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 terms of Five (5) years each (the "Extension Periods"), subject to the satisfaction of the following conditions:
Term Option. The Borrower has the right, exercisable upon at least 30 days’ prior written notice to the Administrative Agent (provided such notice is received by the Administrative Agent no later than 30 days prior to the Conversation Date), to extend the Stated Maturity Date to the second anniversary of the Conversion Date (the “Term Option”), provided that at the time of exercise of such Term Option, no Default, Event of Default, Servicer Termination Event, or event that would constitute a Servicer Termination Event but for the passage of time or the giving of notice or both, has occurred and is continuing or will result from the exercise of such Term Option.
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. The Term of the Agreement shall commence upon execution of this Agreement and shall expire on the date set forth in Schedule I unless sooner terminated as provided herein.
Term Option. Except as otherwise expressly provided herein, this Agreement and the parties' obligations hereunder shall commence on the date hereof and shall terminate as to each Phase upon the expiration or other termination of the Lease as to such Phase and consummation of the purchase by the Company (or an Affiliate thereof) of the Equipment for such Phase for the Termination Value therefor in accordance with the Lease; provided, however, that upon the termination of the Lease for any 112 119 Phase, and provided that the Company (or an Affiliate thereof) shall not have purchased the Equipment for such Phase and paid the Termination Value therefor in accordance with the terms of the Lease, this Agreement shall continue in full force and effect as to such Phase until the date the Equipment for such Phase is sold to a Third Party or any earlier written notice from the Lessor of its election to terminate this Agreement as to such Phase.
Term Option. The term of this Lease shall be for a period of five (5) consecutive full Lease Years, as the term Lease Year is hereinafter defined, commencing on the Commencement Date, 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 (i) Lessee has promptly paid all rent due hereunder, it being agreed that Lessee shall be considered to have paid rent promptly if, in any given Lease Year, no more than one monthly installment has been paid late (that is, received by the Landlord after the fifth (5th) day of the month) and during the Initial Term, the Lessee has paid all monthly installments of rent no later than the twentieth (20th) day of the month; and (ii) 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. 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. (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. Provided this Option Agreement shall not have first ----------- terminated, the Option may be exercised at any time after the execution hereof This Option Agreement terminates and the Option shall expire, if not yet exercised, on December 31, 1999.
