Partial Purchase Option Clause Samples
A Partial Purchase Option clause allows a party to buy only a portion of the goods, assets, or services specified in a contract, rather than being obligated to purchase the entire amount. This clause typically outlines the terms under which a partial purchase can be made, such as minimum quantities, pricing adjustments, or notification requirements. Its core function is to provide flexibility for the buyer, accommodating changing needs or budget constraints while still maintaining a contractual relationship with the seller.
Partial Purchase Option. Subject to the terms and conditions of this Agreement and the other Operative Documents (including those set forth below in this Paragraph 2.02), Lessee may, at its option on any Business Day prior to the Scheduled Expiration Date of the Facility 2 Lease Agreement, without terminating the Facility 2 Lease Agreement, purchase one or more Parcels (but not less than all of any such Parcel) of the Facility 2 Property (the "Partial Purchase Option").
Partial Purchase Option. Subject to the terms and conditions of this Agreement and the other Operative Documents (including those set forth below in this Paragraph 2.02), Lessee may, at its option on any Scheduled Rent Payment Date prior to the Scheduled Expiration Date of the Lease Agreement, without terminating the Lease Agreement, purchase one or more Tracts (but not less than all of any such Tract) of the Property (the "Partial Purchase Option").
Partial Purchase Option. Provided this Lease Agreement shall not have been earlier terminated and no Lease Event of Default shall have occurred and is continuing and subject to the provisions of Section 28.4.4, Lessee or its designee shall be entitled, at Lessee's option, (i) on any Floating Payment Date prior to February 15, 2004, to purchase with the proceeds of one or more Equity Offerings, within the first 120 days after the consummation of the related Equity Offering all but not less than all of Lessor's rights and interests in one or more Items of Equipment which in the aggregate for all such purchases under this Section 28.4.1 have Acquisition Costs not in excess of thirty five (35%) percent of the aggregate Acquisition Costs of all Items of Equipment as of the Closing Date and (ii) on any Floating Payment Date on or after February 15, 2005 to purchase all but not less than all of Lessor's rights and interest in one or more Items of Equipment.
Partial Purchase Option. Provided this Lease ------------------------- Agreement shall not have been earlier terminated and no Lease Event of Default shall have occurred and is continuing and subject to the provisions of Section 28.4.4, Lessee or its designee shall be entitled, at Lessee's option, (i) on any Floating Payment Date prior to February 15, 2004, to purchase with the proceeds of one or more Equity Offerings, within the first 120 days after the consummation of the related Equity Offering all but not less than all of Lessor's rights and interests in one or more Items of Equipment which in the aggregate for all such purchases under this Section 28.4.1 have Acquisition Costs not in excess of thirty five (35%) percent of the aggregate Acquisition Costs of all Items of Equipment acquired by Lessor and leased to Lessee hereunder on the Closing Date and each Funding Date thereafter prior to such Floating Payment Date and (ii) on any Floating Payment Date on or after February 15, 2005 to purchase all but not less than all of Lessor's rights and interest in one or more Items of Equipment.
Partial Purchase Option. At any time Lessee exercises the Partial Purchase Option with respect to any Parcel of Facility 1 Property hereunder, Lessee shall simultaneously exercise the same option with respect to the corresponding Parcel of the Facility 2 Property, if any, under the Facility 2 Purchase Agreement.
Partial Purchase Option. Subject to the terms and conditions of this Agreement and the other Operative Documents (including those set forth below in this Paragraph 2.02), Lessee may, at its option on any Business Day prior to the Scheduled Expiration Date of the Facility 3 Lease Agreement, without terminating the Facility 3 Lease Agreement, purchase one or more Parcels (but not less than all of any such Parcel) of the Facility 3 Property (the "Partial Purchase Option"). (Lessee understands that the Facility 3 Property currently consists of only one Parcel and that, as a result, the Partial Purchase Option currently is not available.)
Partial Purchase Option. Notwithstanding any other provision to the contrary contained in the Operative Documents and subject to the fulfillment of each of the conditions set forth in Section 24(a) below, Lessee shall have the one (1) time option (the "Partial Purchase Option") to cause to be purchased by a third party purchaser which is not an Affiliate of the Lessee (the "Partial Option Purchaser") up to (but not more than) 50% of the Property for an amount equal to the portion (expressed as a percentage of the Property) (the "Partial Option Percentage") of the Property that Lessee has elected to purchase pursuant to the Partial Purchase Option (the "Partial Option Property") multiplied by the Property Balance as of Partial Option Closing Date (the "Partial Option Purchase Price").
(a) The Lessee's effective exercise and consummation of the Partial Purchase Option shall be subject to the due and timely fulfillment of each of the following conditions:
(i) The Lessee shall provide the Agent with a written notice of its election to exercise the Partial Purchase Option which notice shall specify (x) the date (the "Partial Option Closing Date") upon which the Partial Purchase Option is expected to be consummated (the "Partial Option Closing"); (y) the identity of the Partial Option Purchaser; and (z) the Partial Option Property; provided, that (i) the Partial Purchase Option must be consummated prior to the date that is 365 days prior to the Lease Termination Date; and (ii) the Partial Option Closing Date shall not be less than thirty (30) days nor more than ninety (90) days after the date that Agent receives Lessee's written notice of its election to exercise the Partial Purchase Option;
(ii) No Event of Default or Default shall exist on the date of the exercise of the Partial Purchase Option, and no Default or Event of Default shall exist at any time between the date of such exercise and the Partial Option Closing;
(iii) The Lessee shall have provided to the Agent a true, correct and complete copy of the agreement of purchase and sale (the "Partial Option Purchase Agreement"), pursuant to which Lessee has agreed to cause to be sold to the Partial Option Purchaser and such Partial Option Purchaser has agreed to purchase, the Partial Option Property;
(iv) The Lessee shall have provided the Agent with evidence that Kerr-McGee and Nexen Petroleum Offshore U.S.A., Inc. have each ▇▇▇▇▇▇▇▇d to (i) the Partial Option Purchase Agreement and the transaction contemplated by the Partial Option...
Partial Purchase Option. So long as no Default or Event of Default shall have occurred and be continuing, the Lessee shall have the right to purchase any of Property ▇▇. ▇, ▇▇▇▇▇▇▇▇ ▇▇. ▇, ▇▇▇▇▇▇▇▇ ▇▇. ▇ or Property No. 4 (the "Partial Purchase Option") pursuant to the terms of Section 18.1 of the Master Lease without being required to purchase, at the same time, the remaining portion of the Property; provided, however, that at the exercise and consummation of such purchase, the then remaining Property Balance must be at least $25,000,000; provided, further, that in no event will Lessee be permitted to exercise the Partial Purchase Option unless the remainder of the Properties shall (a) have separate tax identification numbers, (b) constitute properly subdivided parcels pursuant to all Applicable Laws, (c) have adequate and legal access for vehicular and pedestrian ingress and egress and for all necessary utilities, and (d) otherwise comply with all Applicable Laws. In addition to the foregoing, if the Lessee has exercised the Remarketing Option, the Lessee shall promptly rescind the Remarketing Option as a condition precedent to its right to exercise the Partial Purchase Option.