Extended Terms. Provided that no Event of Default shall have occurred and be continuing, Tenant shall have the right to extend the Term for two (2) renewal terms of fifteen (15) years each (each an “Extended Term”).If and to the extent Tenant shall exercise the options, the first Extended Term shall commence on May 1, 2017 and expire on April 30, 2032 and the second Extended Term shall commence on May 1, 2032 and expire on April 30, 2047. All of the terms, covenants and provisions of this Agreement shall apply to each Extended Term, except that Tenant shall have no right to extend the Term beyond April 30, 2047. If Tenant shall elect to exercise the option to extend the Term for the first Extended Term, it shall do so by giving Landlord Notice thereof not later than April 30, 2015, and if Tenant shall elect to exercise its option to extend the Term for the second Extended Term after having elected to extend the Term for the first Extended Term, it shall do so by giving Landlord Notice not later than April 30, 2030, it being understood and agreed that time shall be of the essence with respect to the giving of any such Notice. If Tenant shall fail to give any such Notice, this Agreement shall automatically terminate at the end of the Fixed Term or the first Extended Term as applicable and Tenant shall have no further option to extend the Term of this Agreement. If Tenant shall give such Notice, the extension of this Agreement shall be automatically effected without the execution of any additional documents; it being understood and agreed, however, that Tenant and Landlord shall execute such documents and agreements as either party shall reasonably require to evidence the same. Notwithstanding the provisions of the foregoing sentence, if, subsequent to the giving of such Notice, an Event of Default shall occur, at Landlord’s option, the extension of this Agreement shall cease to take effect and this Agreement shall automatically terminate at the end of the Fixed Term or the Extended Term, as applicable, and Tenant shall have no further option to extend the Term of this Agreement.
Extended Terms. Provided that this Lease has not been previously terminated, and as long as there exists no Lease Default (as hereinafter defined) at the time of exercise and on the last day of the Initial Term or the then current Extended Term (as hereinafter defined), as the case may be, Lessee is hereby granted the option to extend the Initial Term of this Lease for three (3) additional periods (collectively, the "Extended Terms") as follows: three (3) successive five (5) year periods for a maximum Term, if all such options are exercised, which ends on the fifteenth (15th) anniversary of the Expiration Date. Lessee's extension options shall be exercised by Lessee by giving written notice to Lessor of each such extension at least one hundred eighty (180) days, but not more than three hundred sixty (360) days, prior to the termination of the Initial Term or the then current Extended Term, as the case may be. Lessee shall have no right to rescind any such notice once given. Lessee may not exercise its option for more than one Extended Term at a time. During each effective Extended Term, all of the terms and conditions of this Lease shall continue in full force and effect, except that the Base Rent (as hereinafter defined) for each such Extended Term shall be adjusted as set forth in Section 3.1(b). Notwithstanding anything to the contrary set forth herein, Lessee's rights to exercise the options granted in this Section 1.3 are subject to the further condition that concurrently with the exercise of any extension option hereunder, Lessee shall have exercised its option to extend the terms of all of the Related Leases in accordance with the provisions of the Agreement Regarding Related Lease Transactions and the provisions of Section 1.3 of each of the Related Leases. 13
Extended Terms. Supplier may in its absolute discretion demand immediate settlement of credit accounts, suspend the Customer’s credit facility, reduce the Customer’s payment terms or require cash payment on or before delivery without notice, terminate any outstanding orders or do any combination of the foregoing. The Customer shall not be entitled to any compensation for termination of the credit facility.The Customer must keep Supplier promptly informed of any material adverse change in the Customer's financial or business circumstances.
Extended Terms. The terms of this Agreement shall be extended to cover offerings of additional shares of the Company’s common stock pursuant to the DRP which are offered pursuant to a separate registration statement (a “DRP Registration Statement”) and prospectus contained therein. Upon the effectiveness of such DRP Registration Statement, this Agreement shall automatically be deemed to cover the offering of such DRP shares, and the terms “Shares,” “Offering,” “Registration Statement” and “Prospectus” set forth herein shall be deemed to include the newly registered DRP shares, the DRP Registration Statement and the prospectus contained in the DRP Registration Statement, as applicable, as such DRP Registration Statement and prospectus may be amended or supplemented from time to time.
Extended Terms. The commission specified in Section 4.1 hereof with respect to a customer who is not a debtor-in-possession is based upon maximum selling terms of sixty (60) days, and no more extended terms or additional dating shall be granted by Client to any customer without Factor’s prior written approval. If such approval is given by Factor, Factor’s commission with respect to the Receivables covered thereby shall be increased by an additional one-quarter of one (1/4%) percent for each additional thirty (30) days or portion thereof of extended terms or additional dating.
Extended Terms. Beginning with the third anniversary of the date of this Agreement, the Term shall be extended automatically for an additional successive one-year 2 period as of each anniversary date of the date of this Agreement that occurs while this Agreement is in effect; provided, however, that if either party shall give written notice to the other not less than ninety days' prior any such anniversary the that no such automatic extension shall occur, then Craig's employment shall terminate on the anniversary date of the date of this Agreement that next occurs after such notice is given.
Extended Terms. This Agreement shall automatically renew for two consecutive thirteen year renewal terms (collectively, the "Extended Terms"). Each Extended Term shall commence on the day succeeding the end of the Initial Term or the preceding Extended Term, as applicable. All terms, covenants, conditions, and provisions of this Agreement shall apply to each Extended Term (except that Lyric may not extend the Term beyond the expiration of the Extended Term). Notwithstanding the foregoing, Franchisor may decide not to renew in any such case by giving notice to Lyric not less than six (6) months prior to the last day of the Term or Extended Term.
Extended Terms. At Callaway Golf's option, this Agreement may be -------------- extended for up to two (2) one-year Extended Terms for the calendar years 2002 and 2003. If Callaway Golf so elects, then Callaway Golf shall compensate Consultant during any such Extended Term at the rate of $200,000.00 per year, payable in equal monthly installments. Except as otherwise provided, the terms and conditions of this Agreement shall continue to define the relationship between Callaway Golf and Consultant, including the obligation of Callaway Golf to pay Consultant additional compensation for hours of service beyond one hundred (100) hours per year at the rate of $350 per hour.