days prior to the Second Extended Maturity Date, to extend the Second Extended Maturity Date to March 9, 2012 (the “Third Extended Maturity Date”). Borrower’s right to so extend the Maturity Date shall be subject to the satisfaction of the following conditions precedent prior to each extension hereunder: i. No Monetary Default or Event of Default shall have occurred and be continuing both on (A) the date Borrower delivers the First Extension Notice, the Second Extension Notice or the Third Extension Notice, as applicable, and (B) on the Initial Maturity Date, the First Extended Maturity Date and the Second Extended Maturity Date, as applicable; ii. Borrower shall obtain and deliver to Lender not later than one (1) Business Day prior to the first day of the term of the Loan as extended one or more Extension Interest Rate Cap Agreements from an Acceptable Counterparty which Extension Interest Rate Cap Agreement(s) shall have a strike rate equal to the Maximum Pay Rate and shall be effective for the period commencing on the day immediately following the then applicable Maturity Date (prior to giving effect to the applicable Extension Option) and ending on the last day of the Interest Period in which the applicable extended Maturity Date occurs; and iii. Borrower shall deliver (or shall commit to deliver within five (5) Business Days thereafter) a Counterparty Opinion with respect to the Extension Interest Rate Agreement and the related Acknowledgment.

  • Renewal Contract Term Upon mutual written agreement, the Parties may renew this Contract, in whole or in part, for a Renewal Term not to exceed the Initial Contract Term, pursuant to the incorporated Special Contract Conditions.

Most Referenced Clauses

Most Referenced Definitions