Grant of First Option Sample Clauses

Grant of First Option. (i) In consideration for the payment of the Option Fee (receipt of which is acknowledged by execution of this deed) by the Optionholder to the Shareholder, the Shareholder grants to the Optionholder an irrevocable right to purchase the First Option Shares for the Initial Exercise Price in accordance with the terms of this deed (First Option). (ii) The Call Option confers on the Optionholder the right, but not the obligation, to give the Shareholder the Notice of Exercise of Call Option in respect of the First Option Shares in accordance with clause 3.

Grant of First Option. 4.1 The Subsidiary hereby grants to Alliance the First Option to acquire 8 Class A Shares equal to an undivided 10% of the total issued Class A Shares at the time of the issue of the Shares to Alliance for a purchase price of $1,350,000 which has been paid. 4.2 The Subsidiary will immediately after execution of this Agreement by all parties issue the eight Class A Shares to Alliance.

Grant of First Option. Tenant shall have the option to extend the Term of this Lease for an additional five (5) years (the "First Option"); provided that Tenant is not in default under this Lease beyond any applicable notice and cure periods.

Grant of First Option. Optionor hereby grants to Optionee an option and right (the "First Option") to purchase the PG&E Option Property at the price and on both the terms and conditions set forth in this Section 2 and the terms and conditions set forth in the remainder of this Option Agreement (other than in Sections 3 and 4, the provisions of which shall not be applicable to the First Option herein granted).

Grant of First Option. 1.01 The Optionor, in consideration of the sum of $10, the receipt and sufficiency of which is hereby acknowledged, hereby grants to Revelstoke, on the terms and conditions hereinafter set out, the exclusive right and option (the "First Option") to acquire a 60% undivided interest in and to the Property by paying to the Optionor the sum of $600,000 cash, by issuing to the Optionor 4,000,000 shares in the capital of Revelstoke and by incurring, directly or indirectly, and paying for $6,000,000 in "Exploration Expenditures" (as hereinafter defined), to be respectively paid and issued to the Optionor and incurred and paid by Revelstoke as follows: (a) the sum of $100,000 in cash , the prior receipt of which from Revelstoke Industries, Inc, Revelstoke's predecessor in interest, is hereby acknowledged by the Optionor; (b) 4,000,000 common shares of Revelstoke with a par value of $0.001 per common share, to be issued and delivered to the Optionor within five business days from the execution and delivery of this agreement, (c) an additional $200,000 in cash to be paid by wire transfer in immediately available funds, and Exploration Expenditures of not less than $1,000,000 to be incurred and paid, both on or before May 31, 2007; (d) an additional $300,000 in cash to be paid by wire transfer in immediately available funds, and cumulative Exploration Expenditures of not less than $3,000,000 to be incurred and paid, both on or before May 31, 2008; and (e) cumulative Exploration Expenditures of not less than $6,000,000 to be incurred and paid on or before May 31, 2009. 1.02 In this agreement, "Exploration Expenditures" means all direct and indirect costs and expenses, however denominated, incurred by Revelstoke on or in connection with the prospecting, exploration and development of the Property and shall include, without limiting generality: (a) all expenditures required to maintain the Property in good standing in accordance with the laws of the jurisdiction in which the Property is situated; (b) all expenditures required to acquire and maintain insurance pursuant to this agreement; (c) all expenditures made relating to reclamation, rehabilitation and protection of the environment; and (d) the management fee payable under the "Technical Services Agreement" referred to in paragraph 3.01 hereof. 1.03 If Revelstoke fails to incur the Exploration Expenditures listed in paragraph 1.01 by the end of the last day on which the same was due to be incurred , Revelstoke may, a...

Grant of First Option. Upon and subject to the terms and conditions hereof, the Iconic Parties hereby grant to Nevada Lithium the sole, exclusive and irrevocable right and option to acquire a 20% Interest (the “First Option”), free and clear of all Encumbrances (other than Permitted Encumbrances).

Grant of First Option. Subject to the terms and conditions of this --------------------- Agreement, with respect to each [*****], Diversa hereby grants to NEI a right of first option to an exclusive, worldwide, royalty-bearing license (the "License") under the Diversa Technology to use the applicable [*****] to make, have made, use, sell, offer for sale and import Products outside the applicable Field.

Grant of First Option. ABC hereby grants Continental an option (the "First Option") to purchase from ABC that number of fully-paid, non-assessable Ordinary Shares that represent fifty percent (50%) of the issued share capital of the Company, on an as-converted basis, at the time of exercise (such Ordinary

Grant of First Option. Upon and subject to the terms and conditions hereof, the Nubian Parties hereby grant to Athena the sole, exclusive and irrevocable right and option to acquire a 10% Interest (the "First Option"), free and clear of all Encumbrances other than Permitted Encumbrances.