Automatic Buy-Back Sample Clauses

Automatic Buy-Back. 18.3.1 SANParks shall, subject to the provisions of Clause 25.3 and Clause 26 at the termination of this agreement for whatever reason, be entitled to re-purchase the Restaurant Business including the Sale Assets and the Capital Investment Assets. 18.3.2 The amount payable by SANParks under Clause 18.3.1 shall accrue interest at the rate specified in Clause 29.3.3 from the date of termination to the due date for payment as specified in Clause 29.3.
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Automatic Buy-Back. 17.1 SANParks shall, subject to the provisions of Clause 24.3 and Clause 25 at the termination of this PPP Agreement for whatever reason, be entitled to re-purchase the Business including the Capital Investment Assets. 17.2 The amount payable by SANParks under Clause 17.1 shall accrue interest at the rate specified in Clause 27.3.3 from the date of termination to the due date for payment as specified in Clause 27.3.
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Automatic Buy-Back. In the event that Section 8.2 is breached at any time when the G.P. would be taxed as a corporation under (S)7704 of the Code, but for the application of (S)7704(c), the Partnership shall redeem for the greater of $5,500,000.00 or the Exercise Price of all of the L.P.'s Partnership Interest. ------------------------------------------------------------------------------------------------------------------------------------ PATRIOT AMERICAN OPTIONS/RIGHTS OF FIRST REFUSAL PROVISIONS IN MANAGEMENT AGREEMENTS Relating to Properties (Owned or Leased) ---------------------------------------- PROPERTY MANAGER DOCUMENT PATRIOT PARTY (S) REFERENCE Crowne Plaza Ravinia, Holiday Inns, Inc. Management Agreement dated PAH Ravinia, Inc. Article 18 contains a right of Atlanta, GA December 1, 1995, as ROFO in favor of Holiday Inns, amended by a First Inc. The Memorandum of Amendment to Management Management Agreement which was Agreement dated as of April apparently executed and recorded 30, 1996 recites that the franchise agreement (which is activated upon termination of the management agreement) also contains a ROFO which runs consecutively with the right of first offer in the management agreement. ------------------------------------------------------------------------------------------------------------------------------------ PATRIOT AMERICAN OPTIONS/RIGHT OF FIRST REFUSAL PROVISIONS IN FRANCHISE AGREEMENTS Relating to Properties (Owned or Leased) ---------------------------------------- PART I FRANCHISOR FRANCHISEE HOTEL PROPERTY DOCUMENT (S) REFERENCE -------------------------------------------------------------------------------------------------------------------------------- MARRIOTT Marriott International, Inc PAH-Management Corporation Colorado Springs Marriott Inn (S)40 - Franchisor has as assignee of Interstate Marriott Franchise Agreement ROFR to purchase, lease Hotels, LLC (100% Owned) dated July 20, 1987, or purchase as amended. Franchisee's stock. Owner Agreement dated March 31, 1994. (S)8(G) of the Owner Agreement obligates the Owner to observe and be bound by all terms, conditions and restrictions of (S)40 of the MIFA.
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Automatic Buy-Back. 18.7.1 SANParks shall, subject to the provisions of Clause 26 and Clause 25.3, at the termination of this agreement for whatever reason, be entitled to re-purchase the Business, including the Sale Assets and New Project Assets, as a going concern, for a consideration equal to the market value at that time, subject to the provisions of Clause 18.7.3, of the Sale Assets and the New Project Assets, mutatis mutandis on the same terms and conditions as those contained in this agreement, fair wear and tear excepted. The market value of the Sale Assets and the New Project Assets shall be determined by a panel of 3 (three) evaluators, one to be appointed by each of the parties and a third independent evaluator, by the first two appointed evaluators. 18.7.2 The amount payable by SANParks under Clause 18.7.1 shall accrue interest at the rate specified in Clause 30.3.3 from the date of termination to the due date for payment as specified in Clause 30.3. 18.7.3 The Parties acknowledge that the Private Party shall be entitled, for the duration of this agreement, to modify and to change, in its absolute discretion, any or all of the Sale Assets in order that such amended Sale Asset shall fulfil a different or more efficient function in the provision of services by the Private Party to SANParks, provided it does not detract from the PrivateParty’s obligations in terms of this PPP Agreement. 18.7.4 The Private Party shall, at the termination of this agreement for whatever reason, hand over the Sale Assets and New Project Assets to SANParks, in the same condition as at the commencement of this agreement, in the instance of the Sale Assets, and in the instance of the New Project Assets, in the same condition as at date of acquisition, fair wear and tear excepted, provided that the Private Party shall be entitled to re-deliver to SANParks the Sale Assets in the state in which they shall have been modified as envisaged in terms of Clause 18.7.3 above. In the event that it shall be impractical for the Private Party to return any such Sale Assets or New Project Assets, the Private Party shall compensate SANParks in respect thereof at the market value of such Sale Assets or New Project Assets agreed by the Parties, or, in the absence of such agreement, determined by an independent valuator.
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Automatic Buy-Back. 18.3.1 SANParks shall, subject to the provisions of Clause 25.3 and Clause 26 at the termination of this agreement for whatever reason, be entitled to re-purchase the Retail Business including the Sale Assets and the Capital Investment Assets. 18.3.2 The amount payable by SANParks under Clause 18.3.1 shall accrue interest at the rate specified in Clause 29.3.3 from the date of termination to the due date for payment as specified in Clause 29.3. 18.3.3 The Parties acknowledge that the Private Party shall be entitled, for the duration of this Agreement, to modify and to change, in its absolute discretion, any or all of the Sale Assets in order that such amended Sale Assets shall fulfil a different or more efficient function in the provision of services by the Private Party to SANParks..
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Related to Automatic Buy-Back

  • Automatic Debit In order to effectuate the timely payment of any of the Obligations when due, Borrower hereby authorizes and directs Lender, at Lender’s option, to: (i) debit, or cause or instruct the debit of, the amount of the Obligations to any ordinary deposit account of Borrower; or (ii) make a Revolving Loan hereunder to pay the amount of the Obligations.

  • Automatic Renewal Each Schedule will renew automatically at the end of the then-current Schedule Term for a Schedule Renewal Term unless terminated in accordance with this Agreement by either You or Company.

  • Automatic Conversion Subject to Section 5 below and, at the Company’s election and request, Holder’s reaffirmation of Holder’s representations and warranties under Section 3 of the Convertible Note Purchase Agreement, the principal amount of this Note (and all interest accrued on this Note at the option of the Payor) shall be converted into the number of shares of common stock as follows: (a) In the event of a next equity financing by the Company in one transaction or series of related transactions which raises an aggregate amount of at least One Million Five Hundred Thousand Dollars ($1,500,000) (the “Next Equity Financing”), the principal amount on this Note shall automatically be converted (regardless of whether or not the Note is surrendered to Payor) into the equity securities issued in the Payor’s Next Equity Financing (the “Next Equity Financing Stock”). Any accrued interest outstanding at the time of the conversion shall be paid in cash by the Company. This Note shall convert into the number of shares at the time of the “Next Equity Financing” equals to ___,000 shares of the Company’s Common Stock at an exercise price of $0.60 per share (the “Exercise Price”) This Note shall be deemed automatically cancelled immediately upon such conversion. As a condition precedent to the issuance of the Next Equity Financing Stock to Holder upon such conversion, Holder shall execute and deliver such agreements, instruments and other documents as are executed and delivered by the other investors in connection with their purchase of the Next Equity Financing Stock. (b) In the event of the “Company’s Sale”, defined below, at the option of Payor, the principal hereunder and, at the option of the Payor, shall automatically be converted (regardless of whether or not the Note is surrendered to Payor) into the number of shares (the “Company’s Sale Stock”) equals to ____,000 shares of the Company’s Common Stock at an exercise price of $0.60 per share (the “Exercise Price”). This Note shall be deemed automatically cancelled immediately upon such conversion.

  • Automatic Exercise To the extent this Warrant is not previously exercised, it shall be deemed to have been automatically converted in accordance with Sections 3(b) and 3(c) hereof (even if not surrendered) as of immediately before its expiration, involuntary termination or cancellation if the then-Fair Market Value of a Warrant Share exceeds the then-Warrant Price, unless Holder notifies Company in writing to the contrary prior to such automatic exercise.

  • Automatic Renewal Limitation for TIPS Sales No TIPS Sale may incorporate an automatic renewal clause that exceeds month to month terms with which the TIPS Member must comply. All renewal terms incorporated into a TIPS Sale Supplemental Agreement shall only be valid and enforceable when Vendor received written confirmation of acceptance of the renewal term from the TIPS Member for the specific renewal term. The purpose of this clause is to avoid a TIPS Member inadvertently renewing an Agreement during a period in which the governing body of the TIPS Member has not properly appropriated and budgeted the funds to satisfy the Agreement renewal. Any TIPS Sale Supplemental Agreement containing an “Automatic Renewal” clause that conflicts with these terms is rendered void and unenforceable.

  • Automatic Reduction Promptly following each date on which the Required Amount is reduced as a result of a reduction in the Pool Balance of the Class B Certificates or otherwise, the Maximum Commitment shall automatically be reduced to an amount equal to such reduced Required Amount (as calculated by the Borrower). The Borrower shall give notice of any such automatic reduction of the Maximum Commitment to the Liquidity Provider within two Business Days thereof. The failure by the Borrower to furnish any such notice shall not affect such automatic reduction of the Maximum Commitment.

  • Automatic Early Termination provision of Section 6(a) will not apply to Party A and will not apply to Party B.

  • Automatic Acceleration Upon the occurrence of an Event of Default described in Section 8.01(l) or Section 8.01(m) the Facility shall be automatically terminated and the Loans and all other Obligations shall be immediately due and payable upon the occurrence of such event, without demand or notice of any kind.

  • Automatic Extension At the end of the initial term and any subsequent ------------------- term, this Agreement shall automatically renewed for a five (5) year term unless one of the parties provides the other party with written notice of intent not to renew, not less than one hundred eighty (180) day prior to the expiration of the then current term.

  • Term Automatic Cashless Exercise Upon Expiration 5.1.1 This Warrant is exercisable in whole or in part, at any time and from time to time on or before the Expiration Date set forth above; provided, however, that if the Company completes its initial public offering within the 270-day period immediately prior to the Expiration Date, the Expiration Date shall automatically be extended until 270 days after the effective date of the Company’s initial public offering. 5.1.2 In the event that, upon the Expiration Date, the fair market value (as determined pursuant to Section 1.3 above) of one Share (or other security issuable upon the exercise hereof) 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 exercised pursuant to Section 1.2 above as to all Shares (or such other securities) for which it shall not previously have been exercised.

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