Exercise of Option for Successor Franchise Sample Clauses

Exercise of Option for Successor Franchise. The Franchisee may exercise its option for a successor franchise by giving written notice of such exercise to the Franchisor not less than 90 days prior to the scheduled expiration of this Agreement. If the Franchisee fails to provide such notice to the Franchisor within the time frame set forth in the preceding sentence, but notifies the Franchisor of its desire to obtain a successor franchise prior to the expiration of the then-current term of this Agreement, the Franchisee shall pay the Franchisor a penalty of $1,000 for every 30-day period that the Franchisee was late, plus attorneys’ and administrative fees and expenses attributable to such late renewal. The Franchisee’s successor franchise rights shall become effective by signing the Franchise Agreement then currently being offered to new franchisees of the Franchisor.
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Exercise of Option for Successor Franchise. The Franchisee may exercise its option for a successor franchise by giving written notice of such exercise to the Franchisor not later than 180 days prior to the scheduled expiration of this Agreement. The Franchisee's successor franchise rights shall become effective by signing the Franchise Agreement then currently being offered to new franchisees of the Franchisor.
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Exercise of Option for Successor Franchise. The Master Licensee may exercise its renewal option by giving notice of such exercise to the Licensor at least 120 days prior to the scheduled expiration of this Agreement and thereafter complying with the other conditions of renewal set forth in this Agreement within ninety days after such notice.
Sample 1
Exercise of Option for Successor Franchise. The Franchisee may exercise its option for a successor franchise by giving notice of such exercise to the Franchisor not less than 90 days prior to the scheduled expiration of this Agreement. The Franchisee acknowledges that the Franchisor may change any terms of this Agreement when the Franchisee signs the then current form of Franchise Agreement for a successor franchise, including the terms of the Franchisee's Marketing Area. The Franchisee's successor franchise rights shall become effective by signing the form of Franchise Agreement then currently being offered to new prospective franchisees of the Franchisor and by paying the successor franchise fee; however, an additional initial franchise fee will not be charged.
Sample 1
Exercise of Option for Successor Franchise. The Master Franchisee may exercise its renewal option by giving notice of such exercise to the Franchisor at least sixty (60) days prior to the scheduled expiration of this Agreement and thereafter complying with the other conditions of renewal set forth in this Agreement within ninety days after such notice.
Sample 1

Related to Exercise of Option for Successor Franchise

  • Exercise of Option The Over-allotment Option granted pursuant to Section 1.2.1 hereof may be exercised by the Representative as to all (at any time) or any part (from time to time) of the Option Units within 45 days after the effective date (“Effective Date”) of the Registration Statement (as defined in Section 2.1.1 hereof). The Underwriters will not be under any obligation to purchase any Option Units prior to the exercise of the Over-allotment Option. The Over-allotment Option granted hereby may be exercised by the giving of oral notice to the Company by the Representative, which must be confirmed in accordance with Section 10.1 herein setting forth the number of Option Units to be purchased and the date and time for delivery of and payment for the Option Units (the “Option Closing Date”), which will not be later than five (5) full Business Days after the date of the notice or such other time and in such other manner as shall be agreed upon by the Company and the Representative, at the offices of EG&S or at such other place (including remotely by facsimile or other electronic transmission) as shall be agreed upon by the Company and the Representative. If such delivery and payment for the Option Units does not occur on the Closing Date, the Option Closing Date will be as set forth in the notice. Upon exercise of the Over-allotment Option, the Company will become obligated to convey to the Underwriters, and, subject to the terms and conditions set forth herein, the Underwriters will become obligated to purchase, the number of Option Units specified in such notice.

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