Purchase Option or Sale Option-General Provisions Sample Clauses

Purchase Option or Sale Option-General Provisions. Not less than one hundred twenty (120) days and no more than one hundred eighty (180) days prior to the Expiration Date or (respecting the Purchase Option only) any Payment Date prior to the Expiration Date (so long as the appraised value pursuant to Appraisals previously delivered (or, if requested by the Agent (pursuant to the direction from the Majority Secured Parties) pursuant to new Appraisals performed and delivered to the Agent within sixty (60) days of the Expiration Date or such Payment Date, as the case may be) to the Agent of the remaining Properties under this Lease is equal to or greater than seventy-five percent (75%) of the Property Cost of such remaining Properties), Lessee may give Lessor irrevocable written notice (the “Election Notice”) that Lessee is electing to exercise either (a) the option to purchase all, but not less than all, the Properties on the Expiration Date or each Property or any Property on the Payment Date specified in the Election Notice (the “Purchase Option”) or (b) with respect to an Election Notice given in connection with the Expiration Date only, the option to remarket all, but not less than all, the Properties to a Person other than Lessee or any Affiliate of Lessee and cause a sale of such Properties to occur on the Expiration Date pursuant to the terms of Section 22.1 (the “Sale Option”). If Lessee does not give an Election Notice indicating the Purchase Option or the Sale Option at least one hundred twenty (120) days and not more than one hundred eighty (180) days prior to the Expiration Date, then, unless such Expiration Date has been extended in accordance with Section 2.2 hereof, Lessee shall be deemed to have elected the Purchase Option. If Lessee shall either (i) elect (or be deemed to have elected) to exercise the Purchase Option or (ii) elect the Sale Option and fail to cause all, but not less than all, the Properties to be sold in accordance with the terms of Section 22.1 on the Expiration Date, then in either case Lessee shall pay to Lessor on the date on which such purchase or sale is scheduled to occur an amount equal to the Termination Value for all, but not less than all, the Properties on the Expiration Date or each Property for which the Purchase Option had previously been elected for any Payment Date (which the parties do not intend to be a “bargain” purchase price) and, upon receipt of such amounts and satisfaction of such obligations, Lessor shall transfer to Lessee all of Lessor’s right, tit...
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Purchase Option or Sale Option-General Provisions. Not less than one hundred eighty (180) days and no more than three hundred sixty (360) days prior to the Expiration Date (the "Notice Period"), Lessee may give Lessor and the Agent irrevocable written notice (the "Election Notice") that Lessee is electing to exercise either (a) the option to purchase all the Property on such Expiration Date (the "Purchase Option"), (b) if Lessee has made a good faith determination that the Property is surplus to Lessee's requirements or obsolete to Lessee and shall have provided with the Election Notice a certificate of a responsible officer of Lessee to that effect, the option to remarket the Property to a Person other than Lessee or any Affiliate of Lessee and cause a sale of the Property to occur on the Expiration Date pursuant to the terms of Section 22.1 (the "Sale Option") or (c) unless such Expiration Date is the final Expiration Date for which the Term may be extended, renew this Lease in accordance with Section 2.2 hereof (the "Extension Option"). If Lessee does not give such Election Notice within the Notice Period then Lessee shall be deemed to have elected the Purchase Option. If Lessee shall either (i) elect (or be deemed
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Purchase Option or Sale Option-General Provisions. Not less than one hundred twenty (120) days and no more than one
Sample 1
Purchase Option or Sale Option-General Provisions. Not less than one hundred twenty (120) days and no more than one hundred eighty (180) days prior to the Expiration Date or (respecting the Purchase Option only), no less than thirty (30) days and no more than one hundred eighty (180) days prior to any Payment Date or in accordance with Section 17.11 within ten (10) Business Days after notice has been delivered to Lessee informing Lessee of the occurrence of a Lease Event of Default (such notice to be in accordance with Section 29.1), Lessee may give Lessor irrevocable written notice (the "Election Notice") that Lessee is electing to exercise either (a) the option to purchase or cause a third party or Affiliate of Lessee to purchase all, but not less than all, the Properties on the Expiration Date or on the Payment Date specified in the Election Notice or the date otherwise specified for such purchase pursuant to the next sentence (the "Purchase Option") or (b) with respect to an Election Notice given in connection with the Expiration Date only, the option to remarket all, but not less than all, the Properties to a Person other than Lessee or any Affiliate of Lessee and cause a sale of such Properties to occur on the Expiration Date pursuant to the terms of Section 22.1 (the "Sale Option"). In addition if Lessee has timely given an Election Notice
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Purchase Option or Sale Option-General Provisions. Not less than 210 days prior to the Expiration Date (or, respecting the Purchase Option only with respect to a purchase by Lessee (or its designee) prior to the Expiration Date, not less than 30 days prior to the applicable Payment Date or such later date prior to the applicable Payment Date as agreed by Lessor) (such Expiration Date or, respecting the Purchase Option only, any such applicable Payment Date being hereinafter referred to as the “Election Date”), Lessee may give Lessor irrevocable written notice (the “Election Notice”) that Lessee is electing to exercise either (a) (i) in the case of the Expiration Date, the option for Lessee (or any designee of Lessee) to purchase the Property on the Expiration Date or (ii) in the case of any Payment Date, the option for Lessee (or any designee of Lessee), subject to Section 5.13 of the Participation
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Related to Purchase Option or Sale Option-General Provisions

  • Release of Shares From Repurchase Option (a) 25% of the Shares shall be released from the Company’s repurchase option one year after the date of this Agreement, 25% of the Shares shall be released from the Company’s repurchase option two years after the date of this Agreement, 25% of the Shares shall be released from the Company’s repurchase option three years after the date of this Agreement, and the remaining 25% of the Shares shall be released from the repurchase option four years after such date, subject to Director continuing to be a Service Provider on such dates.

  • Duration of Option and Time of Exercise The Option shall become exercisable with respect to the Option Shares on or after the date hereof and shall expire on and no longer be exercisable after 5:00 p.m., Minneapolis, Minnesota time, on December 31, 2000 (the "Option Term"). This Option shall not be exercisable, unless and until the Optionor and Optionee have negotiated and executed a stock purchase agreement relating to the purchase of the Option Shares of the Optionee pursuant to the exercise of this Option containing such representations and warranties of the parties as are characteristic of similar stock purchase transactions.

  • Restrictions on Grant of the Option and Issuance of Shares The grant of the Option and the issuance of shares of Stock upon exercise of the Option shall be subject to compliance with all applicable requirements of federal, state or foreign law with respect to such securities. The Option may not be exercised if the issuance of shares of Stock upon exercise would constitute a violation of any applicable federal, state or foreign securities laws or other law or regulations or the requirements of any stock exchange or market system upon which the Stock may then be listed. In addition, the Option may not be exercised unless (i) a registration statement under the Securities Act shall at the time of exercise of the Option be in effect with respect to the shares issuable upon exercise of the Option or (ii) in the opinion of legal counsel to the Company, the shares issuable upon exercise of the Option may be issued in accordance with the terms of an applicable exemption from the registration requirements of the Securities Act. THE PARTICIPANT IS CAUTIONED THAT THE OPTION MAY NOT BE EXERCISED UNLESS THE FOREGOING CONDITIONS ARE SATISFIED. ACCORDINGLY, THE PARTICIPANT MAY NOT BE ABLE TO EXERCISE THE OPTION WHEN DESIRED EVEN THOUGH THE OPTION IS VESTED. The inability of the Company to obtain from any regulatory body having jurisdiction the authority, if any, deemed by the Company’s legal counsel to be necessary to the lawful issuance and sale of any shares subject to the Option shall relieve the Company of any liability in respect of the failure to issue or sell such shares as to which such requisite authority shall not have been obtained. As a condition to the exercise of the Option, the Company may require the Participant to satisfy any qualifications that may be necessary or appropriate, to evidence compliance with any applicable law or regulation and to make any representation or warranty with respect thereto as may be requested by the Company.

  • Expiration of Options Except as otherwise provided in Section 5 or 6 of the Management Stockholder's Agreement, the Options may not be exercised to any extent by the Optionee after the first to occur of the following events:

  • Expiration of Option The Option may not be exercised to any extent by anyone after the first to occur of the following events:

  • Xxxxx of Option; Conditions Tenant shall have the right to extend the Term (the “Renewal Option”) for one additional period of 5 years commencing on the day following the Termination Date of the initial Term and ending on the 5th anniversary of the Termination Date (the “Renewal Term”), if:

  • Grant of Option; Conditions Tenant shall have the right (the “Extension Option”) to extend the Term for one (1) additional period of five (5) years beginning on the day immediately following the expiration date of the Lease and ending on the fifth anniversary of such expiration date (the “Extension Term”), if:

  • Period of Option and Limitations on Right to Exercise The Option will, to the extent not previously exercised, lapse under the earliest of the following circumstances; provided, however, that the Committee may, prior to the lapse of the Option under the circumstances described in paragraph (b) below, provide in writing that the Option will extend until a later date:

  • Terms of Option The Option granted hereunder shall be exercisable from time to time by the Optionee by the giving of written notice of exercise to the Company in advance of an exercise date hereinafter set forth, specifying the number of shares to be purchased, and by payment of the purchase price therefore by either (i) cash or certified or cashier's bank check to the order of the Company, or (ii) shares of stock of the Company having a fair market value equal to the purchase price on the exercise date, subject, however, to the following restrictions:

  • Duration of Option The Option shall be exercisable to the extent and in the manner provided herein for a period of ten (10) years from the Grant Date (the "Exercise Term"); provided, however, that the Option may be earlier terminated as provided in Section 6 hereof.

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