Exercise of Third Option Sample Clauses

The 'Exercise of Third Option' clause defines the process and conditions under which a party may activate a third, previously agreed-upon option within a contract. Typically, this clause outlines the specific steps required to notify the other party, any deadlines for exercising the option, and any associated payments or obligations that must be fulfilled. For example, in a lease agreement, this might allow a tenant to extend the lease for an additional term by providing written notice before a certain date. The core function of this clause is to provide a clear and structured mechanism for utilizing an additional contractual right, thereby reducing uncertainty and potential disputes about how and when the option can be exercised.
Exercise of Third Option. Upon the Optionee satisfying the conditions in Section 5.3 within the time periods set out therein, the Optionee will be deemed to have exercised the Third Option and to have earned an eighty percent (80%) Interest in the Property.
View SourceView Similar (2)
Exercise of Third Option. The Optionee may at any time after it has, completed the Bankable Feasibility Study pursuant to paragraph 4.6(a), made the payment in cash or, if agreed in writing by the Optionor, in shares in the capital of the Company to the Optionor pursuant paragraph 4.6(b), and maintained the Property as set out in paragraph 4.6(c) hereof, exercise the Third Option by delivering a notice of exercise to the Optionor. The notice of exercise of the Third Option shall be accompanied by a copy of the Bankable Feasibility Study together with a calculation of the amount of the payment (the "Payment Calculation") to made with respect to the proven ▇▇▇▇ ounces of gold identified in the Bankable Feasibility Study under the category of Proven Mineral Reserve, as that term is defined under CIM Definition Standards. If requested by the Optionor, the Optionee shall have the Payment Calculation audited by the Optionee's auditor. The Optionor shall have a period of Thirty (30) days to review the Payment Calculation and either accept or challenge the Payment Calculation. Should the Optionor challenge the Payment Calculation, then the Optionor shall have a period of Ninety (90) days to conduct such reviews or further audits, by an auditor appointed by the Optionor, of the Optionee's calculations and the Optionee shall provide full access to its records and cooperation with respect to such review. Any dispute over the Payment Calculation following the Optionor's review, if not resolved between the parties, shall be referred to arbitration. Should the Optionor accept the notice of exercise and the Payment Calculation, then an additional undivided 25% right, title and interest in and to the Property will vest in the Optionee free and clear of all charges, encumbrances and claims, save and except for the Retained Royalty and the Optionee's cumulative interest in the Property upon such transfer would then be 100%.
View Source
Exercise of Third Option. Subject to ▇▇▇▇▇▇ satisfying the Third Option Conditions, then ▇▇▇▇▇▇ may, on or before the Third Option Deadline, exercise the Third Option by delivering to each member of the CSG Group a written notice confirming such satisfaction and confirming exercise of the Third Option (“Third Option Exercise Notice”). If ▇▇▇▇▇▇ fails to deliver the Third Option Exercise Notice by the Third Option Deadline and this Agreement has not otherwise been terminated then any one or more members of the CSG Group may provide written notice of such failure. Upon delivery of such notice from any one or more members the CSG Group and provided the Third Option Conditions are satisfied, ▇▇▇▇▇▇ will have 30 days to deliver the Third Option Exercise Notice to each member of the CSG Group and if it does not, then the Third Option will terminate in accordance with Section 6.6(c).
View Source
Exercise of Third Option. Metallica may exercise the Third Option by the delivery of a Feasibility Study, on Properties selected by Metallica, to FMM at any time, or from time to time, following the exercise of the Second Option, during the term of this Agreement or the Operating Agreement. Within 30 days following the delivery of the Feasibility Study on selected Properties to FMM by Metallica, FMM shall execute and deliver appropriate documents of assignment, transfer and/or conveyance to Metallica in a form satisfactory to Metallica, to transfer, assign and convey an additional undivided ten percent (10%) of FMM’s rights, title and interests in and to the Underlying Agreements and the Properties, free and clear of all liens and encumbrances created by, through or under FMM, or its Affiliates and subject only to the terms and conditions contained in the Underlying Agreements, and which would result in Metallica owning an eighty percent (80%) interest in such Underlying Agreements and Properties It is expressly agreed by the Parties that time is of the essence in the execution and delivery of such documents of assignment, transfer and/or conveyance to Metallica.
View Source
Exercise of Third Option. Upon Nevada Lithium Funding the Third Option Expenditures within the time period set out in Section 7.2 (the date that the Third Option Expenditures are so fully Funded being the “Third Option Exercise Date”, subject to Sections 7.4 and 10) Nevada Lithium will be deemed, without any further action required on behalf of Nevada Lithium, to have acquired an additional 15% Interest (for an aggregate 50% Interest) (the “Third Option Interest”). Upon the occurrence of the Third Option Exercise Date, the Iconic Parties shall take all actions and do all things necessary, as soon as practicable, to transfer the Third Option Interest to Nevada Lithium such that Nevada Lithium is the registered and beneficial holder of the Third Option Interest. The cost of such transfer shall be included in the Work Program and Budget and upon the completion of the transfer of the Third Option Interest to Nevada Lithium, Iconic Subco will provide notice to Nevada Lithium of the completion of such transfer.
View Source
Exercise of Third Option. In order to maintain in force the Third Option granted to it, and to exercise the Third Option, the Optionee must:
View Source

Related to Exercise of Third Option

  • Exercise of Option The Over-allotment Option granted pursuant to Section 1.2.1 hereof may be exercised by the Representative as to all (at any time) or any part (from time to time) of the Option Units within 45 days after the effective date (“Effective Date”) of the Registration Statement (as defined in Section 2.1.1 hereof). The Underwriters will not be under any obligation to purchase any Option Units prior to the exercise of the Over-allotment Option. The Over-allotment Option granted hereby may be exercised by the giving of oral notice to the Company by the Representative, which must be confirmed in accordance with Section 10.1 herein setting forth the number of Option Units to be purchased and the date and time for delivery of and payment for the Option Units (the “Option Closing Date”), which will not be later than five (5) full Business Days after the date of the notice or such other time and in such other manner as shall be agreed upon by the Company and the Representative, at the offices of EG&S or at such other place (including remotely by facsimile or other electronic transmission) as shall be agreed upon by the Company and the Representative. If such delivery and payment for the Option Units does not occur on the Closing Date, the Option Closing Date will be as set forth in the notice. Upon exercise of the Over-allotment Option, the Company will become obligated to convey to the Underwriters, and, subject to the terms and conditions set forth herein, the Underwriters will become obligated to purchase, the number of Option Units specified in such notice.

  • Exercise of Call Option 3.1 During the Call Option Period, PCCW may exercise the Call Option by delivering to PubCo a written notice (the “Call Notice”) specifying the principal amount of the Call Option Note it elects to subscribe for (such principal amount, the “Call Option Note Amount”). 3.2 On the fifth (5th) Business Day following the delivery of a Call Notice (or such other date as may be mutually agreed between PubCo and PCCW) (such date, the “Call Option Closing Date”), (a) PCCW shall deliver or cause to be delivered to PubCo one or more payment references for US$ CHATS (or such other payment references mutually agreed between PubCo and PCCW) in connection with the payment of the Call Option Note Amount to PubCo’s designated bank account (details of which shall be provided by PubCo to PCCW in writing at least three (3) Business Days before the Call Option Closing Date). (b) PubCo shall (i) issue and deliver to PCCW a Call Option Note in favour of PCCW payable in the principal amount of the Call Option Note Amount, together with a certified copy of the register of holders of the Call Option Notes as at such Call Option Closing Date, and (ii) issue and deliver to PCCW such number of Class A Ordinary Shares as determined in accordance with Section 2.1(b), and cause such Class A Ordinary Shares to be registered in book entry form and registered in PubCo’s share register or register of members (as applicable) in PCCW’s name. 3.3 The Class A Ordinary Shares issued to PCCW upon any exercise of the Call Option shall: (a) be credited as fully paid, (b) have the rights set out in the PubCo Charter relating to Class A Ordinary Shares; and (c) rank pari passu in all respects with those Class A Ordinary Shares in issue on the Call Option Closing Date. 3.4 No fractions of a Class A Ordinary Share shall be issued on the exercise of the Call Option. If, by reason of any provisions in this Agreement, PCCW would otherwise be entitled, upon the exercise of the Call Option, to receive a fractional interest in a Class A Ordinary Share, PubCo shall, upon such exercise, round down the number of the Class A Ordinary Shares to be issued to PCCW to the nearest whole number. 3.5 Each of the Class A Ordinary Shares acquired by PCCW (or its permitted transferees) pursuant to this Agreement during the Lock-Up Period (as defined in the Company Shareholders Support Agreement) shall be subject to the lock-up restrictions and other provisions of the Company Shareholders Support Agreement.

  • 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.

  • Exercise of the Option Each Research Organisation receiving a substantial contribution as referred to under Section 8.5 shall promptly disclose in confidence to the Project Coordinator any Foreground conceived by it in connection with its Activities under the Project. The Project Coordinator shall notify the Industrial Partner(s) with an Option on the Foreground conceived. The Industrial Partner(s) may exercise the Option at any time until the earlier of (i) [1 (one) month] after the date of disclosure by the Project Coordinator or (ii) the completion of the Project, after which period the Option will lapse. An Option may be exercised on one or more occasions in respect of the Foreground that is subject to a separate Option. The Option shall be deemed to be declined in respect of the Industrial Partner that has not informed the Research Organisation owning (part of) such Foreground within the aforesaid term. If the Option is exercised, the Industrial Partner(s) and Research Organisation shall negotiate in good faith for a period of up to 90 (ninety) calendar days, or such longer period as may be agreed upon between the Participants, all necessary commercial arrangements taking into account the stage of development and the relative contribution of the Research Organisation to the Foreground and subject to the minimum conditions set out in Section 8.7. If the Participants fail to reach agreement, the Option shall lapse, and the Research Organisation shall be free to exploit the Foreground. Minimum conditions. Any transfer or license agreement as referred to in Section 8.5 shall at a minimum contain the following conditions: the Industrial Partner(s) shall pay the Research Organisation a fair and reasonable market price in respect of access to or assignment of ownership of the (joint) Foreground. The Industrial Partner(s) is entitled to deduct an amount from the fair market price equal to the value of its contribution under the Project as set out in the Budget; in the case of a license, an anti-shelving clause for the Industrial Partner (i.e. use of commercially reasonable efforts to effectively commercialise or apply the Foreground); a non-exclusive license for the Research Organisation for the use of the Foreground for academic research and teaching purposes; an indemnification obligation by the Industrial Partner to the Research Organisation against any third Participant claims for damages resulting from the use of the Foreground; a warranty from the Industrial Partner(s) to respect the Access Rights of the other Participants granted under this Consortium Agreement with respect to the Foreground pursuant to Section 9.3, including a warranty that these Access Rights will not be affected by a subsequent transfer or license of the Foreground.

  • Time of Exercise of Option The Optionee may exercise the option granted herein at any time after the effective date of this Agreement until the date of termination of the option as provided herein.