Term Option. The Borrower shall notify the Administrative Agent on or prior to the Delivery Date of the Term Option for the Aircraft, which notice shall be irrevocable.
Term Option. Lessee, at its option, shall have the right to extend the Term of this Lease on the same terms and conditions, as the original term thereof, except as otherwise provided in this Addendum with respect to the amount of Base Rent due during the respective extension period, for Two (2) additional consecutive term of Five (5) years (the "Extension Period"), subject to the satisfaction of the following conditions:
(i) Lessee's option to extend the Lease for the Extension Period shall be exercisable only by written notice to Lessor at least ninety (90) days prior to the commencement date of the Extension Period. If Lessee does not give Lessor written notice as aforesaid, Lessee shall be deemed to have not exercised its respective extension option.
(ii) At the time of exercise of the option and at the commencement of the Extension Period, Lessee shall not be in default under the Lease beyond any applicable grace period.
(iii) Upon exercising the option, the Base Rent will be the product obtained by multiplying the Base Rent for the immediately preceding Lease Year by one hundred four percent (104%). LESSEE IMPROVEMENTS -------------------
(a) Lessor has agreed to construct and complete the installation of lessee improvements, as set forth in Exhibit "B" to the Lease, within a budget of one hundred and twenty thousand and 00/100 ($120,000.00) toward the improvements requested by the lessee and it is agreed that the demising wall and .60 per S.
Term Option. The Borrower has the right, exercisable upon at least 30 days’ prior written notice to the Administrative Agent (provided such notice is received by the Administrative Agent no later than 30 days prior to the Conversation Date), to extend the Stated Maturity Date to the second anniversary of the Conversion Date (the “Term Option”), provided that at the time of exercise of such Term Option, no Default, Event of Default, Servicer Termination Event, or event that would constitute a Servicer Termination Event but for the passage of time or the giving of notice or both, has occurred and is continuing or will result from the exercise of such Term Option.
Term Option. Provided no Event of Default hereunder has occurred and is continuing, Borrower shall have the right and option to extend the Revolving Credit Loan Maturity Date for an additional twelve month period (“Term Option”) upon and in accordance with the following terms and conditions: (a) Borrower shall give written notice to Lender at least 30 days prior to the Revolving Credit Loan Maturity Date of its intent to exercise the Term Option; (b) Borrower and any guarantor shall execute and deliver to Lender all documentation as reasonably required by Lender in connection with the Term Option; and (c) Borrower shall pay to Lender its reasonable attorneys’ fees and costs in connection therewith. In the event Borrower exercises the Term Option, the outstanding principal balance of the Revolving Credit Note shall convert to a term loan and shall be due and payable in equal consecutive monthly installments of principal and interest in an amount determined by Lender which would allow the outstanding principal balance thereof to be repaid in twelve months, and shall be evidenced by, and Borrower hereby agrees to execute, a note or other documentation reasonably required by Lender to evidence the same.
Term Option. The Term of the Agreement shall commence upon execution of this Agreement and shall expire on the date set forth in Schedule I unless sooner terminated as provided herein.
Term Option. On the Commencement Date, the Company shall grant to Executive a non-qualified stock option (the “Term Option”) to purchase 120,000 shares of common stock, par value $0.001 per share, of the Company (the “Common Stock”). The Term Option shall become exercisable as follows: 40,000 shares shall become vested and fully exercisable on each of the first, second and third anniversaries of the Commencement Date. The exercise price per share shall be the greater of (A) Fair Market Value (as defined in this Agreement) or (B) the Cash Value (as defined in this Agreement) of the Common Stock on the Commencement Date, the date of grant.
Term Option. Except as otherwise expressly provided herein, this Agreement and the parties' obligations hereunder shall commence on the date hereof and shall terminate as to the Equipment upon the expiration or other termination of the Lease as to such Equipment and consummation of the purchase by the Company (or an Affiliate thereof) of such Equipment for the Termination Value thereof in accordance with the Lease; provided, however, that upon the termination of the Lease for any particular, and provided that the Company (or an Affiliate thereof) shall not have purchased such Equipment and paid the Termination Value thereof in accordance with the terms of the Lease, this Agreement shall continue in full force and effect as to such Equipment until the date such Equipment is sold to a Third Party or any earlier written notice from the Lessor of its election to terminate this Agreement as to such Equipment.
Term Option. Except as otherwise expressly provided herein, this Agreement and the parties' obligations hereunder shall commence on the date hereof and shall terminate as to each Phase upon the expiration or other termination of the Lease as to such Phase and consummation of the purchase by the Company (or an Affiliate thereof) of the Equipment for such Phase for the Termination Value therefor in accordance with the Lease; provided, however, that upon the termination of the Lease for any 112 119 Phase, and provided that the Company (or an Affiliate thereof) shall not have purchased the Equipment for such Phase and paid the Termination Value therefor in accordance with the terms of the Lease, this Agreement shall continue in full force and effect as to such Phase until the date the Equipment for such Phase is sold to a Third Party or any earlier written notice from the Lessor of its election to terminate this Agreement as to such Phase.
Term Option. (a) The term of this Lease (the "Term") shall be for a period of five years commencing as of January 19, 1996 (the "Commencement Date"), and ending on January 31, 2001 (the "Termination Date"), unless the term is extended pursuant to subparagraph (b) below, in which case the Termination Date shall be January 31, 2006.
(b) Tenant shall have the option to extend the term of this Lease an additional five years, provided that Tenant gives written notice of its intent to Landlord at least six months prior to the original Termination Date. The Base Rent (as defined in paragraph 3(a) below) for the five year option period shall be increased from $4.50/per square foot to $5.25/per square foot, and all other terms and conditions of this Lease shall continue to apply.
Term Option. At any time prior to the Revolving Maturity Date, Borrower may elect to convert up to Ten Million Dollars ($10,000,000) of the outstanding Advances into the Term Advance. Borrower shall exercise such option by delivering a notice to Bank, which shall be irrevocable, specifying the principal amount to be converted into the Term Advance, and specifying the portion of the Term Advance that will be a LIBOR Rate Advance (which shall bear interest at the LIBOR Rate plus the applicable LIBOR Margin) and which portion shall be a Reference Rate Advance (which shall bear interest at the Reference Rate plus the applicable Reference Margin). Borrower shall repay the Term Advance in twelve quarterly payments of principal, plus accrued interest, beginning on the first Business Day of the fiscal quarter following its election to convert and continuing on the same day of each fiscal quarter thereafter until the Term Advance has been repaid in full. Borrower may prepay all or any part of the Term Advance at any time or from time to time. Prepayments shall be applied first to fees, then to interest, then to principal installments in reverse order of maturity. Borrower shall execute and deliver to Bank a term promissory note in form acceptable to Bank on the day the Advances are converted under this Section.
