Exercise of Recapture Rights Sample Clauses

The Exercise of Recapture Rights clause defines the conditions and procedures under which one party, typically a landlord or licensor, can reclaim or "recapture" a leased or licensed property or asset from the other party before the end of the agreed term. This clause usually outlines the specific events that trigger the right—such as a proposed assignment, sublease, or change in use—and details the notice requirements and timelines for exercising the right. Its core practical function is to give the property owner flexibility and control over the use or occupancy of their asset, allowing them to respond to changes in circumstances or market conditions.
Exercise of Recapture Rights. To effect a recapture under Section 10.3(e), Ceding Company must provide Reinsurer with at least ninety (90) days prior written notice of its election to recapture all of the Reinsured Liabilities. The effective date of the recapture must be coincident with the end of a calendar quarter. On or before the effective date of the recapture, Reinsurer shall return to Ceding Company all books, records, statements, correspondence, reports and other documents relating to the Annuity Contracts, the Reinsured Liabilities and the administration of the same pursuant to this Agreement and the Administrative Services Agreement. Following the consummation of any recapture of Reinsured Liabilities pursuant to Section 10.3(e), no additional premiums or business shall be ceded by Ceding Company to Reinsurer. Upon recapture, Reinsurer shall pay Ceding Company an amount equal to the then current reserves related to the Business maintained by Reinsurer plus a recapture fee in the amount of the lesser of (i) One Million Dollars ($1,000,000) or (ii) five percent (5%) of the Security Trust Base Amount.
View SourceView Similar (3)
Exercise of Recapture Rights. Any recapture effected or authorized hereby shall not be deemed to have been consummated until (a) termination of the Agreement pursuant to Section 11.2 or (b) the Company has given written notice of recapture to the Reinsurer specifying the fact of recapture, the effective date of the recapture and the grounds for recapture.
View SourceView Similar (2)
Exercise of Recapture Rights. Any recapture effected or authorized hereby shall not be deemed to have been consummated until (a) termination of the Agreement pursuant to Section 16.3 or (b) the Company has given written notice of recapture to the Reinsurer specifying the fact of recapture, the effective date of the recapture and the grounds for recapture. On or before the effective date of recapture, the Reinsurer shall return all Records to the Company. Following the consummation of any recapture of business reinsured hereunder pursuant to this Section 16.6, no additional premiums or business shall be ceded by the Company to the Reinsurer. In the event of recapture by the Company, Reinsurer will be entitled to withhold a recapture fee, as set out in Schedule 16.6 to this Agreement.
View Source

Related to Exercise of Recapture Rights

  • Exercise of Right No failure or delay on the part of either Party in exercising any right, power, or privilege hereunder, and no course of dealing between the Parties, shall operate as a waiver thereof; nor shall any single or partial exercise of any right, power, or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, power, or privilege.

  • Exercise of Repurchase Right Any Repurchase Right under Paragraphs 15(a) or 15(b) shall be exercised by giving notice of exercise as provided herein to Optionee or the estate of Optionee, as applicable. Such right shall be exercised, and the repurchase price thereunder shall be paid, by the Company within a ninety (90) day period beginning on the date of notice to the Company of the occurrence of such Repurchase Event (except in the case of termination or cessation of services as director, where such option period shall begin upon the occurrence of the Repurchase Event). Such repurchase price shall be payable only in the form of cash (including a check drafted on immediately available funds) or cancellation of purchase money indebtedness of the Optionee for the Shares. If the Company can not purchase all such Shares because it is unable to meet the financial tests set forth in the Nevada corporation law, the Company shall have the right to purchase as many Shares as it is permitted to purchase under such sections. Any Shares not purchased by the Company hereunder shall no longer be subject to the provisions of this Section 15.

  • Exercise of Repurchase Option The Repurchase Option shall be exercised by written notice signed by an officer of the Company or by any assignee or assignees of the Company and delivered or mailed as provided in Section 17(a). Such notice shall identify the number of shares of Stock to be purchased and shall notify Purchaser of the time, place and date for settlement of such purchase, which shall be scheduled by the Company within the term of the Repurchase Option set forth in Section 2(a) above. The Company shall be entitled to pay for any shares of Stock purchased pursuant to its Repurchase Option, at the Company's option, in cash or by offset against any indebtedness owing to the Company by Purchaser, or by a combination of both. Upon delivery of such notice and payment of the purchase price in any of the ways described above, the Company shall become the legal and beneficial owner of the Stock being repurchased and all rights and interest therein or related thereto, and the Company shall have the right to transfer to its own name the Stock being repurchased by the Company, without further action by Purchaser.

  • Exercise of Rights No failure or delay on the part of any party to exercise any right, power or privilege under this Agreement and no course of dealing between the Seller and the Purchaser shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or privilege under this Agreement preclude any other or further exercise thereof or the exercise of any other right, power or privilege. Except as set forth in Section 6(h) of this Agreement, the rights and remedies herein expressly provided are cumulative and not exclusive of any rights or remedies which any party would otherwise have pursuant to law or equity. No notice to or demand on any party in any case shall entitle such party to any other or further notice or demand in similar or other circumstances, or constitute a waiver of the right of either party to any other or further action in any circumstances without notice or demand.

  • Exercise of the Purchase Rights The purchase rights set forth in this Warrant Agreement are exercisable by the Warrantholder, in whole or in part, at any time, or from time to time, prior to the expiration of the term set forth in Section 2 above, by tendering to the Company at its principal office a notice of exercise in the form attached hereto as Exhibit I (the "Notice of Exercise"), duly completed and executed. Promptly upon receipt of the Notice of Exercise and the payment of the purchase price in accordance with the terms set forth below, and in no event later than twenty-one (21) days thereafter, the Company shall issue to the Warrantholder a certificate for the number of shares of Preferred Stock purchased and shall execute the acknowledgment of exercise in the form attached hereto as Exhibit II (the "Acknowledgment of Exercise") indicating the number of shares which remain subject to future purchases, if any. The Exercise Price may be paid at the Warrantholder's election either (i) by cash or check, or (ii) by surrender of Warrants ("Net Issuance") as determined below. If the Warrantholder elects the Net Issuance method, the Company will issue Preferred Stock in accordance with the following formula: X = Y(A-B) ------ A Where: X = the number of shares of Preferred Stock to be issued to the Warrantholder. Y = the number of shares of Preferred Stock requested to be exercised under this Warrant Agreement. A = the fair market value of one (1) share of Preferred Stock.