Effectiveness of Option. The effectiveness of the grant of the Option hereunder shall be conditioned upon either (i) the written consent thereto of the Existing Lien Holder (which Shareholder agrees to use reasonable best efforts to obtain as promptly as practicable after the date hereof) or (ii) after the Merger Agreement is terminated under circumstances such that the Option may become exercisable hereunder, the repayment by Parent of all amounts owing to the Existing Lien Holder in connection with the Share Indebtedness, provided that in such case Parent's sole recourse against the Shareholder on account of such repayment shall be an offset to the aggregate Exercise Price of the Option in an equivalent amount. The Shareholder shall not grant any Future Lien unless the prior written consent of the proposed Future Lien Holder to the grant of the Option hereunder shall have first been obtained.
Effectiveness of Option. This Agreement and the Option granted hereby shall not be effective until such time as the Public Offering is consummated.
Effectiveness of Option. The Shareholder shall not grant any Lien unless the prior written consent of the proposed Lien Holder to the grant of the Option hereunder shall have first been obtained.
Effectiveness of Option. The Option granted hereby shall not be effective until such time as the as the closing of the transactions contemplated by the Contribution Agreement (hereinafter defined) (the “Option Effective Date”).
Effectiveness of Option. This Agreement and the Option granted hereby shall not be effective until such time as the IPO is consummated. If the IPO is not consummated or if the Property is conveyed by Optionor to another “Person” (as defined below) that is not an “Affiliate” (as defined below) prior to the IPO, then this Agreement and the Option shall be null and void. As used herein, “Person” shall mean any individual, corporation, partnership, joint venture, association, joint stock company, limited liability company, trust, unincorporated organization or any other form of entity. As used herein, “Affiliate” shall mean any Person that, directly or indirectly (including through one or more intermediaries), controls or is controlled by or is under common control with any other Person. For purposes of the foregoing, the term “control” (including the correlative meanings of the terms “controlled by” and “under common control with”), as used with respect to any Person, shall mean the possession, directly or indirectly (including through one or more intermediaries), of the power to direct or cause the direction of the management and policies of such Person, through the ownership of voting securities, partnership interests, limited liability company interests or other equity interests, by contract or otherwise.
Effectiveness of Option. This Agreement and the option granted herein shall become null and void unless the Plan is approved by the requisite vote of the Company's shareholders as set forth in the Plan.
Effectiveness of Option. This Agreement and the Option granted hereby shall be effective as of the date hereof.
