Option Quantity. The purpose of this Agreement is to provide a mechanism for Customer to reserve the right to purchase on a take or pay basis up to the “Option Quantity” (as such term is defined and reflected in Schedule I, as amended from time to time) at a location to be determined by mutual agreement of Customer and the Authority at the time the Option is exercised. For and in consideration of the payments described herein, the Authority agrees that Customer shall have the option (the “Option”), exercisable as set out herein, to purchase on a take or pay basis up to the Option Quantity.
Option Quantity. If Seller is able to produce more than 25,000 tons of coal per month at Seller's Mine that meets the quality specifications set forth on Exhibit A, Buyer shall have the option, but not the obligation, to purchase all, or a portion of, such additional production at the pricing, terms and conditions set forth in this Agreement. In order to permit Buyer to effectively exercise such option, Seller shall provide reasonable prior notice of any such anticipated additional production.
Option Quantity. Customer desires to obtain an option to convert the Option Quantity into a long-term supply of water (subject to applicable regulatory and/or legal conditions imposed on the Authority by the TCEQ or other state or federal administrative agencies) measured and taken from the river at the Juliff Pump Station or (subject to the receipt of applicable regulatory and/or legal approval by TCEQ or other state or federal administrative agencies and any conditions imposed on the Authority by the TCEQ or other state or federal administrative agencies) at or near the Authority’s Xxxxxxx Pump Station, Xxxxxxx Pump Station or Xxxxxxx Xxx Pump Station on the Brazos River under a long-term raw water supply contract as further defined and described in subsection (d) of this Section (the “Water Supply Contract”).
