Term Option. The Borrower shall notify the Administrative Agent on or prior to the Delivery Date of the Term Option for the Aircraft, which notice shall be irrevocable.
Term Option. Lessee, at its option, shall have the right to extend the Term of this Lease on the same terms and conditions, as the original term thereof, except as otherwise provided in this Addendum with respect to the amount of Base Rent due during the respective extension period, for Two (2) additional consecutive term of Five (5) years (the "Extension Period"), subject to the satisfaction of the following conditions:
Term Option. Provided no Event of Default hereunder has occurred and is continuing, Borrower shall have the right and option to extend the Revolving Credit Loan Maturity Date for an additional twelve month period (“Term Option”) upon and in accordance with the following terms and conditions: (a) Borrower shall give written notice to Lender at least 30 days prior to the Revolving Credit Loan Maturity Date of its intent to exercise the Term Option; (b) Borrower and any guarantor shall execute and deliver to Lender all documentation as reasonably required by Lender in connection with the Term Option; and (c) Borrower shall pay to Lender its reasonable attorneys’ fees and costs in connection therewith. In the event Borrower exercises the Term Option, the outstanding principal balance of the Revolving Credit Note shall convert to a term loan and shall be due and payable in equal consecutive monthly installments of principal and interest in an amount determined by Lender which would allow the outstanding principal balance thereof to be repaid in twelve months, and shall be evidenced by, and Borrower hereby agrees to execute, a note or other documentation reasonably required by Lender to evidence the same.
Term Option. Except as otherwise expressly provided ------------ herein, this Agreement and the parties' obligations hereunder shall commence on the date hereof and shall terminate upon the expiration or other termination of the Lease and consummation of the purchase by the Company (or an Affiliate thereof) of the Facility for the Purchase Price in accordance with the Lease; provided, however, that upon the termination of the Lease, and provided that the -------- ------- Company (or an Affiliate thereof) shall not have purchased and paid the Purchase Price for the Facility in accordance with the terms of the Lease, this Agreement shall continue in full force and effect until the date the Facility is sold to a Person other than the Lessor or any earlier written notice from the Lessor of its election to terminate this Agreement.
Term Option. On the Commencement Date, the Company shall grant to Executive a non-qualified stock option (the “Term Option”) to purchase 300,000 shares of common stock, par value $0.001 per share, of the Company (the “Common Stock”). The Term Option shall become exercisable as follows: 100,000 shares shall be immediately vested and fully exercisable on the Commencement Date and 100,000 shares shall become vested and fully exercisable on each of the first and second anniversaries of the Commencement Date. The exercise price per share shall be the greater of (A) Fair Market Value (as defined in this Agreement) or (B) the Cash Value (as defined in this Agreement) of the Common Stock on the Commencement Date, the date of grant.
Term Option. (a) From time to time, Borrower may convert any portion of Facility 1 or Facility 2 to a Term Loan provided that (i) conversion of Advances under Facility 1 to Term Loans shall be conditioned upon the Borrower's granting to Lender a security interest in collateral acceptable to Lender in its exclusive and absolute judgment in terms of amount, type and otherwise to secure such Term Loans and (ii) all Advances under Facility 2 converted to Term Loans shall be secured by that portion of the Facility 2 Collateral given in connection with all such Facility 2 Advances being converted.
Term Option. On the Commencement Date, the Company shall grant to Executive a non-qualified stock option (the “Term Option”) to purchase 120,000 shares of common stock, par value $0.001 per share, of the Company (the “Common Stock”). The Term Option shall become exercisable as follows: 40,000 shares shall become vested and fully exercisable on each of the first, second and third anniversaries of the Commencement Date. The exercise price per share shall be the greater of (A) Fair Market Value (as defined in this Agreement) or (B) the Cash Value (as defined in this Agreement) of the Common Stock on the Commencement Date, the date of grant.
Term Option. The term of this Lease shall be for a period ------------ of ten (10) consecutive full Lease Years, as the term Lease Year is hereinafter defined, plus the fractional Lease Month, if any, from the "Commencement Date" (as defined below) to the beginning of the first Lease Year ("Initial Term"), plus any option periods exercised as provided below. The term "Lease Year" means a period of twelve (12) full consecutive calendar months, beginning on the first day of the calendar month coinciding with or immediately following the Commencement Date. Provided that Lessee is not in default of any of the terms, covenants and conditions of this Lease at the time the option provided herein is required to be exercised; then Lessee shall have the right to extend the term of this Lease for one (1) additional option term of five (5) years, upon the terms herein stated. The option shall be exercised by Lessee giving Lessor written notice of its intent to exercise the option at least 180 days prior to the expiration of the Initial Term. If Lessee fails timely to exercise the option to extend, the option shall be null and void and of no further force or effect. The option term shall be governed by the same terms, covenants and conditions as the Initial Term, with the exception of the length of the term, as referenced above, and the rent. The minimum monthly rent during the option period shall be as set forth in Article 5 below.
Term Option. (A) The term of this Lease shall be for a period of three (3) years commencing on the earlier of April 1, 2000 or the date tenant has completed its improvements, moved into the premises and commenced operations at the premises but no earlier than March 15, 2000. (The "Rent Commencement Date")
Term Option. (a) The term of this Lease (the "Term") shall be for a period of five years commencing as of January 19, 1996 (the "Commencement Date"), and ending on January 31, 2001 (the "Termination Date"), unless the term is extended pursuant to subparagraph (b) below, in which case the Termination Date shall be January 31, 2006.
