Buy-Out Option. In the event the Maturity Date is extended due to non-payment during the Cash Repayment Period, the Holder will have the option, but not an obligation, to force repayment of the Note via exercise of a Buy Out Option. Anytime after the Note is outstanding for at least one (1) year, the Holder has the option to elect repayment of the Note in cash at forty percent (40%) of the value that would have been received if the option for the Alternative Payment Stake had been exercised. The calculation for the Buy Out Option is as follows: On the date of the election for the Buy Out Option, the cash value would be total outstanding common shares of the Company on the day of election, times 6.75% (0.0675), times the average closing price of the common shares over the preceding 30 trading days, times 40%. The Company shall have ninety (90) days to make this payment in cash to the Holder.
Buy-Out Option. Full-time employees, funded in whole or in part by Gladwin County, and having completed sixty (60) days of employment, may, in writing, elect to accept a cash payment in lieu of the insurance program. The amount shall be equal to the fifty percent (50%) of the Employer's contribution toward the single subscriber BCN Plan (base plan) rate paid by the Employer. If any employee is employed for less than the entire year or elects to take hospitalization insurance, he/she shall receive a pro rata amount for the period of time he/she did not take the insurance. The payment shall be made the first pay period in December. An employee must still be employed December 1 in order to receive the payment. If an employee has "comparable" health insurance coverage available elsewhere, the employee shall not be eligible to participate in the County's health insurance plan, but must take the buy-out. If, however, a spouse's Employer or entity that a spouse retired from has a similar provision in his/her of health insurance plan, the County will provide health insurance coverage for the employee, and for eligible children if the employee's birth month and date are earlier in the year than the spouse's. The employee must produce a document from the healthcare/insurance provider showing that he/she is covered by another policy to be eligible for the buy-out. If the employee spouse's health insurance is terminated for any reason, the employee will again be eligible to participate in the County's health care program, if permitted by the insurance carrier.
Buy-Out Option. After completion of the Initial Term this license may be extended in perpetuity for an amount thrice (3 times) the annual payment.
Buy-Out Option. Each Last Out Note Holder hereby agrees that:
Buy-Out Option. At any time after the Closing Date, Xxxxxx shall have the right, exercisable in its sole discretion (the “Buy-Out Option”), to purchase from ROS all (but not less than all) of its rights to the remaining Royalty Payments that will become due pursuant to Section 2.1. The amount payable by Xxxxxx to ROS in respect of the Buy-Out Option shall be the Purchase Price. If Xxxxxx elects to exercise its Buy-Out Option, it shall so notify ROS in writing (the “Buy-Out Notice”), which Buy-Out Notice shall set forth a calculation of the Purchase Price in reasonable detail. Delivery of a Buy-Out Notice (and exercise of the Buy-Out Option) shall be irrevocable. Unless ROS disputes in writing, within five (5) Business Days of its receipt of the Buy-Out Notice and with reasonable specificity the calculation of the Purchase Price prior to tender of the Purchase Price (in which case the Buy-Out Notice shall be of no force or effect), Xxxxxx shall, on the tenth Business Day following ROS’s receipt of such Buy-Out Notice, purchase from ROS all (but not less than all) of its rights to the remaining Royalty Payments that will become due pursuant to Section 2.1. The payment of the Purchase Price shall be made by wire transfer of immediately available funds to an account designated by ROS, or, if not timely designated by ROS, to the ROS account set forth on its signature page to this Agreement.
Buy-Out Option. The Consumer has the option at any time during the Term to purchase the Project (and all its component parts) (“the Sale Asset” for the purposes of this clause 29.4) from Sun-Ex and the Solar Cell Owner, and other owners of solar cells used in the Project (collectively “the Sellers”).
Buy-Out Option. Following sixty (60) months of continuous operation of the Project's gaming operations following the Opening Date, Pawnee shall have the option to buy out the Lakes' remaining rights under this Agreement for an amount equal to the present value, using a discount rate which is the greater of either two percent (2%) above the prime interest rate of Chase Manhattan Bank U.S.A., N.A. (or any successor bank) or the same rate as the Project Permanent Financing for each Project in place at the time the buy-out option is exercised of the Remaining Project Development Fees (as hereinafter defined). The term "Remaining Project Development Fees" shall mean the total Monthly Consulting Fixed Fees which would have been payable to Lakes for the Project under Section 7.1(b) hereof for the balance of the term of this Agreement,
Buy-Out Option. 15.1 On a Royalty Product by Royalty Product basis, AchillesTx shall have a right, exercisable on written notice at any time, to negotiate with CRT to buy out CRT’s rights to Royalties and (if applicable) Success Milestone Payments on such Royalty Product (for each Royalty Product a “Buy-Out Option”). The reference to “buy out” in this Clause shall mean that CRT shall cease to be entitled to Royalties or Success Milestone Payments in exchange for some other cash consideration.
Buy-Out Option. At any time during the Buy-out Option Period Denali may exercise the Buy-out Option in the manner set out in the Buy-out Option Agreement. Denali may extend the Buy-out Option Period by an additional [***] months by written notice to Licensor such notice to be received no later than the expiry of the earlier of (a) the [***] month after the first Fcab Delivery or (b) the [***] month after Denali Fcab Notice, in each case subject to Denali making the following payment to Licensor prior to [***]: (x) [***] if TfR is the only Accepted Fcab Target, or (y) [***] if there is at least one (1) other Accepted Fcab Target in addition to TfR.
Buy-Out Option. Following thirty-six (36) months of continuous operation of the Project's gaming operations by Lakes, Pawnee shall have the option to buy out the Lakes' remaining rights under this Management Agreement for an amount equal to the present value, using a discount rate which is the greater of (i) two percent (2%) above the prime interest rate of Chase Manhattan Bank U.S.A., N.A. (or any successor bank) or (ii) or the same rate for the financing provided by any third party lender for the development, construction and equipping of the Project Facilities of the Remaining Management Fees (as hereinafter defined). The term "
