– FIRST AND SECOND OPTIONS Sample Clauses

– FIRST AND SECOND OPTIONS. 3.1 Subject to the BHPB Gold Royalty, BHPB hereby grants to CRL, the sole, exclusive and irrevocable right and option (the “First Option”) to acquire an undivided fifty percent (50%) interest in and to the Property. The First Option shall be exercisable by CRL incurring an aggregate $100,000 in Expenditures on the Property on or before December 31, 2003. 3.2 Pursuant to Article 15 of this Agreement, CRL acknowledges that the $100,000 Expenditure requirement as set out in Section 3.1 is an irrevocable commitment. 3.3 In the event that CRL incurs Expenditures in excess of the amount required to exercise the First Option, such excess Expenditures shall be credited to CRL and applied against future Second Option or Joint Venture Expenditure requirements, as applicable. 3.4 Upon CRL exercising the First Option, BHPB shall be deemed to have granted to CRL, the sole, exclusive and irrevocable right and option (the “Second Option”) to acquire an additional undivided fifty percent (50%) interest in and to the Property. The Second Option shall be exercisable by CRL incurring an additional $100,000 in Expenditures on the Property on or before December 31, 2005. 3.5 In the event that CRL incurs Expenditures in excess of the aggregate $200,000 required to exercise the First and Second Options, such excess Expenditures shall be credited to CRL and applied against future Joint Venture Expenditure requirements. CRL shall not be credited with Second Option Expenditures if the Second Option is terminated or not fully exercised on or before December 31, 2005.
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Related to – FIRST AND SECOND OPTIONS

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  • Headings/Captions The headings or captions used in this Agreement or its table of contents are for convenience only and shall not be deemed to constitute a part of the Contract, nor shall they be used in interpreting the Contract.

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  • Articles and Sections This Agreement, for convenience only, has been divided into Articles and Sections; and it is understood that the rights and other legal relations of the parties hereto shall be determined from this instrument as an entirety and without regard to the aforesaid division into Articles and Sections and without regard to headings prefixed to such Articles or Sections.

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