PAE » Topics » TERM

This excerpt taken from the PAE 20-F filed Mar 15, 2007.

TERM

2.1

The  “Commencement Date” of this Lease is that date that is the earlier of:

(a)

The date that Tenant first occupies the Premises for the conduct of business; or

(b)

The later of:

(1)

The Scheduled Commencement Date; or

(2)

The date that the tenant improvements (the “Tenant Improvements”) required to be constructed by Landlord as Landlord’s Work (if any) pursuant to the Work Letter attached hereto as Exhibit E (the “Work Letter”) are substantially complete (or would have been substantially complete had Tenant Delay [defined in addenda hereto] not taken place) and Tenant has been provided the opportunity to move into the Premises over a weekend.

The terms “substantially complete”, and “substantial completion” mean the availability of the Premises for the use and occupancy of Tenant, evidenced by the installation of all permanent Tenant Improvements, if any, required to be installed by Landlord.  Subject to subparagraph (2), above, the Premises will be deemed substantially complete regardless of Tenant’s completion of installation of Tenant’s trade fixtures, work stations, furnishings, and telephone, communication or computer systems.

2.2

The “Initial Term” of this Lease will commence on the Commencement Date and continue for the Scheduled Term, plus so many additional days as are necessary such that the Lease terminates on the last day of a calendar month (the “Termination Date”), unless sooner terminated as otherwise provided herein.  The “Term” of this Lease will include the Initial Term and any other period of Tenant’s occupancy resulting either from Tenant’s holding over with Landlord’s consent (pursuant to §29.2), or from Tenant’s exercise of an express option to renew, re-lease or extend the Term, or other express agreement to extend the Term, all made in accordance with this Lease (or a modification or addendum thereto made in accordance with this Lease).  Unless expressly stated to the contrary herein, any and all references herein to



Peace Arch REG

[2/21/2007] (ver.4)

ex0424.doc

3



“months” during the Term means full calendar months of the Term, beginning the Commencement Date (if the Commencement Date is the first day of a calendar month) or the first day of the first full calendar month after the Commencement Date (if the Commencement Date is not the first day of a calendar month).

2.3

After Landlord tenders possession of the Premises to Tenant, Landlord will notify Tenant of the Commencement Date by means of a Notice of Lease Term Commencement Date (“NLT”).  If Tenant agrees with the Commencement Date set forth in the NLT, then Tenant will acknowledge the same by executing and returning the NLT to Landlord within 7 days after receipt of the NLT; otherwise, Tenant will notify Landlord of Tenant’s objection to the Commencement Date, setting forth a reasonable basis therefor, within such 7 day period.  If Tenant fails to either timely object to the Commencement Date or specify a reasonable basis therefor, then the Commencement Date as specified in the NLT will be deemed conclusive as between Landlord and Tenant.

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