Irrevocable Option. To the extent that this Contract is ever construed as an option agreement, Sellers and Purchaser hereby acknowledge that independent consideration for such option in the sum of $10.00 has been (or will upon demand, be) paid to Sellers by Purchaser, and based on such consideration and the mutual covenants of Sellers and Purchaser contained herein, Sellers hereby agrees that any such option granted Purchaser is irrevocable, and Sellers shall not terminate said option without the prior written consent of Purchaser, except to the extent that termination may be expressly provided for herein.
Irrevocable Option. Except as set forth herein, Landlord acknowledges and agrees that the terms of this Section and the Option granted Tenant hereunder shall endure and remain enforceable for full Term. Xxxxxxxx agrees not to sell, transfer or otherwise convey the Premises or any part thereof to any third party prior to the expiration of the Option Term except in compliance with the provisions of this Agreement. The provisions of this Section shall be binding upon Landlord and Landlord’s successors and assigns, and upon any person acquiring any interest in the Premises and/or any portion thereof as a result of insolvency, bankruptcy, foreclosure (except as provided otherwise), or any other involuntary transfer or assignment, or by death, or otherwise by operation of law.
Irrevocable Option. Licensee is hereby granted an irrevocable option to purchase the Trademarks subject to the following: (i) the option may not be exercised prior to May 31, 2002; (ii) the purchase price shall be the greater of $7,000,000 U.S. or 6.5 times the Royalties paid (or due, as the case may be) for the Royalty Year immediately preceding the date of exercise of the option; and (iii) the option shall be exercised by the Licensee by providing written notice of the exercise thereof to the Licensor. Upon receipt of the written notice of exercise by Licensor the following shall apply: Within sixty (60) days following the notice of exercise, the Licensee shall pay the purchase price to the Licensor. Thereafter, within one hundred and twenty (120) days following such payment, the Licensee shall pay the Licensor any and all Royalties which have accrued and not been theretofore paid, as of the date on which the purchase price was paid. If the purchase price is not paid by the Licensee to the Licensor within the said sixty (60) day period referred to herein, the Licensee shall pay to the Licensor, in addition to the purchase price, interest on the unpaid amount calculated at the rate of fifteen percent (15%) per annum from the date on which the amount should have been paid to the date of payment. The Licensor shall obligated to take all steps necessary to transfer title in and to the Trademarks to the Licensee following the date of the said payment of the purchase price as provided for herein.
Irrevocable Option. Each Lender acknowledges and agrees that the Conversion Option agreed to by such Lender pursuant to this Agreement is absolute and irrevocable, subject only to the terms and conditions of this Agreement.
Irrevocable Option. To the extent that this Agreement is ever construed as an option agreement, Seller and Purchaser hereby acknowledge that independent consideration for such option in the sum of $100.00 shall be delivered to Seller out of the Xxxxxxx Money should this Agreement terminate for any reason whatsoever excepting the Closing of this Agreement, in which event said option consideration shall be applied to the Purchase Price; and based on such consideration and the mutual covenants of Seller and Purchaser contained herein, Seller hereby agrees that any such option granted Purchaser is irrevocable and Seller shall not terminate said option without the prior written consent of Purchaser except as may be expressly provided for herein.
