Exercise of Third Option Sample Clauses
The 'Exercise of Third Option' clause defines the process and conditions under which a party may activate a third, previously agreed-upon option within a contract. Typically, this clause outlines the specific steps required to notify the other party, any deadlines for exercising the option, and any associated payments or obligations that must be fulfilled. For example, in a lease agreement, this might allow a tenant to extend the lease for an additional term by providing written notice before a certain date. The core function of this clause is to provide a clear and structured mechanism for utilizing an additional contractual right, thereby reducing uncertainty and potential disputes about how and when the option can be exercised.
Exercise of Third 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 Third Option and to have earned an eighty percent (80%) Interest in the Property.
Exercise of Third Option. The Optionee may at any time after it has, completed the Bankable Feasibility Study pursuant to paragraph 4.6(a), made the payment in cash or, if agreed in writing by the Optionor, in shares in the capital of the Company to the Optionor pursuant paragraph 4.6(b), and maintained the Property as set out in paragraph 4.6(c) hereof, exercise the Third Option by delivering a notice of exercise to the Optionor. The notice of exercise of the Third Option shall be accompanied by a copy of the Bankable Feasibility Study together with a calculation of the amount of the payment (the "Payment Calculation") to made with respect to the proven ▇▇▇▇ ounces of gold identified in the Bankable Feasibility Study under the category of Proven Mineral Reserve, as that term is defined under CIM Definition Standards. If requested by the Optionor, the Optionee shall have the Payment Calculation audited by the Optionee's auditor. The Optionor shall have a period of Thirty (30) days to review the Payment Calculation and either accept or challenge the Payment Calculation. Should the Optionor challenge the Payment Calculation, then the Optionor shall have a period of Ninety (90) days to conduct such reviews or further audits, by an auditor appointed by the Optionor, of the Optionee's calculations and the Optionee shall provide full access to its records and cooperation with respect to such review. Any dispute over the Payment Calculation following the Optionor's review, if not resolved between the parties, shall be referred to arbitration. Should the Optionor accept the notice of exercise and the Payment Calculation, then an additional undivided 25% right, title and interest in and to the Property will vest in the Optionee free and clear of all charges, encumbrances and claims, save and except for the Retained Royalty and the Optionee's cumulative interest in the Property upon such transfer would then be 100%.
Exercise of Third Option. Subject to ▇▇▇▇▇▇ satisfying the Third Option Conditions, then ▇▇▇▇▇▇ may, on or before the Third Option Deadline, exercise the Third Option by delivering to each member of the CSG Group a written notice confirming such satisfaction and confirming exercise of the Third Option (“Third Option Exercise Notice”). If ▇▇▇▇▇▇ fails to deliver the Third Option Exercise Notice by the Third Option Deadline and this Agreement has not otherwise been terminated then any one or more members of the CSG Group may provide written notice of such failure. Upon delivery of such notice from any one or more members the CSG Group and provided the Third Option Conditions are satisfied, ▇▇▇▇▇▇ will have 30 days to deliver the Third Option Exercise Notice to each member of the CSG Group and if it does not, then the Third Option will terminate in accordance with Section 6.6(c).
Exercise of Third Option. Metallica may exercise the Third Option by the delivery of a Feasibility Study, on Properties selected by Metallica, to FMM at any time, or from time to time, following the exercise of the Second Option, during the term of this Agreement or the Operating Agreement. Within 30 days following the delivery of the 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 ten percent (10%) 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 an eighty percent (80%) 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.
Exercise of Third Option. Upon Nevada Lithium Funding the Third Option Expenditures within the time period set out in Section 7.2 (the date that the Third Option Expenditures are so fully Funded being the “Third Option Exercise Date”, subject to Sections 7.4 and 10) Nevada Lithium will be deemed, without any further action required on behalf of Nevada Lithium, to have acquired an additional 15% Interest (for an aggregate 50% Interest) (the “Third Option Interest”). Upon the occurrence of the Third Option Exercise Date, the Iconic Parties shall take all actions and do all things necessary, as soon as practicable, to transfer the Third Option Interest to Nevada Lithium such that Nevada Lithium is the registered and beneficial holder of the Third Option Interest. The cost of such transfer shall be included in the Work Program and Budget and upon the completion of the transfer of the Third Option Interest to Nevada Lithium, Iconic Subco will provide notice to Nevada Lithium of the completion of such transfer.
Exercise of Third Option. In order to maintain in force the Third Option granted to it, and to exercise the Third Option, the Optionee must: