Exercise of Second Option Sample Clauses

Exercise of Second Option. If the Venture does not exercise its ------------------------- option to purchase all of the Offered JV Interests, each of the other Venturers shall, pursuant to the Second Option, have the right to collectively purchase all of the remaining Offered JV Interests. If the other Venturers exercising the Second Option elect to purchase more JV Interests than are subject to the Second Option, each participating Venturer will be entitled to purchase up to its pro rata share, based on the respective Relative Ownership Ratio of the participating Venturer, of the remaining Offered JV Interests. Each participating Venturer may exercise the Second Option by delivering to the Optionor Venturer written notice of its election to exercise the Second Option within the 10-day period immediately following the date of the Second Option Notice. If any participating Venturer should elect to purchase less than its pro rata share of the remaining Offered JV Interests, the Optionor Venturer shall give oral or written notice of the number of remaining Offered JV Interests available to each other eligible Venturer, each of whom shall have five business days after receipt of such notice to elect to purchase all of such remaining JV Interests. If the participating Venturers elect to purchase more of the remaining Offered JV Interests than are available, each Venturer participating in such re-offer shall have the right to purchase its pro rata share (based on the respective Relative Ownership Ratio of such Venturers participating in the re-offer, which shall be calculated by excluding the JV Interests of such non-participating Venturer) of such remaining Offered JV Interests. If, after such re-offer, the participating Venturers shall fail to purchase all of the Offered JV Interests, the Second Option shall expire.

Exercise of Second Option. For a period of twenty-four (24) months following the date of this Agreement, Continental may exercise the Second Option by giving (i) one month's prior written notice to the Company and the then other shareholders of the Company, where notice of such exercise is given no later than September 10, 2006, or (ii) two months' prior written notice to the Company and the then other shareholders of the Company, where such notice is given after September 10, 2006 and no later than November 10, 2006. Within ten (10) Business Days of the Company's receipt of such notice and payment of the exercise price in accordance with Section 9, the Company shall, and the Investors shall procure that the directors designated by each shall, take all actions necessary (including without limitation, passing relevant Board or shareholder resolutions, increasing the number of authorized Ordinary Shares (if required), and notifying the Company's registered agent) in order to allot and issue the Second Option Shares to Continental and to update the Company's share register to reflect the issuance of the Second Option Shares to Continental. A copy of the updated share register shall be delivered to Continental forthwith.

Exercise of Second Option. 5.1 In order to exercise the Second Option, the Optionee must not be in breach of any term of this Agreement and must: (a) exercise the First Option; (b) deliver to the Optionor the Election to Proceed to Second Option Notice pursuant to Section 7.1(a) or have been deemed to have delivered to the Optionor the Election to Proceed to Second Option pursuant to Section 7.2; (c) pay to the Optionor a further $400,000 as follows: (i) pay the Optionor $100,000 by July 31, 2015; (ii) pay the Optionor a further $100,000 by July 31, 2016; and (iii) pay the Optionor a further $200,000 by July 31, 2017; (d) issue and deliver further Shares to the Optionor, as follows: (i) issue and deliver to the Optionor 5,000,000 Shares by July 31, 2015; (ii) issue and deliver to the Optionor a further 5,000,000 Shares by July 31, 2016; and (iii) issue and deliver to the Optionor a further number of Shares being equal to 10% of the number of issued and outstanding shares in the capital of the Optionee at the time of the Notice of Second Exercise, such Shares to be delivered: (A) within five Business Days of the Notice of Second Exercise; and

Exercise of Second Option. If Tenant wishes to exercise its Extension Option with respect to the second Option Term, Tenant shall deliver written notice to Landlord no less than ninety (90) days before the expiration of the first Option Term. The parties shall have thirty (30) days after Landlord receives the option notice in which to agree on the rent for the second Option Term. If the parties agree on the rent for the second Option Term during that period, they shall promptly execute an amendment in accordance with Section 2.5.4. If the parties are unable to agree on the rent in accordance with Section 2.5.2.2 within that period, then within ten (10) days after the expiration of that period each party, at its cost and by giving notice to the other party, shall appoint a real estate appraiser with a California General Certification and at least five (5) years' full-time commercial appraisal experience in the area and market segment in which the Premises are located to appraise and set the rent in accordance with Section 2.5.2.2 for the second Option Term. If a party does not appoint an appraiser within ten (10) days after the other party has given notice of the name of its appraiser, the single appraiser appointed shall be the sole appraiser and shall set the rent for the second Option Term. If the two appraisers are appointed by the parties as stated in this Section, they shall meet promptly and attempt to set the rent. If they are unable to agree within thirty (30) days after the second appraiser has been appointed, they shall attempt to elect a third appraiser meeting the qualifications stated in this Section within ten (10) days after the last day the two appraisers are given to set the rent. If they are unable to agree on the third appraiser, either of the parties to this Lease by giving ten (10) days' notice to the other party can file a petition with the American Arbitration Association solely for the purpose of selecting a third appraiser who meets the qualifications stated in this Section. Each party shall bear half the cost of the American Arbitration Association appointing the third appraiser and of paying the third appraiser's fee. The third appraiser, however selected, shall be a person who has not previously acted in any capacity for either party. Within thirty (30) days after the selection of the third appraiser, a majority of the appraisers shall set the rent for the second Option Term. If a majority of the appraisers are unable to set the rent within the stipulated...

Exercise of Second Option. Upon the Optionee satisfying the conditions in Section 5.3 within the time periods set out therein, the Optionee will be deemed to have exercised the Second Option and to have earned a fifty percent (50%) Interest in the Property.

Exercise of Second Option. Within 30 calendar days of exercising the Initial Option in accordance with section "3.2" above (that is, during the Second Option Period), the Optionee may exercise its Second Option for an additional ten percent (10%) interest in and to the mineral property concession interests comprising the Property (taking its total interest therein to sixty percent (60%)) by issuing a further 1,000,000 of the Shares, at a deemed issuance price of Cdn. $0.10 per Share, to the order and direction of the Optionor.

Exercise of Second Option. If Tenant wishes to exercise its extension option with respect to Option Term 2, Tenant shall deliver written notice to Landlord no less than ninety (90) days before the expiration of Option Term 1.

Exercise of Second Option. (a) The Second Option is exercisable by the Optionee: (i) paying an aggregate of $10,000 to the Optionors; (ii) allotting and issuing an aggregate of 100,000 Consideration Shares to the Optionors; and (iii) incurring an aggregate of $225,000 worth of Expenditures on the Property as follows: (i) the Optionee paying to the Optionors an aggregate of $10,000 on or before the first anniversary of the Effective Date; (ii) the Optionee allotting and issuing to the Optionors an aggregate of 100,000 Consideration Shares on or before the first anniversary of the initial listing of the Shares on the Exchange at a deemed issuance price equal to then market price of the Shares; and (iii) the Optionee incurring Expenditures on the Property as follows: (A) $75,000 on or before the first anniversary of the Effective Date; and (B) $150,000 on or before the first anniversary of the initial listing of the Shares on the Exchange. (b) Upon satisfaction of the conditions set out in Section 3.3(a), the Second Option shall be deemed to be exercised, and an additional undivided 24% right, title and interest in and to the Property shall automatically vest in the Optionee, such that the Optionee shall hold an undivided 75% right, title and interest in and to the Property, and the Optionors shall promptly register the Earned Interest in the Property in the name of the Optionee in accordance with Section 4.3, with the applicable fees and costs to be borne by the Optionee.

Exercise of Second Option. Metallica may exercise the Second Option by the delivery of a Pre-Feasibility Study, on Properties selected by Metallica, to FMM at any time, or from time to time, following the exercise of the First Option, during the term of this Agreement or the Operating Agreement. Within 30 days following the delivery of the Pre-Feasibility Study on selected Properties to FMM by Metallica, FMM shall execute and deliver appropriate documents of assignment, transfer and/or conveyance to Metallica in a form satisfactory to Metallica, to transfer, assign and convey an additional undivided five percent (5%) of FMM’s rights, title and interests in and to the Underlying Agreements and the Properties, free and clear of all liens and encumbrances created by, through or under FMM, or its Affiliates and subject only to the terms and conditions contained in the Underlying Agreements, and which would result in Metallica owning a seventy percent (70%) interest in such Underlying Agreements and Properties. It is expressly agreed by the Parties that time is of the essence in the execution and delivery of such documents of assignment, transfer and/or conveyance to Metallica. 13