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.
Appears in 1 contract
Extension Options. At least 45 days prior (a) The Borrower may request that the Termination Date applicable to each of March the SPA Acquisition Bridge Facility and the Additional Share Purchase Facility be extended, subject to the terms of this Clause 2.4, by delivering to the Agent an Extension Request not less than 10 Business Days before the Original Termination Date, for a further period of six (6, 2022 ) Months (the fifth anniversary First Extension, the Original Termination Date extended by the First Extension, the Extended Termination Date).
(b) Following the delivery of an Extension Request in accordance with paragraph (a) above, the Termination Date applicable to each 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 SPA Acquisition Bridge Facility and the Lenders extend Additional Share Purchase Facility will be extended by 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 First Extension provided that:
(i) no extension shall be effective unless all Lenders unanimously agree to extend Default has occurred and is then continuing or would occur as a result of the First Extension;
(ii) any Lender who has not responded to such extension request within fifteen (15) Business Days following at the date time of delivery of the Administrative Agent’s notice of such extension request Extension Request and at the Original Termination Date, the Repeating Representations to the Lenders, shall be deemed to have rejected such request. In the event that one extension request is exercised and accepted made 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 each Obligor 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 correct 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 ; and
(iii) the Borrower has paid three (3) Business Days before the Original Termination Date to the Agent (for the account of the Lenders pro rata) an extension fee equal to 0.50 per cent. of the aggregate amount of the Total Commitments being extended.
(c) The Borrower may request that the Extended Termination Date applicable to each of the SPA Acquisition Bridge Facility and the Additional Share Purchase Facility be later extended, subject to the terms of this Clause 2.4, by delivering to the Agent an Extension Request not less than March 6September 110 Business Days before the Extended Termination Date, 20242027for a further period of six (6) Months (the Second Extension, together with the First Extension, the Extensions).
(d) Following the delivery of an Extension Request in accordance with paragraph (c) above, the Extended Termination Date applicable to each of the SPA Acquisition Bridge Facility and the Additional Share Purchase Facility will be extended by the Second Extension provided that:
(i) no Default has occurred and is then continuing or would occur as a result of the Second Extension;
(ii) at the time of delivery of the Extension Request and at the Extended Termination Date, the Repeating Representations to be made by each Obligor are correct in all material respects; and
(iii) the Borrower has paid three (3) Business Days before the Extended Termination Date to the Agent (for the account of the Lenders pro rata) an extension fee equal to 0.75 per cent. of the aggregate amount of the Total Commitments being extended.
(e) An Extension always applies to each of the SPA Acquisition Bridge Facility and the Additional Share Purchase Facility.
(f) An Extension Request shall be irrevocable.
(g) The Agent shall promptly notify each Lender of any such Extension Request.
Appears in 1 contract
Extension Options. At least 45 days prior to each of March 6, 2022 20202022 (the fifth thirdfifth anniversary of the Restatement Date) and March 6, 2023 20212023 (the sixth fourthsixth anniversary of the Restatement Date)September 1, 2025 and September 1, 2026Date), 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 20202022 to provide that the definition of Termination Date would be extended to March 6September 16, 2023202620212023. 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 20212023 to provide that the definition of Termination Date would be extended to March 6September 16, 2024202720222024. 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 20202022 and shall not take effect prior to March 6September 16, 2022202520202022. 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 2021 and shall not take effect prior to March 6September 16, 2023202620212023. In no event shall the Termination Date be later than March 6September 16, 2024202720222024.
Appears in 1 contract
Extension Options. At 2.3.1 Subject to and in accordance with the terms and conditions of this Section 2.3, so long as no Event of Default has occurred and is subsisting, Tenant shall, subject to the terms and conditions contained herein, have three (3) options to extend the Term (each, an “Extension Option”) specified in Item 7 of the Basic Lease Information to extend the Term with respect to the entire Tenant Space, each for an additional term of one hundred twenty (120) calendar months each (collectively the “Extension Terms”, each an “Extension Term”), upon the same terms, conditions and provisions applicable to the then current Term (except as provided otherwise herein) and the Indemnity Agreement shall remain in full force and effect, except that: (i) there shall be no further right to extend, renew or overhold after the expiry of the Extension Term beyond the 3rd Extension Term; (ii) the Base Rent for the Extension Term shall be calculated in the manner set out below; (iii) there shall be no Landlord’s Work, Tenant’s allowance, fixturing period, Tenant improvements or rent-free period for the Extension Term and Section 2.2 hereof shall not apply; (iv) without increasing Landlord’s obligations or reducing Tenant’s obligations, the Property shall be accepted by Tenant in “as is” condition at the commencement of the Extension Term without Landlord being required to perform any Landlord Extraordinary Repair Obligation; and (v) the Indemnity Agreement shall remain in full force and effect.
2.3.2 The annual Base Rent payable with respect to the Tenant Space for each year of each Extension Term (the “Option Rent”) shall be as follows:
(i) The Option Rent for each year of the first (1st) Extension Term shall be increased annually by the percentage increase of the CPI from the Prior Comparison Month through the Current Comparison Month, as more particularly described in Item 9 of the Basic Lease Information.
(ii) The Option Rent for each year of the second (2nd) Extension Term shall be increased annually by the percentage increase of the CPI from the Prior Comparison Month through the Current Comparison Month, as more particularly described in Item 9 of the Basic Lease Information.
(iii) The Option Rent for each year of the third (3rd) Extension Term shall be increased annually by the percentage increase of the CPI from the Prior Comparison Month through the Current Comparison Month) as more particularly described in Item 9 of the Basic Lease Information. For greater certainty, Base Rent will increase annually (or may remain the same) based on the percentage increase in the CPI, but may never decrease.
2.3.3 Tenant may exercise each Extension Option only by delivering to Landlord a written notice (an “Option Exercise Notice”) at least 45 days twelve (12) calendar months (and not more than eighteen (18) calendar months) prior to each of March 6, 2022 (the fifth anniversary then applicable expiration date of the Restatement Date) and March 6Term, 2023 (the sixth anniversary of the Restatement Date)September 1, 2025 and September 1, 2026, the Borrower may, by notice specifying that Tenant is irrevocably exercising its Extension Option so as to the Administrative Agent (who shall promptly notify the Lenders) request that the Administrative Agent and the Lenders extend the date Term by an Extension Term on the terms set forth in this Section 2.3. If Tenant shall duly exercise an Extension Option, 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 Term shall be effective unless extended to include the applicable Extension Term (and all Lenders unanimously agree references to extend and (ii) any Lender who has not responded the Term shall be deemed to such extension request within fifteen (15) Business Days following refer to the date Term specified in Item 6 of the Administrative Agent’s notice Basic Lease Information, plus all duly exercised Extension Terms). If Tenant shall fail to deliver an Option Exercise Notice within the applicable time period specified herein for the delivery thereof, time being of such extension request to the Lendersessence, Tenant shall be deemed to have rejected forever waived and relinquished such request. In Extension Option, and any other options or rights to renew or extend 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 Term effective after 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 then applicable expiration date of the amendment to this Agreement effecting such extension Term shall terminate and each such amendment shall be conditioned upon: (x) of no Default further force or effect.
2.3.4 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 an 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, ineffective, and of no force or effect if, on the date on which Tenant delivers an Option Exercise Notice or on the date on which the Extension Term is scheduled to commence there shall be an uncured Event of Default Default. Tenant and (y) continued accuracy of Indemnifier shall forthwith execute and deliver such documentation as reasonably required by Landlord to give effect to 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, 20242027foregoing extension.
Appears in 1 contract
Sources: Lease Agreement (Equinix Inc)
Extension Options. At least 45 days On or prior to each of March 6September 20, 2022 2012 (the fifth second anniversary of the Restatement Closing Date) and March 6September 20, 2023 2013 (the sixth third anniversary of the Restatement Date)September 1, 2025 and September 1, 2026Closing Date), 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) Domestic 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 6September 20, 2022September 1, 2025 2012 to provide that the definition of Termination Date would be extended to March 6September 1September 20, 202320262015. 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 6September 20, 2023September 1, 2026 2013 to provide that the definition of Termination Date would be extended to March 6September 1September 20, 202420272016. 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 6September 20, 2022September 1, 2025 2012 and shall not take effect prior to March 6September 1September 20, 202220252012. The second extension request shall expire if not made on or prior to March 6September 20, 2021September Conformed Credit Agreement - Page 73 140760.01015/126600145v.2 1, 2026 2013 and shall not take effect prior to March 6September 1September 20, 202320262013. In There shall be no event shall more than two (2) extension requests, resulting in total extensions no longer than two (2) years, so that the Termination Date be is no later than March 6September 1September 20, 202420272016.
Appears in 1 contract
Extension Options. At least 45 days prior to each of March 611, 2022 2017 (the fifth third anniversary of the Restatement Closing Date) and March 611, 2023 2018 (the sixth fourth anniversary of the Restatement Date)September 1, 2025 and September 1, 2026Closing Date), 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 611, 2022September 1, 2025 2017 to provide that the definition of Termination Date would be extended to March 6September 111, 202320262018. 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 611, 2023September 1, 2026 2018 to provide that the definition of Termination Date would be extended to March 6September 111, 202420272019. 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 611, 2022September 1, 2025 2017 and shall not take effect prior to March 6September 111, 202220252017. The second extension request shall expire if not made on or prior to March 611, 2021September Conformed Credit Agreement - Page 73 140760.01015/126600145v.2 1, 2026 2018 and shall not take effect Credit Agreement - Page 51 116414841 v.12 prior to March 6September 111, 202320262018. In There shall be no event shall more than in aggregate two (2) extension requests, resulting in total extensions no longer than two (2) years, so that the Termination Date be is no later than March 6September 111, 202420272019.
Appears in 1 contract
Sources: Senior Secured Revolving Credit Agreement (HMS Income Fund, Inc.)
Extension Options. At least 45 days On or prior to each of March 6, 2022 (the fifth anniversary of the Restatement Closing Date (the “First Extension Date”) and March 6, 2023 (the sixth anniversary of the Restatement Date)September 1, 2025 and September 1, 2026Closing Date (the “Second Extension Date”), 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) Domestic 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 the First Extension Date to provide that the definition of Termination Date would be extended to March 6September 1, 20232026by one year. 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 the Second Extension Date to provide that the definition of Termination Date would be extended to March 6September 1, 20242027by a subsequent year. 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 the First Extension Date and shall not take effect prior to March 6September 1, 20222025the First Extension Date. 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 the Second Extension Date and shall not take effect prior to March 6September 1the Second Extension Date. There shall be no more than two (2) extension requests, 20232026. In resulting in total extensions no event shall longer than two (2) years, so that the Termination Date be is no later than March 6September 1, 20242027the seventh anniversary date of the Closing Date.
Appears in 1 contract
Extension Options. At least 45 days On or prior to each of March 6, 2022 the fourth anniversary of the Closing Date (the “First Extension Date”) and the fifth anniversary of the Restatement Date) and March 6, 2023 Closing Date (the sixth anniversary of the Restatement Date)September 1, 2025 and September 1, 2026“Second Extension Date”), 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) Domestic 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 the First Extension Date to provide that the definition of Termination Date would be extended to March 6September 1, 20232026by one year. 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 the Second Extension Date to provide that the definition of Termination Date would be extended to March 6September 1, 20242027by a subsequent year. 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 the First Extension Date and shall not take effect prior to March 6September 1, 20222025the First Extension Date. 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 the Second Extension Date and shall not take effect prior to March 6September 1the Second Extension Date. There shall be no more than two (2) extension requests, 20232026. In resulting in total extensions no event shall longer than two (2) years, so that the Termination Date be is no later than March 6September 1, 20242027the ninth anniversary date of the Closing Date.
Appears in 1 contract
Extension Options. At least 45 days prior Subject to each of March 6the terms hereof, 2022 Tenant shall have the option, but no the obligation, (the fifth anniversary “Extension Option”) to elect to exercise any single one of the Restatement Date) and March 6following extension options, 2023 provided that Tenant exercise such Extension Option by written notice delivered to Landlord no later than November 30, 2013 (the sixth anniversary “Extension Notice”), which Extension Notice shall identify which of the Restatement Date)September following three (3) options Tenant has elected to exercise:
(a) Tenant may elect to extend the Term as to Suite 110 for an additional sixty (60) months commencing June 1, 2025 and September 12014. During such extended Term, 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 Base Rent (structured as per the Third Amendment to Lease) for the Premises (i.e., Suite 110) shall be effective unless all Lenders unanimously agree to extend payable at the initial monthly rate of $1.93 per rentable square foot (for the lease year beginning June 1, 2014 and ending May 31, 2015), with three percent (3%) annual escalations, and (ii) any Lender who has not responded the Base Year shall be the calendar year 2014; or
(b) Subject to Suite 130 then being available for lease, Tenant may elect to expand the Premises to include Suite 130 and extend the Term for an additional sixty (60) month period, commencing June 1, 2014 (unless agreed upon by the parties to be prior to such extension request date). During such extended Term, (i) Base Rent (structured as per the Third Amendment to Lease) for the Premises (i.e., Suite 110 and Suite 130) shall be payable at the initial monthly rate of $1.93 per rentable square foot (for the lease year beginning June 1, 2014 and ending May 31, 2015), with three percent (3%) annual escalations, (ii) the Base Year shall be the calendar year 2014, and (iii) the Security Deposit shall be increased to an amount equal to $28,251.34. For purposes of this Extension Option the Suite 130 shall not be considered available if Landlord has leased, or committed to Lease, Suite 130 (subject to Landlord’s compliance with the provisions of Section 3 below and Tenant’s rejection or deemed rejection of its Right of First Refusal). Landlord and Tenant acknowledge that Suite 130 is not separately metered for electricity, and the electricity used by Tenant in Suite 130 shall be paid for by Tenant by separate charge (based upon the electricity used as reasonably estimated or allocated by Landlord ) payable by Tenant to Landlord within fifteen (15) Business Days days after billing by Landlord. For the avoidance of doubt, this option (b) shall not be available if Tenant has exercised its Right of First Refusal as provided below or if Landlord has leased Suite 130 following Landlord’s compliance 1862335.6 with the date provisions of Section 3 below and Tenant’s rejection (or deemed rejection) of its Right of First Refusal; or
(c) Tenant may elect to extend the Administrative Agent’s notice of Term as to Suite 110 for an additional twelve (12) months commencing June 1, 2014. During such extension request to extended Term, (i) Base Rent for the LendersPremises (i.e., Suite 110) shall be deemed to have rejected such request. In payable at the event that one extension request is exercised monthly rate of $2.16 per rentable square foot, and accepted by all Lenders, this Agreement (ii) the Base Year shall be automatically amended as of March 6, 2022September 1, 2025 the calendar year 2014. Tenant’s right 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, exercise any Extension Option is expressly conditioned 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, Tenant not being 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, 20242027Default.
Appears in 1 contract
Extension Options. At Tenant is hereby granted options to extend the Lease Term for additional periods of one (1) month each (each such additional period being herein referred to as an "Extended Term") by giving written notice of such extension to Landlord prior to the expiration of the Lease Term (as extended); provided, however, that in the event the Other Lease is terminated, then with respect to Extended Terms commencing on or after the first day of the seventh (7th) calendar month from and after the calendar month within which occurred the Rental Commencement Date, the options to extend the Lease Term granted hereunder shall be exercised by Tenant giving written notice of each such extension to Landlord at least 45 thirty (30) days prior to each of March 6, 2022 (the fifth anniversary expiration of the Restatement Date) and March 6Lease Term (as previously extended); further provided, 2023 (the sixth anniversary of the Restatement Date)September 1however, 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 Lease Term shall not be extended beyond (and the Lenders extend Lease Term, if not sooner terminated, shall end on) 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 earlier to do so, it being understood that occur of: (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 the date fifteen (15) Business Days following the date days after "Substantial Completion" of the Administrative Agent’s notice of such extension request "Demised Premises" as those terms are defined in the Other Lease; or (ii) June 30, 2000. Tenant shall have the right to the Lenders, shall be deemed exercise these options to have rejected such request. In the event extend provided 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 on the date of such amendment in exercise no default or event of default under this Lease then exists. Each Extended Term shall be upon all material respectsof the same terms, covenants and conditions of this Lease then applicable. The first extension request term "Lease Term" as used in this Lease shall expire if not made on or prior to March 6, 2022September 1, 2025 mean the initial Lease Term 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, 20242027any Extended Term which may become effective.
Appears in 1 contract
Sources: Temporary Lease Agreement (Wells Real Estate Investment Trust Inc)
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, 2026Date), 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 2022 to provide that the definition of Termination Date would be extended to March 6September 16, 202320262023. 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 2023 to provide that the definition of Termination Date would be extended to March 6September 16, 202420272024. 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 2022 and shall not take effect prior to March 6September 16, 202220252022. 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 2021 and shall not take effect prior to March 6September 16, 202320262023. In no event shall the Termination Date be later than March 6September 16, 202420272024.
Appears in 1 contract
Extension Options. At least 45 days prior to each of March 6November 8, 2022 (the fifth anniversary of the Restatement Date) 2028 and March 6May 8, 2023 (the sixth anniversary of the Restatement Date)September 1, 2025 and September 1, 20262029, 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 definitions of each of the Termination Date and the Final Maturity 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 6November 8, 2022September 1, 2025 2028 to provide that the definition definitions of Termination Date and Final Maturity Date would be extended to March 6September 1November 8, 202320262029 and May 8, 2030, respectively. 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 6November 8, 2023September 1, 2026 2029 to provide that the definition definitions of Termination Date and Final Maturity Date would be extended to March 6September 1November 8, 202420272030 and May 8, 2031, respectively. 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 6November 8, 2022September 1, 2025 2028 and shall not take effect prior to March 6September 1November 8, 202220252028. The second extension request shall expire if not made on or prior to March 6November 8, 2021September Conformed Credit Agreement - Page 73 140760.01015/126600145v.2 1, 2026 2029 and shall not take effect prior to March 6September 1November 8, 202320262029. In no event shall the Termination Date and the Final Maturity Date be later than March 6September 1November 8, 202420272030 and May 8, 2031, respectively.
Appears in 1 contract
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 Conformed Credit Agreement - Page 58 Restatement Date)September 1, 2025 and September 1, 2026Date), 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 2022 to provide that the definition of Termination Date would be extended to March 6September 16, 202320262023. 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 2023 to provide that the definition of Termination Date would be extended to March 6September 16, 202420272024. 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 2022 and shall not take effect prior to March 6September 16, 202220252022. 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 2021 and shall not take effect prior to March 6September 16, 202320262023. In no event shall the Termination Date be later than March 6September 16, 202420272024.
Appears in 1 contract
Extension Options. At least 45 days Landlord hereby grants Tenant the options to extend the Term of this Lease for either (i) one ten-year period, or (ii) one or two (2) five-year periods in accordance with all of the terms, conditions and provisions of the Original Lease including Rent, as modified by this Paragraph 7. On or before eighteen (18) months prior to each December 31, 2025, Tenant by written notice to Landlord shall notify Landlord whether it elects to extend the Term of March 6, 2022 this Lease for five (the fifth anniversary of the Restatement Date5) and March 6, 2023 (the sixth anniversary of the Restatement Date)September 1, 2025 and September years from January 1, 2026, with an option to extend the Borrower mayTerm for an additional five (5) years from January 1, by notice 2031, or for ten (10) years from January 1, 2026.
(a) Section 41 of the Original Lease shall be deleted; (b) throughout the Lease, including but not limited to Section 42 of the Original Lease, the terms “Second Extension Period” and “Second Extension Period Commencement Date” shall be replaced with the terms “Extension Period” and “Extension Period Commencement Date”; and (c) the first sentence of Section 42 of the Original Lease shall be deleted and replaced with the following: Subject to the Administrative Agent (who shall promptly notify provisions hereinafter set forth, Landlord hereby grants to Tenant the Lenders) request that the Administrative Agent and the Lenders option to extend the date set forth Term on the same terms, conditions and provisions as contained in the definition of Termination Date by one yearLease, except as otherwise provided herein, for ten (10) additional years (the “Extension Period”), commencing on January 1, 2026 (the “Extension Period Commencement Date”) and expiring on December 31, 2035 (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“Extension Period Expiration Date”). In the event that one extension request is exercised and accepted by all LendersTenant elects to extend the Term for five (5) years, this Agreement with an additional option to extend the Term for a further five (5) years, then the following revisions shall be automatically amended as of March 6, 2022September 1, 2025 deemed to provide that be made to 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 uponOriginal Lease: (x) no Default or Event in Section 41 of Default the Original Lease, the dates “January 1, 2021” and “December 31, 2025” shall be replaced with the dates “January 1, 2026” and “December 31, 2030,” respectively; and (y) continued accuracy in Section 42 of the representations and warrantiesOriginal Lease, 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 dates “January 1, 2025 2026” and “December 31, 2030” shall not take effect prior to March 6September be replaced with the dates “January 1, 20222025. The second extension request shall expire if not made on or prior to March 62031” and “December 31, 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, 202420272035,” respectively.
Appears in 1 contract
Sources: Lease (Northern Trust Corp)
Extension Options. At least 45 days On or prior to each of March 6, 2022 (the fifth anniversary of the Restatement Closing Date (the “First Extension Date”) and March 6, 2023 (the sixth anniversary of the Restatement Date)September 1, 2025 and September 1, 2026Closing Date (the “Second Extension Date”), 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) Domestic 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 the First Extension Date to provide that the definition of Termination Date would be extended to March 6September 1, 20232026by one year. 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 the Second Extension Date to provide that the definition of Termination Date would be extended to March 6September 1, 20242027by a subsequent year. 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 the First Extension Date and shall not take effect prior to March 6September 1, 20222025the First Extension Date. 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 the Second Extension Date and shall not take effect prior to March 6September 1the Second Extension Date. There shall be no more than two (2) extension requests, 20232026. In resulting in total extensions no event shall longer than two (2) years, so that the Termination Date be is no later than March 6September 1, 20242027the tenth anniversary date of the Closing Date.
Appears in 1 contract
Extension Options. At least 45 days prior to each So long as LESSEE is in material compliance with the terms and conditions of March 6, 2022 (this Lease and provided the fifth anniversary option(s) are not in conflict with the needs of the Restatement Date) and March 6airport or with the LESSOR’s planning strategy, 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 as set forth in the definition of Termination Date by one yearmost current and up to date SAA Airport Planning Documents (defined hereinafter as the Airport Master Plan, Airport Layout Plan, and/or Airport Action Plan documents in effect at the time this lease is signed), and the Administrative Agent SAA Leasing Policy, LESSOR hereby grants LESSEE extension option(s) as follows, on the same terms and conditions as set forth herein and subject to the Lenders mayadjustments in rental rates and fees set forth below: [ ] Two (2) ten (10) year extension options, each in provided LESSEE has made a capital investment of up to $300,000.00 on the Leased Premises. To exercise these options, LESSEE shall provide written notice to LESSOR sixty (60) days before the expiration of the initial term of their sole and individual discretion, elect to do so, it being understood that (i) no extension shall be effective unless all Lenders unanimously agree intent to extend and this Lease. LESSEE shall also provide written notice to LESSOR sixty (ii60) any Lender who has not responded to such extension request within fifteen (15) Business Days following days before the date expiration of the Administrative Agent’s first extension term of their intent to extend this Lease under the second option. [ ] One (1) additional five [5] year extension option, provided LESSEE has made a capital investment of between $300,000.01 and $500,000.00 on the Leased Premises. To exercise this option, LESSEE shall provide written notice of such extension request to LESSOR sixty (60) days before 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 expiration of the second extensionextension term of their intent to extend this Lease under the third option, and shall provide documentation that such capital investment has been made if same has not already submitted and on file with the SAA. [ ] One (1) additional five [5] year extension option, provided LESSEE has made a capital investment of between $500,000.01 and $1,000,000.00 on the Leased Premises. To exercise this Agreement option, LESSEE shall provide written notice to LESSOR sixty (60) days before the expiration of the second extension term of their intent to extend this Lease under the fourth option, and shall provide documentation that such capital investment has been made if same has not already submitted and on file with the SAA. Exceptional terms and options will 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 considered 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, 20242027SAA Airport Leasing Policy.
Appears in 1 contract
Sources: Airport Lease Agreement
Extension Options. At least 45 days prior (a) The Lessor grants to the Lessee two (2) consecutive options (individually, an "Extension Option" and collectively, the "Extension Options") to extend the Term of this Lease, each of March 6such options being for a period of five (5) years (hereinafter collectively referred to as the "Extension Periods"), 2022 (provided the fifth anniversary Lessee exercises such Extension Options as set forth below, and provided further that, except as otherwise provided in Paragraph 39(c) below, there has been no assignment of this Lease or sublease of the Restatement Date) Building or any portion thereof by the Lessee and March 6, 2023 (provided that there exists either on the sixth anniversary date the Lessee notifies the Lessor of its intent to exercise either of the Restatement Date)September 1Extension Options or at any time thereafter up to and including the date upon which the applicable Extension Period is to commence, 2025 and September 1no uncured default under this Lease. The Extension Options shall be personal to the Lessee and, 2026except as otherwise provided in Paragraph 39(c) below, the Borrower maysame shall not be applicable to any successor or assignee of the Lessee (other than a corporate successor or affiliate of the Lessee) and, by notice to except as otherwise provided in Paragraph 39(c) below, the Administrative Agent Lessee's successors or assigns (who shall promptly notify other than a corporate successor or affiliate of the LendersLessee) request that may not exercise the Administrative Agent and the Lenders extend the date Extension Options as set forth in this Lease and as permitted under the definition terms of Termination Date this Lease. The Lessee may exercise each of such Extension Options only by one year, and serving on the Administrative Agent and Lessor written notice of its intent to exercise the Lenders may, each in their sole and individual discretion, elect applicable Extension Option (the "Lessee's Exercise Notice") on that date which is twelve (12) months prior to do so, it being understood that (i) no extension shall be effective unless all Lenders unanimously agree to extend the Termination Date in the case of the first Extension Period (the "First Extension Period"), and (ii) any Lender who the expiration of the First Extension Period in the case of the second Extension Period (the "Second Extension Period"). The First Extension Period, if properly exercised pursuant to the provisions of this Paragraph 38, shall commence (except as may otherwise be provided under Paragraph 39(f) below) on that date which is ten (10) years and six (6) months after the Phase I Commencement Date and the Second Extension Period, if properly exercised pursuant to the provisions of this Paragraph 38, shall commence (except as may otherwise be provided under Paragraph 39(f) below) on that date which is fifteen (15) years and six (6) months afer the Phase I Commencement Date. In the event the Lessee does not timely and properly exercise its Extension Options to extend the Term of this Lease for the Extension Periods, or if the Lessor has not responded received the Lessee's Exercise Notice by that date which is twelve (12) months prior to (a) the Termination Date, in the case of the First Extension Period, and (b) the expiration of the First Extension Period in the case of the Second Extension Period, then this Paragraph 38 shall become null and void and of no further force and effect and the Lessee shall have no such extension request Extension Options.
(b) Once the Lessee exercises either of its Extension Options, such exercise may not be revoked except as provided in Subparagraph (iii) below. Anything contained in this Lease to the contrary notwithstanding, the Lessee's exercise of either of its Extension Options shall be applicable only to the entire Building (i.e., all of the Phase I Building and the Phase II Building and the Phase III Building, if applicable) and the Lessee shall not have the right to exercise either of its Extension Options for only a portion of the Building. The Minimum Rent for the first (1st) year of the First Extension Period shall be equal to one hundred and ten percent (110%) of the Minimum Rent as existed immediately prior to the Termination Date. The Minimum Rent for the first (1st) year of the Second Extension Period shall be equal to ninety-five percent (95%) of the then "Fair Market Rental Rate" (hereinafter defined) for the Building; provided, however, the Minimum Rent for the first (1st) year of the Second Extension Period shall in no event be less than one hundred and ten percent (110%) of the Minimum Rent as existed immediately prior to the final day of the First Extension Period. The term "Fair Market Rental Rate" for the purposes of this Lease shall mean the annual amount of Minimum Rent that a willing, comparable lessee would pay, and a willing, comparable lessor of a comparable building as the Building (in its "as is" condition) in the vicinity of the Building would accept, at arm's length, for a comparable amount of space for a comparable period of time. In order to determine the Minimum Rent for the first (1st) year of the Second Extension Period, the Lessor shall propose to Lessee a Fair Market Rental Rate by using its good faith judgment. The Lessor shall provide to the Lessee written notice of such proposed Fair Market Rental Rate within fifteen (15) Business Days following days after the date that the Lessor receives the Lessee's Exercise Notice applicable to the Second Extension Period. The Lessee shall have fifteen (15) days (the "Lessee's Review Period") after receipt of the Administrative Agent’s Lessor's notice of the proposed Fair 29 Market Rental Rate within which to accept or reject such proposed Fair Market Rental Rate. If the Lessee does not accept the Lessor's proposed Fair Market Rental Rate, then it must reject the same by providing written notice of such extension request rejection to the LendersLessor prior to the expiration of the Lessee's Review Period. If the Lessee does not provide a written notice of rejection to the Lessor prior to the expiration of the Lessee's Review Period, then the Lessee shall conclusively be deemed to have rejected such requestaccepted the Lessor's proposed Fair Market Rental Rate and the Minimum Rent for the first (1st) year of the Second Extension Period shall be equal to the Lessor's proposed Fair Market Rental Rate. In the event that one extension request is exercised and accepted by all Lendersevent, this Agreement shall be automatically amended as of March 6however, 2022September 1, 2025 to provide that the definition Lessee timely and properly rejects the Lessor's proposed Fair Market Rental Rate by delivering to Lessor written notice of Termination Date would be extended Lessee's rejection thereof prior to March 6September 1, 20232026. In the event that two extension requests are exercised and accepted by all Lenders, upon effectiveness expiration of the second extensionLessee's Review Period, this Agreement then the Lessee shall, at the time of providing its written notice to Lessor rejecting the Lessor's proposed Fair Market Rental Rate, also provide to the Lessor a written counter-proposal proposing a different Fair Market Rental Rate for the Building for the first (1st) year of the Second Extension Period. The Lessor and the Lessee shall be automatically amended as negotiate in good faith to attempt to reach a mutually acceptable Fair Market Rental Rate for the first (1st) year of March 6the Second Extension Period; provided, 2023September 1however, 2026 if, within fifteen (15) days after the Lessor's receipt of the Lessee's counter-proposal, the Lessor and the Lessee have been unable to provide reach a mutually agreeable Fair Market Rental Rate for the first (1st) year of the Second Extension Period, then either party may require 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 determination of the date of the amendment to this Agreement effecting such extension and each such amendment shall Fair Market Rental Rate be conditioned upon: (x) no Default or Event of Default and (y) continued accuracy of the representations and warranties, in each case made 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.follows:
Appears in 1 contract
Sources: Lease Agreement (Lechters Inc)
Extension Options. At least 45 days On or prior to each of March 6September 20, 2022 2013 (the fifth third anniversary of the Restatement Closing Date) and March 6September 20, 2023 2014 (the sixth fourth anniversary of the Restatement Date)September 1, 2025 and September 1, 2026Closing Date), 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) Domestic 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 6September 20, 2022September 1, 2025 2013 to provide that the definition of Termination Date would be extended to March 6September 1September 20, 202320262016. 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 6September 20, 2023September 1, 2026 2014 to provide that the definition of Termination Date would be extended to March 6September 1September 20, 202420272017. 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 6September 20, 2022September 1, 2025 2013 and shall not take effect prior to March 6September 1September 20, 202220252013. The second extension request shall expire if not made on or prior to March 6September 20, 2021September Conformed Credit Agreement - Page 73 140760.01015/126600145v.2 1, 2026 2014 and shall not take effect prior to March 6September 1September 20, 202320262014. In There shall be no event shall more than two (2) extension requests, resulting in total extensions no longer than two (2) years, so that the Termination Date be is no later than March 6September 1September 20, 202420272017.
Appears in 1 contract
Extension Options. At least 45 days On or prior to each of March 6May 24, 2022 2013 (the fifth first anniversary of the Restatement Closing Date) and March 6May 24, 2023 2014 (the sixth second anniversary of the Restatement Date)September 1, 2025 and September 1, 2026Closing Date), 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) Domestic 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 6May 24, 2022September 1, 2025 2013 to provide that the definition of Termination Date would be extended to March 6September 1May 24, 202320262016. 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 6May 24, 2023September 1, 2026 2014 to provide that the definition of Termination Date would be extended to March 6September 1May 24, 202420272017. 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 6May 24, 2022September 1, 2025 2013 and shall not take effect prior to March 6September 1May 24, 202220252013. The second extension request shall expire if not made on or prior to March 6May 24, 2021September Conformed Credit Agreement - Page 73 140760.01015/126600145v.2 1, 2026 2014 and shall not take effect prior to March 6September 1May 24, 202320262014. In There shall be no event shall more than two (2) extension requests, resulting in total extensions no longer than two (2) years, so that the Termination Date be is no later than March 6September 1May 24, 202420272017.
Appears in 1 contract
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 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 September 1, 2025 to provide that the definition of Termination Date would be extended to March 6September September 1, 202320262026. 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 September 1, 2026 to provide that the definition of Termination Date would be extended to March 6September September 1, 202420272027. 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 September 1, 2025 and shall not take effect prior to March 6September September 1, 202220252025. 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 September 1, 2026 and shall not take effect prior to March 6September September 1, 202320262026. In no event shall the Termination Date be later than March 6September September 1, 202420272027.
Appears in 1 contract