Expansion Option Sample Clauses
POPULAR SAMPLE Copied 20 times
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 after the Closing Date elect to increase the U.S. Revolving Commitments, Alternative Currency Revolving Commitments or any Extended Revolving Commitments (“Increased Commitments”), in each case in an aggregate principal amount of not less than $10,000,000 so long as, after giving effect thereto, the aggregate amount of all such Increased Commitments would not exceed $75,000,000. The Company may arrange for any such increase to be provided by one or more Lenders (each Lender so agreeing to an increase in its U.S. Revolving Commitment, Alternative Currency Revolving Commitments or Extended 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 U.S. Revolving Commitment, Alternative Currency Revolving Commitments or Extended Revolving Commitment, or extend U.S. Revolving Commitments, Alternative Currency Revolving Commitments or Extended Revolving Commitments, as the case may be; provided that each Augmenting Lender and each Increasing Lender shall be subject to the approval of the Company, the Administrative Agent and the 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 Company, to effect the provisions of this Section 2.19.
Expansion Option. Effective as of the date hereof, Section 2.6 of the Original Lease is deleted in its entirety and Tenant’s only rights to lease additional space in the Building shall be as set forth in this Section 11 and Section 12 below. Except as otherwise provided in this Section 11, and provided that an Event of Default does not then exist and the Named Tenant, an Affiliate (as that term is defined in Section 13.8(a) of the Original Lease) or any entity to whom the Lease is assigned pursuant to the terms of Article 13 of the Original Lease (“Assignee”) is occupying the entire Premises, Tenant shall have the following options (the “Expansion Options”) to lease space in the Building: (i) the option to lease at least fifty percent (50%) of the rentable square footage on the third (3rd) floor of the Building, so long as the configuration of any space on the third (3rd) floor that is not leased (A) is contiguous and located at an end of the third (3rd) floor of the Building, (B) does not create exiting issues, and (C) is a marketable space with a marketable entrance, as determined in Landlord’s reasonable discretion, and (ii) if Tenant leases less than all of the third (3rd) floor of the Building when Tenant exercises the first Expansion Option, then the option to lease the balance of the third (3rd) floor of the Building (each, an “Expansion Option Space”) on the terms set forth in this Section 11.
11.1. The Expansion Options shall be exercised by only the Named Tenant, an Affiliate or an Assignee and only in the following manner: (1) Tenant shall deliver written notice to Landlord during the period from January 1, 2013 through and including March 31, 2014 (the “Expansion Period”), stating that Tenant will lease an Expansion Option Space and identifying the square footage of the Expansion Option Space Tenant desires to lease when Tenant exercises the first Expansion Option (the “Expansion Exercise Notice”); and (2) Landlord shall deliver notice (the “Expansion Delivery Notice”) to Tenant, within ten (10) days after Landlord’s receipt of the Expansion Exercise Notice, stating the date on which Landlord shall deliver possession of such Expansion Option Space to Tenant for construction of tenant improvements therein, which delivery date shall occur not less than thirty (30) days and not more than one hundred twenty (120) days after Landlord’s receipt of the Expansion Exercise Notice.
11.2. If Tenant delivers an Expansion Exercise Notice during the Expansion Period, then the...
Expansion Option. Paragraph 42 of the Lease shall be amended to reflect that Tenant shall have the option (the "Expansion Option") to lease up to Five Thousand, Two Hundred Thirty (5,230) square feet of space located in the basement of the Building (the "Basement Space"). Tenant must comply with the provisions of Paragraph 42 of the Lease regarding notification to the Landlord should Tenant choose to exercise the Expansion Option. Tenant is not required to lease the entire square footage of the Basement Space, provided that (i) Tenant may not lease an amount of square footage or a configuration which would leave the remaining Basement Space unusable by Landlord; (ii) Tenant's exercise of the Expansion Option shall be contingent upon Landlord's prior written approval of the proposed configuration of the portion of the Basement Space which will be taken by Tenant; and (iii) all costs, including labor and material, of constructing any demising wall or other construction required in order to delineate Tenant's chosen portion of the Basement Space shall be borne by Tenant. Within fifteen (15) days after Tenant exercises the Expansion Option, Tenant and Landlord shall execute an amendment to the Lease reflecting the addition of the Basement Space to the Premises. Once Tenant has exercised the Expansion Option, Tenant shall have no further option to lease any additional portion of the Basement Space. All other provisions of Paragraph 42 shall remain in full force and effect. The term of Tenant's Lease of all or any portion of the Basement Space shall expire upon expiration of the Term of the Lease, unless sooner terminated by Tenant in accordance with Paragraph 42 of the Lease. If Tenant does not exercise the Expansion Option on or before October 1, 1994, it shall expire automatically.
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. (a) Commencing as of November 1, 2005, the Premises shall be expanded to include an additional 51,600 rentable square feet contiguous to the existing Premises (the "Expansion Space"), as shown on the site plan attached hereto as EXHIBIT B-3. Thereafter, the Expansion Space shall be deemed a part of the Premises for all purposes hereunder. If Tenant occupies all or any portion of the Expansion Space prior to November 1, 2005, then notwithstanding anything to the contrary set forth herein, Tenant's lease of the Expansion Space shall be deemed to occur as of such occupancy, including, without limitation, Tenant's obligation to pay Base Rent and Additional Rent with respect to the Expansion Space.
(b) In addition, commencing as of the Date of Lease and continuing through and including the last day of the sixth (6th) month following the Commencement Date, and provided that no default has occurred and is then continuing, Landlord hereby grants to Tenant a right of first refusal (the "Right of First Refusal") to expand the Premises to include any space in the Building that is adjacent to the Premises (the "Refusal Space"), subject to the following terms and conditions:
(i) Subject to the other terms of this Right of First Refusal, after any part of the Refusal Space has or will become "Available Refusal Space" (as defined herein) for leasing by Landlord, Landlord shall not, during the term of this Lease, lease to another tenant that available portion of the Refusal Space without first offering Tenant the right to lease such Refusal Space.
(ii) Space shall be deemed to become "Available Refusal Space" in the event Landlord either (A) receives a bona fide proposal for the lease of some or all of the Refusal Space from a third party that Landlord desires to secure, or (B) makes a bona fide proposal for the lease of some or all of the Refusal Space to a third party that Landlord desires to secure and that such third party is willing to accept.
(iii) Consistent with subsection (i) above, Landlord shall not lease any Available Refusal Space unless and until Landlord has first offered the Available Refusal Space to Tenant in writing (the "Offer"). The Offer shall contain the following terms that have been offered by Landlord to the third party, or by the third party to Landlord and such terms are acceptable to Landlord: (A) a description of the Available Refusal Space, (B) the date on which Landlord expects the Available Refusal Space to be leased, (C) the Base Rent for...
Expansion Option. Tenant shall have first right of refusal (the “Expansion Option”) on the second floor of the Building and any other space in the Building or on the Land that is or becomes available for rent (the “Expansion Area”). If Landlord receives a bona fide offer, that Landlord is willing to accept for the lease of the Expansion Area or any portion thereof, before entering into a lease on the Expansion Area, Landlord will first offer to lease the Expansion Area to Tenant on the same terms and conditions as set forth in the bona fide offer. Tenant shall have fifteen (15) days from receipt of notice of the bona fide offer from Landlord (the “Offer Notice”) to exercise the Expansion Option and fifteen (15) days after the Tenant’s exercise of the Expansion Option to enter into a lease for the Expansion Area. In the event Tenant does not timely respond or a lease is not timely executed by Landlord and Tenant for the Expansion Area, the Expansion Option shall be deemed waived as to that bona fide offer, on the terms of the bona fide offer. Landlord may lease the Expansion Area only on the terms of the bona fide offer provided such lease is executed within ninety (90) days of the Offer Notice. If such lease is not executed within ninety (90) days, or if any change in the material terms oldie bona fide offer is contemplated, then Landlord must against submit the proposed terms to Tenant as set forth above. In the event Tenant elects to exercise the Expansion Options, Tenant shall accept the Expansion Area “AS IS” and Landlord shall have no obligation to make any alterations or complete any work on the Expansion Area, unless the terms of the bona fide offer included alterations or work on the Expansion Area, in which ease Landlord shall make alterations or complete work on the Expansion Area up to the cost in the bona fide offer.
Expansion Option. Provided that no default has occurred and is continuing under the Lease at the time of the exercise of the following Expansion Option, Tenant shall have a right of First Offer for available contiguous office space on the mezzanine and fourth floors (the "EXPANSION SPACE"), at the then market Rent with a minimum term of five (5) years; this right of First Offer is subject and subordinate to any similar prior rights which existing Tenants may have. It is understood and agreed that any expansion space may be offered to Tenant pursuant to this clause well before said space is actually vacated, and that any expansion space may be offered to Tenant pursuant to this clause at any appropriate time, including for example, when a Tenant notifies Landlord of its intention to vacate from potential expansion space, or prior to the time when a Lease is scheduled to terminate, or at any time when the Landlord would normally seek to offer for rent such space.
(i) prior to offering all or any portion of the Expansion Space to others, except to any existing tenants with prior rights at the Building, Landlord shall notify Tenant in writing of the specific space being offered and the rent and other terms on which it is being offered. Tenant shall have fifteen (15) days from receipt of Landlord's notice to accept the space being offered by providing written notice of such acceptance to Landlord.
(ii) For a period of fifteen (15) days after receipt of any such notice from Landlord pursuant to this SECTION 38.2, Tenant shall have the right to lease the Expansion Space from Landlord upon the terms and conditions set forth in such offer, and otherwise on the terms and conditions set forth herein. The terms and conditions of the Lease for the Expansion Space, shall generally be the same as for the initial Term. In the event Tenant agrees to lease the Expansion Space within such fifteen (15) day period, Landlord and Tenant shall promptly execute an amendment to the Lease, or new lease, indicating the location and configuration of the Expansion Space and stating the rent and other terms therefore.
(iii) If during or upon the expiration of such fifteen (15) day period, Tenant fails or declines to exercise its right to lease the Expansion Space then Tenant's option to exercise this option with respect to such Expansion Space shall cease and expire and be of no further force or effect until such time as the Expansion Space is again vacated by the tenant of such space or otherwise become...
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...