Stub Term definition
Examples of Stub Term in a sentence
Tenant shall not be obligated to pay for increases in Expenses pursuant to Article 49 of the Lease for the 2020 Expiration Space during the Stub Term.
Following the settlement of such refinancing, the aggregate outstanding obligations with respect to such First Lien Stub Term Loan shall be added to the principal balance of the Loans then outstanding under this Agreement and will, for all purposes of this Agreement, constitute outstanding principal on the Loans (such Loans, the “Converted First Lien Stub Loans”).
Contractor may terminate this Agreement for any reason, or for no reason at all, by giving the Foundation written notice of its intent to terminate at least one hundred eighty (180) days in advance of the effective date of such termination, provided, however, that Contractor shall not have such right to unilateral termination under this Subsection 12(c) during the Stub Term.
Thereafter, unless either Party gives the other Party written notice of its intention not to renew the Agreement at least one hundred and eighty (180) days prior to the expiration of the Stub Term, this Agreement shall be automatically extended, subject to the same terms and conditions contained herein, until June 30, 2027 (the “Fiscal Term” and together with the “Stub Term,” collectively, the “Initial Term”).
If Tenant timely shall have requested such Broker Determination, then the Annual Fixed Rent for the existing Premises during such Existing Premises Stub Term shall be the Prevailing Market Rent as determined by such Broker Determination.
If at the expiration of thirty (30) days after Tenant receives Landlord’s Stub Rent Quotation (the “Stub Negotiation Period”), Landlord and Tenant have not reached agreement on a determination of an Annual Fixed Rent for the existing Premises during such Existing Premises Stub Term, then Tenant shall have the right, for thirty (30) days following the expiration of the Stub Negotiation Period, to make a request to Landlord for a Broker Determination in accordance with Exhibit H.
If Tenant exercises its expansion right two (2) times, then the Remaining Term and Stub Term shall be determined separately as to each Expansion.
In such event, as provided in paragraph 1 above, the first Renewal Term remaining to be exercised pursuant to paragraph 1 would be reduced to 2 years (5 years less Stub Term of 3 years).
The Expansion Term shall consist of two components: the "Remaining Term" which shall consist of the remainder of the term hereof prior to the exercise of such expansion and renewal options, and the "Stub Term" which shall consist of that portion of the Expansion Term remaining after the Remaining Term.
For example, if Tenant's obligation to pay Expansion Rent occurred when there were 7 years remaining in the original term, then such original term would be extended by 3 years so that the term remaining as of such date was 10 years, the Remaining Term would be 7 years and the Stub Term would be 3 years.