Second Option Term definition

Second Option Term has the meaning ascribed to it in Clause 9.14 and refers to the period specified in Item 7B of the Third Schedule and commencing from the expiration of the First Option Term;
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Second Option Term means the five (5) year period commencing at the expiration of the First Option Term, where both Parties have mutually approved the exercise of the option.
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Second Option Term. Beginning with the first (1st) lease year of the Second Option Term of this Lease and continuing through the expiration of the Second Option Term hereof, a sum equal to eight percent (8%) (the "percentage rent factor") of all "Gross Sales" resulting from business conducted in, on or from the leased premises during each lease year in excess of Nine Million and 00/100ths Dollars ($9,000,000.00) ("Breakpoint").
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Examples of Second Option Term in a sentence

  • In accordance with Section 3 of the Option Agreement, Grantee is, simultaneously with the delivery of this Notice of Extension, delivering to Owner an additional Option Fee of $2,500 for the Second Option Term.

  • By this Notice of Extension, the Second Option Term will expire on , 20 .

  • Notice of Option Term Extension (“Notice of Extension”) To Whom it May Concern: Please take notice that pursuant to the terms of the above described Option Agreement, Grantee/Lessee is hereby extending the First Option Term of the Option Agreement by an additional twelve (12) months, which shall now be considered the Second Option Term.

  • Two consecutive one-year terms, First Option Term and Second Option Term will be exercised at the sole discretion of the AOC.

  • Owner and Grantee agree to extend the [First Option Term / Second Option Term] of the Option Agreement by an additional [6, 12, 18, 24] months, which shall now be considered the [Second Option Term / Third Option Term].

  • For purposes of this Agreement, Option Term shall refer to the initial Option Term and the Second Option Term.

  • From and after the Effective Date, and during the Option Term and the Second Option Term, if applicable, Buyer and its agents shall be granted a right of entry on the Option Property to perform such soil, engineering and geological tests, studies and inspections, and to make such reports as Buyer shall deem suitable, and Seller shall cooperate with Buyer in this regard, provided, however, that Buyer shall give Seller reasonable notice of such tests and inspections.

  • The option shall be exercised, if at all, prior to the expiration of the Option Term or, if extended, the Second Option Term.

  • Upon receipt of the timely submitted Notice of Election, the Second Option Term shall extend the Option Term without further action by Seller, provided the initial Option Term has not been previously terminated.

  • For the purposes of the Hosted Solution Subscription Services Second Option Term / Year-2.


More Definitions of Second Option Term

Second Option Term is defined in Section 1.5
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Second Option Term for a period commencing on the day after the expiry of the First Option Term and ending on 14 February 2024.
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Second Option Term means the period of the extended lease term referred to in Item 12 and Clause 13.
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Related to Second Option Term

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

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

  • Call Option Period has the meaning given to it in Condition 6.04 (Call Option);

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

  • 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.

  • Subscription Term means the initial subscription term and if applicable any renewal subscription term of a Cloud Service identified in the Order Form.

  • 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.

  • Call Option Date As defined in Section 10.01(a) hereof.

  • Extended Term shall have the meaning given such term in Section 2.4.

  • Option Grant Date means, as to any Stock Option, the latest of:

  • Extension Term means the time period defined in §2.C.

  • Collaboration Term has the meaning set forth in Section 2.2.

  • Over-Allotment Option means the option of the Underwriters to purchase up to an additional 15 per cent of the firm units (as described in the Articles) issued in the IPO at a price equal to US$10 per unit, less underwriting discounts and commissions.

  • Option Date means, with respect to any Stock Option, the date on which the Stock Option is awarded under the Plan.

  • Automatic Renewal Term has the meaning set forth in Section 10(a) hereof.

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

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

  • Second Extension Period means a period of twelve (12) consecutive months following the First Extended Maturity Date.

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

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

  • Grant Year has the same meaning as in subclause 1(1) of Schedule 1 of HESA; ‘HESA’ means the Higher Education Support Xxx 0000; ‘maximum basic grant amount’ or ‘MBGA’ has the same meaning as in subclause 1(1) of Schedule 1 of HESA.

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

  • 3(i) Option means an Option granted pursuant to Section 3(i) of the Ordinance to any person who is Non- Employee.

  • Renewal Term has the meaning set forth in Section 2.