Option Events. Upon the occurrence of any one of the following situations (hereinafter individually referred to as an “Option Event”), the Interest of the Member who suffers or causes an Option Event (“Leaving Member”) shall, unless the Manager otherwise consents in its sole discretion, be subject to the option to purchase set forth in this Section.
Option Events. (a) Notwithstanding anything to the contrary, if upon the delivery of an Option Notice with respect to any Option Event either (i) (x) an Option Notice (a “Prior Notice”) with respect to any other Option Event (a “Priority Event”) has been delivered in accordance with this Agreement less than ninety (90) days prior to the date of any such subsequent Option Notice, (y) the transactions contemplated by such Prior Notice have not been consummated or completed and (z) the right to consummate and complete such transactions has not expired or been rescinded or (ii) an action for specific performance has been instituted and is pending with respect to such Priority Event, then the delivery of such Prior Notice or the institution of any such action for specific performance shall supersede and void the delivery of any such subsequent Option Notice with respect to any Option Event other than such Priority Event.
(b) Any Option Event shall be subject to compliance with any Leases or other agreements affecting the subject Properties (for the avoidance of doubt, including any documents governing any Loan), all Consent Requirements shall be fulfilled prior to the consummation of any such Option Event and the Partner that is the Initiating Partner (in the event of a ROFO Sale), the Initiating Partner (in the event of a Forced Sale) or the Seller (in the event of a Buy-Sell) shall comply with the requirements of the Leases or other agreements affecting the subject Properties or Interests (for the avoidance of doubt, including any documents governing any Loan and including the terms of any Sale Right) that are applicable to such Option Event. Without limiting the generality of the foregoing, if any Sale Right or Consent Requirement is triggered by the delivery of an Option Notice or otherwise by the exercise of an Option Event, then the Partners shall, as applicable, (i) cooperate to comply with the terms of any such Sale Right or (ii) use commercially reasonable efforts to fulfill any such Consent Requirement.
Option Events. Each of the following events is an “Option Event”:
Option Events. Upon the occurrence of any of the following events (each referred to hereinafter as an “Option Event”) affecting an Interest Holder (the “Affected Interest Holder”), the Company and then the unaffected Class B Members (the “Unaffected Members”) shall have the option to purchase the number of Units of such Affected Interest Holder (“Affected Units”) as described in Section 7.2(b), for the price and upon the terms set forth in Section 7.2 (c) – (e) of this Agreement:
(i) The maintenance of any proceeding initiated by or against an Interest Holder under any bankruptcy or debtors’ relief laws of the United States or of any other jurisdiction, which proceeding is not terminated within ninety (90) days after its commencement;
(ii) A general assignment for the benefit of the creditors of an Interest Holder; or
(iii) A levy upon the Units of an Interest Holder pursuant to a writ of execution or subject to the authority of any governmental entity, which levy is not removed within thirty (30) days and only to extent of the Units subject to the levy.
Option Events. (i) Upon the bankruptcy or incompetency of any Stockholder, all of the Shares held by such Stockholder or his or her estate shall be subject to the option to purchase Shares upon the terms specified in this Section 2.11.
(ii) Upon the sale of any Shares to satisfy a judgment against a Stockholder in any litigation or governmental proceeding, all of the Shares so sold shall be subject to the option to purchase Shares upon the terms specified in this Section 2.11.
(iii) Upon the acquisition by foreclosure of any Shares pledged as collateral for an obligation, the Shares so foreclosed upon shall be subject to the option to purchase Shares upon the terms specified in this Section 2.11.
(iv) Each of the events specified in clauses (i) through (iii) of this Section 2.11(a) is referred to as an "Option Event" and the ------------ Shares that are subject to such an Option Event are referred to herein as the "Option Shares." --------------
Option Events. Each of the following shall constitute an Option Event with respect to a Member (the "Affected Member"):
(i) The maintenance of any proceeding initiated by or against a Member under any bankruptcy or debtors' relief laws of the United States or of any other jurisdiction, which proceeding is not terminated within ninety (90) days after its commencement;
(ii) A general assignment for the benefit of the creditors of a Member;
(iii) A levy upon the Interest of a Member pursuant to a writ of execution or subject to the authority of any governmental entity, which levy is not removed within thirty (30) days; and
(iv) The death of a Member who is a natural person.
Option Events. CDC shall be permitted to exercise the Option only upon the occurrence of one or more of the following events (each, an “Option Event”): (a) subject to Section 8.6 of the AHPDA, Developer fails to complete an item of performance by the time set forth in the Schedule of Performance after thirty (30) days written notice from CDC; (b) subject to Section 8.6 of the AHPDA, after commencement of development, Developer abandons or substantially suspends development of the Project for a period of forty-five (45) days, after thirty
Option Events. Each Member individually and on behalf of its, his or her successors and assigns and each person obtaining ownership of any Membership Interest of a Member who is a party to this Agreement or any interest therein hereby grants to the Company and the other Members an option (the “Option”) to purchase the Membership Interest (including any Economic Interest transferred in contravention of this Agreement to any Assignee) of the granting Member or person, exercisable upon occurrence of any of the following events (the “Option Events”):
Option Events. In this section 8, an option event (an "Option Event") in respect of a Shareholder means any one of the following:
(a) the Shares of the Shareholder become subject to a proceeding pursuant to the Family Relations Act (British Colombia); or
(b) the Permanent Incapacity of the Shareholder or the Representative of the Shareholder.
Option Events. (a) Each Manager hereby grants the Investor an irrevocable right (the “Option”) to purchase all or part of the Manager’s Securities (including Securities held by the Manager’s Controlled Entity) in the events (the “Option Events”) and at the purchase prices set out below:
