SUBSEQUENT EARN-IN OPTION Sample Clauses

SUBSEQUENT EARN-IN OPTION. The Optionee may acquire an additional 20% interest in the Property, in addition to the 80% interest that may be earned pursuant to the Initial Earn-in Option (for an aggregate 100% interest) (the "Subsequent Earn-In Option") by paying to Optionor, on or before the date that is thirty-six months after the exercise of the Initial Earn-In Option, the aggregate amount of US$1,000,000. The Optionee may terminate the Subsequent Earn-In Option at any time by giving notice to Optionor or by not satisfying the requirements of this Section, whereupon the Subsequent Earn-In Option will terminate and the interests of Optionee and Optionor will be 80% and 20%, respectively. (i) Optionee shall be the exploration operator (the "Manager") during the Earn-In Period. At the sole option and discretion of Optionee, Optionor will provide consulting services, labor for Exploration and Development, supervision of drilling, etc. and invoice Optionee for the services rendered. 2.3 Timing, Manner, Nature and Extent of Activities at Manager's Discretion. The timing, manner, nature, and extent of any exploration, development, or any other activities or operations undertaken on or for the benefit of the Project or the Property under this Agreement shall be at the sole discretion of the Manager, and there shall be no express or implied covenant under this Agreement to begin or continue any such operations or activities provided however that Optionee shall be able to comply with its obligations in Section 2.2(b) hereof. 3 <PAGE> 2.4
Sample 1
AutoNDA by SimpleDocs
SUBSEQUENT EARN-IN OPTION. The Optionee may acquire an additional 50% interest in the Property by committing to expend an aggregate of One Million Three Hundred Thousand Six Hundred Forty-Eight Dollars (US$1,300,648) (the "Aggregate Work Obligation") in Exploration and Development Expenses as follows. Optionor has agreed to amend the Earn in Option schedule required by Optionee to the following 1st Agreement Year (Commencing Calendar year 2021) –. Optionee satisfied the Annual Work Commitment of Thirty Nine Thousand, Nine Hundred and Sixty-Six ($39,966.00). Optionor has agreed such this Commitment has been satisfied. 2nd Agreement Year (Calendar year 2022) - Optionee will commit to an Annual Work Commitment of Fifty Thousand Dollars ($50,000). Upon satisfaction of the Annual Work Commitment, Altair will be issued an additional Five Percent (5%) additional interest, for a total ownership of Fifteen Percent (15%) of the Properties. 3rd Agreement Year (Calendar year 2023) - Optionee will commit to an Annual Work Commitment of Three Hundred Fifty Thousand Dollars ($350,000). Upon satisfaction of the Annual Work Commitment, Altair will be issued an additional Fifteen percent (15%) interest, for a total ownership of Thirty Percent (30%) of the Properties. 4th Agreement Year (Calendar year 2024) - Optionee will commit to an Annual work commitment of Nine Hundred Thousand Six Hundred Forty Eight Dollars ($ 900,648). Upon satisfactory of the Annual Work Commitment, Altair will be issued an additional Thirty Percent (30%) interest, for a total ownership of Sixty Percent (60%) of the Properties.
Sample 1
SUBSEQUENT EARN-IN OPTION. The Optionee may acquire an additional 20% interest in the Property, in addition to the 80% interest that may be earned pursuant to the Initial Earn-in Option (for an aggregate 100% interest) (the "Subsequent Earn-In Option") by paying to Optionor, on or before the date that is thirty-six months after the exercise of the Initial Earn-In Option, the aggregate amount of US$1,000,000. The Optionee may terminate the Subsequent Earn-In Option at any time by giving notice to Optionor or by not satisfying the requirements of this Section, whereupon the Subsequent Earn-In Option will terminate and the interests of Optionee and Optionor will be 80% and 20%, respectively.
Sample 1
SUBSEQUENT EARN-IN OPTION. The Purchaser may acquire an additional 20% interest in the Property, in addition to the 80% interest that may be earned pursuant to the Initial Earn-in Option (for an aggregate 100% interest) (the "Subsequent Earn-In Option") by paying to Lithium, on or before the date that is 12 months after the exercise of the Initial Earn-In Option, the aggregate amount of US$1,000,000. The Purchaser may terminate the Subsequent Earn-In Option at any time by giving notice to Lithium or by not satisfying the requirements of this Section, whereupon the Subsequent Earn-In Option will terminate and the interests of Purchaser and Lithium will be 80% and 20%, respectively.
Sample 1
SUBSEQUENT EARN-IN OPTION. The Optionee may acquire an additional 50% interest in the Property by committing to expend an aggregate of One Million Three Hundred Thousand Six Hundred Forty Eight Dollars (US$1,300,648) (the "Aggregate Work Obligation") in Exploration and Development Expenses as follows; 1st Agreement Year (Commencing Calendar year 2021) - Optionee will commit to an Annual Work Commitment of One Hundred Thousand and Six Hundred and Forty Eight Dollars ($100,648). Upon satisfaction of the Annual Work Commitment, Optionee will be issued an additional ten percent (10%) additional interest, for a total ownership of Twenty Percent (20%) of the Properties 2nd Agreement Year - Optionee will commit to an Annual Work Commitment of Six Hundred Thousand Dollars ($600,000). Upon satisfaction of the Annual Work Commitment, LN will be issued an additional Twenty Percent (20%) additional interest, for a total ownership of Forty Percent (40%) of the Properties. 3rd Agreement Year - Optionee will commit to an Annual Work Commitment of Six Hundred Thousand Dollars ($600,000). Upon satisfaction of the Annual Work Commitment, LN will be issued an additional Twenty percent (20%) interest, for a total ownership of Sixty Percent (60%) of the Properties.
Sample 1

Related to SUBSEQUENT EARN-IN OPTION

  • Top-Up Option (a) The Company hereby grants to the Purchaser an irrevocable option (the “Top-Up Option”) to purchase, at a price per share equal to the Offer Price, a number of Common Shares (the “Top-Up Option Shares”) that, when added to the number of Common Shares owned by Parent or the Purchaser or any direct or indirect wholly owned Subsidiary of Parent or the Purchaser at the time of exercise of the Top-Up Option, constitutes one Common Share more than 90% of the number of Common Shares that will be outstanding immediately after the issuance of the Top-Up Option Shares. The Top-Up Option may be exercised by the Purchaser, in whole, at any time on or after the date on which the Purchaser accepts for payment and pays for all Common Shares validly tendered and not validly withdrawn pursuant to the Offer (the “Acceptance Date”) and on or prior to the fifth Business Day after the later of the Acceptance Date and the expiration of any subsequent offering period under Rule 14d-11 under the Exchange Act; provided, however, that the obligation of the Company to deliver Top-Up Option Shares upon the exercise of the Top-Up Option is subject to the conditions that (i) the number of Top-Up Option Shares to be issued by the Company shall in no event exceed 19.90% of the number of outstanding Common Shares or the voting power of the Company, in each case, as of immediately prior to the issuance of the Top-Up Option Shares, (ii) no provision of any applicable Law and no judgment, injunction, order or decree shall prohibit the exercise of the Top-Up Option or the delivery of the Top-Up Option Shares in respect of such exercise, (iii) the issuance of Top-Up Option Shares pursuant to the Top-Up Option would not require approval of the Company’s shareholders under applicable Law or regulation (including the NYSE rules and regulations), (iv) upon exercise of the Top-Up Option, the number of Common Shares owned by Parent or the Purchaser or any direct or indirect wholly owned Subsidiary of Parent or the Purchaser constitutes one Share more than 90% of the number of Common Shares that will be outstanding immediately after the issuance of the Top-Up Option Shares and (v) the Purchaser has accepted for payment and paid for all Common Shares validly tendered in the Offer and not validly withdrawn. The parties shall cooperate to ensure that the issuance of the Top-Up Option Shares is accomplished consistent with all applicable legal requirements of all Governmental Entities, including compliance with an applicable exemption from registration of the Top-Up Option Shares under the Securities Act.

  • Over Allotment Option 1.2.1. The Representative shall have the option (the “Over-Allotment Option”) to purchase all or less than all of an additional 1,500,000 Units (the “Option Units”) solely for the purposes of covering any over-allotments in connection with the distribution and sale of the Firm Units. Such Option Units shall, at the Representative’s election, be purchased for each account of the several Underwriters in the same proportion as the number of Firm Units set forth opposite such Underwriter’s name on Schedule A hereto (subject to adjustment by the Representative to eliminate fractions). Such Option Units shall be identical in all respects to the Firm Units. The Firm Units and the Option Units are hereinafter collectively referred to as the “Public Securities.” No Option Units shall be sold or delivered unless the Firm Units previously have been, or simultaneously are, sold and delivered. The right to purchase the Option Units, or any portion thereof, may be exercised from time to time and to the extent not previously exercised may be surrendered and terminated at any time upon notice by the Representative to the Company. The purchase price to be paid for each Option Unit (net of discounts and commissions) will be $9.80 per Option Unit.

  • Exercise of Over-allotment Option The Over-allotment Option granted pursuant to Section 2(c) hereof may be exercised by the Representative within 45 days of the Closing Date. The purchase price to be paid per Additional Shares shall be equal to the price per Firm Share in Section 2(a). The Underwriters shall not be under any obligation to purchase any Additional Shares prior to the exercise of the Over-allotment Option. The Over-allotment Option granted hereby may be exercised by the giving of oral notice to the Company from the Underwriters, which shall be confirmed in writing via overnight mail or facsimile or other electronic transmission, setting forth the number of Additional Shares to be purchased and the date and time for delivery of and payment for the Additional Shares (the “Option Closing Date”), which shall not be later than five (5) full Business Days after the date of the notice or such other time as shall be agreed upon by the Company and the Underwriters, at the offices of the Representative’s counsel or at such other place (including remotely by facsimile or other electronic transmission) as shall be agreed upon by the Company and the Underwriters. If such delivery and payment for the Additional Shares does not occur on the Closing Date, the Option Closing Date will be as set forth in the notice. Upon exercise of the Over-allotment Option with respect to all or any portion of the Additional Shares, subject to the terms and conditions set forth herein, (i) the Company shall become obligated to sell to the Underwriters the number of Additional Shares specified in such notice and (ii) the Underwriters shall purchase that portion of the total number of Additional Shares.

  • Early Termination Option (a) Tenant shall have the one time right to terminate this Lease effective as of the twelve (12) year and six (6) month anniversary of the Commencement Date (the “Early Termination Date”) by delivering notice thereof to Landlord (the “Early Termination Notice”) no later than the eleven (11) year anniversary of the Commencement Date (time being of the essence with respect to the giving of such notice). Tenant’s right to terminate this Lease is contingent upon (a) timely delivery of the Early Termination Notice, (b) Tenant not being in default of any monetary obligation or any material non-monetary obligation under this Lease as of the date of the giving of the Early Termination Notice or as of the Early Termination Date for which notice of such default has been given to Tenant, and (c) Tenant delivering to Landlord, at the same time Tenant delivers to Landlord the Early Termination Notice, a payment in an amount equal to $3,600,000.00 (the “Early Termination Payment”). The failure of Tenant to timely give Landlord the Early Termination Notice and/or the Early Termination Payment shall render any Early Termination Notice delivered to Landlord null and void and this Lease shall continue in full force and effect pursuant to the terms hereof. If Tenant properly terminates the Lease pursuant to the provisions of this Article 33, the Lease shall expire at midnight on the Early Termination Date as if such date was the date set forth in the Lease as the Expiration Date.

  • Termination Option Event The term “

  • Manner of Exercising Option (a) In order to exercise this option with respect to all or any part of the Option Shares for which this option is at the time exercisable, Optionee (or any other person or persons exercising the option) must take the following actions:

  • Termination Option Notwithstanding anything to the contrary contained in this Lease, Tenant shall have the one-time option (the “Termination Option”) to terminate this Lease, effective as of the last day of the sixtieth (60th) full calendar month of the Term (the “Termination Date”), by providing Landlord with written notice of such Termination Option election (the “Termination Notice”). Such Termination Notice shall be effective only if it is given to Landlord at least nine (9) full calendar months prior to the Termination Date (the “Termination Notice Deadline”); accordingly, if Tenant has not given its Termination Notice to Landlord prior to the Termination Notice Deadline, this Termination Option shall expire and be of no further force or effect, and Tenant shall have no right or option to terminate this Lease pursuant to this Special Stipulation No. 4 at any time after the Termination Notice Deadline. As a condition precedent to any termination of this Lease pursuant to the provisions of this Special Stipulation No. 4, in addition to Tenant’s delivery of its Termination Notice, Tenant must have delivered to Landlord with its Termination Notice, an amount as a termination fee (collectively, the “Termination Fee”) equal to the sum of (i) Ninety Thousand Three Hundred Twenty-Five and 14/100Dollars ($90,325.14), plus (ii) all unamortized Transaction Costs, as hereinafter defined, incurred in connection with this Lease and incurred by Landlord for any other expansion space leased by Tenant, all amortized using an interest rate of nine percent (9%) per annum over the ninety-one (91) month term of this Lease, and (iii) legal fees incurred by Landlord in connection with this Lease and any future amendment whereby Tenant is leasing additional space. “Transaction Costs” shall include generally, without limitation, any tenant improvement allowance, turnkey construction costs, leasing commissions, free rent and cash allowances or similar costs and expenses provided to Tenant or incurred by Landlord. With respect to any future expansion space, the Transaction Costs will be amortized over the period commencing on the effective date of Tenant’s lease of such expansion space through the expiration date of Tenant’s lease of such expansion space. It is hereby acknowledged that any such amount required to be paid by Tenant in connection with such early termination is not a penalty but a reasonable pre-estimate of the damages which would be incurred by Landlord as a result of such early termination of this Lease (which damages are impossible to calculate more precisely) and, in that regard, constitutes liquidated damages with respect to such loss. Tenant shall continue to be liable for its obligations under this Lease to and through the Termination Date, including, without limitation, Additional Rent that accrues pursuant to the terms of this Lease, with all of such obligations surviving the early termination of this Lease. The rights granted to Tenant under this Special Stipulation No. 4 are personal to the named Tenant, and in the event of any assignment of this Lease or sublease by Tenant, this Termination Option shall thenceforth be void and of no further force or effect. Tenant’s rights under this Special Stipulation No. 4 shall be effective only if Tenant is not in a default (regardless of any notice and/or cure period) under the Lease, either at the time of the delivery of the Termination Notice or as of the Termination Date.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!