Expansion Option Sample Clauses
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Expansion Option. The Company may from time to time elect to increase the 2023 Revolving Commitments or enter into one or more additional tranches of term loans (each an “Incremental Term Loan”), in each case in minimum increments of $10,000,000 so long as, after giving effect thereto, the aggregate amount of such increases of 2023 Revolving Commitments and all such Incremental Term Loans, together with all Permitted Equivalent Indebtedness incurred pursuant to Section 6.01(v), does not exceed $500,000,000. The Company may arrange for any such increase or tranche to be provided by one or more Lenders (each Lender so agreeing to an increase in its Commitment, or to participate in such Incremental Term Loans, an “Increasing Lender”), or by one or more new banks, financial institutions or other entities (each such new bank, financial institution or other entity, an “Augmenting Lender”; provided that no Ineligible Institution may be an Augmenting Lender), which agree to increase their existing Commitments, or to participate in such Incremental Term Loans, or provide new Commitments, as the case may be; provided that (i) each Augmenting Lender, shall be subject to the approval of the Company and the Administrative Agent (such consent not to be unreasonably withheld or delayed) and (ii) (x) in the case of an Increasing Lender, the Company and such Increasing Lender execute an agreement substantially in the form of Exhibit C hereto, and (y) in the case of an Augmenting Lender, the Company and such Augmenting Lender execute an agreement substantially in the form of Exhibit D hereto. No consent of any Lender (other than the Lenders participating in the increase or any Incremental Term Loan) shall be required for any increase in Commitments or Incremental Term Loan pursuant to this Section 2.20. Increases and new Commitments and Incremental Term Loans created pursuant to this Section 2.20 shall become effective on the date agreed by the Company, the Administrative Agent and the relevant Increasing Lenders or Augmenting Lenders, and the Administrative Agent shall notify each Lender thereof. Notwithstanding the foregoing, no increase in the Commitments (or in the Commitment of any Lender) or tranche of Incremental Term Loans shall become effective under this paragraph unless, (i) on the proposed date of the effectiveness of such increase or Incremental Term Loans, (A) the conditions set forth in paragraphs (a) and (b) of Section 4.02 shall be satisfied or waived by the Required Lenders...
Expansion Option. (i) The Borrower may from time to time after the Funding Date elect to increase the Aggregate Revolving Loan Commitment (each, a “Revolving Loan Increase”) or increase the aggregate principal amount of any Class of Term Loans or enter into one or more tranches of term loans (each an “Incremental Term Loan”), in each case in minimum amounts of $50,000,000 and increments of $10,000,000 so long as, after giving effect thereto, the aggregate amount of such Revolving Loan Increases and such Incremental Term Loans does not exceed (A) $325,000,000 plus (B) an additional amount, so long as, after giving effect to the incurrence of such additional amount (and assuming for such purposes that the entire amount of any such Revolving Loan Increase is fully funded), the pro forma Senior Secured Leverage Ratio does not exceed 2.75 to 1.00, it being understood that the aggregate principal amount of all Revolving Loan Increases, taken as a whole, shall not exceed $100,000,000. The Borrower may arrange for any such Revolving Loan Increase or Incremental Term Loan to be provided by one or more existing Lenders (each existing Lender so agreeing to an increase in its Revolving Loan Commitment, or to participate in such Incremental Term Loans, an “Increasing Lender”), or by one or more new banks, financial institutions or other entities (each such new bank, financial institution or other entity, an “Augmenting Lender”), to increase their existing Revolving Loan Commitments or to participate in such Incremental Term Loans (it being agreed that any Lender approached to provide any such Revolving Loan Increase or Incremental Term Loans may elect or decline, in its sole discretion, to provide such Revolving Loan Increase or Incremental Term Loans); provided that (i) each Augmenting Lender, shall be subject to the approval of the Borrower and the Administrative Agent and, in the case of a Revolving Loan Increase, the Issuing Banks (which consent shall not be unreasonably withheld or delayed), and (ii) with respect to any Revolving Loan Increase, (x) in the case of an Increasing Lender, the Borrower and such Increasing Lender execute an agreement substantially in the form of Exhibit E-1 hereto (each, an “Increasing Lender Supplement”), and (y) in the case of an Augmenting Lender, the Borrower and such Augmenting Lender execute an agreement substantially in the form of Exhibit E-2 hereto (each, an “Augmenting Lender Supplement”). No consent of any Lender (other than the Lenders partic...
Expansion Option. (a) The Company may from time to time, but not more than five (5) times during the term of this Agreement, elect to increase the aggregate Commitments and/or enter into one or more tranches of term loans (each, an “Incremental Term Loan”), in each case in a minimum amount of $10,000,000 and an integral multiple of $5,000,000 in excess thereof so long as, after giving effect thereto, the aggregate amount of such Commitment increases and all such Incremental Term Loans does not exceed $200,000,000. The Company may arrange for any such Commitment increase or Incremental Term Loan to be provided by one or more Lenders (each Lender so agreeing to an increase in its Commitment, or to participate in such Incremental Term Loans, an “Increasing Lender”), or by one or more new banks, financial institutions or other entities (each such new bank, financial institution or other entity, an “Augmenting Lender”), to increase their existing Commitments, or to participate in such Incremental Term Loans, or extend Commitments, as the case may be; provided that (i) each Augmenting Lender shall be subject to the approval of the Company and the Administrative Agent and, except in the case of an Incremental Term Loan, the Swingline Lender and the Issuing Bank, which approvals shall not be unreasonably withheld and (ii) (A) in the case of an Increasing Lender, the Company and such Increasing Lender execute an agreement substantially in the form of Exhibit G, and (B) in the case of an Augmenting Lender, the Company and such Augmenting Lender execute an agreement substantially in the form of Exhibit H hereto. No consent of any Lender (other than the Lenders participating in such Commitment increase or Incremental Term Loan) shall be required for any such increase or Incremental Term Loan pursuant to this Section 2.21.
(b) Commitment increases, new Commitments and Incremental Term Loans created pursuant to this Section 2.21 shall become effective on the date agreed by the Company, the Administrative Agent and the relevant Increasing Lenders and/or Augmenting Lenders, and the Administrative Agent shall notify each Lender thereof. Notwithstanding the foregoing, no increase in the aggregate Commitments (or in the Commitment of any Lender) or Incremental Term Loan shall become effective under this paragraph unless (i) on the proposed date of the effectiveness of such Commitment increase or Incremental Term Loan, (A) the conditions set forth in paragraphs (a) and (b) of Section 4.02 shal...
Expansion Option. (a) The Borrower may from time to time after the Closing Date elect to increase the Revolving Commitments (“Increased Commitments”) in an aggregate principal amount of not less than $25,000,000. The Borrower may arrange for any such increase to be provided by one or more Lenders (each Lender so agreeing to an increase in its Revolving Commitment, an “Increasing Lender”), or by one or more new banks, financial institutions or other entities (each such new bank, financial institution or other entity, an “Augmenting Lender”), to increase their existing Revolving Commitments or to participate in such Revolving Commitments, as the case may be; provided that each Augmenting Lender (and, in the case of an Increased Commitment, each Increasing Lender) shall be subject to the approval of the Borrower, the Administrative Agent, each Issuing Bank and Swingline Lender (such consents not to be unreasonably withheld or delayed). Without the consent of any Lenders other than the relevant Increasing Lenders or Augmenting Lenders, this Agreement and the other Loan Documents may be amended pursuant to an Additional Credit Extension Amendment as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Borrower, to effect the provisions of this Section 2.
Expansion Option. Tenant shall have the right and option to expand the Leased Premises ("Expansion Option") to include all of office space adjacent to the initial premises on the twelfth (12th) floor of the East Tower ("Expansion Space") on the following terms:
(a) Landlord shall notify Tenant in writing if it receives a request for lease proposal or bona fide interest to lease the Expansion Space from a third party (the "Third Party") and Tenant shall have seven (7) days from receipt of Landlord's notice to add the Expansion Space to this Lease by way of Lease Amendment as hereinafter provided.
(b) If after Landlord's notice of offer, Tenant does not notify Landlord of its election to lease the Expansion Space, Landlord may proceed to lease the Expansion space to such Third Party on terms and conditions, including rental rate, acceptable to Landlord. If a lease is not entered into by Landlord with such Third Party within six (6) months of Landlord's notice, Tenant's right to first offer and option for the Expansion shall revest.
(c) At any time during the Term when the Expansion Space is not leased to a third party or subject to negotiation by Landlord within six (6) months of Landlord's notice to Tenant as provided in Section 2.04(a), Tenant shall have the right by giving notice to Landlord to include the Expansion Space in this Lease by way of Lease Amendment as hereinafter provided.
(d) If the Expansion Option is exercised by Tenant with a term commencing on or before December 31, 1997, the Lease Amendment shall provide:
(1) An Annual Rental for the Expansion Space of TEN AND 50/100 DOLLARS ($10.50) per rentable square foot.
(2) A Tenant Improvement Allowance equal to 1/60th of the sum of TEN AND NO/100 DOLLARS ($10.00) times the rentable square footage of the Expansion Space times the number of months then remaining in the Initial Term.
(3) All other provisions of the Lease shall remain the same.
(e) If the Expansion Option is exercised by Tenant with a term commencing after December 31, 1997, the Lease Amendment shall provide:
(1) An Annual Rental Rate for the Expansion Space equal to One Hundred Percent (100%) of the Fair Market Value of the Expansion Space as determined under the procedures set forth on Exhibit "C" .
(2) All other provisions of the Lease shall remain the same.
(f) Tenant's Expansion Option for the Expansion Space shall expire upon an Event of Default of this Lease and upon the expiration of the Initial Term if not previously exercised before such da...
Expansion Option. On or before April 30, 2024 (the “Expansion Option Period”), Tenant shall have the option to expand the Premises to include any one or more of the following full floor east or west increments (the “Potential Expansion Space Increments”) if and to the extent that the applicable Potential Expansion Space Increment is then Available (as defined below), provided that Landlord shall ensure that at least one of the following Potential Expansion Space Increments is then Available: (i) Suite 500W, consisting of approximately 15,267 rentable square feet located on the fifth (5th) floor of the West Wing of the Building (the “5W Increment”), (ii) Suites 300E and 301E, collectively, consisting of approximately 15,969 rentable square feet in the aggregate on the third (3rd) floor of the East Wing of the Building (the “3E Increment”), and/or (iii) Suite 200W, consisting of approximately 10,514 rentable square feet on the second (2nd) floor of the West Wing of the Building (the “2W Increment”); subject to the terms and conditions hereof (the “Expansion Option”). If Tenant desires to lease any of the Potential Expansion Space Increments, Tenant shall deliver written notice thereof (“Tenant’s Availability Request XE “Tenant’s Expansion Notice” ”) to Landlord on or before the expiration of the Expansion Option Period. Within two (2) Business Days after receipt of Tenant’s Availability Request, Landlord shall notify Tenant in writing (“Landlord’s Availability Notice”) of all Potential Expansion Space Increments that are then Available, provided that at least one (1) of the Potential Expansion Space Increments must be Available, and the date(s) on which Landlord anticipates delivering possession of the applicable Potential Expansion Space Increment to Tenant free of any occupants (as applicable, the ”Anticipated Delivery Date”), which Anticipated Delivery Date(s) shall not occur prior to September 1, 2024. If Tenant desires to lease any Potential Expansion Space Increments listed as Available on Landlord’s Availability Notice, Tenant shall deliver written notice thereof (“Tenant’s Expansion Notice”) within ten (10) days after ▇▇▇▇▇▇’s receipt of Landlord’s Availability Notice. Tenant’s Expansion Notice must identify which of the Available Potential Expansion Space Increments it is electing to lease (each Available Increment elected by Tenant, the applicable “Expansion Space”). For purposes of this Section 1, a Potential Expansion Space Increment shall be considered “Available...
Expansion Option. So long as Silicon Energy is the Subtenant hereunder as of its exercise of the option granted herein, and subject to the conditions set forth below, Subtenant shall have one option to lease from Wind River (the "Expansion Option"), the remainder of the Master Premises (the "Expansion Space") on the same terms and conditions set forth in this Sublease for the sublease of the Sublease Premises, provided Subtenant notified Wind River in writing of exercise of the Expansion Option prior to December 31, 2000. Notwithstanding anything to the contrary contained herein, if Subtenant is in default under any of the terms, covenants or conditions of this Sublease at the time Subtenant exercises the Expansion Option, Wind River shall have, in addition to all of Wind River's other rights and remedies provided in this Sublease, the right to terminate the Expansion Option upon notice to Subtenant.
(a) In the event Subtenant exercises the Expansion Option in a timely fashion, Wind River and Subtenant shall enter into an amendment to this Sublease to add the Expansion Space to the definition of "Sublease Premises". In addition, the following terms shall be included in such amendment:
(i) The commencement date for the Expansion Space shall be the Expansion Space Delivery Date (as defined below);
(ii) Subtenant's Proportionate Share shall be increased to 100%.
(iii) the Base Rent applicable to the Expansion Space shall be the same as the then applicable Base Rent for the Premises; and
(iv) the term for the Expansion Space shall be the same as the Term set forth herein.
Expansion Option. Tenant shall have the right to lease from Landlord additional space on the first floor of the Building consisting of approximately 10,000 rentable square feet of space (in a single block of space) to be designated by Landlord (the "First Floor Expansion Space"), provided that (i) on or before the date that is one hundred twenty (120) days after the Commencement Date for the Phase I Premises, Tenant shall give Landlord written notice of its election to lease the First Floor Expansion Space, and (ii) at the time of such notice and on the Commencement Date for the First Floor Expansion Space, Tenant satisfies the Exercise Conditions, Tenant hereby agreeing that if Tenant fails to satisfy the Exercise Conditions as of the date of such notice, or as of the Commencement Date for the First Floor Expansion Space, Tenant's rights under this Section 2.5 shall expire and be of no further force and effect. Upon receipt of any such notice, Landlord and ▇▇▇▇▇▇ will prepare plans for the First Floor Expansion Space and Landlord shall improve the First Floor Expansion Space using the construction procedures described in Section 4.1, and the Tenant Allowance and occupancy procedures described in Sections 4.2 and 4.3. The Commencement Date for the First Floor Expansion Space shall be the earlier to occur of (i) the date on which the First Floor Expansion Space is Ready for Occupancy, as such term is defined in Section 2.2, or (ii) the date on which Tenant begins to conduct business operations in any portion of the First Floor Expansion Space. Upon the Commencement Date for the First Floor Expansion Space, the First Floor Expansion Space will be included as part of the Premises, and the Tenant's Percentage, Base Rent, Rentable Square Feet in the Premises and Tenant's Parking Spaces will be appropriately increased.
Expansion Option. Landlord hereby grants Tenant an option to expand ("Expansion Option") in accordance with the provisions of this Section 5(B). Landlord shall provide Tenant the option to lease between ten thousand (10,000) and twenty thousand (20,000) rentable square feet of area in the Building contiguous to the Premises, with such space being made first available to Tenant no sooner than the thirtieth (30th) month of the Lease Term and no later than the forty-eighth (48th) month of the Lease Term. Landlord shall provide Tenant with written notice of the availability of such space at least twelve (12) months prior to the date such space will first be available. Such notice shall also include the size and location of such space and the lease terms upon which Landlord offers such space for lease. All such terms shall be at the fair market rate for a comparable lease with a comparable lease term in comparable first class buildings in the area. All such space shall be offered to Tenant in its current, "as is" condition, unless such space has not been previously improved, in which case the tenant improvement allowance provisions of Section 5(E) below shall apply. Tenant may elect to lease such space by delivering written notice to Landlord no later than the date nine (9) months prior to the date such space is available to Tenant. Provided Landlord has delivered timely notice of the availability of such space to Tenant, Tenant's failure to deliver such notice by such date shall be deemed a waiver of Tenant's election to exercise the Expansion Option. If Tenant elects to lease such space but Landlord and Tenant are unable to agree upon the terms of such lease by the date thirty (30) days after delivery of Tenant's notice to lease such space, the lease terms shall be determined by arbitration in accordance with the provisions of Section 5(C) below (except the rate so determined shall not be a renewal rate).
Expansion Option. The Borrower may from time to time elect to increase the Revolving Credit Commitments in minimum increments of $25,000,000 (or such lesser amount as the Administrative Agent may agree) so long as, after giving effect thereto, the aggregate amount of such increases does not exceed $50,000,000. The Borrower may arrange for any such increase to be provided by one or more Lenders (each Lender so agreeing to an increase in its Revolving Credit Commitment, an “Increasing Lender”), or by one or more new banks, financial institutions or other entities (each such new bank, financial institution or other entity, an “Augmenting Lender”; provided that no Ineligible Institution may be an Augmenting Lender), which agree to increase their existing Revolving Credit Commitments, or provide new Revolving Credit Commitments, as the case may be; provided that (i) each Augmenting Lender, shall be subject to the approval of the Borrower, each Letter of Credit Issuer and the Administrative Agent and (ii) (x) in the case of an Increasing Lender, the Borrower and such Increasing Lender execute an agreement substantially in the form of Exhibit G hereto, and (y) in the case of an Augmenting Lender, the Borrower and such Augmenting Lender execute an agreement substantially in the form of Exhibit H hereto. No consent of any Lender (other than the Lenders participating in the increase) shall be required for any increase in Revolving Credit Commitments pursuant to this Section 2.15. Increases and new Revolving Credit Commitments created pursuant to this Section 2.15 shall become effective on the date agreed by the Borrower, the Administrative Agent and the relevant Increasing Lenders or Augmenting Lenders, and the Administrative Agent shall notify each Lender thereof. Notwithstanding the foregoing, no increase in the Revolving Credit Commitments (or in the Revolving Credit Commitment of any Lender) shall become effective under this paragraph unless, (i) on the proposed date of the effectiveness of such increase, (A) the conditions set forth in paragraphs (a) and (b) of Section 6.2 shall be satisfied or waived by the Required Lenders and the Administrative Agent shall have received a certificate to that effect dated such date and executed by an Authorized Officer of the Borrower and (B) the Borrower shall be in compliance with the covenant contained in Section 9.3 and (ii) the Administrative Agent shall have received documents and opinions consistent with those delivered on the effective...