Option Conditions. In addition to any other conditions set forth in this Agreement, the exercise by Lessee of the Option and Xxxxxx’s entering into the Lease shall be subject to the satisfaction of the following conditions as of the dates set forth below (collectively, the "Option Conditions").
Option Conditions. The right of NAPL to exercise the Option is subject to fulfillment by the NAPL Group of the following conditions (the "OPTION CONDITIONS") and the delivery of the notice of satisfaction by NAPL referred to in this Clause 5.3 prior to the expiry of the Option Period:
5.3.1 the completion of the Re-Scoping Study and Exploration Programme and the delivery by the NAPL Group to GFBV of a written report in respect of the completed Re-Scoping Study and Exploration Programme;
5.3.2 the completion and delivery by the NAPL Group to GFBV of the Feasibility Study;
5.3.3 the incurring by NAPL of Approved Earn-in Expenditures (through Advances made under the terms of this Agreement) in an aggregate amount of at least $12.5 million. For the avoidance of doubt, if the Approved Earn-in Expenditure exceeds in aggregate the sum of $12.5 million, NAPL shall be obliged to make Advances in order to fund such excess as well; and
5.3.4 NAPL shall have made a determination to develop a mine in respect of the APP Project of at least a 3mtpa throughput and shall have delivered to GFBV (i) a formal development proposal and associated budget in respect thereof based on the Feasibility Study delivered in accordance with Clause 5.3.2 and approved by NAPL (the "FIRST DEVELOPMENT PROPOSAL AND BUDGET"), together with such supporting documentation and information as GFBV shall reasonably require, and (ii) a written undertaking from NAPL providing that it shall, subject to Applicable Law, (x) vote any shareholding of NAPL in GFF (acquired pursuant to the terms of this Agreement) in favour of and (y) use its best efforts to procure that any director of GFF appointed by NAPL under the terms of the Shareholders' Agreement votes in favour of, the First Development Proposal and Budget as and when it is considered by the board of directors of GFF under the terms of the Shareholders' Agreement. Upon completion of all of the Option Conditions, NAPL shall promptly provide written notice to GFBV of the satisfaction of the Option Conditions together with a certificate signed by the chief financial officer of NAPL certifying the amount of Approved Earn-in Expenditure that has been incurred. Within 20 Business Days of receipt of such notice, GFBV shall confirm its acceptance in writing to NAPL that the conditions have been satisfied in accordance with their terms. If no such notice is given by GFBV, NAPL shall be deemed to have satisfied the conditions on the last day of such 20 Business Day period. If G...
Option Conditions. 5.1 If certain conditions (the “Option Conditions”) are satisfied as of twelve (12) months after the Closing Date , or, if Modavox is acquired, at any time within twelve (12) months after the Closing Date, Modavox (or its successor) will be granted an option, which option shall last thirty (30) days (or, with respect to a Modavox successor, for a period of thirty days after Modavox’s acquisition) (the “Option Period”), to buy the remaining 40% ownership interest in Newco (the “Option”). If the Option Conditions are satisfied, Modavox (or its successor) may exercise the Option during the Option Period by issuing to Seller shares of Modavox common stock (or the successor’s common stock) as defined in Section 5.2 below (the “Option Equity”).
Option Conditions. Exercise of any Option may be conditioned upon the Participant’s execution of a Share purchase agreement in form satisfactory to the Administrator providing for certain protections for the Company and its other shareholders, including requirements that:
A. The Participant’s or the Participant’s Survivors’ right to sell or transfer the Shares may be restricted; and
B. The Participant or the Participant’s Survivors may be required to execute letters of investment intent and must also acknowledge that the Shares will bear legends noting any applicable restrictions.
Option Conditions. If Subtenant fails or is unable timely to exercise its right hereunder, such right shall lapse, time being of the essence with respect to the exercise thereof (it being understood that Subtenant’s right hereunder is a one-time right only). At Sublandlord’s option, the Extension Option shall terminate if (1) the Lease, Sublease, or Subtenant’s right to possession of the Sublease Space is terminated, (2) Subtenant Transfers any of its interest in the Sublease or any portion of the Sublease Space, or Subtenant is not occupying all of the Sublease Space, or (3) Sublandlord determines, in its sole but reasonable discretion, that Subtenant’s financial condition or creditworthiness has materially deteriorated since the date of this Sublease. Subtenant acknowledges and agrees that this Extension Option shall be null and void if Sublandlord exercises the Acceleration Option or otherwise terminates the Lease.
Option Conditions. In addition to any other conditions set forth in this Agreement, the exercise by Master Developer of the Option shall be subject to the satisfaction of each of the following conditions (collectively, the “Option Conditions”) set forth in Section 3.1 through Section 3.8. Each Party shall use its commercially reasonable efforts to satisfy the Option Conditions before the date that is two (2) years after the Effective Date.
Option Conditions. In addition to any other requirements for exercise of the Option set forth in this Agreement, the exercise by Lessee of the Option shall be subject to the satisfaction of the following two conditions (the “Option Conditions”):
3.1 Lessee shall have received all discretionary planning and zoning land use entitlements and approvals required to be obtained from governmental authorities (including the County and, if required, the California Coastal Commission) for the construction of the Renovation Work on the Premises (the “Entitlements”), and both (a) the Entitlements shall not be subject to further appeal, and (b) there shall be no proceeding or litigation pending to appeal the issuance of the Entitlements, or to enjoin or restrain the performance of the Renovation Work (not including any proceeding or litigation brought by or on behalf of Lessee or any direct or indirect partner, shareholder or member of, or any other person or entity affiliated with, or otherwise directly or indirectly having an ownership interest in, Lessee), or if such a proceeding or litigation has been pending, then a dismissal, decision or judgment shall have been issued in favor of the validity of the Entitlements, which dismissal, decision or judgment shall not be subject to further appeal (collectively, the “Entitlements Condition”); and
3.2 Lessee shall have obtained Project Financing (as defined below) for the Renovation Work (the “Project Financing Condition”). For purposes of this Agreement, “Project Financing” means a construction loan commitment from an institutional lender or lenders, at an interest rate or rates and on other terms that are commercially reasonable, in amounts that when combined with Lessee’s equity is reasonably expected to provide sufficient funds to complete the Renovation Work, all as approved by Director in accordance with the terms and provisions of Section 12.1 of the form of Restated Lease. The actual closing of such construction loan shall be a concurrent condition to County’s obligation to execute and deliver the Restated Lease.
Option Conditions. Tenant shall have the option to extend the term of this Lease for one (1) additional five-year period commencing upon the expiration of the initial five-year term hereof. The option to extend the term of the Lease shall automatically be exercised unless Tenant delivers to Landlord written notice of Tenant's intent not to exercise such option which shall be given to Landlord in writing not less than six (6) months prior to the expiration of the initial five-year term. In addition to the foregoing, the option shall lapse and terminate if Tenant shall have previously breached or otherwise failed to perform under the Lease since its inception; Landlord at his sole discretion, may declare the option to extend null and void.
Option Conditions. Tenant's option to renew, as provided in Section 24.14 above, shall be strictly conditioned upon and subject to each of the following:
(a) Tenant shall notify Landlord in writing of Tenant's exercise of its option to renew at least nine (9) months, prior to the expiration of the Initial term;
(b) At the time Landlord receives Tenant's notice as provided in (a) above, and at the expiration of the Initial Term, Tenant shall not be in default under the terms or provisions of this Lease and the Tenant named on the first and last page of this Lease or any permitted sublessee of Tenant or an affiliate thereof (as provided in Section 12.1(a) shall be in occupancy of the option Premises;
(c) Tenant shall have no further renewal options other than the two (2) options to extend for the Renewal Term of five (5) years each as set forth in Section 24.14 above;
(d) These options to renew shall be deemed personal to the Tenant named on the first and last page of this Lease or an affiliate thereof and may be assigned subject to the provisions of this Lease; and
(e) Landlord shall have no obligation to do any work for the Renewal Terms with respect to the Premises or the Building, which Tenant agrees to accept in their then "as is" condition.
Option Conditions. The Commercial License must meet the requirements of applicable Mitacs and UVic policies. To the extent exclusivity is provided, Sponsor must diligently pursue commercialization. In furtherance of this objective, following exercise of the Option, the Sponsor should be prepared to provide:
