Second Renewal Option definition

Second Renewal Option shall have the meaning specified in SECTION 15.2 of the Facility Lease.
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Second Renewal Option with respect to the Site Lease, shall have the meaning set forth in Section 2.2(a)(ii) of the Site Lease.
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Second Renewal Option shall have the meaning specified in Section 15.2 of the Facility Lease.
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Examples of Second Renewal Option in a sentence

  • Tenant’s right to exercise the Second Renewal Option is conditioned upon Tenant’s proper renewal of the Term for the First Renewal Period.

  • The Renewal Option for the Second Renewal Period (the “Second Renewal Option”) shall be exercisable by delivery of written notice from Tenant to Landlord of Tenant’s election to exercise the Second Renewal Option at least twelve (12) months before the Second Renewal Period Commencement Date, time being of the essence.

  • The Second Renewal Option is personal to Tenant and may not be exercised by any sublessee or assignee of Tenant.

  • If Tenant fails to exercise the Second Renewal Option in a timely manner, as provided for above, then the Second Renewal Option shall be void and of no force or effect.

  • The Second Renewal Option must be exercised, if at all, by written notice (“Election Notice”) from Tenant to Landlord given not more than two hundred seventy (270) days and not less than one hundred eighty (180) days prior to the expiration of the Renewal Option.

  • If Tenant exercises the Second Renewal Option, Tenant may further extend the Term of this Lease for another period of five years at the end of the Second Renewal Term (the “Third Renewal Term”) with respect to the Premises as it exists as of the last day of the Second Renewal Term (the “Third Renewal Option”).

  • If Tenant is entitled to and properly exercises its Second Renewal Option, Landlord shall prepare an amendment (the "Second Renewal Amendment") to reflect changes in the Base Rent, Term, Termination Date and other appropriate terms.

  • All of the other terms and conditions shall remain as provided in this Lease and Tenant shall occupy the Premises throughout the Second Renewal Option in its then, as-is condition (subject to Landlord’s express obligations under the Lease).

  • Tenant shall promptly execute the amendment, thus confirming the exercise of the Second Renewal Option.

  • To exercise either such Renewal Option, Tenant must deliver notice of the exercise thereof (a “Renewal Notice”) to Landlord no earlier than nine months and no later than 12 months prior to the expiration of the initial Term, with respect to the exercise of the First Renewal Option, and prior to the expiration of the First Renewal Term, with respect to the exercise of the Second Renewal Option.


More Definitions of Second Renewal Option

Second Renewal Option shall have the meaning set forth in Section 42.1.
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Second Renewal Option has the meaning set forth in Section 1.01 of Exhibit “E”.
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Second Renewal Option means the option being granted to Tenant to renew this Lease for the Second Renewal Term in accordance with the provisions of this Exhibit.
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Second Renewal Option defined in Section 13.
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Second Renewal Option is specified in Section 4.4.
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Second Renewal Option. Provided Lessee has exercised its option as more fully outlined in the preceding paragraph, and provided Lessee is not in default under the Lease, Lessee shall have the option to renew the Lease agreement for an additional five (5) year period commencing July 1, 2014, and terminating June 30, 2019. In the event Lessee elects to exercise this option, Lessee shall notify Lessor, in writing, on or before June 30, 2013. In the event Lessee elects to exercise this option, all terms, conditions and covenants of the Lease as amended and extended will remain in full force and effect with the exception that the Base Rent payable during such extended term shall be the greater of $9.35 per sq. ft. per year ($383,537.00) or an amount computed by multiplying the percentage increase of the Bureau of Labor Statistics Consumer Price Index, all Urban Consumers (CPI/U), all items (1982-84 equals 100) for Philadelphia, Pennsylvania for June 2014 (as estimated by Lessee's accountant until actual statistics are available) over the same index for July 2009 times the annual Base Rent payable for the period commencing July 1, 2009 and terminating June 30, 2014. Said amount shall be paid in equal monthly installments commencing July l, 2014.
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Related to Second Renewal Option

  • Renewal Option has the meaning set forth in §12.1.

  • Second Extension Option shall have the meaning set forth in Section 2.6.1 hereof.

  • Extension Option shall have the meaning set forth in Section 2.5(c) hereof.

  • Option to Extend has the meaning given that term in Section 2.13.

  • Termination Option means the option of either party to terminate a transaction in the event that the other party fails to perform a Firm obligation to deliver Gas in the case of Seller or to receive Gas in the case of Buyer for a designated number of days during a period as specified on the applicable Transaction Confirmation.

  • First Extension Option shall have the meaning set forth in Section 2.6.1 hereof.

  • Option Term means a period, if any, through which this Agreement may be or has been extended by the JBE.

  • Non-Renewal Notice shall have the meaning set forth in Section 2.

  • Renewal Notice As defined in Section 1.4(a).

  • Second Extension Period means a period of twelve (12) consecutive months following the First Extended Maturity Date.

  • Option Notice has the meaning set forth in Section 5.2(a).

  • Put Option means an exchange traded option with respect to Securities other than Stock Index Options, Futures Contracts, and Futures Contract Options entitling the holder, upon timely exercise and tender of the specified underlying Securities, to sell such Securities to the writer thereof for the exercise price.

  • Termination Right have the respective meanings given in the PRA Contractual Stay Rules.

  • Option Right means the right to purchase Common Shares upon exercise of an option granted pursuant to Section 4 of this Plan.

  • Nonrenewal Notice Date has the meaning specified in Section 2.03(b)(iii).

  • Option Period means the period during which an Option may be exercised.

  • Termination Option Event means an event of a kind defined as such in Section 4.1, 4.2 or 4.8.

  • Extended Term shall have the meaning given such term in Section 2.4.

  • Non-Extension Notice has the meaning specified in Section 2.10.

  • Non-Extension Notice Date has the meaning specified in Section 2.03(b)(iii).

  • Call Option Notice means a written notice from the holder of the Call Option or the Administrator, as applicable, stating its desire to exercise the Call Option on the related Reset Date, delivered to each Clearing Agency, the Indenture Trustee, the Remarketing Agents, the Rating Agencies and, if the related class of Reset Rate Notes is then listed on the Luxembourg Stock Exchange, the Administrator will forward a copy to the Luxembourg Listing Agent (the contents of which are to be published in a leading newspaper having general circulation in Luxembourg).

  • Purchase Option Notice As defined in Section 3.18(e).

  • Option means a stock option granted pursuant to the Plan.

  • Extension Term means the time period defined in §2.C.

  • Call Option Period has the meaning given to it in Condition 6.04 (Call Option);

  • Put Option Notice means a notice which must be delivered to a Paying Agent by any Noteholder wanting to exercise a right to redeem a Note at the option of the Noteholder;