Expansion Option Sample Clauses

Expansion Option. Landlord holds development rights under the Special Permit for an additional building as shown on Exhibit 25.01, attached (the “Proposed Additional Building”). Landlord acknowledges that Landlord shall not, prior to the Outside Expansion Request date (as hereinafter defined) build the Proposed Additional Building and/or any related parking facilities, except as requested by Tenant pursuant to this Section 25.01. Tenant acknowledges that Landlord, pursuant to Section 20.11, has the right to build the Proposed Additional Building and related parking facilities, subject to the immediately preceding sentence. Tenant shall have the right, prior to the third anniversary of the Effective Date (the “Outside Expansion Request Date”) to request that Landlord pursue the development of the Proposed Additional Building by written notice (an “Expansion Notice”) to Landlord. Following the giving of such written notice, Landlord and Tenant shall cooperate in good faith to agree upon a schedule and budget for any such development, which shall include a pre-development phase for any additional required permitting. Any such expansion shall be conditioned upon (i) the parties entering into a mutually agreeable lease agreement at market rent (taking into account the financing available in the market, and allowing a market return to Landlord on its costs to construct the Proposed Additional Building, associated parking garage, site work, any offsite replacement parking or related improvements required to comply with applicable laws, codes and ordinances (including but not limited to the Pedestrian Bridge, but nothing in this sentence shall be deemed to make Tenant responsible for the cost to construct the Pedestrian Bridge if Tenant does not enter into a lease for the Proposed Additional Building pursuant to this Section 25.01), and for a term that is co-terminus with the term of this Lease but no less than 12 years (without use of extension options; however, in connection with a lease of the Proposed Additional Building, Tenant shall be granted the option to exercise an additional interim right to extend the term of this Lease by up to two years to make this Lease co-terminus with such Proposed Additional Building lease, such interim extension to be on the terms of this Lease with Annual Base Rent increasing in the same manner during such period as Annual Base Rent increases during the initial term of this Lease and to be exercised, if at all, by notice to Landlord given with ...

Expansion Option. The Company may from time to time elect to increase the Commitments or enter into one or more 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 and all such Incremental Term Loans does not exceed $300,000,000. 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 (other than an Ineligible Institution) (each such new bank, financial institution or other entity, an “Augmenting Lender”), which agree 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, JPMorgan and the Administrative Agent, (ii) no Augmenting Lender shall be an Ineligible Institution and (iii)(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, JPMorgan, 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 and the Administrative Agent shall have received a certificate to that effect dated such date and executed by a Responsible Officer of the Company and (B) the...

Expansion Option. From and after the Commencement Date, Tenant shall have a right of first offer to lease all or any portion of the Surrendered S▇▇▇▇ ▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇ in Building A or any vacant space in Building B during the Term (the “Offer Space”), in the event that all or any portion of the Offer Space is vacant or becomes vacant during the Term. Prior to leasing all or any portion of the Offer Space to any prospective third parties, Landlord shall notify Tenant in writing (“Landlord’s Offer Notice”) of the general terms and conditions, including without limitation, the size and location of the available space (the “Available Space”), the rent, tenant allowance and parking ratio, under which Landlord would be willing to lease such Available Space. Tenant shall have an option, exercisable by written notice to Landlord (“Tenant’s Acceptance Notice”) delivered to Landlord within ten (10) business days after Tenant’s receipt of Landlord’s Offer Notice, to lease all or a portion of the Available Space in accordance with the provisions contained in Landlord’s Offer Notice. As a condition to Tenant’s right of first offer, as of the date Tenant delivers Tenant’s Acceptance Notice to Landlord, there shall be no continuing Event of Default (beyond applicable notice and cure periods) by Tenant under the Lease. Promptly after Tenant provides Landlord with Tenant’s Acceptance Notice for the lease of the Available Space pursuant to the preceding sentence, the parties shall enter into an amendment to the Lease that incorporates the Available Space as part of the Premises. If Tenant elects not to lease all or any portion of the Available Space specified in Landlord’s Offer Notice, the right of first offer shall terminate as to such Available Space and Landlord shall be free to lease the Available Space to any third party; provided, however, the terms and conditions of any lease with the third party are substantially the same as those set forth in Landlord’s Offer Notice. For purposes hereof, the terms offered to a third party shall be deemed to be “substantially the same as those set forth in Landlord’s Offer Notice” if there is no more than a seven percent (7%) reduction in the “bottom line” cost per rentable square foot of the Available Space to the third party when compared with the “bottom line” cost per rentable square foot under Landlord’s Offer Notice, considering the following economic terms in both deals, respectively: (i) base rent, (ii) tenant allowance, (iii) any tenant...

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. Tenant shall have the option to lease the following office space (collectively, the "Expansion Space") consisting of ( i) 8,242 rentable square feet located on the 31st floor of the ▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ currently occupied by Tenant under the terms of the Lease ("31st -28- Floor Space") and (ii) either, at Landlord's option, 25,540 rentable square feet located on the 26th floor of the 10 South ▇▇▇▇▇▇ Building ("Suite 2600") which is depicted on Exhibit F or 25,324 rentable square feet located on the 20th floor of the ▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ which is depicted on Exhibit G ("Suite 2000"). Each Expansion Option shall be exercised by notice to Landlord on or before (i) June 1, 2003 with respect to the 31st Floor Space and (ii) July 1, 2003 with respect to either Suite 2000 or Suite 2600, provided that such notice will not be effective if any uncured default then exists and applicable grace periods with respect thereto have then expired, and provided further that, with respect to ▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇▇▇ may accelerate the date by which Tenant must exercise its option under clause (ii) to a date no earlier than April 1, 2003 which is ten (10) days after notice by Landlord to Tenant that Landlord has negotiated the terms of and is prepared to sign a bona fide lease of not less than 10,000 square feet of Suite 2000. If such Expansion Option is timely exercised, (i) the 31st Floor Space shall be delivered to Tenant and added to the Premises on the Extension Commencement Date, (ii) if Landlord designates ▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇ shall be delivered to Tenant and added to the Premises on January 1, 2004 and (iii) if Landlord designates ▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇ shall be delivered to Tenant and added to the Premises on July 1, 2004 or such earlier date as to which Tenant may agree. Base Rent for the Expansion Space shall be based upon the base rental rates applicable to the other Office Premises. Notwithstanding Section 14.C., Tenant shall not, without Landlord's consent, sublease the 31st Floor Space or Suite 1818 (if such space becomes part of the Premises) to Members.

Expansion Option. 25.1 Provided no Event of Default exists, Tenant may lease up to 5,175 Rentable Square Feet designated on Exhibit A-1 (the “Expansion Space”), by delivering to Landlord, on or before December 31, 2017, written notice of Tenant’s election to include such space in the Premises, which notice must include the portion of the Expansion Space that Tenant intends to occupy. If Tenant timely exercises its option, then (a) possession of the Expansion Space shall be delivered to Tenant in an “AS-IS” condition on the date Landlord delivers possession of the Expansion Space to Tenant (the “Expansion Date”), and (b) Tenant and Landlord shall execute an amendment to this Lease including the Expansion Space in the Premises on the same terms as this Lease, except as follows: (i) the Rentable Square Feet of the Premises shall be increased by the Rentable Square Feet in the Expansion Space; and (ii) the Basic Rent for the Expansion Space shall be equal to the per Rentable Square Foot Basic Rent for the Premises then currently payable (provided, Landlord will ▇▇▇▇▇ Basic Rent and Tenant’s Proportionate Share of Operating Expense Rental and Real Estate Tax Rental for the Expansion Space for the first one hundred twenty (120) days following the Expansion Date) and Landlord will provide Tenant with the same per square foot Tenant Work Allowance as provided for the Premises, multiplied times a fraction, the numerator of which is the number of months remaining in the Term as of the date of the Expansion Date and the denominator of which is the number of months in the Term. 25.2 If Tenant fails or is unable to timely exercise its right hereunder, such right shall lapse, time being of the essence with respect to the exercise thereof (it being understood that Tenant’s right hereunder is a one-time right only), and Landlord may lease all or a portion of the Expansion Space to third parties on such terms as Landlord may elect, subject to Article XXVIII. Tenant’s rights under this Article XXV shall terminate if (a) this Lease or Tenant’s right to possession of the Premises is terminated, (b) Tenant assigns any of its interest in this Lease or sublets any portion of the Premises, or (c) Landlord determines, in its sole but reasonable discretion, that Tenant’s financial condition or creditworthiness has materially deteriorated since the date of this Lease. Park Ten Plaza – RigNet, Inc. Table of Contents

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. The Company may from time to time elect to increase the Commitments in minimum increments of $100,000,000 so long as, after giving effect thereto, the aggregate amount of such increases does not exceed $500,000,000. 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 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 Commitments 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 (such approval not to be unreasonably withheld) 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 E hereto (with such changes as are reasonably agreed to by the Company, the Administrative Agent and the Increasing Lender), and (y) in the case of an Augmenting Lender, the Company and such Augmenting Lender execute an agreement substantially in the form of Exhibit F hereto (with such changes as are reasonably agreed to by the Company, the Administrative Agent and the Augmenting Lender). No consent of any Lender (other than the Lenders participating in the increase) shall be required for any increase in Commitments pursuant to this Section 2.19. Increases and new Commitments created pursuant to this Section 2.19 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) 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 5.03 shall be satisfied or waived by the Required Lenders and (B) the Company shall be in compliance (on a pro forma basis) with the covenants contained in Sections 6.08 and 6.09 and (ii) the Administrative Agent shall have received documents and opinions of counsel consistent with those delivered on the Effective Date as to the corporate power and authority of the Borrowers to borrow hereunder after giving effect to such increase. On the effective date o...

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...