CONTINUATION OF OPTION Sample Clauses

CONTINUATION OF OPTION. Upon the effective date of any Total Sale, any unexercised portion of the Option shall terminate unless provision shall be made in writing in connection with such Total Sale for the continuance of such unexercised portion of the Option or for the assumption of such unexercised portion of the Option by a successor to the Company or for the substitution for such unexercised portion of the Option of new options covering shares of such successor with appropriate adjustments as to number and kind of shares and prices of shares subject to such new options, or unless the Company shall authorize the redemption of the unexercised portion of the Option pursuant to Section 7.2 hereof. In the event that provision in writing is made as aforesaid in connection with a Total Sale, the unexercised portion of the Option or the new options substituted therefor shall continue in the manner and under the terms provided in this Agreement and in such writing.
Sample 1Sample 2Sample 3See All (4)
AutoNDA by SimpleDocs
CONTINUATION OF OPTION. Notwithstanding the provisions of Paragraph 2 of this Option, if the Optionee terminates his or her employment with the Company on or after attainment of age 61 ("Retirement"), or by reason of his or her death or Disability:
Sample 1Sample 2
CONTINUATION OF OPTION. Effective upon the consummation of the Merger, Optionee's KRES Option to purchase 672,000 shares of KRES Common Stock from Optionor shall be converted into the right and option (the "Option") to (i) purchase, on the terms and conditions hereinafter set forth, all or any part of an aggregate of 521,590 shares of CBC Common Stock from Optionor at an exercise price of $5.84 per share of CBC Common Stock (the "Price"), exercisable from time to time prior to May 30, 2001 and (ii) obtain from Optionor in connection with each exercise of the Option .1072413 Warrants per share of CBC Common Stock acquired upon such exercise, using conventional rounding to the nearest whole Warrant (the "Warrant Ratio"). Optionor hereby agrees not to sell any shares of CBC Common Stock or exercise or transfer any Warrants if, as a result of such sale, exercise or transfer, Optionor will not continue to hold a sufficient number of shares of CBC Common Stock and Warrants to enable Optionee to exercise the Option in full immediately after such sale and to receive the appropriate number of Warrants in connection with such exercise, as adjusted by Section 5 of this Agreement.
Sample 1Sample 2
CONTINUATION OF OPTION. After termination of employment, the term of the Option will continue for the applicable Continuation Period described in Section 3.7.1. The Option will remain exercisable during the Continuation Period, if at all, only to the extent the Option had become exercisable pursuant to this Agreement on or prior to the Termination Date. The Option, to the extent not previously exercised, will be canceled automatically at the end of the applicable Continuation Period.
Sample 1Sample 2
CONTINUATION OF OPTION. In order to continue the Option in full force and effect, on the third business day prior to the fifteenth or last day of a month next following the Closing Date (as hereinafter defined) and on each third business day prior to the fifteenth and last day of each month thereafter until exercise, lapse or expiration of the Option, Brocx xxxll pay to NetGain by wire transfer (each payment hereinafter referred to as a "Bimonthly Payment" and collectively as "Bimonthly Payments"), as payment for the continuation of the Option, the sum of $35,000. If such wire transfer is not received by NetGain by the close of business on the date it is due to be made, NetGain agrees to notify Brocx xx telephone, followed by written notice sent to Brocx xx telecopy, as provided in Section 9.4 hereof. Upon receipt of such notice of failure to receive a Bimonthly Payment, Brocx xxxl have to the end of the next business day following such notice to cure the failure to make the Bimonthly Payment. If Brocx xxxls to make a bimonthly payment or fails to cure the nonreceipt of a Bimonthly Payment as provided herein, the Option will lapse and will thereafter be null and void. Brocx xxxll not be obligated to exercise the Option and may discontinue to make Bimonthly Payments provided for in this Section 1.2 and allow the Option to lapse, provided, however, it shall give written notice of such determination to NetGain at such time Brocx xxxermines to allow the Option to lapse. In the event such written notice of Brocx'x xxxermination to allow the Option to lapse is given, Brocx xxxll advance, as a loan to NetGain evidenced by NetGain's promissory note (to be substantially in the form attached hereto as Exhibit B) at the time such Bimonthly Payments shall have otherwise been due, amounts equal to each of the next two Bimonthly Payments which would have been due after the date of such notice of Brocx'x xxxction to allow the Option to lapse, including (i) one loan, in an amount equal to a Bimonthly Payment, to be made by Brocx xx NetGain on February 11, 1998, provided that, between January 1, 1998 and January 15, 1998, the Option lapses or is otherwise not exercised by Brocx, xxd (ii) another loan, in an amount equal to a Bimonthly Payment to be made by Brocx xx NetGain on February 24, 1998, provided that, after January 15, 1998, the Option lapses, expires or is otherwise not exercised by Brocx. XxtGain's promissory note given in respect of all such advances shall be payable in full 90 days af...
Sample 1
CONTINUATION OF OPTION. Notwithstanding the provisions of Paragraph 2 of this Option, if the Optionee terminates his service as a member of the Board on or after attainment of age 61 ("Retirement"), or by reason of his death or Disability:
Sample 1
CONTINUATION OF OPTION. Lessee's right to purchase the Sale Property pursuant to Paragraph 17.0 of the Original Lease (and Lessee's right of first refusal under Paragraph 18.0 of the Original Lease) shall not terminate as a result of Lessee not purchasing the Sale Property pursuant to this Second Amendment.
Sample 1
AutoNDA by SimpleDocs

Related to CONTINUATION OF OPTION

  • Termination of Option (a) Any unexercised portion of the Option shall automatically and without notice terminate and become null and void at the time of the earliest to occur of:

  • Continuation of Agreement This Agreement shall become effective for each Fund as of the date first set forth above and shall continue in effect for each Fund until August 1, 2010, unless sooner terminated as hereinafter provided, and shall continue in effect from year to year thereafter for each Fund only as long as such continuance is specifically approved at least annually (i) by either the Board of Directors or by the vote of a majority of the outstanding voting securities of such Fund, and (ii) by the vote of a majority of the Directors, who are not parties to the Agreement or interested persons of any such party, cast in person at a meeting called for the purpose of voting on such approval. The annual approvals provided for herein shall be effective to continue this Agreement from year to year if given within a period beginning not more than 90 days prior to August 1st of each applicable year, notwithstanding the fact that more than 365 days may have elapsed since the date on which such approval was last given.

  • Continuation of Service 10. If the Recipient is an air carrier, until March 1, 2022, the Recipient shall comply with any applicable requirement issued by the Secretary of Transportation under section 4114(b) of the CARES Act to maintain scheduled air transportation service to any point served by the Recipient before March 1, 2020.

  • Duration of Option The Option shall be exercisable to the extent and in the manner provided herein for a period of ten (10) years from the Grant Date (the "Exercise Term"); provided, however, that the Option may be earlier terminated as provided in Section 6 hereof.

  • Continuation of Company The resignation, withdrawal, expulsion, insolvency or dissolution of the Member or the occurrence of any event that terminates the continued membership of the Member shall not, in and of itself, cause the Company to be dissolved or its affairs to be wound up, and upon the occurrence of any such event, the Company shall, to the fullest extent permitted by law, be continued without dissolution as permitted by this Agreement and the Act. In the event the Member’s interest in the Company is terminated, provisions herein requiring the vote or consent of the Member shall no longer apply.

  • Continuation of Services This Option Agreement shall not be construed to confer upon the Optionee any right to continue providing services as a Company Director and shall not limit the right of the Company, in its sole discretion, to terminate the services of the Optionee at any time.

  • Termination of Options The Options, which become exercisable as provided in paragraphs 3 and 4 above, shall terminate and be of no force or effect as follows:

  • Conversion and Continuation Options (a) The Borrower or any Subsidiary Borrower may elect from time to time to convert Eurocurrency Loans to ABR Loans by giving the Administrative Agent prior irrevocable notice of such election no later than 11:00 A.M., New York City time, on the Business Day preceding the proposed conversion date, provided that any such conversion of Eurocurrency Loans may only be made on the last day of an Interest Period with respect thereto. The Borrower or any Subsidiary Borrower may elect from time to time to convert ABR Loans to Eurocurrency Loans by giving the Administrative Agent prior irrevocable notice of such election no later than 12:00 Noon, New York City time, on the third Business Day preceding the proposed conversion date (which notice shall specify the length of the initial Interest Period therefor), provided that no ABR Loan under a particular Facility may be converted into a Eurocurrency Loan when any Event of Default has occurred and is continuing and the Administrative Agent or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such conversions. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.

  • Conversion and Continuation Elections (a) The Company may, upon irrevocable written notice to the Agent in accordance with subsection 2.4(b):

  • Continuation and Conversion Elections By delivering a Continuation/Conversion Notice to the Administrative Agent on or before 12:00 noon, New York City time, on a Business Day, the Borrower may from time to time irrevocably elect, on not less than one Business Day's notice (in the case of a conversion of LIBO Rate Loans to Base Rate Loans) or three Business Days' notice (in the case of a continuation of LIBO Rate Loans or a conversion of Base Rate Loans into LIBO Rate Loans) nor more than five Business Days' notice (in the case of any Loans) that all, or any portion (a) in a minimum amount of $1,000,000 or any larger integral multiple of $500,000, be, in the case of Base Rate Loans, converted into LIBO Rate Loans or, in the case of LIBO Rate Loans, continued as LIBO Rate Loans or (b) in a minimum amount of $500,000 or any larger integral multiple of $100,000, be, in the case of LIBO Rate Loans, converted into Base Rate Loans (in the absence of delivery of a Continuation/Conversion Notice with respect to any LIBO Rate Loan at least three Business Days before the last day of the then current Interest Period with respect thereto, such LIBO Rate Loan shall, on such last day, automatically convert to a Base Rate Loan); provided, however, that (x) each such conversion or continuation shall be pro rated among the applicable outstanding Loans of the relevant Lenders, and (y) no portion of the outstanding principal amount of any Loans may be continued as, or be converted into, LIBO Rate Loans when any Default or Event of Default has occurred and is continuing.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!