Contraction Option definition

Contraction Option means the right granted to Tenant in Section 20.2 to terminate the Lease with respect to a portion of the Premises.
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Contraction Option. Any time after the fourth (4th) anniversary of the 1st Commencement Date through the day immediately prior to the tenth (10th) anniversary of the 1st Commencement Date, Tenant shall have the right to contract one time on the 10th floor portion of the Premises by fifty percent (50%) with twelve (12) months’ prior written notice. Tenant shall pay Landlord a payment equal to the then unamortized Deal Costs to the portion of the Premises to which the termination applies (determined utilizing a 7.5% interest rate compounded monthly in advance). Landlord shall then, at Landlord’s sole cost and expense, fully demise the remaining portion of the 10th Floor Premises from the rest of the 10th floor.
Sample 1
Contraction Option shall have the meaning set forth in Section 45.1 of this Lease.
Sample 1

Examples of Contraction Option in a sentence

  • If Tenant timely exercises the Contraction Option but fails to timely pay the Termination Payment allocable to such floor simultaneously with the delivery of its Contraction Notice, the exercise of the Contraction Option by Tenant shall be null and void and the Lease shall remain in full force and effect for all of the Leased Premises.

  • If Tenant fails to pay the 26672 Contraction Fee within such ten (10) business day period, Tenant’s exercise of the 26672 Contraction Option shall be null and void.

  • If Tenant timely provides to Landlord the Pre-Lease Contraction Option Exercise Notice as provided in this Section 51, then the Lease shall terminate solely with respect to the Contraction Space effective as of the date set forth in the Pre-Lease Contraction Option Exercise Notice.

  • Time is of the essence of delivery of the Contraction Option Notice and the Contraction Payment.

  • If Tenant fails to timely exercise the Contraction Option (by delivering written notice by February 28, 2003) the Contraction Option shall terminate automatically and Tenant shall have waived forever its right to exercise the Contraction Option.

  • All space added to (or deducted from) the Premises by Tenant’s exercise of its Expansion Option, Right of First Offer, Right of First Refusal, Contraction Option or otherwise shall be measured in accordance with the BOMA Standards.

  • The following Sections of the Lease are hereby deleted in their entirety from the Lease: Section 20.2 (Contraction Option) and Section 20.3 (the Termination Option).

  • By way of clarification, Tenant may exercise the 26632 Contraction Option at separate times, but each exercise of the 26632 Contraction Option must be with respect to separate eligible 26632 Contraction Space(s).

  • By way of clarification, Tenant may exercise the 26672 Contraction Option at separate times, but each exercise of the 26672 Contraction Option must be with respect to separate eligible 26672 Contraction Space(s).

  • You must retain for your own account the portion of all Losses that are not payable under this policy.


More Definitions of Contraction Option

Contraction Option as defined in Section 37.1(a).
Sample 1

Related to Contraction 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.

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

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

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

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

  • Option Contract means a standardised contract the effect of which is that a person acquires the option—

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

  • Option Term means a period, if any, through which this Agreement may be or has been extended by the JBE.

  • 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.

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

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

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

  • First Extension Option shall have the meaning set forth in Section 2.2.1(b) hereof.

  • 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.

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

  • Option Period means the period during which an Option may be exercised.

  • Option to Build means the option of the New Service Customer to build certain Customer- Funded Upgrades, as set forth in, and subject to the terms of, the Construction Service Agreement.

  • 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.

  • Option B has the meaning assigned that term in Section 8.03(e).

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

  • 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).

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

  • Compensation Options has the meaning ascribed in Section 8.1.

  • 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.

  • Purchase Option Notice As defined in Section 3.18(e).

  • Purchase Option Period As defined in Section 9.03(a) hereof.