First Option to Extend definition
First Option to Extend means Borrower’s option, subject to the terms and conditions of Section 2.10, to extend the term of the Loan from the Original Maturity Date to the First Extended Maturity Date.
First Option to Extend shall have the meaning as set forth in Section 2.3.1.
First Option to Extend. – means Borrower’s option, subject to the terms and conditions of Section 2.10, to extend the term of the Loan from the Original Maturity Date to the First Extended Maturity Date.
Examples of First Option to Extend in a sentence
Except as modified by this First Option to Extend, the terms and conditions of this Agreement and the other Loan Documents as modified and approved by Lender shall remain unmodified and in full force and effect.
In the event that Borrower exercises the First Option to Extend, from and after the date of the notice of extension under Section 2.9(a) hereof through the First Extended Maturity Date, the Property shall support a Debt Yield of at least 11.25%, based upon Net Operating Income.
If Tenant fails to timely exercise the First Option to Extend in accordance with this paragraph, the exercise of the First and Second Options shall be deemed to have been waived by Tenant.
In the event Tenant exercises its First Option to Extend above, Tenant shall have the option to extend this Lease Agreement from 12:01 PM the 31st day of December, 2026, to 12:01PM on 31st Day of December 2031.
Tenant shall give Landlord written notice of Tenant's exercise of this First Option to Extend not later than twelve months prior to the expiration date of the Initial Term, in which event this Lease shall be extended for an additional ten (10) years ("First Extended Term") on all of the terms and conditions of this Lease except that the Basic Rent shall be adjusted as set forth below and this Paragraph 44 shall be of no further force and effect and deemed deleted thereby.
More Definitions of First Option to Extend
First Option to Extend means the option to extend the Mandatory Conversion Date pursuant to Section 3.6.
First Option to Extend shall have the meaning given to such term in Section 2.14.
First Option to Extend means Borrower’s option, subject to the terms and conditions of Section 2.16(a), to extend the term of this Agreement from the Original Maturity Date to the First Extended Maturity Date. “Fiscal Quarter” means any fiscal quarter of the Borrower. “Fiscal Year” means any fiscal year of the Borrower. “Fitch” means Fitch IBCA, Duff & ▇▇▇▇▇▇, a division of Fitch, Inc. and its successors. “Floor” shall mean a rate of interest equal to 0%. “Foreign Lender” means any Lender that is organized under the laws of a jurisdiction other than that in which the Borrower is resident for tax purposes. For purposes of this definition, the United States of America, each State thereof and the District of Columbia shall be deemed to constitute a single jurisdiction. “Fronting Exposure” means, at any time there is a Defaulting Lender, (a) with respect to the Letter of Credit Issuer, such Defaulting Lender’s Applicable Percentage of the outstanding Letter of Credit Obligations other than Letter of Credit Obligations as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders or Cash Collateralized by the Borrower or such Defaulting Lender in accordance with the terms of this Agreement; and (b) with respect to the Swing Line Lender, such Defaulting Lender’s Applicable Percentage of Swing Advances other than Swing Advances as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders or Cash Collateralized by the Borrower or such Defaulting Lender in accordance with the terms of this Agreement. “Fund” means any Person (other than a natural person) that is (or will be) engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its business. “GAAP” means generally accepted accounting principles applied on a basis consistent with those which, in accordance with Section 1.02, are to be used in making the calculations for purposes of determining compliance with the terms of this Agreement. “Governmental Authority” means the government of the United States of America or any other nation, or of any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to
First Option to Extend. The first extension option of Borrower pursuant to the terms and provisions of Section 19.1 herein.
First Option to Extend has the meaning given that term in Section 2.10.
First Option to Extend. Tenant is given the option to extend the term on all the provisions contained in this Lease, except for minimum monthly rent, for a three [3] year period ("the first extended term") following expiration of the initial term, by giving notice of exercise of the option ("the first option notice") to Landlord at least six [6] months but not more than one [one] year before the expiration of the initial term, TIME BEING OF THE ESSENCE as Landlord's receipt of the first option notice. Provided that, if Tenant is in default on the date of giving the first option notice, the first option notice shall be totally ineffective, or if Tenant is in default on the date the first extended term is to commence, the first extended term shall not commence and this Lease shall expire at the end of the initial term. The monthly rent for the first extended term shall be fixed at ninety (90%) percent of the Fair Market Rental Value of the Demised Premises at the time of the expiration of the initial Lease term, but in no event shall the base monthly rental be less than the base monthly rental for the last month of the initial Lease term. The parties shall have fifteen (15) days after Landlord receives the first option notice in which to agree on minimum monthly rent during the first extended term. If the parties agree on the minimum monthly rent for the first extended term during that period, they shall immediately execute an amendment to this Lease stating the minimum monthly rent. If the parties are unable to agree on the minimum monthly rent for the first extended term within that period, then within fifteen [15] days after the expiration of that period, LANDLORD shall provide to TENANT a list of three (3) real estate appraisers, each with at least 5 years' full-time industrial appraisal experience in the Morris County, New Jersey area and licensed by the State of New Je▇▇▇▇. Within ten (10) days of TENANT receiving the list of appraisers, TENANT shall notify LANDLORD of TENANT's choice of appraiser. Failure by TENANT to notify LANDLORD within this period shall cancel this First Option to Extend. Upon completion, the appraisal report shall be sent to TENANT and LANDLORD by certified mail, return receipt requested. Within ten (10) days of receiving the report, TENANT shall notify LANDLORD in writing of its intent to accept the Fair Market Rental Value rate determined by the appraiser. If TENANT accepts the appraisal rate and renews the Lease, the rate shall be used to determine ...
First Option to Extend has the meaning set forth in Section 10.3(c).