No Obligation to Purchase. Notwithstanding anything to the contrary in this Agreement, Arcadia has the option to refuse to purchase Shares of Bioceres despite the delivery by Bioceres of a Funding Option Exercise Notice if (i) Verdeca is no longer operating or is insolvent; (ii) the Management Committee or Members of Verdeca are unable or unwilling to timely approve an annual Work Plan; (iii) Verdeca has materially failed to meet technical and/or regulatory milestones under an agreed-upon Work Plan; (iv) Bioceres or BUSA is no longer operating or is insolvent: (v) Verdeca has received *** or more from third-party investors; or (vi) Arcadia owns less than *** of Verdeca. A refusal by Arcadia to purchase Shares of Bioceres pursuant to this Section 2.2 shall not give BUSA the right to dissolve Verdeca.
Appears in 5 contracts
Samples: Letter Agreement (Bioceres S.A.), Letter Agreement (Bioceres S.A.), Letter Agreement (Bioceres S.A.)
