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. 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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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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Examples of Second Option Term in a sentence

  • Each Option Term shall be subject to all the terms, covenants and conditions of the Lease, except as modified by this provision (meaning, no further options will be re-imposed, subject only to the Second Option Term).

  • The Authority, at its sole discretion, may electto extend the term of the Contract for the period of through (“Third OptionTerm”) by giving written notice to the Contractor prior to the expiration of the Second Option Term, unless earlier terminated ad provided herein.

  • The Tenant shall deliver written notice of its intent to exercise each Option Term, delivering such written notice to Landlord prior to but not after the date which is 365 days prior to the expiration of the initial Term (as to the First Option Term) or 365 days prior to the expiration of the First Option Term (for the Second Option Term), but no earlier than the date which is fifteen (15) months prior to the expiration of the then current Term.

  • 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.

  • The monthly base rental rate shall be at the monthly base rental rate at the end of the Lease Term, or First Option Term, or Second Option Term, if any, multiplied by a factor of 1.03 {i.e. an increase of the monthly base rental rate in the amount of Three percent (3%)}.

  • Prior to the completion of the first Option Term, but not earlier than one hundred and twenty (120) days before the completion of the Option Term, if the Contractor is not then in default, the City may approve an additional five-year Second Option Term Contract extension at its sole discretion.

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

  • The Tenant shall deliver written notice of its intent to exercise each Option Term, delivering such written notice to Landlord prior to but not after the date which is three hundred sixty four (364) days prior to the expiration of the initial Term (as to the First Option Term) or three hundred sixty four (364) days prior to the expiration of the First Option Term (for the Second Option Term), but no earlier than the date which is fifteen (15) months prior to the expiration of the then current Term.

  • If Tenant exercises the First Option, Landlord grants Tenant an additional option (the "Second Option") to extend the term of the Lease for one (1) additional term of five (5) years (the "Second Option Term").

  • 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.

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

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

  • 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.

  • Initial Optional Termination Date The first Distribution Date on which the aggregate Stated Principal Balance of the Mortgage Loans is equal to or less than 10% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date.

  • 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 2.1(h).

  • 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 2.2.1(b) hereof.

  • Second Extension Period means the period of one (1) Contract Year commencing immediately after the end of the First Extension Period.

  • 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;

  • 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 out in Section 9.1.