Cancellation Option definition

Cancellation Option shall have the meaning set forth in Section 5.14(a).
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Cancellation Option is an option to cancel the Lease as of the end of the seventh Lease Year. The Cancellation Notice Date for the Second Cancellation Option is the last day of the third month of the seventh Lease Year. If all of the conditions of paragraph 3(a) above are met for the Second Cancellation Option, the Lease shall terminate at the end of the seventh Lease Year. If any of the conditions enumerated in paragraph 3(a) above are not satisfied, Tenant shall have no right to exercise the Second Cancellation Option and the Second Cancellation Option shall terminate.
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Cancellation Option. Lessee may cancel the lease as to all (but not less than all) of the equipment as of the end of the 36th month of the lease. At the date of cancellation Lessee shall pay a cancellation value equal to 55% of the Equipment Cost plus all rent and other sums due and unpaid as of that date including the rent payment due on that date and shall return the Equipment to Lessor.
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Examples of Cancellation Option in a sentence

  • For new properties, indicate whether there will be an Extension of Cancellation Option.

  • For 9% tax credit applications enter the number of years the Owner agrees to forgo the Cancellation Option beyond the 15-year compliance period.

  • The Target must use reasonable best efforts to procure that as soon as reasonably practicable, and in any event within 20 Business Days after the date of this deed, each person who is a holder of a Cancellation Option enters into an Option Cancellation Agreement with the Target.

  • California — 2 — Cancellation Option Observe the Contract and confirm the Financed Vehicle is not disclosed as “used” with a cash price of less than $40,000 and is purchased for personal use or, if so, confirm a completed and signed contract cancellation option agreement is in the Receivable File.

  • Travelers can add our Worry-Free Cancellation Option to their reservation for a 5% charge of the total reservation.

  • In the event either party exercises the Cancellation Option described above, it shall so notify the other party in writing and each party shall return forthwith all originals and copies of any financial or other records, instruments, or other documents it has received from the other party and, except as provided in this Agreement, all of the parties’ respective rights and obligations hereunder shall terminate immediately.

  • Non Payment Cancellation Option Full payment of all workshop courses is required before the completion of the workshop training.

  • Notwithstanding the foregoing, the parties’ respective obligations under Sections 6.2 and 6.3 above shall survive exercise of said Cancellation Option.

  • Cancellation Option: If no interest in the solicitation conference is indicated by prospective providers, the Department has the option of cancelling the conference and will do so by placing notice of cancellation of the conference on the MyFlorida.com website at http://fcn.state.fl.us/owa_vbs/owa/vbs_www.main_menu under the solicitation number.

  • If the Cancellation Option Notice is not received by the Company within thirty (30) days following the Option Date, then the Cancellation Option shall expire and be of no further force or effect.


More Definitions of Cancellation Option

Cancellation Option shall be added to reflect the following: Provided no Event of Default shall then exist and no condition shall then exist which with the passage of time or giving of notice, or both, would constitute an Event of Default. Tenant shall have the right at any time on or before six (6) months prior to the expiration of the sixtieth (60th) month of the Lease Term to send Landlord written notice (the “Termination Notice”) that Tenant has elected to terminate this Lease effective on the last day of the sixtieth (60th) month of the Lease Term (the “Termination Day”). If Tenant elects to terminate this Lease pursuant to the immediately preceding sentence, the effectiveness of such termination shall be conditioned upon Tenant paying to Landlord an amount equal to the portion of the sum of the cost of the Tenant Improvements and the leasing commissions paid by Landlord in connection with this Lease, together with interest at 10.5% per annum, which in unamortized as of the Termination Day (the “Unamortized Costs”) within ten (10) days after Landlord notifies Tenant of the amount of the Unamortized Costs. Such amount is consideration for Tenant’s option to terminate and shall not be applied to rent to any other obligation of Tenant. Landlord and Tenant shall be relieved of all obligations accruing under this Lease after the Termination Day but not any obligations accruing under this Lease prior to the effective date of such termination.
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Cancellation Option. Assuming Tenant is not in default beyond any applicable notice and cure period under the Lease, Tenant shall have the Option to Terminate, provided that (i) Tenant gives Landlord a written termination notice at least six (6) months prior to the early termination date, and (ii) the early termination date shall not occur during the first (84) months of the initial lease term. Concurrently with Tenant's written termination notice, Tenant shall reimburse Landlord for all then unamortized tenant improvements (if any) and broker commissions.
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Cancellation Option. As set forth in Section 2.04.
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Cancellation Option has the meaning ascribed thereto in the MTV Contract;
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Cancellation Option. If notice is received from 29 to the first day of the Event-50% of the cancellation charges; If notice is received from 59 to 30 days of the Event-25% of the cancellation charges; If notice is received between the date of the Agreement signing through 60 days from first day of the event- 0 % of Cancellation Charges Hotel agrees to credit 100 % of the Cancellation Charges owed under this section to the master account of a future Group event of the same or higher total anticipated revenue to the Hotel that takes place on the Hotel’s premises [on or before [insert date]] or [within ___ months after the last contracted program date.] Any deposits paid to Hotel shall be credited to such Cancellation Charges. In the event that the Event is not rebooked as set forth herein, the Cancellation Charges shall be nonrefundable. Deposits and cancellation fees applied to a rebooked event may not be applied to cancellation or attrition fees for the rebooked event and any unused credit will be retained by Hotel.
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Cancellation Option as defined in Section 38.1(a).
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Related to Cancellation Option

  • Termination Option means the option of either party to terminate a transaction in the event that the other party fails to perform a Firm obligation to deliver Gas in the case of Seller or to receive Gas in the case of Buyer for a designated number of days during a period as specified on the applicable Transaction Confirmation.

  • Extension Option shall have the meaning set forth in Section 2.5(c) hereof.

  • Replacement Option has the meaning ascribed thereto in Section 2.2(c).

  • Termination Option Event means an event of a kind defined as such in Section 4.1, 4.2 or 4.8.

  • Renewal Option has the meaning set forth in §12.1.

  • Conversion Option means the Company’s option to convert some or all of the Series D Preferred Stock into that number of shares of Common Stock that are issuable at the then-applicable conversion rate as described in Section 8(c) of these Articles Supplementary.

  • Compensation Options has the meaning ascribed in Section 8.1.

  • Replacement Options has the meaning ascribed thereto in Section 1.1 of the Plan of Arrangement;

  • Option Notice has the meaning set forth in Section 5.2(a).

  • Second Extension Option shall have the meaning set forth in Section 2.6.1 hereof.

  • 102 Option means any Option granted to Employees pursuant to Section 102 of the Ordinance.

  • Termination Right have the respective meanings given in the PRA Contractual Stay Rules.

  • Call Option means an exchange traded option with respect to Securities other than Stock Index Options, Futures Contracts, and Futures Contract Options entitling the holder, upon timely exercise and payment of the exercise price, as specified therein, to purchase from the writer thereof the specified underlying Securities.

  • Top-Up Option has the meaning set forth in Section 1.04(a).

  • Option Right means the right to purchase Common Shares upon exercise of an option granted pursuant to Section 4 of this Plan.

  • Call Option Notice means a written notice from the holder of the Call Option or the Administrator, as applicable, stating its desire to exercise the Call Option on the related Reset Date, delivered to each Clearing Agency, the Indenture Trustee, the Remarketing Agents, the Rating Agencies and, if the related class of Reset Rate Notes is then listed on the Luxembourg Stock Exchange, the Administrator will forward a copy to the Luxembourg Listing Agent (the contents of which are to be published in a leading newspaper having general circulation in Luxembourg).

  • Put Option means an exchange traded option with respect to Securities other than Stock Index Options, Futures Contracts, and Futures Contract Options entitling the holder, upon timely exercise and tender of the specified underlying Securities, to sell such Securities to the writer thereof for the exercise price.

  • Nonrenewal Notice Date has the meaning specified in Section 2.03(b)(iii).

  • Option means a stock option granted pursuant to the Plan.

  • Option to Extend has the meaning given that term in Section 2.13.

  • Shoe Option means the Initial Purchasers’ option to purchase up to seventy five million dollars ($75,000,000) aggregate principal amount of additional Notes as provided for in the Purchase Agreement.

  • Option to Renew is defined in subsection 6.1 of this Agreement.

  • Put Option Notice means a notice which must be delivered to a Paying Agent by any Noteholder wanting to exercise a right to redeem a Note at the option of the Noteholder;

  • Option 1 [X] Yes, but only with respect to a Contributing Participant's Elective Deferrals.

  • Rollover Option has the meaning set forth in Section 2.4(a).

  • Director Option means an Option granted pursuant to Section 6.