Effect of Exercise of Option. Upon the exercise of the Option, Seller and Buyer shall be bound by an agreement for the sale and purchase of the Property upon the te1ms and subject to the conditions set forth in this Agreement.
Effect of Exercise of Option. The exercise by Buyer of the option herein shall have no effect on any claims or controversies with respect to the Coal Sales Agreement except as provided herein.
Effect of Exercise of Option. Upon Buyer's delivery of the Exercise Notice to Seller, Buyer shall be deemed to have waived all its due diligence requirements and to have accepted the Property in accordance with the terms of this Agreement with title subject to the Permitted Exceptions as determined under Section 2.3 hereof.
Effect of Exercise of Option. (a) Where a Remaining Shareholder gives a notice under clause 15.1 (Minority Seller), the Founding Shareholder must use its best endeavours to cause the Third Party to purchase the Shares of that Minority Seller for the price and on the terms set out in the Tag Along Notice.
(b) The Founding Shareholder cannot Transfer any of its Shares to the Third Party unless and until the Founding Shareholder:
(i) for the avoidance of any doubt, first complies with the procedure set out in clause 13; and
(ii) then complies with the procedure set out in this clause 15.
Effect of Exercise of Option. (a) Upon valid exercise of the Option as provided in Section 9.9, the MGI Common Shares in respect of which the Option are validly exercised shall be deemed to have been issued, and Discreet shall be deemed to have become the holder of record of such securities on the date of such exercise (herein called the "OPTION EXERCISE DATE"), unless the transfer books of MGI shall be closed by law on the said date of such valid exercise, in which case such securities shall be deemed to have been issued, such person shall be deemed to have become the holder of record of such securities and the Option Exercise Date shall be deemed to be, on the date on which such transfer books are next reopened. The MGI Common Shares issued upon the valid exercise of the Option shall be entitled only to dividends declared in favour of shareholders of record on and after the Option Exercise Date from which date such shares will for all purposes be and be deemed to be issued and outstanding as fully paid and non-assessable MGI Common Shares.
(b) When the transfer books of MGI have been opened for a period not exceeding five Business Days after valid exercise of the Option as aforesaid, MGI shall forthwith deliver a certificate or certificates evidencing the appropriate number of MGI Common Shares to Discreet.
Effect of Exercise of Option. In the event the Expansion Option ---------------------------- is exercised in a valid and timely fashion, the applicable Expansion Space shall be included as part of the "Premises" on the thirtieth (30th) day following Tenant's exercise of the Expansion Option (the "Expansion Effective Date"). In the event that Tenant exercised the Expansion Option as to all of the Expansion Space, as of the Expansion Effective Date, (i) Base Monthly Rent due to the addition of the Expansion Space shall be increased by One Hundred Fifteen Thousand Six Hundred Ninety-Six and 80/100 Dollars ($115,696.80) per month during the first year of the Lease Term, which amount shall increase by three percent (3%) per year on each anniversary of the Commencement Date, (ii) the square footage of the Premises shall be increased by 48,207 square feet, (iii) Tenant's Share shall be increased by 13.2%, (iv) Tenant's Allocated Parking Stalls shall be increased by 145, and (v) the Security Deposit shall be increased by One Million Three Hundred Eighty-Eight Thousand Three Hundred Sixty-One and 60/100 Dollars ($1,388,361.60). In the event that Tenant exercised the Expansion Option as to only one (1) or two (2) of the Expansion Spaces, as of the Expansion Effective Date, the Base Monthly Rent, square footage of the Premises, Tenant's Share, Tenant's Allocated Parking Stalls and the Security Deposit shall be increased as set forth in the preceding sentence on a pro rata basis based on the ratio of the square footage of the subject Expansion Space to 48,207.
Effect of Exercise of Option. An exercise of the Option, in whole or in part, will have no effect on Employee’s right to accrual of Excess Dividends or Share Units under this Section 6, and will have no effect on the timing of settlement of vested Share Units under this Section 6.
Effect of Exercise of Option. 4.1 On the first exercise of the Option, the maximum number of Shares which Mr Xxxxxx xxxll become entitled to acquire shall be calculated by reference to the Relevant Percentage determined in accordance with the Appendix and shall be subject to any further adjustment required pursuant to the provisions of Clause 4.3.
4.2 On any second exercise of the Option, the number of Shares Mr Wxxxxx xxxll be entitled to receive shall be calculated in accordance with Clause 4.1 above, provided that the maximum number of Shares which can be acquired on any second exercise shall not exceed the total number of Shares under Option less the Shares acquired as a result of the first exercise of the Option adjusted in accordance with Clause 4.3.
4.3 In the event that the Company is required to account for Secondary Class I national insurance contributions in respect of any exercise of the Option, the maximum number of Shares which Mr Wxxxxx xx entitled to acquire pursuant to Clause 4.1 or 4.2 above shall be adjusted so that the total value of Shares (as derived from the Daily Official List of the London Stock Exchange on the date of allotment of such Shares) acquired by Mr Xxxxxx xxxether with any Secondary Class 1 National Insurance Contributions in respect thereof shall not exceed the total value of Shares (derived as aforesaid) which Mr Wxxxxx xxxld otherwise have acquired on exercise.
Effect of Exercise of Option. If the Option is exercised during the period in which the entry in the shareholders registry is prohibited, the Option Shares issued or otherwise obtained by such exercise shall not have the voting rights at the shareholders' meeting during such prohibition period.
Effect of Exercise of Option. On the valid exercise of an Option, the Authority shall grant the Lease to which such Option relates to the Option Holder who shall accept such Lease, in each case on the terms contained in the Third Schedule.
