Extension Options Clause Samples

Extension Options. 2.3.1 Subject to and in accordance with the terms and conditions of this Section 2.3, Tenant shall have the number of Extension Options specified in Item 6 of the Basic Lease Information to extend the Term of this Lease for all spaces leased under this Lease at the time of the extension, for the respective Extension Terms specified in such Item 6, upon the same terms, conditions and provisions applicable to the then-current Term of this Lease (except as provided otherwise herein). The monthly Extension Term Base Rent payable with respect to all Data Halls (and their associated power) for each year of the Extension Term shall be increased hereunder as of the first (1st) day of each such year to be equal to [***]. 2.3.2 Tenant may exercise each Extension Option only by delivering an Extension Option Exercise Notice to Landlord at least [***] calendar months (and not more than [***] calendar months) prior to the then applicable expiration date of the Term, specifying that Tenant is irrevocably exercising its Extension Option so as to extend the Term of this Lease as it relates to each Phase by an Extension Term on the terms set forth in this Section 2.3. In the event that Tenant shall duly exercise an Extension Option, the Term for each Phase shall be extended to include the applicable Extension Term (and all references to the Term in this Lease as it relates to each Phase shall be deemed to refer to the Term specified in Item 5 of the Basic Lease Information, plus all duly exercised Extension Terms). In the event that Tenant shall fail to deliver an Extension Option Exercise Notice within the applicable time period specified herein for the delivery thereof, time being of the essence, at the election of Landlord, Tenant shall be deemed to have forever waived and relinquished such Extension Option, and any other options or rights to renew or extend the Term effective after the then applicable expiration date of the Term shall terminate and shall be of no further force or effect. 2.3.3 Tenant shall have the right to exercise any Extension Option only with respect to the entire Tenant Space leased by Tenant at the time that Tenant delivers the applicable Extension Option Exercise Notice. If Tenant duly exercises an Extension Option, Landlord and Tenant shall execute an amendment reflecting such exercise. Notwithstanding anything to the contrary herein, any attempted exercise by Tenant of an Extension Option shall, at the election of Landlord, be invalid, ineffec...

Extension Options. Subject to the provisions of this Section 2.7, Borrowers shall have the one-time option (the “First Extension Option”), by irrevocable written notice (the “First Extension Notice”) delivered to Agent no earlier than ninety (90) days prior to the Stated Maturity Date and no later than thirty (30) days prior to the Stated Maturity Date, to extend the Maturity Date to August 11, 2020 (the “First Extended Maturity Date”). In the event Borrowers shall have duly exercised the First Extension Option, Borrowers shall have the one-time option (the “Second Extension Option”), by irrevocable written notice (the “Second Extension Notice”) delivered to Agent no earlier than ninety (90) days prior to the Stated Maturity Date and no later than thirty (30) days prior to the First Extended Maturity Date, to extend the First Extended Maturity Date to August 11, 2021 (the “Second Extended Maturity Date”). Borrowers’ right to so extend the Maturity Date shall be subject to the satisfaction of the following conditions precedent prior to each extension hereunder (and each such condition shall be satisfied in connection with the exercise of each Extension Option unless such condition is otherwise expressly specified to apply solely to the First Extension Option or the Second Extension Option): (a) (i) no monetary Default, material non-monetary Default or Event of Default shall have occurred and be continuing on the date Borrowers deliver the First Extension Notice or the Second Extension Notice, as applicable, and (ii) no monetary Default, material non-monetary Default or Event of Default shall have occurred and be continuing on the Stated Maturity Date and the First Extended Maturity Date, as applicable; (b) Borrowers shall (i) obtain and deliver to Agent not later than one (1) Business Day prior to the first day of the term of the Loan as extended, one or more Replacement Interest Rate Cap Agreements from an Approved Counterparty, in a notional amount equal to the Outstanding Principal Balance, which Replacement Interest Rate Cap Agreement(s) shall be (A) effective for the period commencing on the day immediately following the then applicable Maturity Date (prior to giving effect to the applicable Extension Option) and ending on the last day of the Interest Period in which the applicable extended Maturity Date occurs and (B) otherwise on same terms set forth in Section 2.6 and (ii) execute and deliver an Acknowledgement with respect to each such Replacement Interest Rate Cap A...

Extension Options. At least 45 days prior to each of March 6, 2022 (the fifth anniversary of the Restatement Date) and March 6, 2023 (the sixth anniversary of the Restatement Date)September 1, 2025 and September 1, 2026, the Borrower may, by notice to the Administrative Agent (who shall promptly notify the Lenders) request that the Administrative Agent and the Lenders extend the date set forth in the definition of Termination Date by one year, and the Administrative Agent and the Lenders may, each in their sole and individual discretion, elect to do so, it being understood that (i) no extension shall be effective unless all Lenders unanimously agree to extend and (ii) any Lender who has not responded to such extension request within fifteen (15) Business Days following the date of the Administrative Agent’s notice of such extension request to the Lenders, shall be deemed to have rejected such request. In the event that one extension request is exercised and accepted by all Lenders, this Agreement shall be automatically amended as of March 6, 2022September 1, 2025 to provide that the definition of Termination Date would be extended to March 6September 1, 20232026. In the event that two extension requests are exercised and accepted by all Lenders, upon effectiveness of the second extension, this Agreement shall be automatically amended as of March 6, 2023September 1, 2026 to provide that the definition of Termination Date would be extended to March 6September 1, 20242027. Any extension pursuant to this Section 2.15 shall be effective as of the date of the amendment to this Agreement effecting such extension and each such amendment shall be conditioned upon: (x) no Default or Event of Default and (y) continued accuracy of the representations and warranties, in each case as of the date of such amendment in all material respects. The first extension request shall expire if not made on or prior to March 6, 2022September 1, 2025 and shall not take effect prior to March 6September 1, 20222025. The second extension request shall expire if not made on or prior to March 6, 2021September Conformed Credit Agreement - Page 73 ‌ 140760.01015/126600145v.2 ‌ ​ 1, 2026 and shall not take effect prior to March 6September 1, 20232026. In no event shall the Termination Date be later than March 6September 1, 20242027.

Extension Options. Borrower shall have the right, at its option, to extend the Stated Maturity Date until (i) March 1, 2008 (the “First Extended Maturity Date”), (ii) March 1, 2009 (the “Second Extended Maturity Date”) and (iii) March 1, 2010 (the “Third Extended Maturity Date”) by giving notice of such extension to Lender at least 15 days prior to (i) the originally scheduled Stated Maturity Date, in the case of extending the Term until the First Extended Maturity Date, (ii) the First Extended Maturity Date, in the case of extending the Term until the Second Extended Maturity Date and (iii) the Second Extended Maturity Date, in the case of extending the Term until the Third Extended Maturity Date. Upon receipt of any such request to extend the Stated Maturity Date, Lender will promptly confirm to Borrower in writing whether or not the Stated Maturity Date will be so extended, which extension will be granted upon the satisfaction of the following conditions: (a) no Event of Default exists at the time such request is made and on the originally scheduled Stated Maturity Date, the First Extended Maturity Date or the Second Extended Maturity Date, as applicable; (b) Borrower delivers to Lender an Officer’s Certificate confirming the accuracy of the information contained in clause (a) above; and (c) on or prior to the originally scheduled Stated Maturity Date, the First Extended Maturity Date or the Second Extended Maturity Date, as the case may be, Borrower either (i) extends the term of each Loan Interest Rate Protection Agreement to a date not earlier than the First Extended Maturity Date, the Second Extended Maturity Date or the Third Extended Maturity Date, as applicable, or (ii) enters into a new interest rate protection agreement which expires no earlier than the First Extended Maturity Date, the Second Extended Maturity Date or the Third Extended Maturity Date, as applicable, and which extension or new agreement is in respect of a notional amount of: (A) with respect to the Tranche A Interest Rate Protection Agreement, the maximum amount of the Tranche A Principal and (B) with respect to the Tranche B Interest Rate Protection Agreement, the Tranche B Notional Amount and are otherwise on the same terms set forth in Section 2.6 hereof and has the effect of capping LIBOR at (X) 6.00% per annum with respect to the Tranche A Interest Rate Protection Agreement and (Y) 4.50% per annum with respect to the Tranche B Interest Rate Protection Agreement. If Borrower is unable to sati...

Extension Options. Landlord grants Tenant the right to extend the Initial Term of this Lease six (6) consecutive times for a period of five (5) years each (each such extension, an "Extended Term"). Tenant may exercise its option for an Extended Term solely by giving written notice at least one hundred eighty (180) days prior to the termination of the then-current term. Tenant shall be entitled to exercise these options only if at the time of the giving of such notice, Tenant is then the lessee of the Property pursuant to this Lease, and at the time of the commencement of the applicable Term or Extended Term no Event of Default shall then exist. During the Extended Term, all of the terms and conditions of this Lease shall continue in full force and effect, as the same may be amended, supplemented or modified.

Extension Options. Four (4) extensions of five (5) years each, as described in Section 3.02.

Extension Options. Provided that there has been no Event of Default which is uncured and continuing on the part of the Tenant, and the Tenant is, as of the date of exercise and as of the commencement date of each Extension Term, actually occupying at least fifty percent (50%) of the Premises for its own business purposes, the Tenant shall have the right to extend the Term hereof for two (2) successive periods of ten (10) years each (each such period an “Extension Term”) on the following terms and conditions: (a) Such right to extend the Term shall be exercised by the giving of notice by Tenant to Landlord at least twelve (12) months prior to the expiration of the Initial Term or the then current Extension Term, as applicable (the “Extension Notice Deadline Date”). Upon the giving of such notice on or before the Extension Notice Deadline Date, this Lease and the Term hereof shall be extended for an additional term, as specified above, without the necessity for the execution of any additional documents except a document memorializing the Annual Fixed Rent for the Extension Term to be determined as set forth below. Time shall be of the essence with respect to the Tenant’s giving notice to extend the Term on or before the Extension Notice Deadline Date. In no event may the Tenant extend the Term under this Section 2.6 for more than twenty (20) years after the expiration of the Initial Term. (b) Each Extension Term shall be upon all the terms, conditions and provisions of this Lease, except the Annual Fixed Rent payable during each Extension Term shall be the then Extension Fair Rental Value of the Premises for such Extension Term, to be determined under Section 2.6(d) or Section 2.6(e) below, but in no case less than the Annual Fixed Rent that was applicable thereto immediately preceding the Extension Term with respect to which the Extension Fair Rental Value is to be established (the “Then Applicable Annual Fixed Rental Rate”). For purposes of this Section 2.6, the “Extension Fair Rental Value” of the Premises shall mean the then current fair market annual rent, for leases of other space in Cambridge, Massachusetts similarly improved, taking into account the condition to which such premises have been improved (including any replacements of existing improvements or performance of maintenance obligations (“Replacements”), but excluding any capital improvements to the Premises (i.e., other than Replacements) that enhance the value thereof, provided the same are made by the Tenant ...

Extension Options. Two (2) extensions of ten (10) years each, as described in Section 3.02.

Extension Options. Tenant shall have the option to extend the term of this Lease for one (_1_) period(s) of five (_5_) years, following each term hereof (the “Extended Term”), upon the condition that there is no default in the performance of any condition of this Lease for which a notice of default has been given to Tenant. However, in the case of any default which cannot with due diligence be cured prior to the last date on which Tenant is entitled to exercise the option, if Tenant shall have proceeded promptly after the service of the notice of default with due diligence to cure the default, Tenant may, nevertheless, exercise the option and shall be entitled to any such Extended Term. The Extended Term shall be upon the same conditions as provided in this Lease.