Buyback Right definition
Examples of Buyback Right in a sentence
The closing of such Buyback Event shall occur no later than the later of (x) 60 days following the receipt of any regulatory approvals required in connection with such Buyback Right and (y) 60 days following the delivery of a Buyback Notice.
The Buyback Right shall apply to a Compound beginning on the date that Evotec exercises the Development Option for such Compound, and shall expire ninety (90) calendar days after Novartis receives the notice required under Section 4.4(a) for such Compound.
For purposes of clarity, the Buyback Right may be exercised by Novartis any number of times, depending upon the number of Compounds that become eligible pursuant to the above criteria, but only once per eligible Compound.
Novartis may exercise a Buyback Right at any time before such Buyback Right expires, by providing written notice to Evotec.
In the event that Novartis exercises the Buyback Right with respect to a Compound prior to or upon the First Patient First Visit in a Phase II Clinical Trial for such Compound, then Novartis or its Affiliates shall pay to Evotec (i) [***] (ii) [***] (if any) that would have been paid with respect to such Compound pursuant to Section 5.2 but for Evotec’s exercise of the Development Option for such Compound, each within sixty (60) calendar days after the receipt by Novartis of Evotec’s Invoice for the same.
In the event that Novartis exercises the Buyback Right with respect to a Compound after the First Patient First Visit in a Phase II Clinical Trial for such Compound, then Novartis or its Affiliates shall pay to Evotec (i) [***] (ii) [***] (if any) that would have been paid with respect to such Compound pursuant to Section 5.2 but for Evotec’s exercise of the Development Option for such Compound, each within sixty (60) calendar days after the receipt by Novartis of Evotec’s Invoice for the same.
If the Purchaser or Resulting Issuer elects to exercise the Buyback Right for less than 100% of the Uranium Royalty and the NSR Royalty, the buyback price shall be reduced proportionally based on the percentage of the Uranium Royalty and NSR Royalty purchased.
In the event that Seabridge elects not to exercise its Buyback Right, a 50/50 joint venture shall continue with respect to the Property with Seabridge as the Operator.
Each Seller may exercise his or her respective Buyback Right, in whole or in part, by providing written notice to the Company, not less than fifteen (15) days prior to the Repurchase Date, which notice shall state the number of Shares to be purchased by the Company on the Repurchase Date.
To exercise the Buyback Right, the stockholder shall deliver to the Optionee, on or prior to January 31, 2000, a written notice stating that the Stockholder elects to exercise the Buyback Right.