Replacement Option. Within ten (10) days of receipt of Replacement from Depositor, DSI will send a letter to Preferred Registrant stating that Depositor requests to replace existing Deposit Material, and DSI will include a copy of the new Exhibit B(s) listing the new Deposit Material. Preferred Registrant has twenty (20) days from the mailing of such letter by DSI to instruct DSI to retain the existing Deposit Material held by DSI, and if so instructed, DSI will change the Replacement to a Supplemental. Conversion to Supplemental may cause an additional storage unit fee as specified by DSI's Fee and Services Schedule. If Preferred Registrant does not instruct DSI to retain the existing Deposit Material, DSI shall permit such Deposit Material to be replaced with the Replacement. Within ten (10) days of acceptance of the Replacement by DSI, DSI shall issue a copy of the executed Exhibit B(s) to Depositor and Preferred Registrant. DSI will either destroy or return to Depositor all Deposit Material replaced by the Replacement.
Replacement Option. In the manner described hereunder, the Partnership hereby agrees to grant a replacement unit option ("Replacement Unit Option") under the Unit Option Plan contingent upon (a) the consummation of the Merger, (b) the approval of the Unit Option Plan by a majority of the unitholders of the Partnership, and (c) the Optionee's continued service as a director of Homes until immediately prior to the Effective Time and Optionee's agreement to serve as a director of the Partnership's general partner after the Effective Time. Specifically, as a replacement of the Canceled Stock Option, on an aggregate basis, the Partnership shall issue to Optionee a Replacement Unit Option to purchase the number of Class A Units of the Partnership equal to the product of the "Conversion Ratio" (as defined in the Merger Agreement) multiplied by the aggregate number of shares of Homes common stock that are subject to the Canceled Stock Option. The exercise price per unit of the Replacement Unit Option shall be equal to the exercise price per share of the Canceled Stock Option divided by the Conversion Ratio. In the event that the grant of the Replacement Unit Option would result in an option to acquire a fractional Class A Unit, such fractional Class A Unit shall not be issued, and the aggregate exercise price for the Replacement Unit Option shall be reduced by the proportionate amount of the aggregate exercise price attributable to the fractional Class A Unit. The Replacement Unit Option shall be exercisable in accordance with the same vesting dates and expiration date as exist under the Canceled Stock Option, disregarding acceleration of such dates attributable to the Merger. Thus, the Replacement Unit Option shall have an expiration date of ten years from the date of grant of the Canceled Stock Option, and shall be exercisable in 18 equal and successive monthly installments over the Optionee's period of service as a member of the Board of Directors of Homes or the Managing Partner or as an employee of Homes or the Partnership, with the first installment to commence upon the completion of six months of service measured from the date of grant of the Canceled Stock Option. However, unless as otherwise provided herein, the benefits, rights, and features of the Replacement Unit Option shall be governed by the terms and conditions of the Unit Option Plan. New unit option agreements granting the Replacement Unit Option under the Unit Option Plan shall be distributed to the Optionee as soo...
Replacement Option. Replacement Option 1 will apply on and from the date of this Agreement, except that Party A may at any time elect for Replacement Option 2 or Replacement Option 3 to apply (or for Replacement Option 1 to apply if Replacement Option 2 or Replacement Option 3 applies at such time) (the ''New Replacement Option'') on and from a particular date (the “Option Change Effective Date”), in which case the New Replacement Option shall apply on and from the Option Change Effective Date provided the following conditions have been met:
(a) Party A is not a Defaulting Party or an Affected Party under this Agreement at such time;
(b) Party A has given at least one London Business Day’s notice to the Security Trustee and to S&P specifying that it wishes to elect for the New Replacement Option to apply on and from the Option Change Effective Date;
(c) such election would not result in Party A ceasing to have the Subsequent S&P Required Rating (as if the New Replacement Option applied at such time); and
(d) such Option Change Effective Date occurs before any Initial Remedy Period or Subsequent Remedy Period has expired (disregarding limb (ii) of the definitions of Initial Remedy Period and Subsequent Remedy Period for the purpose of calculating such Initial Remedy Period or Subsequent Remedy Period).
Replacement Option. Upon an exercise of the Option, in whole or in part, at any time, the Grantee shall be entitled to receive a replacement Option covering such number of shares of Common Stock, at such exercise price per share and upon such terms and conditions as the Committee may, in its sole discretion, establish in any policy or program adopted from time to time by the Committee. The Committee may, in its sole discretion, amend, modify or terminate at any time any such policy or program. Unless otherwise provided by the Committee, if any such policy or program is amended or modified, such policy or program shall be deemed to become part of this Grant Letter as so amended or modified without further action by the Company or the Grantee. The Committee may specify in any such policy or program that the grant of any such replacement Option may be automatic upon an exercise of the Option complying with the terms and conditions of the policy or program.
Replacement Option. (a) Upon the sale of the Ship (or a Total Loss of a Ship) the Borrower may, subject to no Event of Default having occurred and being continuing and subject to the Intercreditor Agreement, elect to retain the proceeds of such sale (or Total Loss) for the purpose of re-investing such amount in another vessel approved by the Security Trustee on behalf of the Lenders being a vessel with a market value at least equal to the re-invested amount.
(b) In such case, and prior to completion of the relevant sale of a Ship (or receipt of Total Loss proceeds) the Borrower shall constitute in favour of the Security Trustee a Security over such sale (or Total Loss) proceeds in agreed form and provide the Security Trustee with such ancillary evidence, Authorisation and other documents as the Security Trustee may require.
(c) The funds so deposited will stand as security for the Loan and the Discount Premium Amount and other moneys under this Agreement but may be released from such Security upon the purchase by the Borrower of a ship approved by the Security Trustee (on behalf of the Lenders) in its absolute discretion, and on the basis that forthwith upon the completion of such purchase the new ship will be subject to a Mortgage and Insurance Assignment as security for the Loan and the Discount Premium Amount, and the Borrower will have provided to the Security Trustee such documents, Authorisation and evidence similar to the requirements set forth in Schedule 2 as the Security Trustee may (in its absolute discretion) require. Upon completion of such purchase the Borrower and the Guarantors will enter into such supplementary documentation as the Agent may require to incorporate the new vessel into the term of this Agreement.
(d) If the Borrower does not use the relevant sale (or Total Loss) proceeds within 6 months of receipt or, if earlier, prior to the Termination Date then the relevant proceeds shall be applied in prepayment of the Loan and the Discount Premium Amount by the Lenders at any time thereafter and in accordance with the Intercreditor Agreement.
Replacement Option. At Our option, We may replace Your covered product with a new or refurbished product of like kind and quality if We are unable to repair Your product, or where the cost for repair may exceed the current retail replacement value of Your covered product. The price of the replacement product shall not exceed the retail purchase price of the original covered product. The new product replacement will automatically be considered as covered property under this Contract, except where You opt to cancel Your Contract, in such case We will proceed as stated in the Cancellation section of this document. If We replace Your covered product, the original product will become Our property. PARTS NON-AVAILABILITY: In the event that replacement parts needed for repair cannot be attained within a period of thirty (30) days, We will proceed as stated in the “REPLACEMENT OPTION” section of this contract. In neither event shall the retailer and/or provider be liable for any damages as a result of the unavailability of replacement parts.
Replacement Option. Optionee acknowledges that the option granted hereunder replaces the option granted to Optionee on August 17, 1993, which option has terminated.
Replacement Option. Subject to clause 10.4, if any part of the Services infringe, or we reasonably believe they may infringe, Intellectual Property Rights, we may, at our own expense and option: (i) procure the right for you to continue use of such Services; (ii) replace or modify such Services so that they become non-infringing without material loss of functionality; or (iii) if (i) and (ii) are not feasible, terminate this Agreement and refund to you a pro-rata portion of any prepaid and unused fees for the Services covering the period following the effective date of termination.
Replacement Option. 11.1 Subject to Clause 11.2, where another company ("the acquiring company") obtains control, within the meaning of paragraph 59(2)(a) of Schedule 14, of the Company, the Option-holder may with the consent of the Company and the agreement of the acquiring company release his rights under this Option ("the Old Option") in consideration of the grant to him of an Option ("the New Option") which is equivalent but relate to shares in the acquiring company.
11.2 The conditions and requirements of paragraphs 62 and 63 of Schedule 14 must be met before a New Option can be granted under Clause 11.1.
11.3 If the Option-holder does not wish to release his rights under this Option in consideration of the grant to him of a New Option, he shall within 10 days of the date of the invitation to release his rights under this Option, give notice of such refusal ("the Refusal Notice") to the Company. The Board in its sole discretion may, within 10 days of the receipt of the Refusal Notice give a written notice ("the Cancellation Notice") to the Option-holder, cancelling all or any portion of the Option that remains un-exercised, effective on the latter of:
(a) the period within which the Option-holder could have accepted the invitation of the acquiring company to accept the New Option, or
(b) the period ending 10 days from the date of the Cancellation Notice ("the Acceptance Periods"). Upon receipt of the Cancellation Notice, the Option-holder may, subject to Clause 3.3 exercise his Option at any time or from time to time within the Acceptance Periods. This Option shall lapse and cease to be exercisable at the end of the Acceptance Periods.
Replacement Option. 9.1 Subject to the conditions in Clause 9.2, where another company ("the acquiring company") obtains control of the Company as is mentioned in Clause 6.1, the Option-holder may within 6 months of the change of control and with the agreement of the acquiring company release his rights under this Option ("the Old Option") in consideration of the grant to him of an Option ("the New Option") which is equivalent but relate to shares in the acquiring company.
9.2 The conditions referred to in Clause 9.1 are as follows:-
(a) The total Market Value of the Shares subject to the Old Option immediately before its release must be equal to the total market value (as so determined) after the New Option is granted
