Term Option definition
Examples of Term Option in a sentence
If Lessee has not furnished Lessor with the Option Notice on or before the date specified in sub-clause (a) above, the Lease Term Option shall be forfeited, no longer available to Lessee and of no further effect.
This flat fee shall escalate at five percent (5%) per year through the Base Term, Option Term, if exercised, and in Holdover until the Agreement is terminated as called for herein.
The rent payable by Tenant during the Option Term ("Option Rent") shall be equal to the "Market Rent" (defined below).
If you do not provide us with thirty days’ written notice of your intention to exercise option (b) above, or if you fail to return the Equipment to us within ten (10) days of the expiration of the Lease Term or monthly renewal period, this Lease shall thereupon be extended on a month-to-month basis at the same monthly lease payment and upon the same terms and conditions set forth herein, including your End of Lease Term Option set forth in this section.
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.
If the Committee is in doubt as to the right of any person to exercise the Long Term Option and Reload Options, the Company may refuse to recognize such exercise, without liability for any interest or dividends thereon, until the Committee determines the person entitled to exercise such Options, which determination shall be final and conclusive.
In the event Borrower exercises the Term Option, the outstanding principal balance of this 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 Bank which would allow the outstanding principal balance hereof 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 Bank to evidence the same.
The Long Term Option and Reload Options may be exercised during the lifetime of the Optionee only by the Optionee or, if permitted by applicable law, the Optionee's guardian or legal representative.
Payment of the purchase price must be received by Lessor on or before the Mid-Term Option Date or the End of Term Option Date as appropriate.
Tenant is allocated and shall have the guaranteed right to use a number of parking stalls in the Building Parking Area determined based on a ratio of 1 stall per each 110 square meters of lettable space then-leased by Tenant hereunder for its use and the use of Tenant’s Agents, customers and invitees throughout the Sublease Term, Option Terms and any other extension term of this lease.