Purchase Option upon Expiration or Termination Clause Samples

The "Purchase Option upon Expiration or Termination" clause grants a party, typically the lessee or licensee, the right to buy the leased or licensed asset when the agreement ends or is terminated. In practice, this clause outlines the conditions under which the purchase can occur, such as the timing, purchase price, and any required notices or procedures. Its core function is to provide a clear and predictable path for asset transfer at the end of the contractual relationship, thereby reducing uncertainty and facilitating planning for both parties.
Purchase Option upon Expiration or Termination. Subject to SUBPARAGRAPHS 8(d), 9(a), 9(b) AND 9(c), in the event this Agreement expires or is terminated for any reason other than a default by Licensee, Licensee shall have the option upon giving written notice to Operator within thirty (30) days of such expiration or termination to (i) purchase in the event that Operator discontinues services in the Market Area following such expiration or termination ("Equipment Purchase"), or (ii) lease from Operator, if Operator uses such equipment in connection with other channels or operations ("Equipment Lease"), only that minimum portion of the software and/or equipment necessary to continue operation of the Channels for the provisions of services to Licensee's then existing customers (the "Transferable Equipment").
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Purchase Option upon Expiration or Termination. Upon the expiration of the Term or termination of this Agreement, Lessor shall have the option to purchase from Lessee any equipment or other property, tangible or intangible, owned by Lessee and principally used in connection with and necessary for the operation of the ERCOT Transmission Assets (including any Nonseverable Footprint Projects owned by Lessee, if any), subject to any required regulatory approvals. The purchase price for such property or equipment shall be the greater of (i) the net book value thereof plus 10% and (ii) the fair market value thereof as determined by mutual agreement of Lessor and Lessee. If the Parties fail to agree on the amount of the purchase price, the purchase price shall be determined by arbitration pursuant to Section 13.7. In the event Lessor purchases such equipment, Lessee shall have the right to continue to use such equipment for no cost during the period of any extended operations by Lessee under Section 2.2. ERCOT TRANSMISSION ASSETS LEASE AGREEMENT
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Purchase Option upon Expiration or Termination. Upon the later of (a) the expiration of the Term or termination of this Agreement or (b) the expiration of the Extended Period of Operatorship (if any), Lessor shall have the option to purchase from Lessee any equipment or other property, tangible or intangible (including regulatory assets), owned by Lessee and principally used in connection with and necessary for the operation of the CREZ Assets (including any Nonseverable Footprint Projects owned by Lessee, if any), subject to any required regulatory approvals. The purchase price for such property or equipment shall be the greater of (i) the net book value thereof plus 10% and (ii) the fair market value thereof as determined by mutual agreement of Lessor and Lessee. If the Parties fail to agree on the amount of the purchase price, the purchase price shall be submitted to arbitration in accordance with Section 13.7, pursuant to which the Arbitration Panel shall be empowered to determine the amount of the purchase price, based on submissions by each of Lessee and Lessor.
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Purchase Option upon Expiration or Termination. Upon the later of (a) the expiration of the Term or termination of this Agreement and (b) the expiration of the Extended Period of Operatorship (if any), Lessor shall have the option to purchase, or cause such other Person as Lessor may direct to purchase, from Lessee any equipment or other property, tangible or intangible, including any regulatory assets, owned by Lessee and principally used in connection with and necessary for the operation of the Permian Assets (including any Nonseverable Footprint Projects owned by Lessee, if any), subject to any required regulatory approvals. The purchase price for such property or equipment shall be the greater of (i) the net book value thereof plus 10% and (ii) the fair market value thereof as determined by mutual agreement of Lessor and Lessee.
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Related to Purchase Option upon Expiration or Termination

  • Termination Upon Expiration Date The Trust shall automatically terminate on December 31, 20__ (the "Expiration Date") or earlier pursuant to Section 9.02.

  • Dissolution Upon Expiration Date Unless earlier dissolved, the Trust shall automatically dissolve on July 30, 2040 (the “Expiration Date”), and the Trust Property shall be liquidated in accordance with Section 9.4.

  • Automatic Conversion upon Expiration In the event that, upon the Expiration Date, the fair market value of one Share (or other security issuable upon the exercise hereof) as determined in accordance with Section 1.3 above is greater than the Warrant Price in effect on such date, then this Warrant shall automatically be deemed on and as of such date to be converted pursuant to Section 1.2 above as to all Shares (or such other securities) for which it shall not previously have been exercised or converted, and the Company shall promptly deliver a certificate representing the Shares (or such other securities) issued upon such conversion to Holder.

  • Termination Upon Notice Following thirty (30) days’ written notice, the State Entity may terminate the Contract in whole or in part without the payment of any penalty or incurring any further obligation to the Contractor. Following termination upon notice, the Contractor shall be entitled to compensation, upon submission of invoices and proper proof of claim, for goods and services provided under the Contract to the State Entity up to and including the date of termination.

  • Termination/Expiration Upon termination or expiration of this Lease, Tenant shall, at Tenant's cost, remove any equipment, improvements or storage facilities utilized in connection with any Hazardous Materials and shall clean up, detoxify, repair and otherwise restore the Premises to a condition free of Hazardous Materials, to the extent such condition is caused by Tenant or any assignee or subtenant of Tenant or their respective agents, contractors, employees, licensees or invitees.