Example ContractsClausesExtension Right
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Extension Right. Tenant shall have 1 right (the “Extension Right”) to extend the term of this Lease for 3 years (the “Extension Term”) on the same terms and conditions as this Lease (other than with respect to Base Rent and the Work Letter) by giving Landlord written notice of its election to exercise each Extension Right at least 9 months prior to the expiration of the Base Term of the Lease.

Extension Right. [Section 39] of the Lease is hereby deleted and replaced in its entirety with the following:

Extension. Each undersigned lender other than the lender listed on [Schedule I] hereto (such lender, the “Non-Extending Lender” and each other lender party hereto, an “Extending Lender” and together, the “Extending Lenders”) hereby agrees to amend the Credit Agreement to extend, effective on the Amendment Effective Date, the Termination Date under the Credit Agreement in respect of such Extending Lender’s Commitment for one year to and by their acceptance hereof the Borrowers hereby confirm that the conditions set forth in [[Section 2.19(b)(i) and (ii)])]])] of the Credit Agreement are satisfied as to such extension. For the avoidance of doubt, the Termination Date under the Credit Agreement with respect to the Non-Extending Lender’s Commitment shall be the “Termination Date” under the Credit Agreement as in effect immediately prior to the Amendment Effective Date and the Non-Extending Lender is party to this Amendment solely for purposes of consenting to the amendments set forth in [Section 3] below and not for purposes of this [Section 2].

Extension. BRPA shall take all actions necessary to obtain the approval of the BRPA Stockholders to extend the deadline for BRPA to consummate its initial Business Combination beyond to (such extension, the “Extension”, and such approval of the BRPA Stockholders of the Extension, the “Extension Approval”).

Extension. Subtenant shall have the option to extend (the “Option”) the Term for an additional period of one (1) year (the “Extension Period”) upon all terms and conditions of the Sublease, except that Subtenant shall have no further right to extend the Term, and the Base Rent shall be increased to the amounts provided for herein. The Option may be exercised only by Subtenant giving Sublandlord irrevocable and unconditional written notice thereof no later than nine (9) months before the commencement of the Extension Period; provided, however, only if Sublandlord intends to occupy the Sublet Portion upon expiration of the initial Term of this Sublease, then Sublandlord may nullify Subtenant’s exercise of the Option by written notice given to Subtenant within thirty (30) days of Subtenant’s exercise of the Option. Said exercise shall, at Sublandlord’s election, be null and void if Subtenant is in default under the Sublease at the date of said notice or at any time thereafter and prior to commencement of the Extension Period. If Subtenant shall fail to exercise the Option in accordance with the terms hereof, said Option shall terminate and be null and void. If Sublandlord shall fail to nullify said exercise within the period set forth above, Sublandlord’s nullification right shall terminate and be null and void. Subtenant’s exercise of the Option shall not operate to cure any default by Subtenant of any of the terms or provisions in this Sublease, nor to extinguish or impair any rights or remedies of Sublandlord arising by virtue of such default. If the Sublease or Subtenant’s right to possession of the Sublet Portion shall terminate in any manner whatsoever before Subtenant shall exercise the Option, or before the commencement of the Extension Period, or if Subtenant shall have assigned the Sublease or subleased all or any portion of the Sublet Portion before Subtenant shall have exercised the Option, then immediately upon such termination, sublease or assignment, the Option shall simultaneously terminate and become null and void. If the Term of the Sublease shall terminate for any reason prior to the expiration of the initial Term, then the Option shall become null and void, whether or not it has been previously exercised. Time is of the essence of this provision. The Extension Period shall be upon all the same terms and conditions of the Sublease except the Base Rent for the Extension Period shall increase by two and fifty hundredths percent (2.50%) over Base Rent payable in the last month of the initial Term.

Extension Request. The Borrower shall provide the applicable Extension Request at least three (3) Business Days prior to the date on which under the Existing Term Loan Tranche or Existing Revolver Tranche, as applicable, are requested to respond, and shall agree to such procedures, if any, as may be established by, or acceptable to, the Administrative Agent, in each case acting reasonably to accomplish the purposes of this ‎[Section 2.16]. No Lender shall have any obligation to agree to have any of its Term Loans of any Existing Term Loan Tranche amended into Extending Term Loans or any of its Revolving Credit Commitments amended into Extending Revolving Credit Commitments, as applicable, pursuant to any Extension Request. Any Lender holding a Loan under an Existing Term Loan Tranche (each, an “Extending Term Lender”) wishing to have all or a portion of its Term Loans under the Existing Term Loan Tranche subject to such Extension Request amended into Extending Term Loans and any Revolving Credit Lender (each, an “Extending Revolving Credit Lender”) wishing to have all or a portion of its Revolving Credit Commitments under the Existing Revolver Tranche subject to such Extension Request amended into Extending Revolving Credit Commitments, as applicable, shall notify the Administrative Agent (each, an “Extension Election”) on or prior to the date specified in such Extension Request of the amount of its Term Loans under the Existing Term Loan Tranche or Revolving Credit Commitments under the Existing Revolver Tranche, as applicable, which it has elected to request be amended into Extending Term Loans or Extending Revolving Credit Commitments, as applicable (subject to any minimum denomination requirements imposed by the Administrative Agent). In the event that the aggregate principal amount of Term Loans under the Existing Term Loan Tranche or Revolving Credit Commitments under the Existing Revolver Tranche, as applicable, in respect of which applicable Term or Revolving Credit , as the case may be, shall have accepted the relevant Extension Request exceeds the amount of Extending Term Loans or Extending Revolving Credit Commitments, as applicable, requested to be extended pursuant to the Extension Request, Term Loans or Revolving Credit Commitments, as applicable, subject to Extension Elections shall be amended to Extending Term Loans or Revolving Credit Commitments, as applicable, on a pro rata basis (subject to rounding by the Administrative Agent, which shall be conclusive) based on the aggregate principal amount of Term Loans or Revolving Credit Commitments, as applicable, included in each such Extension Election.

Extension of Restraints. If Employee violates any restraints specified in this Agreement, whether or not there is litigation relating to such violation, Employee agrees that the period of the restraint shall automatically be extended for the period of the violation. Employee understands that the purpose of this [Section 4.3(c)] is to give the Company the protection of the restraint for the full agreed upon duration.

Requests for Extension. The Borrowers may, by sending an Extension Letter to the Agents (who shall promptly notify the Lenders) no earlier than sixty (60) days and no later than forty-fivethirty (4530) days prior to any anniversary of the Closing Date (each such anniversary of the Closing Date being an “Anniversary Date”), request that each Lender extend such Lender’s then-existing Scheduled Maturity Date (with respect to each Lender, such Lender’s “Current Maturity Date”) for one year; provided, that, no more than two Extension Letters may be submitted by the Borrowers during the term of this Agreement.

Minimum Extension Requirement. If (and only if) the total of the Commitments of the Lenders that have agreed so to extend their Current Maturity Date (each, an “Extending Lender”) shall be more than fifty percent (50%) of the Aggregate Commitments in effect immediately prior to the applicable Anniversary Date, then, subject to the satisfaction of the conditions set forth in [Section 2.14(f)], effective as of the applicable Anniversary Date, the Scheduled Maturity Date of each Extending Lender shall be extended to the date falling one year after the Current Maturity Date of each Extending Lender (except that, if such date is not a Business Day, such Scheduled Maturity Date as so extended shall be the immediately preceding Business Day).

Extension or Amendment. The Borrower will not, except as otherwise permitted in [Section 7.03(c)(i)], extend, amend or otherwise modify, or permit the Servicer to extend, amend or otherwise modify, the terms of any Contract.

Extension of Term. The term of the Lease is hereby extended for a period (the “Extension Term”) of ten (10) years, commencing and ending (the “New Expiration Date”). Effective as of the Effective Date, all references in the Lease to the “expiration date,” “the last day of the term of this Lease” or otherwise to the expiration date of the Lease shall be deemed to be references to the New Expiration Date. During the Extension Term, all of the terms, covenants and conditions of the Lease shall be applicable, except as set forth herein and except for Paragraphs 1.04(a), 3.02, 3.03, 30.01, and [Exhibit F] of the Initial Lease, and Paragraphs 3 and 4.F. of the Third Amendment, which shall not be applicable during the Extension Term. Except as set forth in Paragraph 7 below, Tenant shall not have any option or right to extend the term of the Lease beyond the New Expiration Date.

Warnke presently intends to stand for re-election to the Board for a three-year term commencing with the election of directors at the 2018 Annual Meeting. Warnke will promptly consult with the Company if, subsequent to the date of this Agreement, his intention in this regard changes.

Patent Term Extension. If elections with respect to obtaining patent term extension or supplemental protection certificates or their equivalents in any country with respect to Northern Patent Rights or other patent rights covering Licensed Products or their manufacture or use are available, Spero shall have the sole right to make any such elections. In case Spero decides not to make such election with respect to a Licensed Product, Northern has the right but no obligation to do so in its own name and at its own expense with respect to a product containing an Other Compound (but not with respect to a Licensed Product).

Extension of Commitments. Effective as of the Extension Date, the Termination Date of the Commitment of each Extending Lender identified on [Schedule I] shall be extended to , which, for purposes of [Section 2.08(d)(ii)] of the Credit Agreement, shall be the “Current Termination Date.”

Acceleration, Extension, Etc. The Board of Directors may, in its sole discretion, # accelerate the date or dates on which all or any particular Option or Options may be exercised or # extend the period or periods of time during which all, or any particular, Option or Options may be exercised.

Each Credit Extension. The Lenders and Issuers shall not be required to make any Credit Extension unless the conditions set forth in [Section 4.1] have been satisfied and on the applicable Borrowing Date or issuance date:

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