Examples of Second Extension in a sentence

In the event Lessor and Lessee are unable to agree upon Rent terms for the Second Extension at least ninety (90) days prior to the expiration of the Term, the Rent terms for the Second Extension shall be determined by a panel of three (3) persons who have generally recognized expertise in evaluating hotel REIT leases and who are not Affiliates of Lessor or Lessee.
If such option is exercised, Lessor and Lessee shall negotiate in good faith modifications to the Rent for the Second Extension to adjust such Rent to market rates for arms-length hotel REIT leases between unrelated parties for similar hotel properties at that time.
The Second Extension shall be otherwise upon the same terms and conditions as set forth herein for the original Term.
Rent terms approved by at least two (2) of the three (3) panel members will be binding on Lessee and Lessor for the Second Extension, which shall be otherwise on the terms set forth herein.
In determining the market rates for the Second Extension, the panel members shall be instructed to consider hotel REIT lease terms with respect to similar hotel property types.

More Definitions of Second Extension

Second Extension shall have the meaning set forth in Article III(a).

Second Extension or “Chavant Extension” means the extension of the date by which the Company must consummate an initial business combination from January 22, 2023 to July 22, 2023, which extension has been approved by Chavant’s shareholders.

Second Extension. As defined in Section 2.3.

Second Extension has the meaning set forth in Section 1.

Second Extension is defined in Article II of this Agreement.

Second Extension shall have the meaning set forth in the first recital paragraph hereto.