Examples of Initial Extension Option in a sentence
In addition, if an Option Breach occurs after the date of Distributor’s exercise of the Initial Extension Option but prior to the date of the extension of the Term pursuant to the Initial Extension Option then the Company, in its sole discretion, shall have the option to refuse to permit the Term to be extended whereupon the Company shall return the Additional License Fee to Distributor.
Provided that Distributor shall have exercised the Initial Extension Option and the Term shall have been extended as provided in Section 8.2 and a Buy Back Option with respect to the Second Review Period shall not have been exercised as provided in Section 2.3, then Distributor shall have additional extension options to extend the Term for additional periods of three (3) years each (the “Additional Extension Options”).
Unless the Initial Extension Option is exercised as provided in this Section 8.2 it shall lapse and the Term shall not be extended.
The Initial Extension Option must be exercised by providing to the Company an irrevocable written notice of the election to exercise the Initial Extension Option at least **** prior to the end of the existing Term.
Landlord and Tenant hereby agree that both the Initial Extension Option (as described in the Fourth Amendment) and the Second Extension Term (as described herein) must be exercised for (and shall cover all of) the entire Project, and not merely a portion thereof.