Participation Option Sample Clauses

Participation Option. The Parent/Guardian and WPS agree that the Parent/Guardian has chosen to participate in the Program by one of the following options:

Participation Option. In addition to payments by Owner as described in the immediately preceding paragraph, Owner agrees and hereby grants to Manager an option to participate (the “Option”) in certain operations and interests as follows: (a) With regard to the Interests, Manager may participate in operations which are (i) conceived and commenced after the Effective Time, and (ii) the primary objective of which is to increase production from a well located upon the lands comprising the Interests, such as workovers and recompletions. Manager may participate for up to 15% of Owner’s interest by paying in advance its share of the cost of such operation which shall entitle Manager to receive 15% of the incremental production realized from the subject operation that is in excess of the Baseline Average. For purposes of this Section 8(a), the term “Baseline Average” shall mean the simple average of monthly volumetric production for the most recent 24 calendar month period, during which period continuous production was had from the subject well, preceding the date on which the AFE is issued for the subject operation. To the extent Manager desires so to participate, Manager shall notify Owner in writing simultaneous with tender of the applicable AFE from Manager to Owner. Manager’s entitlement to incremental production from a given operation shall terminate upon the return of production to a volume less than the Baseline Average for a period of three consecutive calendar months. Manager shall have no right to receive a conveyance of a leasehold or other property interest in the relevant Interests as a result of its participation in an operation pursuant to this Section 8(a). With regard to any such incremental production, Manager shall be responsible for bearing its share of Costs attributable to such production and for paying all royalties and other burdens on production.

Participation Option. In the event that the Notes are being repaid or prepaid in connection with a Qualified Offering, the Parent shall extend to the Investor an option to purchase securities in the Qualified Offering, upon substantially the same terms and conditions as other investors purchasing in the Qualified Offering (but subject to such reasonable differences not affecting the economic factors of such investment as the managing placement agent or underwriter conducting the Qualified Offering may reasonably request), up to an aggregate purchase price equal to the principal amount of the Notes being repaid or prepaid in connection with the Qualified Offering.

Participation Option. At any time prior to the receipt of the Approvals (as defined below) by Buyer, Seller shall have the option (the “Participation Option”) to elect to contribute a portion of the Property in the minimum value of $600,000 (the “Contributed Property”) to Buyer. Should Seller elect to exercise the Participation Option, Seller will deliver notice of such election in writing to Buyer, which notice will also indicate the value that Seller desires to contribute. In exchange for the Contributed Property, Seller and Buyer will enter into an agreement in a form and substance acceptable to both parties whereby Seller shall receive an amount equal to the Contributed Property multiplied by 115% (the “Contribution Value”). At Closing, Buyer and Seller will enter into an agreement mutually acceptable to Buyer and Seller (the “Participation Agreement”), which Participation Agreement will provide that all distributions of cash flow from the development on the Property will first be paid to Seller pari passu with all other distributions of return of capital paid to the members of Buyer until such time that Seller has received an amount equal to the Contribution Value prior to any distributions of profits to any other owners. Following the distribution of the Contribution Value to Seller, Seller will not be entitled to any further distributions. As used herein, the term cash flow shall mean the gross cash receipts from the ownership, operation, financing, development, sale of all (or a portion of) the Property less all expenses with respect to the Buyer’s development costs, transaction costs incurred (other than any expenses paid to affiliates or related parties or foreign persons, as defined in Section 4.02(c)), any financing or sale of its assets and properties and customary expenses of the development and any income derived from leasing the Property. Buyer and Seller shall agree on the form of the Participation Agreement, which agreement shall not be unreasonably withheld, delayed, or conditioned, on or prior to the later of (a) the expiration of the Permitting Period, or (b) twenty (20) days after Seller notifies Buyer that it elects to exercise the Participation Option.

Participation Option. The Parent and WPS agree that the Parent has chosen to participate in the Program by one of the following: Option (1) outright purchase of an laptop (“Purchase Device”) or Option (2) Bring your own Device (“BYOD”), or Option

Participation Option. The Parent and WPS agree that the Parent has chosen to participate in the Program by either Option 1) outright purchase of an iPad (“Purchase Device”) or Option 2) payment of four installments to use an iPad, which has been leased by the WPS for student use (“Lease Device”), Option 3) Bring your own Device (BYOD) (Full size Ipad 3rd generation or greater Wifi) and pay for the apps associated with the program, or option 4) Use a device in school only (School Use Only) and have a compatible device at home for platform independent homework assignments, (and that the Parent has made his/her selection on the iPad Registration Form, which is being signed at the same time as this Agreement.

Participation Option