We use cookies on our site to analyze traffic, enhance your experience, and provide you with tailored content.

For more information visit our privacy policy.

Second Extension Term Sample Clauses

Second Extension Term. During the First Extension Term of this Agreement, Buyer shall use commercially reasonable efforts to transfer the Manufacturing of the Rythmol®SR Product(s) to a Third Party effective upon the expiration of the First Extension Term of this Agreement and shall provide Seller with reasonable written evidence of such efforts. If, as of the end of the first year of the First Extension Term, after exercise of its commercially reasonable efforts and/or prohibition of such transfer by applicable Law, rule or regulation, Buyer notifies Seller that it reasonably believes it may be unable to transfer the Manufacturing of the Rythmol®SR Product(s) hereunder prior to the expiration of the First Extension Term (which notice shall describe the basis for such reasonable belief), Buyer shall have the option to extend the Term hereunder for the Manufacture of the Rythmol®SR Product(s) for an additional two (2) year period, upon not less than twelve (12) months written notice to the Seller prior to the end of the First Extension Term (such additional two (2) year period, the “Second Extension Term”).
Second Extension Term. The provisions of Section 9 of Addendum No. 4 shall continue to apply during the Addendum No. 5 Extension Period, provided, however, that: (A) The reference therein to “November 1, 2015,” is hereby deleted and replaced with “November 1, 2027”; (B) The reference therein to “October 31, 2020,” is hereby deleted and replaced with “October 31, 2032”; (C) The reference therein to “May 1, 2014,” is hereby deleted and replaced with “May 1, 2026”; (D) The reference therein to “August 1, 2014,” is hereby deleted and replaced with “August 1, 2026”; (E) The reference therein to “39,624 rentable square feet (i.e., as re-measured under BOMA)” is hereby deleted and replaced with “33,258 rentable square feet,” subject to the exercise by Lessee of the Addendum No. 5 Option Space Option and/or the Addendum No. 5 Right of Opportunity; and (F) The reference therein to “First Extension Term” is hereby deleted and replaced with “Addendum No. 5 Extension Term.” Notwithstanding the foregoing to the contrary, if Lessee extends the Addendum No. 5 Hold Space Option Notice Deadline, then the dates set forth in this Section 11 shall be extended for the same number of months as the Adxxxxxx Xx. 0 Xxxxxxxxx Xxxx Xxpiration Date is extended.
Second Extension Term. Borrowers’ option to extend the Maturity Date for the Second Extension Term shall be subject to the following conditions being satisfied by Borrowers at their sole expense to the satisfaction of Administrative Agent and the Required Lenders: (a) Borrowers shall have delivered to Administrative Agent a written notice of Borrowers’ election to so extend the Maturity Date no later than thirty (30) days, but no earlier than ninety (90) days, prior to the last day of the First Extension Term; (b) No Default shall have occurred and then be continuing as of (i) the date of Borrowers’ notice of election to extend the Maturity Date or (ii) the last day of the First Extension Term; (c) The Marriott Agreements (other than any that shall have expired by its terms or been terminated in accordance with this Agreement) shall be in full force and effect as of the last day of the First Extension Term, and Hotel Owner and Operating Lessee shall certify to Administrative Agent that neither is in default under the Marriott Agreements; (d) Borrowers shall have delivered to Administrative Agent an estoppel certificate from the Condominium Association certifying to Administrative Agent if permitted under the Condominium Documents, or if not, to Borrowers, that Borrowers and Operating Lessee are current in all Common Charges and no other sums are outstanding from Borrowers to the Condominium Association; (e) All representations and warranties made by Borrowers, Operating Lessee and Guarantor in the Loan Documents (and any certificate, document or financial or any other statement furnished pursuant to or in connection therewith) shall be true and correct in all material respects on and as of the last day of the First Extension Term with the same force and effect as if made on and as of such date (or if not, no such failure shall be on account of facts that constitute or have a Material Adverse Effect or that constitute a Default; (f) The Extension Term Debt Service Coverage Ratio shall not be less than 1.25 to 1.0; provided, however, Borrowers shall be deemed to have satisfied the condition in this clause if, on or prior to the Initial Maturity Date, Borrowers (i) make a prepayment of the Loan in accordance with Section 1.8(c) in an amount equal to such amount as would cause the Extension Term Debt Service Coverage Ratio, recalculated taking into account the outstanding principal amount of the Loan immediately upon giving effect to said prepayment, to be not less than 1.25 to 1.0 ...
Second Extension TermIf Tenant exercises its extension option for the Second Extension Term, the Term shall be extended for an additional period of two (2) years on all of the terms and conditions of this Lease, except (i) Tenant shall have no further options to extend the Term, (ii) Landlord shall not be required to pay to Tenant any tenant improvement allowance or inducement and (iii) the monthly Base Rent for the Second Extension Term shall be the greater of (A) an amount equal to ninety-five percent (95%) of the “Fair Market Rent” prevailing at the commencement of the Second Extension Term or (B) the monthly Base Rent in effect at the end of the First Extension Term.
Second Extension TermTenant shall have the right, at its election, to extend the Original Term of this Lease as previously extended by the First Extension Term for an additional period of ten (10) years commencing upon October 1, 2024 and expiring upon September 30, 2034 (the "Second Extension Term"). Tenant shall exercise its option to extend the term for the Second Extension Term by giving Landlord written notice of its election no earlier than April 1, 2023, and no later than the later to occur of either (a) September 30, 2023, or (b) the date which is ten (10) business days after the receipt by Tenant of a written reminder notice from Landlord to Tenant (the "Second Option Reminder Notice") which expressly (a) refers to the option to extend the term for the Second Extension Term, and (b) states that the option to extend the term for the Second Extension Term shall expire on the later of either September 30, 2023, or ten (10) business days after the date of receipt of the Second Option Reminder Notice. The Second Option Reminder Notice shall be delivered no earlier than April 1, 2023.
Second Extension TermTenant shall have the exclusive, non-revocable right and option, at Tenant’s sole election, to extend the First Extension Term of this Lease (the “Second Extension Right”) for an additional term of ten (10) years (the “Second Extension Term”). Tenant may exercise the Second Extension Right by giving notice to Landlord of its intention so to do at least six (6) months prior to the expiration of the First Extension Term. The Second Extension Term shall be upon all of the terms and conditions set out in this Lease.
Second Extension TermThe Annual Rent to be paid to Landlord during the Second Extension Term shall be calculated as follows:
Second Extension TermThe Term of the Lease is hereby extended for forty-eight (48) months and, therefore, the “Term Expiration Date” is hereby amended to mean October 31, 2021. The period commencing on November 1, 2017 and ending on the new Term Expiration Date shall be referred to herein as the “Second Extension Term.” The term “Term,” as used in the Lease, shall refer to the Term as extended by the Second Extension Term.
Second Extension Term. Landlord grants to Tenant an option to extend Term of this Lease (the “Second Extension Option”) with respect to all (but not less than all) of the rentable area of the Premises leased by Tenant as of the Expiration Date of the First Extension Term for five (5) years (the “Second Extension Term”). The Second Extension Term shall commence immediately following the Expiration Date of the First Extension Term. The Second Extension Option shall be exercised, if at all, by written notice to Landlord at any time during the First Extension Term on or before the date that is one hundred eighty (180) days prior to the Expiration Date of the First Extension Term, which notice shall be irrevocable by Tenant. Notwithstanding the foregoing, if an Event of Default (following the expiration of all applicable cure period without cure) exists under this Lease either at the time Tenant exercises the Second Extension Option or at any time thereafter prior to or upon the commencement of the Second Extension Term, Landlord shall have, in addition to all of Landlord’s other rights and remedies under this Lease, the right to terminate the Second Extension Option and to cancel unilaterally Tenant’s exercise of the Second Extension Option, in which event the Expiration Date of this Lease shall be and remain the then scheduled Expiration Date of the First Extension Term, and Tenant shall have no further rights under this Lease to renew or extend the Term.
Second Extension Term. Subject to the terms and conditions of this Section 10, Sublessee shall have the right to extend the Term of this Sublease through the balance of the term of the Master Lease, which expiration date Sublessor hereby represents is November 13, 2010 (the "Second Extension Term"). The Second Extension Term, together with the First Extension Term and Initial Term shall be referred to as the "Term" if: (i) Sublessee has exercised the right to extend the Initial Term for the First Extension Term pursuant to Section 10(a); ------------------ [*] Confidential treatment requested. Redacted (ii) Sublessor receives notice of exercise ("Second Renewal Notice") not later than the date that is nine (9) months prior to the Expiration Date as amended by Section 10(a); (iii) Sublessee is not in default under this Sublease beyond any applicable cure periods at the time that Sublessee delivers its Second Renewal Notice and at the commencement of the Second Extension Term; and (iv) This Sublease has not been assigned by Sublessee and not more than seventy-five percent (75%) of the Premises has been further sublet by Sublessee prior to the date upon which Sublessee delivers its Second Renewal Notice. Base Rent during the first year of the Second Extension Term shall be the greater of (i) [*] of the Base Rent during the immediately preceding year or (ii) fair market rent. Commencing on the first anniversary of the Second Extension Term, and annually thereafter, Base Rent shall be increased to equal [*]% of the Base Rent during the immediately preceding year. Base Rent and Additional Rent for the Second Extension Term shall be payable on the same terms as such items are payable under this Sublease during the Initial Term and First Extension Term. For purposes hereof, "fair market rent" shall mean the effective base rental rates (including periodic adjustments to such base rental rates) then being received for premises of similar size and quality to the Premises, located in industrial parks in the South San Francisco area which are similar in size and quality to the Project, leased for terms of approximately equal length to the Term, and otherwise subject to leases containing substantially similar terms as those contained in this Sublease. Notwithstanding the foregoing, "fair market rent" shall not include any rental value attributable to improvements, alterations, fixtures, equipment, and personal property installed in the Premises at Sublessee's expense.