First Option definition

First Option has the meaning set forth in Section 4.1(b) of this Agreement.

First Option has the meaning set out in sub-paragraph 4.01(a) hereof;

First Option shall have the meaning provided in Section 2.

Examples of First Option in a sentence

• Conditional upon Cameco fulfilling the First Option, the Company granted Cameco a second option (the “Second Option”) to acquire an additional 19% interest in the Property by incurring an additional $15,000,000 in exploration expenditures in relation to the Property by the 4th anniversary of the effective date of the Second Option.

• After the First Option period, RTEC may either form a joint venture with Benton on a 70/30 basis or, at its election, increase its interest to 80% (the “Second Option”) by spending an additional $5 million in exploration expenditures over the next 4 years and by paying Benton $100,000 cash within 30 days after electing to exercise the Second Option.

• After the First Option period, RTEC may either form a joint venture with Benton on a 70/30 basis or, at its election, increase its interest to 80% (the “Second Option”) by spending an additional $5 million in exploration expenditures over 4 years and by paying Benton $100,000 cash within 30 days after electing to exercise the Second Option.

• Pursuant to the Option agreement between the Company and Cameco, the Company granted Cameco an exclusive and irrevocable option (the “First Option”) to acquire a 51% interest in the Halliday and Stewardson properties as described above (the “Property”) by incurring cumulative exploration expenditures in relation to the Property amounting to $7,000,000 by the fourth anniversary of the effective date of the First Option.

• After the exercise of the First Option, RSR will transfer the prospecting licences comprising the Wigu Hill Project (the “Wigu Hill Licences”) to a newly-formed company (established and called - Wigu Hill Mining Company Limited “WHMC”) and the Company will concurrently pay RSR a further USD $50,000 (paid).

More Definitions of First Option

First Option has that meaning set out in Section 3.1 (a);

First Option means the rights and obligations contemplated in Section 9.5 hereof.

First Option means First Option as defined in Paragraph 35.

First Option. INCOME FOR A SPECIFIED NUMBER OF YEARS The Company will make monthly payments which will include both principal and interest. Payments will start on the Option Date and will continue for the number of years chosen. The number of years chosen cannot be more than 30. Interest is at the rate of 3% per year compounded yearly. Additional interest paid by the Company for any year will be added to the monthly payments for that year. Guaranteed monthly payments per $1,000 of proceeds applied to the First Option are shown below: ------------------------------------------------------------------------------- Number Number Number of Years of Years of Years ------------------------------------------------------------------------------- 1 $84.47 11 $8.86 21 $5.32 2 42.86 12 8.24 22 5.15 3 28.99 13 7.71 23 4.99 4 22.06 14 7.26 24 4.84 5 17.91 15 6.87 25 4.71 6 15.14 16 6.53 26 4.59 7 13.16 17 6.23 27 4.47 8 11.68 18 5.96 28 4.37 9 10.53 19 5.73 29 4.27 10 9.61 20 5.51 30 4.18 ------------------------------------------------------------------------------- SECOND OPTION: LIFE INCOME The Company will make equal monthly payments. Payments will start on the Option Date and will continue: - During the life of the Payee, with no payment after the death of the Payee, called "Life Income, No Refund"; or - During the life of the Payee, but for at least 10 years, called "Life Income, 10 Years Certain"; or - During the life of the Payee, but for at least 20 years, called "Life Income, 20 Years Certain".

First Option see Section 4.01(b).

First Option means the option described in the Option Letter under the heading “Preferred Share Option” to have the Existing Notes held by the holders thereof converted into Preferred Shares;

First Option. Income for a Specified Number of Years The Company will make monthly payments which will include both principal and interest. Payments will start on the Option Date and will continue for the number of years chosen. The number of years chosen cannot be more than 30. Interest is at the rate of 3 1/2% per year compounded yearly. Additional interest paid by the Company for any year will be added to the monthly payments for that year. Guaranteed monthly payments per $1,000 of proceeds applied to the First Option are shown below: Number of Number of Number of Years Years Years 1 $84.65 11 $9.09 21 $5.56 2 43.05 12 8.46 22 5.39 3 29.19 13 7.94 23 5.24 4 22.27 14 7.49 24 5.09 5 18.12 15 7.10 25 4.96 6 15.35 16 6.76 26 4.84 7 13.38 17 6.47 27 4.73 8 11.90 18 6.20 28 4.63 9 10.75 19 5.97 29 4.53 10 9.83 20 5.75 30 4.45